Executive Summary
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.
Key Performance Indicators
QoQ: 100.00% | YoY:82.45%
QoQ: 100.00% | YoY:72.82%
QoQ: 100.00% | YoY:45.02%
QoQ: -100.00% | YoY:-212.08%
QoQ: -100.00% | YoY:-211.89%
Key Insights
Revenue: CHF 413.014m in Q4 2024; YoY +82.45%, QoQ +100.00%
Gross Profit: CHF 188.572m; YoY +72.82%, QoQ +100.00%; Gross Margin: 45.66%
EBITDA: CHF 46.497m; EBITDA Margin: 11.26%
Operating Income: CHF 98.126m; Operating Margin: 23.76%
Income Before Tax: CHF -42.578m; Tax Expense: CHF 2.232m; Net Income: CHF -41.031m; Net Margin: -9.93%
EPS (Diluted): CHF -1.60
Depreciation & Amortization: CHF 43.705m
Capital Expenditure: CHF 42.511m
Free Cash Flow: CHF 17.770m
Operating Cash Flow: CHF 60.281...
Financial Highlights
Revenue: CHF 413.014m in Q4 2024; YoY +82.45%, QoQ +100.00%
Gross Profit: CHF 188.572m; YoY +72.82%, QoQ +100.00%; Gross Margin: 45.66%
EBITDA: CHF 46.497m; EBITDA Margin: 11.26%
Operating Income: CHF 98.126m; Operating Margin: 23.76%
Income Before Tax: CHF -42.578m; Tax Expense: CHF 2.232m; Net Income: CHF -41.031m; Net Margin: -9.93%
EPS (Diluted): CHF -1.60
Depreciation & Amortization: CHF 43.705m
Capital Expenditure: CHF 42.511m
Free Cash Flow: CHF 17.770m
Operating Cash Flow: CHF 60.281m
Net Cash Used/Provided by Investing Activities: CHF -50.659m
Net Cash Provided by Financing Activities: CHF 64.170m
Change in Foreign Exchange: CHF -0.100m
Weighted Average Shares (outstanding): 25.658m
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
413.01M |
82.45% |
100.00% |
| Gross Profit |
188.57M |
72.82% |
100.00% |
| Operating Income |
98.13M |
45.02% |
100.00% |
| Net Income |
-41.03M |
-212.08% |
-100.00% |
| EPS |
-1.60 |
-211.89% |
-100.00% |
Management Commentary
No earnings call transcript data were provided in the supplied content. Therefore, management quotes or thematic quotes from the QQ4 2024 call are not available in this analysis. If transcript access is provided, I will extract and organize quotes by themes (strategy, operations, market conditions) with context and significance.
Not available in the provided data.
— N/A
Not available in the provided data.
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Forward Guidance
Management guidance for full-year 2025 was not included in the QQ4 2024 data provided. Given Romande Energie’s asset-heavy growth trajectory in Swiss renewables, grid modernization, and fibre expansion, the key drivers for the coming year include: (1) capex cadence and project execution risk on generation and distribution assets; (2) regulatory framework for tariffs, incentives, and potential price controls; (3) financing costs and currency dynamics given CHF-denominated activities with potential currency-related hedges. The achievable outcome hinges on sustaining positive operating cash flow to fund ongoing capex while improving net income through depreciation balance management, potential tax timing benefits, and higher-margin asset mix. Investors should monitor quarterly capex progression, regulatory updates affecting tariffs, and the trajectory of depreciation and amortization relative to asset base growth.