François Fellay, CEO Nicolas Conne, CFO
Lausanne, 31 March 2026
Sommaire
Agenda
01 02 03 04 05Foreword
Vision 2040 - Strategic priorities looking ahead 5 years 2025 highlights
Full-year results Round-up
2
My ambition for Romande Energie
"We're instrumental in
our own future"
Goal: to move with more agility than our
environment, unlocking value for Romande Energie and our customers
Passion S expertise
In-depth knowledge of the energy industry.
A genuine attachment to Romande Energie.
Vision 2040Implement our strategic roadmap.
Driven to tackle the challenges facing the industry
and seize opportunities.
PerformanceBoosting Group's financial and non-financial
performance
3
Strengths and opportunities
•
•
•
Successful company
Recognised skills and expertise Digitalisation S innovation Resilient, stable and robust business model
Financial strength
•
•
•
Diversified assets
Strong cash generation
Non-cash contribution from EOS/ Alpiq
Market position
•
•
•
Leading power supplier in W. CH
5th at national level Electricity 96% renewable
Untapped opportunities
•
•
•
Faster energy transition
Electrification within society New markets and services
Plus ambition supported by 3-pillar sustainability strategy
4
Financially solid
250
200
150
100
50
0
2021- 2025 EBITDA
201
133
152
129
124
2021 2022 2023 2024 2025
120
100
80
60
40
20
0
2021 - 2025 EBIT
2021 2022 2023 2024 2025
10% net margin
Average 5-year Group net margin
(including associates)
CHF 148m
CHF 50m
S-holders' equity
180
160
140
120
100
80
60
40
20
0
Average 5-year EBITDA¹ Average 5-year EBIT
Cash flow (2021-2025)
2021 2022 2023 2024 2025
CHF 2.2bn
75% of total assets in 2025
Steady dividend
Dividend yield 3.3% at end-2025
CHF 150m
Average 5-year cash flow from ops.
CHF 172m
Average 5-year CAPEX
¹ under Swiss GAAP FER
Powerful growth impetus
Major strategic avenues Scope of action
1)
Electrification in economy
Modernisation and digitalisation
Green energy transition
Development of infrastructure
Integration into European market
Decarbonisation of building assets
Electrification: from 20% to > 50% by 2050
Manage and mine data
Get ahead of curve in renewables volatility
Managing flexibility
Hard-wired changes that shape our 2040 strategic vision
6
Vision 2040Infrastructure-centric in transition
x2
Global capacity of grid needs to double by 2050
~ $700bn
annual investment in power grids worldwide needed by 2040
Major global trends
Climate change
Rising energy demand
Technological advances
Energy transition
Declining cost of renewable energies
Policies and financial
incentives
McKinsey, IEA, Energy Institute. Thunder Said Energy 8
2050 electricity equation
Electricity consumption in CH (TWh/yr) Electricity generation in CH (TWh/yr)
SFOE/AES/SCCER-SoE SFOE/Mantelerlass
Other
100
80
60
40
62 TWh
90 TWh
76 TWh
100
80
60
40
85 TWh
renewable S
76 TWh
2
4
5
6
39
44*
39**
23
0.2
thermics
WindSolar
Hydro
20
0
2024 2050
20
0
2024 2050
Nuclear* Deducted from the energy used for pumping 9
** Considers only generation from natural inputs for pumped storage
Climate change
Vision
2040
Pressure on
natural resources
Security of supply
Swiss-EU package
AI,
automation S control
Flexibility
Strategy 2030
Shift in energy mix
Make Western Switzerland the first net-zero region in the country
Electrification
10
Our company in 2040
DISTRIBUTION
5TWh/yr
Vision
2040
11
Vision 2040, in short, represents
Key strategic partnerships.
5 TWh/yr of renewable electricity generation under management.
280 GWh/yr of heat and 50 GWh/yr of cooling distributed, fully decarbonised.
1 million customers benefiting from our price plans. A digital twin of our operations.
The marketing of our digital products - becoming one of the three revenue pillars set to generate a rising share of our operating profit.
Leader in energy renovation in Western Switzerland.
12
Strategic priorities looking ahead 5 yearsStrategy 2030: tangible targets
Strategic initiatives to reset Romande Energie to achieve the vision.
Pursue the new avenues leading to growth and recurring revenue and consolidate our business performance.
Technological, industrial, business and culture transformation placing customers at the centre.
Clear principles and roadmap
All our assets must generate returns.
Capital expenditure allocated towards increased value creation -divest the laggards.
Unlock synergies and industrial partnerships to consolidate our business performance.
15
4th business unit: Property
Mission statementAccelerate the sustainable renovation of large property stock using turnkey solutions.
Expertise
Unmatched expertise at the intersection of energy, building physics, architecture and building technology.
Two avenuesID GO: full-service energy provider for households.
Romande Energie Services: multi-technical partner for industrial and commercial property.
Goal: market leader in energy renovation in Western Switzerland by 2040
Objectives:
Accelerate the energy transition across the building stock.
Boost growth and optimise revenue.
16
Strategic and economic assets
Foundation for new recurring income streams
Growth in digital
Flexibility G storage
Property carbon reductions
Tangible performance markers by 2030
Efficiency measures and productivity gains
CHF 10m efficiency gains at EBIT level expected for 2026.
Making it a reality in operations
Densify thermal networks, leading to better profitability.
Scale-up digital capabilities faster.
Steady reduction in cost-to-serve.
Growth drivers
Property: >20% of revenue in 2030.
Digital: tangible effects in terms of operations management and business performance at EBIT level.
Power and thermal production: development and implementation of partnerships as well as intense densification of district heating networks.
Storage S flexibility: recovering solar surpluses for use in heating
Higher margins
Monitoring: continual monitoring of ROCE (return on capital employed).
EBITDA/EBIT: steady increase in operating results to 2030, followed by acceleration.
2030 EBITDA target: 50% increase versus 2024. On track.
Strategic avenues for an enhanced business performance
18
2025 highlightsSustainability: driver behind financial and non-financial performance
Decarbonisation targets:
Scopes 1+2: -50% by 2030, net zero in
2050
31,643 tCO2-e: 27% GHG savings (relative to 2024) achieved for customers through district heating and renewable power generation
Certified a Great Place to Work and a Great Place to Start
20
Achievements in 2025
CHF 93m invested in grid modernisation and CHF 73m in renewable energies.
16% and 25% growth in solar production and district heating, respectively.
Data: 81% of customers fitted with smart meters, 2 years ahead of schedule.
Digitalisation: modernisation of 60% of IT resources, upgrade of all data centres
Four business units: reorganisation.
Power-to-heat: launch of the OverFlow solution to recover and use solar energy surplus.
21
2025 financial resultsKey figures - 2025
Adjusted figures
EBITDA | CHF 152m + CHF 31m | Energy supply margin Generation 2nd half: efficiency/market |
EBIT | CHF 48m + CHF 26m | |
Net profit¹ | CHF 80m + CHF 54m | Impairment/reversal = zero net effect Significant contribution from Alpiq |
CHF 154m
Cash flow from operations
+ CHF 7m
CHF 191m
CAPEX
+ CHF 28m
CHF 1.44
Dividend for 2025
3.3% yield
¹ Swiss GAAP FER 23
Thermal business transferred
New organisation structure: 4 business units
Markets BU Energy BU Property BU Grids BUFormerly Energy
Solutions
now houses
Romande Energie Services and ID GO
Segment reporting adjusted for 2024 to allow comparison with 2025
24
Energy BU
Weather conditions impact performance
CHF m
36
47
2025, generation
Hydro (-24%): mixed weather S FGB plant shutdown → 11/2025
Wind: stable production
Solar (+25%): 36 new arrays S sunshine hours
France (-1%): poor weather conditions
Thermal (+16%): higher generation
5.11%
EBITDA
2024 2025CHF 73m
Generation WACC
(5.23% in 2024)
CAPEX
(CHF 72m in 2024)
25
Markets BU
Higher energy supply margin G efficiency gains
CHF m
(24)
10
EBITDA
2025
Decrease in operating revenue: regulated tariffs S sales to eligible customers
Energy supply margin
Partial clawback of shortfall
Supportive market conditions
Reduction in balancing costs and improved forecasting models
EBITDA
Efficiency gains
Enhanced performance by FMHL
2024 202526
Grids BU
Cornerstone of profitability
CHF m
103 104
2025
Tariff increase related to partial clawback of shortfall
Decrease in WACC offset by increase in CAPEX
Decrease in connection fees (CHF 2m less)
Revenue growth excluding monopoly: +14%
81% of smart meters installed, 2 years ahead of schedule
EBITDA
2024 20253.98%
WACC
(4.13% in 2024)
CHF 93m
CAPEX
(CHF 83m in 2024)
27
Property BU
Strong potential in renovation market
CHF m
(1)
2
EBITDA
2024 20252025
Growth in energy renovation business
Increase in profitability in Vaud S Fribourg
Construction of district heating systems
Efficiency gains
Acquisition in central Valais → expanding
coverage of Western Switzerland
28
ALPIQ - EOS NER
≈10%
33.33%
100%
≈30%
Strategic and stabilising role
29.71%
CHF m
12
9
6
Dividends from EOSH
Dividendes EOSH
Alpiq's contribution to 2025 earnings: CHF 37m
Dividends (EOS NER S Alpiq) set to increase
Natural hedge in stressed geopolitical context
3
0
2021 2022 2023 2024 2025 29
Strategy 2030
EBITDA growth levers
Higher returns on investment
Expansion of service offerings
District heating Solar S wind
Energy renovation in buildings Digital services (2040)
Adjusted EBITDA | 2030 | CHF 170- 190m |
Annual capex | CHF 160-200m (over 5 years) |
30
Round-upSumming up
"The foundations are
now laid.
Let's focus on execution and boosting business performance"
32
Ambitious visionShaping our own future.
Transformation strategyPartnerships, growth levers, 2026-2030 roadmap
Execution on track
Rising earnings and cash generation factors.
New Head of Investor Relations
René Lauckner
Head of Group Treasury
Thank you
Laurent Widmer
Head of Investor Relations Direct tel.: +41 21 802 96 00
Mobile: +41 79 917 84 73
laurent.widmer@romande-energie.ch
33
2026 calendar
Closure of the share register 13 May 2026
124th Annual General Meeting 27 May 2026
Ex dividend date 29 May 2026
Record date 1 June 2026
Dividend payment 2 June 2026
H1 2026 results 3 September 2026
34
QGA Thank you for listeningFrançois Fellay
Chief Executive Officer
Nicolas Conne
CFO and Head of Services
Additional slides
Power generation in 2025
100% renewable
(% interest in company running installation)
Reported percentages may differ due to rounding
2
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Romande Energie Holding SA published this content on March 31, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on March 31, 2026 at 05:08 UTC.
