Energy Alpiq suffers sharp drop in profits in 2025
The energy group Alpiq earned significantly less last year. The unplanned, prolonged and still ongoing outage of the Gösgen nuclear power plant had a negative impact on earnings.
26.02.2026, 08:01
SDA
The Group's net revenue fell by 13.5 percent year-on-year to CHF 5.7 billion in 2025. The operating result EBITDA slumped by 69 percent to 433 million. This was due to negative special effects - without these, the operating result would have amounted to CHF 573 million (-41%). The bottom line was a profit of 197 million (-79%), adjusted it was 310 million (-49%).
Challenging market environment
Alpiq delivered a "robust result" despite numerous challenges, according to a statement issued on Thursday. Although the adjusted operating result was below the very strong results of 2023 and 2024, it exceeded previous years.
The year 2025 was heavily influenced by production outages and a challenging market environment, with the unplanned outage at the Gösgen nuclear power plant having the greatest negative impact on the result at CHF 149 million. The nuclear power plant has not been supplying electricity since May 24, 2025, and the restart has been repeatedly delayed due to the necessary safety measures. The reactor is now expected to be reconnected to the grid on March 21.
The two non-operating negative effects in EBITDA were the development of the decommissioning and waste disposal funds (Stenfo), which are exposed to stock market fluctuations, and shifts in earnings due to fair value effects from energy derivatives.
Majority of electricity production sold in 2026
The latter relates to the fact that some energy producers sell electricity several years in advance. Changes in the fair value of these energy derivatives can have a negative or positive impact on the books depending on the reporting date, but are offset over the term of the transactions.
The management is cautiously optimistic about the outlook for the current year. The company has started with a solid earnings situation, as most of the electricity production for 2026 has already been secured. However, the continued outage at Gösgen will also have a negative impact on earnings in 2026.
There will also be a change in the Executive Board: after six years - including almost four years at the head of the Trading business division - Navin Parasram will be leaving Alpiq. Morgane Trieu Cuot, the deputy head of the division, will take over the role on an interim basis.
