Weather conditions and impairment charges are weighing on business performance
In 2025, BKW generated revenue of CHF 4,544 million, 4.8 per cent less than in the previous year. Profit fell to CHF 561 million, compared with CHF 790 million the previous year. The decline is partly attributable to a write-down of CHF 113 million on a coal-fired power station in Wilhelmshaven.
According to a press release, BKW generated revenue of CHF 4,543.6 million in 2025. In the previous year, the figure stood at CHF 4,772.3 million, representing a decline of 4.8 per cent. The decline in operating profit before interest and taxes was significantly more pronounced. In 2025, BKW posted a profit of CHF 561.0 million, compared with CHF 789.9 million the previous year. Net operating profit fell from CHF 550.4 million the previous year to CHF 351.1 million in 2025.
BKW attributes the decline partly to a value adjustment on its stake in the Wilhelmshaven coal-fired power station on the North Sea coast of Lower Saxony. This adjustment amounts to CHF 113.7 million at the operating profit level and CHF 90.9 million at the net profit level. BKW holds a 33 per cent stake in the power station.
Secondly, the weather-related decline in electricity generation from hydro and wind power weighed on the result in the Energy Solutions business segment. Even before the impairment charge, this was down 18.6 per cent on the previous year. The result of the Power Grid business segment, at CHF 130.6 million, was 7.0 per cent below that of the previous year.
In contrast, the result of the Infrastructure & Buildings business segment rose significantly by 40.6 per cent to CHF 80.0 million. Revenue for the business segment remained constant at CHF 1.98 billion.
BKW expects earnings of between CHF 650 million and CHF 750 million for 2026.