BKW (BKW) Investor presentation summary

Strategic direction and growth ambitions

• Targets CHF 1 bn EBIT by 2030, with CHF 4 bn investments and operating cash flow over CHF 5 bn from 2025–2030.

• Focuses on energy transition value chain: production, flexibility, grid, and buildings.

• Pursues profitable, sustainable growth with disciplined capital allocation and ROCE target of 8%.

• Maintains equity ratio above 50% and A rating, prioritizing safety, compliance, and critical maintenance.

• Growth driven by expansion in Energy Solutions, Power Grid modernization, and selective Infrastructure & Buildings growth.

Business segments and performance

• Energy Solutions: Leading in European trading, third-largest Swiss electricity producer, 2025 EBIT CHF 364m.

• Power Grid: Largest Swiss distribution operator, 22,000 km grid, 2025 EBIT CHF 131m.

• Infrastructure & Buildings: Leader in DACH region, 2025 EBIT CHF 80m, margin improved to 4%.

• 2025 revenue CHF 4.54 bn, EBIT CHF 561m (excluding Wilhelmshaven adjustment), net profit CHF 353m.

• Operating cash flow CHF 686m, equity ratio 51.5%, ROCE 6.2%.

Financial discipline and capital allocation

• Investments prioritized for safety, grid modernization, and balanced growth within cash flow limits.

• Majority of CAPEX directed to growth, mainly in Energy Solutions and Power Grid.

• Maintains stable dividend policy with 35–50% payout of operating net profit; 2025 dividend CHF 3.70.

• Net debt reduced, strong liquidity reserves, and diversified bond maturity profile.

• Operating cash flow fully covers investments, supporting financial stability.