Slide 1: BKW Investor Presentation August 2026
Bern, August 2026 BKW Investor Presentation August 2026
Slide 2: Company intro
Company intro
Slide 3: BKW at a glance
BKW Investor Presentation August 2026 3 BKW at a glance Key figures 2025 BKW investment case − Diversified energy-transition platform (Production – Flexibility – Grid – Buildings) Revenue CHF 4.5 bn − 2030: EBIT CHF 0.850 – 1.200 bn; Operating CF > CHF 5 bn (2025-2030) EBIT CHF 0.6 bn − Capital disc
Slide 4: Investment case
BKW Investor Presentation August 2026 4 Investment case Energy transition value chain Visible growth ambitions − Solutions across production, flexibility, grid and − EBIT ambition: CHF 0.850 – 1.200 bn by 2030 buildings − Operating cashflow ambition (2025-2030): >CHF 5 bn − Balanced mix of regulated
Slide 5: BKW Group
BKW Investor Presentation August 2026 5 BKW Group 12,390 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 6: We cover the entire energy transition value chain
BKW Investor Presentation August 2026 6 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 7: BKW Business Segments: Past performance and value drivers
BKW Investor Presentation August 2026 7 BKW Business Segments: Past performance and value drivers Energy Solutions Power Grid Infrastructure & Buildings EBIT reported1): CHF 364 m EBIT: CHF 131 m EBIT: CHF 80 m Technology Capacities in MW Production in GWh Distribution grid Engineering Hydro 1,726 3
Slide 8: Our Organization
BKW Investor Presentation August 2026 8 Our Organization Robert Itschner Chief Executive Officer Manuela Wendland* Martin Schweikert* Chief Human Resources Chief Communications Officer Officer Kinga Frater* Chief Legal & Compliance Officer Margarita Aleksieva Stefan Sewckow Antonin Guez Sven Behrend
Slide 9: BKW Solutions 2030
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Slide 10: Our "BKW Solutions 2030"
BKW Investor Presentation August 2026 10 Our “BKW Solutions 2030” 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 system. W
Slide 11: Our megatrends
BKW Investor Presentation August 2026 11 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 12: Megatrends in numbers
BKW Investor Presentation August 2026 12 Megatrends in numbers Stakeholder Energy and resource Transformation of the needs 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 13: Core elements of our "BKW Solutions 2030"
BKW Investor Presentation August 2026 13 Core elements of our “BKW Solutions 2030” We grow profitably and sustainably Growth Excellence Sustainability − Expand energy solutions and − Profitability before sales − Growth opportunities in energy, strengthen production portfolio growth infrastructure an
Slide 14: Growth: We realize CHF 1 bn EBIT by 2030
BKW Investor Presentation August 2026 14 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 15: Excellence: We focus on profitability and quality
BKW Investor Presentation August 2026 15 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 16: Sustainability: We pursue four clearly defined strategic directions
BKW Investor Presentation August 2026 16 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 17: Climate: We are committed to achieving net zero emissions
BKW Investor Presentation August 2026 17 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 18: Financial goals of our BKW Solutions 2030
BKW Investor Presentation August 2026 18 Financial goals of our “BKW Solutions 2030” 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 19: Group Ambition: EBIT to CHF 1 bn by 2030 and invest around CHF 4 bn
BKW Investor Presentation August 2026 19 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 20: Capital allocation framework: Growth within clear priorities
BKW Investor Presentation August 2026 20 Capital allocation framework: Growth within clear priorities 1 Priority order 2 Financial guardrails 2030 1. Safety, compliance & critical maintenance − Maintain A rating profile (always funded) − Equity ratio >50% 2. Power Grid: invest primarily in end-of-li
Slide 21: Overview Business Segments EBIT: We are growing across all Business Segments
BKW Investor Presentation August 2026 21 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 22: ROCE ambition 2030: A well-diversified portfolio
BKW Investor Presentation August 2026 22 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 23: Financial stability is ensured
BKW Investor Presentation August 2026 23 Financial stability is ensured Goals by 2030 8% Group ROCE A Maintain rating >50% Equity ratio
Slide 24: Financial results for the first half of 2026
Financial results for the first half of 2026
Slide 25: BKW Group: Performance in a nutshell
BKW Investor Presentation August 2026 25 BKW Group: Performance in a nutshell CHF m HY 2026 HY 2025 Δ Δ% Revenue − Energy Solutions affected by temporary market Revenue 2’182.5 2’251.8 -69.3 -3.1% disruptions and reduced production volumes − Power Grid stable EBITDA 387.9 431.3 -43.4 -10.1% − I&B re
Slide 26: Revenue & EBIT: Driven by Energy Solutions
BKW Investor Presentation August 2026 26 Revenue & EBIT: Driven by Energy Solutions CHF m | Revenue CHF m | EBIT -69.3 (-3.1%) 2’251.8 -47.0 +3.5 (-15.1%) 2’182.5 310.7 -41.3 -24.6 -6.8 +3.9 +0.4 263.7 -50.0 -1.3 HY 2025 Energy Power Grid I&B Support HY 2026 HY 2025 Energy Power Grid I&B Support HY
Slide 27: Energy Solutions: Weighed down by market disruptions and drought
BKW Investor Presentation August 2026 27 Energy Solutions: Weighed down by market disruptions and drought CHF m | Financials Key points TWh | Production mix -4.2% − Higher hedged prices and positive KKL +3.0% STENFO performance are offset by a lower energy trading result 4.5 4.6 − Ancillary services
Slide 28: Energy Solutions: Low hydro production & strong KKL STENFO performance
BKW Investor Presentation August 2026 28 Energy Solutions: Low hydro production & strong contribution from KKL STENFO performance TWh | Hydro production % | KKL STENFO performance 7.6% 6.1% 2.2 1.7 1.7 2.7% 1.5 1.6 -0.8% -14.9% HY 2022 HY 2023 HY 2024 HY 2025 HY 2026 HY 2022 HY 2023 HY 2024 HY 2025
Slide 29: Energy Solutions: Higher power price volatility with mixed earnings effects
BKW Investor Presentation August 2026 29 Energy Solutions: Higher power price volatility with mixed earnings effects % | Mid-term power price volatility1 % | Spot power price volatility2 86% 152% 134% 137% 113% 53% 36% 31% 60% 26% 2022 2023 2024 2025 HY 2026 2022 2023 2024 2025 HY 2026 Since peaking
Slide 30: Power Grid: Remained stable despite lower regulated WACC
BKW Investor Presentation August 2026 30 Power Grid: Remained stable despite lower regulated WACC CHF m | Financials Key points Revenue +1.1% Slightly increased due to higher energy transmission EBIT Lower regulated WACC and increased depreciation are offset by higher energy transmission 319.3 322.8
Slide 31: Infrastructure & Buildings: Focus on profitability over revenue
BKW Investor Presentation August 2026 31 Infrastructure & Buildings: Focus on profitability over revenue, drives higher earnings and margins CHF m | Financials Key points % | Revenue split Revenue -2.6% Continued focus on profitable growth and disciplined project selection 25.5% EBIT − Strong order
Slide 32: Cash flow statement: Investing activities fully covered by operating cash flow
BKW Investor Presentation August 2026 32 Cash flow statement: Investing activities fully covered by operating cash flow CHF m | Cash flow statement Operating CF Investing CF Financing CF Free CF +96.6 -45.9 +168.4 -103.2 -38.4 +77.4 854.7 -211.3 699.7 -1.9 Cash Operating Use of nuclear Investing Ref
Slide 33: Investments: Growth investments driven by Energy Solutions
BKW Investor Presentation August 2026 33 Investments: Growth investments driven by Energy Solutions CHF m | Investments1 CHF m | Investment split 87.5 65.5 30.0 44.9 49.4% 50.6% Growth 209.7 Maintenance (103.7) (106.0) 56.7 16.5 57.5 11.8 28.4 0.5 8.7 11.3 Energy Power Grid I&B Support Solutions Fun
Slide 34: Debt profile: Net debt year-on-year at the same level
BKW Investor Presentation August 2026 34 Debt profile: Net debt year-on-year at the same level CHF m | Net debt CHF m | Bonds maturity profile 1’053.3 796.0 816.0 69 37 300 200 200 200 200 -838.2 -1’083.8 -1’072.6 138 100 -1’879.9 -1’891.5 -1’888.6 HY 2025 2025 HY 2026 2027 2028 2029 2030 2031 2032
Slide 35: Balance sheet: Equity ratio continues to rise
BKW Investor Presentation August 2026 35 Balance sheet: Equity ratio continues to rise CHF bn | Balance sheet Key points 11.0 11.0 11.5 11.5 11.4 11.4 Current assets Lower cash balance 2.6 2.8 2.6 5.4 5.6 5.4 Non-current assets Higher assets due to higher PPE Liabilities Lower accounts payable 8.4 8
Slide 36: Returns & leverage: Stable returns and healthy leverage
BKW Investor Presentation August 2026 36 Returns & leverage: Stable returns and healthy leverage % | ROCE LTM x | Net debt / EBITDA LTM 15.4% 2.4 7.3% 7.8% 7.8% 7.0% 1.1 1.2 1.2 0.7 HY 2022 HY 2023 HY 2024 HY 2025 HY 2026 HY 2022 HY 2023 HY 2024 HY 2025 HY 2026
Slide 37: Outlook for the 2026 fiscal year
Outlook for the 2026 fiscal year
Slide 38: BKW strongly positioned in growth markets
BKW Investor Presentation August 2026 38 BKW strongly positioned in growth markets BKW is an integrated solutions 1. Electricity is provider in the energy, the energy source Energy Solutions infrastructure, and building of the future. markets. 2. Critical infrastructure forms the backbone → Power Gr
Slide 39: CHF 4 bn investment program: Approx. 60% allocated
BKW Investor Presentation August 2026 39 CHF 4 bn investment program: Approx. 60% allocated CHF 4 bn investment program1 (2025–2030) Energy Solutions – Focus on investments in existing and new BKW energy assets (mainly flexible and renewable assets) as well as on bolt-on acquisitions of energy servi
Slide 40: 2026 EBIT guidance confirmed
BKW Investor Presentation August 2026 40 2026 EBIT guidance confirmed Energy Solutions A stronger second half of the year Power Grid Stable market environment Infrastructure & Buildings Further margin improvement For the 2026 fiscal year, BKW expects EBIT at the lower end of the range of CHF 650 to
Slide 41: Investor and contact information
Investor and contact information
Slide 42: Non-IFRS measures: Operating net profit
BKW Investor Presentation August 2026 42 Non-IFRS measures: Operating net profit (definition & reconciliation) Purpose: Used for P/L comparability and as an input for dividend setting CHF m HY 26 HY 25 Net profit (reported) 217.6 203.3 STENFO KKM fund performance -60.6 +9.0 Tax effect on adjustments
Slide 43: Share & equity investor snapshot
BKW Investor Presentation August 2026 43 Share & equity investor snapshot Share reference Free float & ownership − Exchange: SIX Swiss Exchange − Free float: 37.5%¹ − Ticker: BKW | Bloomberg/Refinitiv: BKW SW / BKW.S − Major shareholders (≥10%): − ISIN / Valor: CH0130293662 / 13 029 366 Canton of Be
Slide 44: Bond & debt investor snapshot
BKW Investor Presentation August 2026 44 Bond & debt investor snapshot Committed bank funding Listed bonds (SIX) – maturity ladder − Syndicated committed facility: CHF 1.5bn − Total listed bonds: CHF 1.2bn 2027 CHF 200 m 0.250% CH0487087295 − Syndicated committed) (unsecured, committed facility: CHF
Slide 45: Investor and contact information
BKW Investor Presentation August 2026 45 Investor and contact information Links Contact information Board of Directors & Executive Board ESG Investor Relations +41 58 477 57 33 Information on shares and bonds investor.relations@bkw.ch www.bkw.ch
Slide 46: Back up / Additional information
Back up / Additional information
Slide 47: Business Areas
Business Areas
Slide 48: Energy Markets
BKW Investor Presentation August 2026 48 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 49: Energy Production
BKW Investor Presentation August 2026 49 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 50: Power Grid
BKW Investor Presentation August 2026 50 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 51: Engineering
BKW Investor Presentation August 2026 51 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 52: Infra Services
BKW Investor Presentation August 2026 52 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 53: Building Solutions
BKW Investor Presentation August 2026 53 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 54: Production portfolio, pipeline & hydro deep-dive
Production portfolio, pipeline & hydro deep-dive
Slide 55: Power production portfolio shall be transformed into a greener and equally flexible portfolio
BKW Investor Presentation August 2026 55 Power production portfolio shall be transformed into a greener and equally flexible portfolio Gas 7% 5% Gas 10% 7% 4% Coal H2-ready Gas 7% Hydro flexible Hydro flexible Hydro inflexible Battery Wind Hydro inflexible Solar Wind 26% 32% 2023 Nuclear 2030E Solar
Slide 56: Power generation project pipeline: Visible delivery
BKW Investor Presentation August 2026 56 Power generation project pipeline: Visible delivery CHF 4 bn investment program: assets under construction and late-stage projects Stage Project Technology Country MW Target COD Under Construction Turbach Hydro Switzerland 2.5 2026 Under Construction Holenbru
Slide 57: Power generation project pipeline: Option pipeline
BKW Investor Presentation August 2026 57 Power generation project pipeline: Variante Marisa Option pipeline CHF 4 bn investment program: development pipeline Stage Project Technology Country MW Target COD Development Bassecourt 132 kV Battery Switzerland 80 2028 Development Bassecourt 16 kV Battery
Slide 58: Hydro power plants (≥50% direct holding)
BKW Investor Presentation August 2026 58 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 59: Hydro power plants (≥50% direct holding)
BKW Investor Presentation August 2026 59 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 60: Hydro power plants (≥50% direct holding)
BKW Investor Presentation August 2026 60 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 61: Power price risk management of asset portfolio
Power price risk management of asset portfolio
Slide 62: Generic management of asset portfolio's power price risk and EBIT sensitivity
BKW Investor Presentation August 2026 62 Generic management of asset portfolio's power price risk and EBIT sensitivity to changes in power prices Each year, planned production subject to (a) market risk and (b) sufficient market liquidity is transferred up to 4 front years from Energy Production to
Slide 63: Most significant restrictions to be considered for hedging
BKW Investor Presentation August 2026 63 Most significant restrictions to be considered for hedging 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 en
Slide 64: Disclaimer
BKW Investor Presentation August 2026 64 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