BKW (BKW) H2 2024 earnings summary

Executive summary

• Revenue reached CHF 4.77 billion in 2024, up 3.8% year-over-year, with EBIT at CHF 790 million (+27.3%) and net profit at CHF 647 million, all above prior year levels.

• All business segments contributed positively to EBIT growth, with strong results in energy solutions, power grid, and infrastructure and buildings.

• High hydropower production due to wet weather and favorable market conditions boosted results.

• 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

• EBIT rose to CHF 790 million (+27.3% year-over-year), mainly driven by energy business and improved power grid and infrastructure segments.

• Net profit was CHF 647 million, with operating net profit (excluding STENFO) at CHF 550 million (+27.4%).

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

• Equity ratio increased to 48.8%, up 3 percentage points.

• Return on capital employed (ROCE) was 9.5%, well above WACC.

Outlook and guidance

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

• Major projects include commissioning Cerignola Wind Park (Italy), Sousbach Hydropower Plant, and battery storage expansion.

• Continued focus on renewables, grid modernization, and infrastructure growth, especially in Germany and Switzerland.

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