BKW (BKW) H2 2025 earnings summary

Executive summary

• Achieved total operating income of CHF 4.54 billion in 2025, reflecting a solid operating result despite challenging market conditions and a valuation adjustment for the Wilhelmshaven coal-fired power plant.

• EBIT was CHF 561 million after a CHF 113.7 million valuation adjustment; before adjustment, EBIT reached CHF 674.6 million, the third-best in company history.

• Net profit was CHF 387.9 million, with operating net profit before valuation adjustment at CHF 444.0 million.

• Growth strategy advanced through commissioning new wind and hydro plants, acquisitions, and expansion in green electricity and direct marketing, especially in Germany and Italy.

• Infrastructure & Buildings segment saw a 40.6% EBIT improvement year-over-year, driven by efficiency gains, strategic acquisitions, and stable revenue.

Financial highlights

• Revenue for 2025 was CHF 4,543.6 million, down 4.8% year-over-year.

• EBIT was CHF 561 million, impacted by the Wilhelmshaven value adjustment; excluding this, EBIT was CHF 674.6 million.

• Net profit was CHF 387.9 million, with operating cash flow at CHF 685.9 million, fully covering investments of CHF 456.6 million.

• Equity ratio increased to 51.5%, supporting future growth; net debt/EBITDA at 1.0.

• Dividend per share increased to CHF 3.80, with a payout ratio of 45.2% and a yield of 2.3%.

Outlook and guidance

• EBIT guidance for 2026 confirmed in the range of CHF 650–750 million, with expectations of stable Power Grid earnings and further profitability improvement in Infrastructure & Buildings.

• Ongoing focus on "Solutions 2030" strategy, targeting expansion in Switzerland and Europe, and continued internationalization and flexibility solutions.

• Further investments planned in Power Grid and Infrastructure & Buildings, with a focus on smart meter rollout and regional diversification.

• Regulatory and market volatility expected to persist, but hedged positions provide some earnings stability.