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 was CHF 674.6 million, the third-best in company history.

• Growth strategy advanced with new wind and hydro plant commissions, expanded green electricity agreements, and significant progress in direct marketing and virtual power plant initiatives, especially in Germany and Italy.

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

• Sustainability efforts led to a 24% reduction in greenhouse gas intensity (Scope 1 and 2) compared to 2022.

Financial highlights

• Revenue for 2025 was CHF 4,543.6 million, down 4.8% from the previous year.

• Net profit was CHF 387.9 million, with operating net profit before valuation adjustment at CHF 444.0 million, down 19.3% year-over-year.

• Operating cash flow was CHF 685.9 million, fully covering investments.

• Dividend per share increased to CHF 4.05, with a proposed ordinary dividend of CHF 3.80 per share.

• Equity ratio increased to 51.5%, supporting future growth.

Outlook and guidance

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

• Ongoing focus on expanding renewable capacity, battery storage, and international growth, particularly in France, Germany, and across Europe.

• Infrastructure & Buildings segment maintains an 8% EBIT margin goal by 2030, with stepwise improvements planned.