BKW (BKW) H1 2025 earnings summary

Executive summary

• Total operating income for H1 2025 was CHF 2,252 million, down 3.4% year-over-year, with EBIT at CHF 310.7 million and net profit at CHF 203.3 million, reflecting normalization in energy markets and lower hydropower availability.

• Key milestones included progress on renewable projects, such as the Mont-Soleil PV facility, Cerignola wind farm, and the inauguration of the Oberhasli power plant.

• Implemented the "Solutions 2030" strategy, seeing early positive results across all segments.

Financial highlights

• Revenue fell 3.4% year-over-year to CHF 2,251.8 million; EBIT down 29.1% to CHF 310.7 million; net profit dropped 43.9% to CHF 203.3 million.

• EBITDA margin declined to 19.2% from 25.0% year-over-year.

• Cash flow from operating activities was CHF 161.6 million, only slightly below the previous year.

• Equity ratio strengthened to 50.9% due to profit retention.

Outlook and guidance

• Full-year 2025 EBIT guidance confirmed at CHF 650–750 million, with higher H2 earnings expected in Energy Solutions and Infrastructure & Buildings.

• Expansion of renewable energy production and infrastructure investments of about CHF 500 million planned over the next 12+ months.