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; EBIT before adjustment was CHF 674.6 million, the third-best in company history.

• Growth strategy advanced with commissioning of new hydropower and wind assets, expansion of green electricity portfolio, and direct marketing, especially in Germany and Italy.

• Infrastructure & Buildings segment EBIT rose 40.6% to CHF 80 million, driven by efficiency gains and acquisitions.

• 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% year-over-year; EBIT was CHF 561 million, impacted by Wilhelmshaven adjustment.

• Net profit was CHF 387.9 million; operating net profit before valuation adjustment was CHF 444 million, down 19.3% year-over-year.

• Operating cash flow remained strong at CHF 685.9 million, fully covering investments of CHF 456.6 million.

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

• Dividend per share proposed at CHF 3.80, up from CHF 3.70, with a payout ratio of 45.2%.

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.

• Continued focus on expanding renewable generation, flexibility, and storage, with major investment decisions pending in 2026.

• Mid-term ambition to achieve an 8% EBIT margin in Infrastructure & Buildings by 2030.

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