Swiss energy group BKW AG reported a 7% rise in net profit for the first half of 2026, reaching CHF 217.6 million, despite a 19.6% decline in operating net profit to CHF 169.1 million. Revenue fell 3.1% year-over-year to CHF 2.2 billion, while EBIT dropped 15.1% to CHF 263.7 million.
Operating cash flow totaled CHF 225 million, with free cash flow improving to CHF 96.6 million from CHF 28.6 million in the prior-year period. The company’s equity ratio increased to 52.3%, up 1.4 percentage points, while net debt to EBITDA remained stable at approximately 1.0x. Cash and cash equivalents stood at CHF 699.7 million.
The Mühleberg STENFO fund contributed CHF 27.7 million to earnings, a reversal from a CHF 9 million loss in the prior year. BKW’s share price traded at CHF 130.2, down 0.99% on the day, and remained 29% below its 52-week high of CHF 183.5.
CEO Robert Itschner emphasized the company’s financial stability, stating markets continue to offer "significant opportunities for profitable growth." CFO Martin Zwyssig noted that geopolitical developments in the Middle East added volatility to trading positions.
For the full year 2026, BKW maintained its EBIT guidance range of CHF 650 million to CHF 750 million, with management expecting results toward the lower end. The company’s long-term 2030 target remains an EBIT range of CHF 850 million to CHF 1.2 billion. BKW’s production portfolio expanded by 80 megawatts to 3.6 gigawatts, while direct marketing capacity reached 7.9 gigawatts and virtual power plant capacity totaled 2.6 gigawatts.
