BKW (BKW) H2 2024 earnings summary

Executive summary

• Revenue reached CHF 4.77 billion, up 3.8% year-over-year, with EBIT at CHF 790 million (+27.3%) and net profit at CHF 647.5 million, all segments contributing to the strong result.

• Achieved strong financial results in 2024, with all business segments contributing to EBIT growth.

• Focused on energy transition, grid expansion, and sustainability, with ambitious climate and biodiversity goals.

• Maintained robust cash flow and financial flexibility, supporting increased investments and higher equity.

Financial highlights

• Revenue: CHF 4.77 billion (+3.8% YoY); EBIT: CHF 790 million (+27.3% YoY); Net profit: CHF 647.5 million (+32.6% YoY).

• EBITDA increased 12.6% to CHF 1,073 million; operating cash flow up 5.1% to CHF 739 million.

• Operating net profit (excluding STENFO) was CHF 550.4 million, up 27.4% year-over-year.

• Equity ratio increased to 48.8% (+3pp YoY); net debt reduced to CHF 876 million.

• Dividend proposal of CHF 3.70 per share, payout ratio 35%, yield 2.5%, and 9% increase.

Outlook and guidance

• EBIT guidance for 2025 set at CHF 650–750 million, reflecting normalization in energy markets and cautious trading outlook.

• Major projects include commissioning of Cerignola Wind Park (Italy), Sousbach hydropower plant, and battery storage expansion.

• Continued investment in renewables, grid modernization, and infrastructure, with selective geographic expansion.

• Electricity production for 2025 largely hedged at attractive prices; stable power grid earnings expected.

• Focus on service business growth and increasing I&B profitability.