Energy Axpo generates significantly lower revenue and profit in 2023/24
The calming of the energy markets has also been reflected in the results of the Axpo energy group. Sales fell significantly in the past financial year, but remained at a much higher level than before the European energy crisis.
05.12.2024, 07:47
SDA
Total operating performance fell to 7.64 billion from 10.45 billion in the 2023/24 financial year ended September, as Axpo announced on Thursday. Energy prices had normalized and approached pre-crisis levels. Volatility had also decreased, but remained above the long-term average.
In the reporting year, electricity from Swiss power plants was supplied at prices that had been agreed three years previously at a significantly lower level than today. Switzerland's largest energy group supplies more than 40 percent of the electricity consumed in Switzerland and employs over 7,000 people, around 5,000 of whom work in Switzerland.
Market development still uncertain
The operating result (EBIT) fell to 1.75 billion in the last financial year after 4.19 billion in the previous year. The bottom line was a profit of 1.51 billion after 3.39 billion in the previous year. EBIT adjusted for special items - such as the financial impact of the fund for the decommissioning and disposal of nuclear power plants (Stenfo) - amounted to 1.85 billion after the extraordinary result of 2.69 billion in the previous year.
Due to the global political situation, the situation on the markets remains unstable and future developments are uncertain, Axpo explained. However, the utility is doing well in this challenging environment.
From the coming financial year onwards, higher electricity prices will have a positive impact on Axpo's result. However, it should be noted that Axpo no longer hedges its entire electricity production for three years.
Chairman announces withdrawal
The Board of Directors proposes the distribution of an ordinary dividend of CHF 241 million and a special dividend of CHF 429 million. Axpo is owned by the cantons and cantonal utilities of north-eastern Switzerland.
Meanwhile, Chairman of the Board of Directors Thomas Sieber will step down from his position at the beginning of 2026. When he hands over the baton the year after next, he will look back on ten years as Axpo CEO. The search for a successor is now underway.
