BKW (BKW) Q3 2026 earnings summary

Executive summary

• Nine-month performance was mixed: weak hydro and wind output weighed on Energy Solutions, while Power Grid and Infrastructure & Buildings were resilient; FY 2026 EBIT guidance was confirmed at the lower end of CHF 650m–CHF 750m.

• Solutions 2030 execution continued through renewable generation additions and operational improvements in Infrastructure & Buildings; its CHF 1bn sales ambition is not a fixed forecast.

Financial highlights

• STENFO performance remained positive in Q3; the CHF 19m tailwind reported at H1 was unchanged, with no further tailwind added in Q3.

• Operating cash flow was below plan, partly due to weaker performance; restrained investment kept free cash flow stable and indebtedness on plan.

Outlook and guidance

• FY 2026 EBIT guidance remained CHF 650m–CHF 750m, with the expected result at the lower end; Q4 trading may offset some production shortfalls.

• Significant year-end recovery in hydro and wind output is unlikely; Power Grid and Infrastructure & Buildings are expected to close FY in line with expectations.

• Planning assumes average conditions, but hydrology and rainfall can deviate materially; 2027 outcomes are expected at the March 2027 annual results conference.