BKW (BKW) H1 2026 earnings summary

Executive summary

• Total operating income for H1 2026 was CHF 2,182.5 million, down 3.1% year-over-year due to challenging market, environmental, and geopolitical factors.

• Net profit rose 7.0% to CHF 217.6 million, driven by strong performance of nuclear decommissioning and waste disposal funds.

• Power Grid remained stable, Infrastructure & Buildings improved margins, while Energy Solutions was impacted by market disruptions, low production, and trading headwinds.

• Strategic investments and disciplined capital allocation support the 2030 EBIT target of CHF 850 million to CHF 1.2 billion.

• Significant investments were made in grid infrastructure, renewables, and strategic acquisitions.

Financial highlights

• Revenue for H1 2026 was CHF 2,182.5 million, down 3.1% year-over-year; EBITDA declined 10.1% to CHF 387.9 million; EBIT fell 15.1% to CHF 263.7 million.

• Operating net profit (excluding fund effects) was CHF 169.1 million, down 19.6% year-over-year.

• Equity ratio increased to 52.3%, up from 50.9% in the prior year.

• Free cash flow reached CHF 96.6 million, substantially higher than the previous year.

• Ordinary dividend of CHF 3.80 per share paid for FY 2025.

Outlook and guidance

• Full-year 2026 EBIT expected at the lower end of CHF 650–750 million range, with stronger H2 anticipated for Energy Solutions and Infrastructure & Buildings; Power Grid to remain steady.

• 2030 strategy and CHF 4 billion investment pipeline remain on track, with about 60% already allocated.