Romande Energie Holding (REHN) H2 2025 earnings summary

Executive summary

• Achieved strong 2025 financial and operational performance, exceeding previous guidance, with significant investments in grid modernization, renewables, and a reorganization into four business units.

• Advanced digitalization and sustainability initiatives, including early smart meter rollout (81% equipped) and IT upgrades.

• Strategic focus on energy transition, decarbonization, and digital growth, with Vision 2040 aiming for Western Switzerland to be the first carbon-free region, targeting 5 TWh renewable generation and 1 million customers.

• Emphasis on partnerships, efficiency gains, and customer-centric solutions in a rapidly evolving energy market.

Financial highlights

• Adjusted EBITDA reached CHF 152 million, up 60% year-over-year; adjusted EBIT doubled to CHF 48 million; net profit surged to CHF 80 million, supported by Alpiq's contribution.

• Cash flow from operations was CHF 154 million, supporting stable dividends and CapEx of CHF 191 million.

• Dividend set at CHF 1.44 per share, yielding 3.3% at year-end 2025.

• Adjusted operating revenue fell 5% to CHF 788 million due to tariff reductions and lower volumes.

Outlook and guidance

• Targeting adjusted EBITDA of CHF 170–190 million by 2030, with annual CapEx averaging CHF 160–200 million; no specific 2026 guidance due to geopolitical and regulatory uncertainties.

• Strategic roadmap aims for Western Switzerland to become the first net-zero region, with long-term focus on renewable investments and digital services.