Growth momentum continues in tandem with stronger margins

Operating revenue up 5%

Operating revenue was CHF 407 million, rising by 5% relative to the first six months of 2025 (CHF 386 million) amid strong momentum across all the Group’s activities. Each business unit contributed positively to revenue growth. The Building Solutions business unit saw brisk trends fuelled by strong demand for energy retrofit solutions from property owners. Generation output increased by 6%. Volumes distributed and sold to end-customers rose by 2%. Output from district heating assets rose by 11%.

Sharp upturn in EBITDA and EBIT

EBITDA was CHF 98 million, rising by 37% relative to the first six months of 2025 (CHF 71 million). After depreciation and amortisation, EBIT doubled to CHF 46 million (versus CHF 22 million in H1 2025). The Group’s EBITDA margin advanced to 24% (18% in H1 2025) while EBIT margin widened to 11% (6%), reflecting a significantly more solid business performance. One factor for the sharply higher profits was the increase in the energy supply margin, stemming mainly from lower balancing-power costs. The Group also reaped benefits from efficiency measures and the reorganisation of its business structure. The Energy and Markets business units gained from generation assets’ increased yield. The restart of the Forces Motrices du Grand-Saint-Bernard plant, higher contributions from Forces Motrices Hongrin-Léman and increased output from district heating networks offset the impact of lower precipitation. By contrast, the Grids business unit’s EBITDA fell under the impact of a further reduction in the WACC applicable to regulated assets. Lastly, Building Solutions delivered stronger results, with EBITDA rising to CHF 1 million.

Operating performance offsets lower equity-accounted income

Swiss GAAP FER net profit increased to CHF 47 million (versus CHF 40 million in H1 2025) under the impetus of the Group’s strong operating results. This was despite a CHF 9 million contribution from associates Alpiq and EOS, down from CHF 23 million in the same period last year.

Sharply higher cash flow and stable capex

Cash flow from operating activities was CHF 109 million, rising by CHF 57 million (+108%) relative to the same period in 2025, reflecting a solid contribution from the energy supply margin and the dividend received from EOS Holding. Capital expenditure totalled CHF 83 million in the first six months of the year (-8%), in line with the budget. Of this amount, CHF 40 million was allocated to modernising and reinforcing the grid infrastructure, while CHF 30 million was allotted to expanding and upgrading generation assets – primarily district heating plants. The Group’s financial position remained robust. Long-term debt remained at a manageable CHF 337 million as at 30 June 2026, varying only slightly compared with CHF 334 million at the beginning of the financial year. Equity attributable to shareholders of Romande Energie Holding SA stood at CHF 2 billion, representing 76% of total assets.

Outlook

After several years marked by volatility in energy markets and far-reaching regulatory developments, Romande Energie’s earnings profile is gradually returning towards the levels it achieved in the past. Strong results in the first six months indicate that business trends remain intact, adding weight to the Group’s forecast of achieving adjusted EBITDA of CHF 170– CHF 190 million by 2030. It is usual for the Group to record a weaker second-half performance due to seasonal factors. Barring weather-related, geopolitical and macroeconomic developments that could impact energy markets, Romande Energie nonetheless remains confident about the second half of the year, in line with its trajectory towards long-term value creation.

Contact

Michèle Cassani

Spokesperson

+41 (0)21 802 95 67

michele.cassani@romande-energie.ch

Laurent Widmer

Head of Investor Relations

+41 (0)21 802 96 00

laurent.widmer@romande-energie.ch