Romande Energie Holding SA reported a strong Q2 2025 with revenue of CHF 192.89 million and a gross margin of 50.84%, reflecting a favorable mix of hydro, solar, wind, and biomass generation along with the company’s regulated distribution activities. EBITDA stood at CHF 35.18 million, operating income CHF 51.68 million, and net income CHF 19.38 million, translating to earnings per share of CHF 0.76. YoY improvements were pronounced across key profitability metrics (revenue +86.8%, net income +288.9%, EPS +290%), while QoQ changes were broadly muted given seasonality and quarterly cadence in the Swiss utility sector. The balance sheet displays solid liquidity and modest leverage, supported by a current ratio of 2.29 and a debt ratio of 0.125, alongside a payout ratio of 95.3% and a dividend yield of 3.41%. However, free cash flow per share remains negative at CHF -0.57, reflecting ongoing capital expenditure and network investments that weigh on near-term free cash generation despite solid reported earnings. Management’s focus on renewables expansion, distribution network optimization, and energy marketing services should support earnings durability, though sensitivity to hydrological conditions and regulatory dynamics warrants monitoring. Overall, Romande Energie appears well-positioned to sustain regulated cash flows and a growing renewable generation mix, with favorable valuation metrics (P/E ~6.99, P/B ~0.52) supporting a constructive but cautious investment stance.