Executive Summary
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.
Key Performance Indicators
QoQ: -51.01% | YoY:-8.78%
QoQ: -48.67% | YoY:-13.59%
QoQ: -47.54% | YoY:204.54%
QoQ: -131.43% | YoY:-156.04%
QoQ: -131.50% | YoY:-155.94%
Key Insights
Revenue: CHF 206.507m; YoY -8.8%, QoQ -51.0%. Gross Profit: CHF 94.286m; Gross Margin 45.66%; YoY -13.6%, QoQ -48.7%. EBITDA: CHF 23.248m; EBITDA Margin ~11.26%. Operating Income: CHF 49.063m; Operating Margin 23.76%; YoY +204.5%, QoQ -47.54%. Net Income: CHF -20.515m; Net Margin -9.93%; YoY -156.0%, QoQ -131.4%. EPS: CHF -0.80; YoY -156%, QoQ -131.5%. Cash Flow: Operating Cash Flow CHF 60.281m; Capex CHF -42.510m; Free Cash Flow CHF 17.77m. Balance sheet liquidity: net change in cash CHF -56.31...
Financial Highlights
Revenue: CHF 206.507m; YoY -8.8%, QoQ -51.0%. Gross Profit: CHF 94.286m; Gross Margin 45.66%; YoY -13.6%, QoQ -48.7%. EBITDA: CHF 23.248m; EBITDA Margin ~11.26%. Operating Income: CHF 49.063m; Operating Margin 23.76%; YoY +204.5%, QoQ -47.54%. Net Income: CHF -20.515m; Net Margin -9.93%; YoY -156.0%, QoQ -131.4%. EPS: CHF -0.80; YoY -156%, QoQ -131.5%. Cash Flow: Operating Cash Flow CHF 60.281m; Capex CHF -42.510m; Free Cash Flow CHF 17.77m. Balance sheet liquidity: net change in cash CHF -56.316m; cash at beginning CHF 56.316m; ending cash: effectively zero for the quarter. Working capital movements: Change in Working Capital CHF 15.596m; Other Working Capital CHF 17.509m; Other Non-Cash Items CHF 40.945m; Net Cash Provided by Operating Activities CHF 60.281m. Financing Activities: Net cash provided by financing CHF 64.170m; Investing Activities: Net cash used in investing CHF -50.659m; FX impact CHF -0.10m.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
206.51M |
-8.78% |
-51.01% |
| Gross Profit |
94.29M |
-13.59% |
-48.67% |
| Operating Income |
49.06M |
204.54% |
-47.54% |
| Net Income |
-20.52M |
-156.04% |
-131.43% |
| EPS |
-0.80 |
-155.94% |
-131.50% |
Management Commentary
Transcript data not provided in the input. Notable management insights cannot be extracted without meeting transcripts. If available, include themes such as capital allocation strategy, capex cadence, REGULATORY outlook, grid/fibre expansion plans, and margin resilience in renewables. Placeholder: Not available due to missing earnings call transcript.
Transcript unavailable. No earnings call transcript provided to extract quotes.
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Transcript unavailable. No earnings call transcript provided to extract quotes.
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Forward Guidance
No explicit numeric full-year or medium-term guidance was published in QQ3 2024 data provided. Based on the quarter’s cash generation and ongoing capex program, the company appears to be proceeding with its renewables expansion and fibre distribution investments. The achievability of growth targets will hinge on: (1) regulatory framework and price rebalancing for Swiss utilities, (2) execution cadence of capex (renewables, grids, and fibre), and (3) access to favorable financing terms to support the high capex needs. Investors should monitor progress on capex deployment, regulatory tariff changes, working capital dynamics, and the financing mix as drivers of future cash flow stability.