Energy BKW shareholders receive higher dividend despite profit slump
BKW earned massively less last year. This had already become apparent after the profit warning in January due to an extraordinary value adjustment on a power plant. The dividend will nevertheless be increased.
11.03.2026, 06:49
11.03.2026, 07:34
SDA
The bottom line for the Bern-based energy group in 2025 was a net profit of just CHF 388 million (-40%), as detailed in a press release issued on Wednesday. Shareholders will nevertheless receive a 10 centime higher dividend of CHF 3.80 per share.
CFO Martin Zwyssig had already emphasized in January that the dividend would not be affected by the value adjustment. BKW usually aims for a payout ratio of 40 to 50 percent of profit, and a reduction in the dividend is not generally planned.
Less electricity from wind and water
Total operating revenue fell by 4.8 percent to CHF 4.5 billion in the reporting year compared to the previous year, as was reported on Wednesday. At the same time, operating profit (EBIT) fell by 29 percent to CHF 561 million.
In January, BKW had forecast an EBIT in the region of CHF 540 to 560 million - after a value adjustment on the investment in the Wilhelmshaven coal-fired power plant in Germany, which now stands at CHF 114 million. Excluding this value adjustment, the operating result amounted to CHF 675 million (-14.6%).
In the "Energy Solutions" business division, lower electricity production from hydropower and wind power due to the weather put pressure on the result. In addition, the trading result was down on the previous year, as expected by the company, due to a further normalization of the energy markets, which resulted in lower volatility in forward market prices, among other things. On the short-term spot market, however, volatility remained high and demand for flexible and customer-specific energy solutions continued to increase, according to BKW.
Services with a turnover of 2 billion
In the Infrastructure & Buildings segment, however, the company was able to further increase profitability. EBIT increased by 41 percent to CHF 80 million, with stable sales of CHF 2.0 billion. As the largest provider of architectural and engineering services in the DACH region, BKW won further major projects, including the stadium concept for the Rhine-Ruhr region for the Olympic bid in Germany and first prize in the cooperative workshop process for the Seidensticker site in Bielefeld.
The Bern-based company has made significant acquisitions in recent years - particularly in the field of energy services. The Group now has a total of over 12,000 employees in 140 companies in Switzerland and throughout Europe.
For the current year 2026, the company continues to expect EBIT of between CHF 650 and 750 million. The higher hedged electricity prices had a positive impact on earnings.
