Romande Energie Holding Sa · SIX:REHN
Romande Energie Holding Sa — H1 2025 Earnings Presentation
22 slides from Romande Energie Holding Sa's earnings presentation, Sep 2, 2025
Slide 1: Interim results
Interim results Morges, 2 September 2025
Slide 2: Sommaire
Sommaire 01 Regulatory context 02 Romande Energie in H1 2025 03 Financial results 04 Summary 05 Next events 2
Slide 3: Regulatory context
Regulatory context
Slide 4: Almost identical to 2024
Almost identical to 2024 Except for: Reduction in Grids WACC: 4.13% to 3.98% Reduction in Generation WACC: 5.23% to 5.11% Secondary balancing power: Price capped at EUR 1,000/MWh Decrease in solar feed-in tariffs 4 © Federal Assembly Services 3003 Bern
Slide 5: Main developments in 2026
Main developments in 2026 Introduction of single price for balancing power (long/short) New cost calculation principles: • average price method abolished • reduction in Grids WACC (3.43%) • authorised margin on regulated business also abolished Quarterly benchmark for solar feed-in power (lowe
Slide 6: EU electricity agreement
EU electricity agreement Objectives • Security of supply • Stability of Swiss transmission grid • Involvement in industry-wide decision-making Main developments • Full market liberalisation with continuation of universal supply • Universal service restricted to small-scale consumers (≤ 50,000 kWh/yr
Slide 7: Romande Energie in H1 2025
Romande Energie in H1 2025
Slide 8: Strategy and new structure
Strategy and new structure • Refocusing on core business • Appointment of new CEO, François Fellay • Two new senior executive appointments: – Michel Rizzo, head of human resources – Thibaud Weick, head of energy • Reconfiguration completed on 1 July 2025 • Continued brainstorming and introduction of
Slide 9: Organisation from 1 July 2025
Organisation from 1 July 2025 9
Slide 10: Achievements
Achievements Energy Solutions Energy • Centrale Hydroélectrique de Bar (France) minority buyout • A first in West CH: Agri-PV on fruit trees • R&D designing solutions for dealing with sharp rise in solar power (Overflow) Markets • Energy consultancy visits to SMEs • Connection of first PV installati
Slide 11: Achievements
Achievements Grids • Milestone of 200,000 smart meters reached • Ground broken at Puidoux power substation • Construction work initiated in Echallens Romande Energie Services • Excellent order intake • Strong demand for building renovations Digitalisation • Sharp rise in data analysis and IA to reso
Slide 12: Financial results H1 2025 highlights
Financial results H1 2025 highlights
Slide 13: Higher profitability in first six months
Higher profitability in first six months H1 2025 • Higher EBITDA in all three business units • Energy supply margin unchanged • Twofold increase in cash flow from operations • Solid net profit, reflecting Alpiq’s contribution Outlook for 2025 • 2025: adjusted EBITDA and adjusted EBIT in line with 20
Slide 14: Energy supply margin stable
Energy supply margin stable CHF m Recovery Own gen. o/w Balancing of prior-year losses FGB -41 GWh power Energy supply margin Energy supply margin 2024 2025 H1 2024-2025 figures 14
Slide 15: Contribution from all business units
Contribution from all business units Higher profits from Energy Solutions CHF m Energy Solutions Grids Romande Energie Services Operating revenue 7% 11% 1% 2% 30% 31% 14% 13% 3% 4% 2% 3% EBITDA EBIT EBITDA EBIT EBITDA EBIT Interim figures 2024 2025 15
Slide 16: Stronger operating profits
Stronger operating profits CHF m 426 386 71 65 66 48 40 20 22 24 15% 18% 5% 6% 15% 10% Operating revenue EBITDA EBIT Associates Net profit Interim figures 2024 2025 16
Slide 17: Solid cash generation and strong balance sheet
Solid cash generation and strong balance sheet CHF m Emissions Net debt CHF 205m avoided Green Bond fully allotted (3x increase) Green low 53% allotted 2,173 tCO2eq Debt-to- equity 76% Cash flow from CAPEX operations Interim figures 2024 2025 17
Slide 18: Summary
Summary
Slide 19: Consolidation and reconfiguration
Consolidation and reconfiguration • Adaptation to known regulatory impacts but more clarity needed on EU electricity deal • Mitigation and efficiency measures being undertaken • Reconfiguration to meet opportunities and challenges ahead • FY earnings: adjusted EBITDA and adjusted EBIT in line with 2
Slide 20: Next events
Next events
Slide 21: Calendar
Calendar 2026 • Full-year results, Lausanne 31 March 2026 • Investor meeting, Zurich 1 April 2026 • Annual General Meeting 27 May 2026 21
Slide 22: Thank you for listening
Patrick Bertschy Head of Grids Interim CEO until 31 Aug. 2025 Thank you for listening Nicolas Conne CFO and Head of Services