Romande Energie Holding SA posted a mixed QQ3 2024 results profile. On the top line, revenue declined QoQ by 51.0% to CHF 206.5 million, while gross profit was CHF 94.3 million and gross margin stood at 45.66%, supported by a diversified renewal-based generation mix and a regulated asset base. Operating income reached CHF 49.1 million with an EBITDA of CHF 23.2 million, yielding an EBITDA margin of roughly 11.3% and an operating margin of 23.8%. The quarter delivered a net loss of CHF 20.5 million and earnings per share of CHF -0.80, driven by a negative income before tax of CHF -21.29 million despite a modest CHF 1.12 million tax expense. Importantly, cash generation remained positive at the operating level (CHF 60.3 million), delivering free cash flow of CHF 17.8 million after capex of CHF 42.5 million. Financing activities contributed CHF 64.2 million, and other investing activities subtract CHF 8.15 million, resulting in a net cash outflow of CHF 56.3 million for the quarter. The combination of a strong operating platform and a disciplined capex program underpins Romande Energie’s medium-term growth trajectory, but the quarterly net loss highlights sensitivity to non-operating items and timing of regulatory-driven cash flows. Management signaled ongoing investments in renewables and grid/fiber infrastructure, underscoring a strategic shift toward higher-capex, regulated earnings that should support earnings stability over time, albeit with near-term volatility in net income and cash flow trucking through financing channels.