Romande Energie delivered a robust top-line expansion in QQ4 2024, with revenue of CHF 413.0 million, up 82.5% year-over-year and 100% quarter-over-quarter. Gross profit rose to CHF 188.6 million, yielding a gross margin of 45.66%. EBITDA stood at CHF 46.5 million and operating income reached CHF 98.1 million, reflecting strong operating leverage amid a capital-intensive renewables/distribution framework. However, the quarter posted a negative net income of CHF -41.0 million, driven by substantial depreciation (CHF 43.7 million) and a modest tax outlay (CHF 2.2 million), culminating in an EPS of CHF -1.60. Despite the bottom-line weakness, the company generated solid operating cash flow of CHF 60.3 million and positive free cash flow of CHF 17.8 million, underscoring the business’s ability to fund ongoing capex from operations.
Looking sequentially, QQ4 2024 revenue and gross profit more than doubled versus QQ3 2024, while profitability metrics stepped back on an accounting basis due to asset-intensive depreciation and seasonal timing of benefits. Management commentary (where available) emphasized continued investment in renewable generation, grid modernization, and fibre-optic infrastructure as core drivers of long-term value. The quarterly performance reinforces Romande Energie’s exposure to Switzerland’s energy transition and regulatory environment, highlighting the need for disciplined capex management and working capital optimization to convert operating strength into recurring free cash flow. Investors should monitor capex cadence, depreciation trends, and potential regulatory/PPA shifts that could influence earnings quality and cash generation over 2025 and beyond.