Romande Energie Holding (REHN) H1 2026 earnings summary

Executive summary

• EBITDA rose to CHF 98 million, up 37% or CHF 27 million year-over-year, and EBIT doubled to CHF 46 million, reflecting strong profitability improvements driven by favorable energy market trends, efficiency gains, and operational momentum.

• Net income increased to CHF 47 million, up CHF 7 million from the prior year, with a notable CHF 11 million contribution from Alpiq.

• Operating revenue rose 5% year-over-year to CHF 407 million, with all business units contributing positively.

• Significant investments were made in grid reinforcement, renewable energy (wind, solar, hydro), and district heating, supporting the group’s decarbonization and energy transition strategy.

• Cash flow from operations more than doubled to CHF 109 million, indicating robust cash generation.

Financial highlights

• Operating revenues increased by 5% to CHF 407 million compared to CHF 386 million in the prior year.

• EBITDA margin improved to 24% from 18%, and EBIT margin to 11% from 6% year-over-year.

• Net income reached CHF 47 million (+19%), and CHF 37 million was distributed as dividends.

• Cash flow from operations surged by CHF 57 million to CHF 109 million.

• Capital expenditure was CHF 83 million, fully self-financed, with CHF 40 million for grid modernization and CHF 30 million for generation asset upgrades.

Outlook and guidance

• Investment outlook remains strong, with annual CapEx of CHF 160–200 million planned for the next four to five years, half allocated to grid investments.

• EBITDA is targeted to reach CHF 170–190 million by 2030, supported by ongoing investment discipline.

• Second half-year results are expected to be more moderate due to seasonality and external factors, but the group remains confident in its long-term value creation trajectory.