BKW posts stable half-year performance*

^{1 The operating net profit is the net profit adjusted for the performance of the decommissioning and waste disposal funds of KKM (including tax effects). To calculate operating net income, the reported net profit for 2026 of CHF 217.6 million (2025: CHF 203.3 million) was adjusted for the remeasurement gain/loss on STENFO of CHF 60.6 million (2025: CHF -9.0 million) and the corresponding tax effect of CHF -12.1 million (2025: CHF +1.9 million). Operating net profit was thus CHF 169.1 million (2025: CHF 210.4 million).} 

BKW performed well in the first half of the year, despite challenging market conditions. An unfavorable combination of environmental factors—low water levels coupled with light winds—coincided with unexpected geopolitical developments. At the operating profit (EBIT) level, the Power Grid business segment delivered the expected stable results compared with the previous year while Infrastructure & Buildings saw positive development. In the Energy Solutions business segment in particular, market disruptions resulting from the situation in the Middle East had a temporary impact on revenue. 

Energy Solutions generated total operating income of CHF 950.7 million in the first half of the year, down slightly by 4.2 percent from the previous year (first half of 2025: CHF 992.0 million). Due to the exceptional environmental and market conditions, EBITDA decreased by 21.2 percent to CHF 193.7 million (first half of 2025: CHF 245.7 million) and EBIT fell by 24.2 percent to CHF 156.9 million (first half of 2025: CHF 207.0 million).

Water production in the first half of the year was once again characterized by challenging hydrological conditions. Production was lower than in the previous year due to low water levels. Wind power plants also produced less electricity due to the lack of wind. In addition, Energy Solutions’ electricity trading business was temporarily impacted by market disruptions resulting from the situation in the Middle East. At the same time, the business segment benefited from the fact that electricity volumes for the 2026 calendar year had already been hedged three years ago at high futures market prices. In addition, price fluctuations in system services for grid stabilization and intraday trading created additional revenue opportunities, particularly during the heat wave in June. The performance of the Leibstadt Nuclear Power Plant’s decommissioning and waste disposal funds also had a positive impact on earnings. 

The Power Grid business segment posted total operating income for the first half of 2026 of CHF 322.8 million, slightly higher than the previous year (first half of 2025: CHF 319.3 million). EBITDA increased by 2.3 percent to CHF 122.8 million (first half of 2025: CHF 120.0 million), while EBIT decreased by 1.9 percent to CHF 68.0 million (first half of 2025: CHF 69.3 million). Energy transmission in the first half of the year exceeded the previous year's figure. These higher transmission volumes had a positive impact on total operating income and EBIT. On the other hand, depreciation and amortization increased compared with the same period last year due to continued high levels of investment in the network infrastructure.

Total operating income Infrastructure & Buildings business segment declined slightly by 2.6 percent from CHF 957.5 million to CHF 932.8 million. This is attributable in particular to BKW's consistent focus on profitable growth. As a result, the business segment increased EBITDA by a pleasing 5.8 percent to CHF 75.7 million (first half of 2025: CHF 71.6 million). EBIT actually grew by 12.8 percent to CHF 34.7 million (first half of 2025: CHF 71.6 million). At the same time, the EBIT margin increased by 0.5 percentage points to 3.7 percent. The strong order book, featuring high-margin projects in engineering and high-voltage line construction, contributed significantly to this increase in profitability. The service business in building technology was also further expanded. In contrast, market conditions in the photovoltaic business remain challenging.

BKW made further significant progress in implementing its “Solutions 2030” strategy during the reporting period. This strategy aims to further develop BKW’s position as a diversified infrastructure operator and service provider. Total investments in the first half of the year amounted to CHF 209.7 million (previous year: CHF 226.7 million). 

Of these investments, CHF 65.5 million went to the Energy Solutions business segment. In the Italian region of Puglia, the Cerignola wind farm is now fully operational after a construction period of just twelve months. With a capacity of 125 megawatts and an annual output of over 310 gigawatt-hours, it is now one of the largest wind farms in BKW's portfolio — a milestone in the implementation of the “Solutions 2030” strategy. One of this strategy’s aims is to increase its production portfolio to 4.7 gigawatts of capacity and expand the share of renewable energy production. 

In May, BKW signed an agreement in principle with Swissgrid regarding grid connection capacity of 400 megawatts for the planned large-scale battery plant in Mühleberg. Another important milestone is the start of construction on Grimsel 4 with our partner company, Kraftwerke Oberhasli AG. The new pumped-storage plant located between Lake Grimsel and Lake Räterichsboden increases the flexibility of the entire Grimsel facility. 

In addition, BKW has successfully expanded its business activities in France. With the acquisition of the French energy supplier Volterres SAS, BKW has become one of the leading providers of energy services. 

In the first half of the year, the majority of investments—approximately CHF 87.5 million—went toward the distribution grid. These investments are needed to adapt the grid infrastructure to new needs and requirements. The energy landscape is becoming more decentralized, renewable energy is playing a greater role, and customers want new offerings. This is also evident in BKW's service area: As of the end of June 2026, approximately 35,500 renewable power generation systems with a total capacity of about 1.2 gigawatts were already connected to BKW's distribution grid. In addition, BKW further accelerated the rollout of smart meters during the first six months of the year: As of the end of June 2026, 211,000 smart meters had already been installed in BKW’s service area. For comparison: as of the end of 2025, the figure stood at around 135,000.

In the Infrastructure & Buildings business segment, investments totaled CHF 44.9 million, most of which went toward organic growth.

BKW expects a stronger second half of the year for its Infrastructure & Buildings and Energy Solutions business segments. The Power Grid business segment is likely to remain stable. BKW expects EBIT for 2026 to be at the lower end of the target range of CHF 650 million to CHF 750 million announced at the beginning of the year. 

BKW’s Half-Year Report and the Analyst and Media Conference Presentation may be found on our website at www.bkw.ch/reports.

This press release contains forward-looking statements, which are based on current assumptions and estimates about, for example, market and economic conditions, legal provisions and regulatory frameworks, competitive conditions, interest rates or currency fluctuations. Although BKW believes that the forward-looking statements are based on reasonable assumptions, it cannot guarantee that the expected results will be achieved. Actual results may therefore differ materially from the expectations and forward-looking statements expressed in this text. BKW is under no obligation to update any forecasts, whether as a result of new information, future events or otherwise.

This press release is issued in German, French, English, and Italian. The German text is the authoritative version.