Bkw Ag · SIX:BKW
Bkw — Investor Presentation (August 2025)
58 slides from Bkw's investor presentation, August 2025
Slide 1: BKW Investor Presentation August 2025
Bern, August 2025 BKW Investor Presentation August 2025
Slide 2: Company intro
Company intro
Slide 3: BKW at a glance
BKW Investor Presentation August 2025 3 BKW at a glance − BKW transformed from a traditional Swiss electricity provider Key figures 2024 to an international energy and infrastructure company − SIX Swiss Exchange listed since 2003 Revenue CHF 4.8 bn (Opening @ 37.40 CHF with market capitalization of
Slide 4: BKW Group
BKW Investor Presentation August 2025 4 BKW Group 12,100 employees Strong Swiss base with a focus on selected core regions in Europe Active in three attractive markets energy, infrastructure and buildings Portfolio covers the entire energy transition value chain
Slide 5: We cover the entire energy transition value chain
BKW Investor Presentation August 2025 5 We cover the entire energy transition value chain Our three business segments: Energy Solutions − Leading player in the European trading and customer solutions business − Third-largest electricity producer in Switzerland (9 TWh) Power Grid − Switzerland’s larg
Slide 6: BKW business segments: Past performance and value drivers
BKW Investor Presentation August 2025 6 BKW business segments: Past performance and value drivers Energy Solutions Power Grid Infrastructure & Buildings EBIT: CHF 586 m EBIT: CHF 140 m EBIT: CHF 57 m Technology Capacities in MW Production in GWh Distribution grid Engineering Hydro 1,715 4,948 Headco
Slide 7: Our organization
BKW Investor Presentation August 2025 7 Our organization Robert Itschner CEO Martin Schweikert* Manuela Wendland* Group Communications Human Resources & Public Affairs Martin Zwyssig Philipp Hänggi Stefan Sewckow Corinne Montandon Antonin Guez Martin Fecke Sven Behrend CFO Energy Production Energy M
Slide 8: Strategy BKW Solutions 2030
\ ANI WAM — LO” | TAEHETELLL Strategy BKW Solutions 2030
Slide 9: Our “BKW Solutions 2030” strategy
BKW Investor Presentation August 2025 9 Our “BKW Solutions 2030” strategy We deliver solutions that… … address the changing needs of customers, investors and the public. … meet the dramatic increase in demand for energy and resource efficiency. … facilitate accelerated transformation of the energy s
Slide 10: Our megatrends
BKW Investor Presentation August 2025 10 Our megatrends Changing needs Dramatic increase Accelerated transformation of customers, investors in demand for energy and of the energy system and the public resource efficiency
Slide 11: Megatrends in numbers
BKW Investor Presentation August 2025 11 Megatrends in numbers Transformation of the Stakeholder needs Energy and resource efficiency energy system Investors committed to responsible investing Investments in energy efficiency Investments in transformation of the energy system (number of UN PRI signa
Slide 12: Core elements of our “BKW Solutions 2030” strategy
BKW Investor Presentation August 2025 12 Core elements of our “BKW Solutions 2030” strategy We grow profitably and sustainably Growth Excellence Sustainability − Expand energy solutions and − Profitability before sales − Growth opportunities in energy, strengthen production portfolio growth infrastr
Slide 13: Growth: We realize CHF 1 bn EBIT by 2030
BKW Investor Presentation August 2025 13 Growth: We realize CHF 1 bn EBIT by 2030 Energy Solutions Power Grid Infrastructure & Buildings Push Growth Stable Growth Selective Growth − Significant expansion of tailored − Gradual increase in investments − Expansion of services in general energy solution
Slide 14: Excellence: We focus on profitability and quality
BKW Investor Presentation August 2025 14 Excellence: We focus on profitability and quality Profitability Consistent focus on Active portfolio and before growth customer needs risk management − Growth only through profitability − Proximity to customers, tailored − Continuous portfolio assessment – ap
Slide 15: Sustainability: We pursue four clearly defined strategic directions
BKW Investor Presentation August 2025 15 Sustainability: We pursue four clearly defined strategic directions Climate Energy Nature People We are committed to We invest in renewable We promote natural We create healthy and achieving net zero emissions and efficient energy ecosystems and biodiversity.
Slide 16: Climate: We are committed to achieving net zero emissions
BKW Investor Presentation August 2025 16 Climate: We are committed to achieving net zero emissions across the entire Group − Expansion of renewable energies − Electrification of the vehicle fleet − Assessment of accelerated coal phase-out Net zero 50% reduction emissions in CO2 intensity by 2040 Sco
Slide 17: Financial goals of our “BKW Solutions 2030” strategy
BKW Investor Presentation August 2025 17 Financial goals of our “BKW Solutions 2030” strategy EBIT Investments in 2030 Total 2025–2030 CHF 1 bn CHF 4 bn Operating cash flow Of which investments Total 2025–2030 in Switzerland CHF >5 bn CHF 2 bn
Slide 18: Group – Ambition: EBIT to CHF 1 bn by 2030
BKW Investor Presentation August 2025 18 Group – Ambition: We will increase EBIT to CHF 1 bn by 2030 and invest around CHF 4 bn Group EBIT1 Total Group investments in CHF m 2025–2030 in CHF bn 0.5 1’200 1,200 1,200 1,000 1’000 1,000 200 4.0 2.5 800 850 1.0 620 150 600 400 620 650 200 0 2023 2030 Ene
Slide 19: Overview business segments EBIT: We are growing across all segments
BKW Investor Presentation August 2025 19 Overview business segments EBIT: We are growing across all business segments Energy Solutions Power Grid1 Infrastructure & Buildings EBIT in CHF m EBIT in CHF m EBIT in CHF m 800 650 535 550 250 150 200 110 -40 150 2023 2030 2023 2030 2023 2030 − Expansion of
Slide 20: EBIT ambition in comparison: 2022 and 2023 were exceptional years
BKW Investor Presentation August 2025 20 EBIT ambition in comparison: 2022 and 2023 were exceptional years Before the energy crisis Impact of the energy crisis Strategic horizon 1,400 1’400 300 Electricity price 1,200 1,200 1’200 250 market1 1,039 1,000 1,000 1’000 200 Electricity prices in CHF/MWh
Slide 21: ROCE ambition 2030
BKW Investor Presentation August 2025 21 ROCE ambition 2030: A well-diversified portfolio with regards to return on capital ROCE in % 15% Infrastructure & Buildings 10% Energy Solutions BKW 5% Power Grid 0% Capital Employed
Slide 22: Financing/Net debt: Balanced financing as the basis of our growth ambition
BKW Investor Presentation August 2025 22 Financing/Net debt: Balanced financing as the basis of our growth ambition Operating cash flow per year Net debt Maturity profile until 2030 in CHF m in CHF m in CHF m 2,200 1,000 927 704 37 300 -952 -800 200 200 200 -1,878 100 -3,000 2023 2030 2023 2030 2025
Slide 23: Dividend policy: stable and attractive dividend policy
BKW Investor Presentation August 2025 23 Dividend policy: We plan to continue our stable and attractive dividend policy History Target range Dividend per share in CHF Payout of operating net profit in % 4.05 80% 1.25 60% extraordinary dividend 40% 35–50% 3.40 2.60 2.80 20% 2.20 2.40 0% 2019 2020 202
Slide 24: Financial stability is ensured
BKW Investor Presentation August 2025 24 Financial stability is ensured Goals by 2030 8% Group ROCE A Maintain rating >50% Equity ratio
Slide 25: Financial results for the first half of 2025
Financial results for the first half of 2025
Slide 26: BKW’s performance in a nutshell
BKW Investor Presentation August 2025 26 BKW’s performance in a nutshell CHF m HY 2025 HY 2024 Δ Δ% Revenue • Lower volume, energy price level and grid tariffs Revenue 2’251.8 2’330.0 -78.2 -3.4% EBIT EBITDA 431.3 581.9 -150.7 -25.9% • In line with expectations - lower trading EBITDA as % of revenue
Slide 27: Revenue & EBIT substantially impacted by Business Segment Energy Solutions
BKW Investor Presentation August 2025 27 Revenue & EBIT substantially impacted by Business Segment Energy Solutions CHF m Revenue CHF m EBIT -78.2 (-3.4%) 2’330.0 -66.6 -127.6 (-29.1%) 2’251.8 438.3 -20.7 +9.1 +0.1 -133.3 310.7 -3.2 +6.4 +2.6 HY 2024 Energy Power I&B Corporate HY 2025 HY 2024 Energy
Slide 28: Energy Solutions: Revenue and EBIT below prior year in line with expectations
BKW Investor Presentation August 2025 28 Energy Solutions: Revenue and EBIT below prior year in line with expectations CHF m Revenue / EBIT Key points In TWh Production mix -6.3% Revenue -5% • Higher hedged prices do not 4.7 offset the lower volumes and 4.5 0.4 energy price level 0.1 0.5 1.1 0.3 Gas
Slide 29: Energy Solutions: The favorable factors from 2024 have normalized
BKW Investor Presentation August 2025 29 Energy Solutions: The favorable factors from 2024 have normalized Power price volatility In TWh Hydro production % KKL STENFO performance Power price Germany 3 years forward Yearly high, low and average 2.2 Target return 2.1% 400 Actual return 1.8 1.7 1.7 1.5
Slide 30: Power Grid: Solid performance sustained
BKW Investor Presentation August 2025 30 Power Grid: Solid performance sustained CHF m Revenue / EBIT Key points -6.1% Revenue • EBIT-neutral pass through of lower Swissgrid tariff EBIT • Increased operating expenses driven by energy transition 340.0 319.3 -4.4% 72.5 69.3 HY 2024 HY 2025 HY 20241 HY
Slide 31: Infrastructure & Buildings: Bottom line improvement continues
BKW Investor Presentation August 2025 31 Infrastructure & Buildings: Bottom line improvement continues CHF m Revenue / EBIT Key points Revenue split 1.0% Revenue • Total revenue is stable, reflecting the focus on securing profitability Infra Services EBIT 25.0% • EBIT improves by CHF 6.4 m or Buildi
Slide 32: Investments are covered by operating cashflow
BKW Investor Presentation August 2025 32 Investments are covered by operating cashflow CHF m Operating CF Investing CF Financing CF Free cashflow CHF m +28.6 -50.2 +211.8 -166.5 872.2 +33.4 -58.0 -208.0 631.9 -3.0 Cash Operating Use of nuclear Investing Refunds Financing Dividend FX Cash FY 2024 act
Slide 33: Growth investments outweigh maintenance – focus on energy transition
BKW Investor Presentation August 2025 33 Growth investments outweigh maintenance – focus on energy transition CHF m Investments1 CHF m Investments by segments 99.5 Growth 30.1 Maintenance 62.8 45.8% Maintenance 51.4 54.2% 226.7 (103.8) Growth (122.9) 59.9 69.4 32.9 12.9 18.6 12.9 2.9 Energy Power Gr
Slide 34: Debt metrics steady compared to HY24
BKW Investor Presentation August 2025 34 Debt metrics steady compared to HY24 CHF m Net debt CHF m Maturity profile bonds Cash & cash equivalents Bonds Financial debt Green Bonds Net financial debt Registered Bonds 768.0 1’030.1 796.0 37 -1’129.3 -875.7 -1’083.8 300 -1’897.3 -1’905.8 -1’879.9 200 20
Slide 35: Equity ratio on strategic target level
BKW Investor Presentation August 2025 35 Equity ratio on strategic target level CHF bn Balance sheet Key points 11.6 11.6 Current assets 11.1 11.1 11.0 11.0 • Lower cash & cash equivalents and Current assets 3.1 inventories 2.7 2.6 Non-current assets 5.9 Liabilities Non-current assets 5.8 5.4 Equity
Slide 36: ROCE stable above capital costs; Net debt / EBITDA
BKW Investor Presentation August 2025 36 ROCE stable above capital costs Net debt / EBITDA slightly higher, but well within A-range CHF bn Return on capital employed1 (ROCE) LTM CHF Mrd. Marktkapitalisierung Net debt2 / EBITDA LTM 15.4% 2.4 7.3% 7.8% 7.8% 1.1 1.2 6.0% 1.0 0.7 HY 2021 HY 2022 HY 2023
Slide 37: Outlook for the 2025 fiscal year
Outlook for the 2025 fiscal year
Slide 38: Political conditions: Current discussions on electricity production, trade and the distribution grid
BKW Investor Presentation August 2025 38 Political conditions: Current discussions on electricity production, trade and the distribution grid − Procedures acceleration bill: BKW is promoting a bill with majority support. The construction of production facilities needs to be accelerated. − Rescue fun
Slide 39: Outlook for the 2025 fiscal year
BKW Investor Presentation August 2025 39 Outlook for the 2025 fiscal year − Energy Solutions: Achieving further milestones in the expansion of renewable energy production − Power Grid: Advancing digitalization as the basis for the grid-friendly enhancement of flexibility − Infrastructure & Buildings
Slide 40: Investor and contact information
Investor and contact information
Slide 41: Investor and contact Information
BKW Investor Presentation August 2025 41 Investor and contact Information Links Contact information Board of Directors & Executive Board Investor Relations +41 58 477 57 33 Investor.relations@bkw.ch ESG www.bkw.ch Information on shares and bonds
Slide 42: Back up / Additional information
Back up / Additional information
Slide 43: Business areas
Business areas
Slide 44: Energy Markets
BKW Investor Presentation August 2025 44 Energy Markets Development of standardized and structured energy solutions for customers Management of own and third-party assets Participation in wholesale markets with various commodities and products
Slide 45: Energy Production
BKW Investor Presentation August 2025 45 Energy Production Portfolio of around 100 power plants generating an average of 9–10 TWh of electricity per year, including 5 TWh in CH Planning, building, operating and maintaining production and storage facilities Providing other services: Technical & Comme
Slide 46: Power Grid
BKW Investor Presentation August 2025 46 Power Grid Switzerland’s largest distribution grid operator Operates 22,000 km of power grid Supplies over 1 m people & companies Ensures high grid availability: 99.997%
Slide 47: Engineering
BKW Investor Presentation August 2025 47 Engineering Over 90 locations in Germany 3,120 employees Largest provider of integrated architectural and engineering services in the DACH region with 4,000 employees Plans forward-looking, livable, climate-friendly infrastructures and buildings as a “Network
Slide 48: Infra Services
BKW Investor Presentation August 2025 48 Infra Services 11 locations in Germany 870 employees Comprehensive provider of infrastructure services in the areas of energy, mobility, communication and water Plans, installs, operates and services of critical infrastructures Provides solutions across the e
Slide 49: Building Solutions
BKW Investor Presentation August 2025 49 Building Solutions Solutions for new constructions, conversions and service – from residential to industrial projects Strong presence with 4,000 employees at 120 locations in Switzerland Leading building technology provider 120 in the areas of HVAC, electrote
Slide 50: Production portfolio Hydro
Production portfolio Hydro
Slide 51: Power production portfolio shall be transformed into a greener and equally flexible portfolio
BKW Investor Presentation August 2025 51 Power production portfolio shall be transformed into a greener and equally flexible portfolio 7% 5% 10% 7% Gas Gas 4% 7% Coal H2-ready Gas Hydro flexible Hydro flexible Hydro inflexible Battery Wind Hydro inflexible 26% 32% 2023 Solar 2030E Wind 32% 3.4 GW Nu
Slide 52: Hydro power plants (≥50% direct holding)
BKW Investor Presentation August 2025 52 Hydro power plants (≥50% direct holding) Aarberg Kraftwerk Augand AG Bannwil Bielersee Kraftwerke AG Wynau-Schwarzhäusern Capacity: 15.2 MW Capacity: 7.4 MW Capacity: 28.5 MW Capacity: 30.8 MW Capacity: 20.2 MW End of the concession: 2048 End of the concessio
Slide 53: Hydro power plants (≥50% direct holding)
BKW Investor Presentation August 2025 53 Hydro power plants (≥50% direct holding) Isch Kraftwerk Sanetsch AG Kraftwerk Spiggebach AG Kraftwerke Kander Alp AG Kraftwerke Milibach AG Capacity: 1.5 MW Capacity: 18.0 MW Capacity: 2.9 MW Capacity: 2.6 MW Capacity: 1.5 MW End of the concession: 2041 End o
Slide 54: Hydro power plants (≥50% direct holding)
BKW Investor Presentation August 2025 54 Hydro power plants (≥50% direct holding) Schattenhalb 1 Schattenhalb 3 Simmentaler Kraftwerke AG Kraftwerk Turbach AG Société des forces électriques Capacity: 2.3 MW Capacity: 9.7 MW Capacity: 30.1 MW (under construction) de la Goule SA End of the concession:
Slide 55: Hedging Mechanism
Hedging Mechanism
Slide 56: Generic hedging mechanism of market price risk in the power market
BKW Investor Presentation August 2025 56 Generic hedging mechanism of market price risk in the power market During February / March of each year the planned production for which there is a) market risk and b) market liquidity is transferred from energy production to energy markets (trading). General
Slide 57: Restrictions to be considered for the hedging strategy
BKW Investor Presentation August 2025 57 Restrictions to be considered for the hedging strategy Possible restrictions Solution: Proxy-Hedge Remaining risks Country spread risk The Swiss forward power market is not E.g. Hedge the power production with The correlation of the power prices liquid enough
Slide 58: Disclaimer
BKW Investor Presentation August 2025 58 Disclaimer This presentation contains forward-looking statements which are made on the basis of current expectations and assumptions. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially