Energy supplier achieves solid half-year result despite market uncertainties
Despite what it describes as challenging geopolitical conditions, Axpo achieved a solid result in the first half of 2026. At CHF 836 million, EBIT was roughly on a par with the previous year. The company cites a consistent diversification strategy as the reason for its resilience.
Axpo achieved a “good result” in the first half of the 2025/26 financial year despite volatility, uncertainty and complexity, according to a press release. At CHF 836 million, the electricity supplier’s EBIT (earnings before interest and taxes) was on a par with the previous year (CHF 847 million).
All business areas contributed to the positive result. The Generation & Distribution segment achieved an adjusted result of CHF 542 million (prior-year period: CHF 467 million). The CKW segment achieved CHF 89 million (prior-year period: CHF 87 million), while the Trading & Sales segment contributed CHF 258 million (prior-year period: CHF 402 million). Trading & Sales achieved a “very good” gross margin of CHF 756 million, although the result was dampened by gross expenses and valuation reasons.
Overall, Axpo recorded cash inflows of CHF 493 million in the first half of the year. Net investments totalled CHF 242 million, while free cash flow amounted to CHF 252 million.
Axpo also continued to expand its market share in the first half of the year. In the reporting period, the company supplied around 40 per cent of the electricity consumed in Switzerland despite the unscheduled shutdown of the Gösgen nuclear power plant. At the same time, Axpo is continuing to develop its wind projects internationally and is starting to build its 100th wind farm in Germany. In hydropower, the Emmenweid power plant near Lucerne resumes operations after two years of extensive modernisation and renovation work. The Grono power plant in Misox is also back in operation.