Slide 1: BKW Investor Presentation March 2026
Bern, March 2026 BKW Investor Presentation March 2026
Slide 2: Company intro
Company intro
Slide 3: BKW at a glance
BKW Investor Presentation March 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 disci
Slide 4: Investment case
BKW Investor Presentation March 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 March 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 March 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 large
Slide 7: BKW Business Segments: Past performance and value drivers
BKW Investor Presentation March 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 March 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 Philipp Hänggi Stefan Sewckow Antonin Guez Sven Behrend Marti
Slide 9: BKW Solutions 2030
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Slide 10: Our "BKW Solutions 2030"
BKW Investor Presentation March 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. We
Slide 11: Our megatrends
BKW Investor Presentation March 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 March 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 signat
Slide 13: Core elements of our "BKW Solutions 2030"
BKW Investor Presentation March 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 and
Slide 14: Growth: We realize CHF 1 bn EBIT by 2030
BKW Investor Presentation March 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 solutions
Slide 15: Excellence: We focus on profitability and quality
BKW Investor Presentation March 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 – app
Slide 16: Sustainability: We pursue four clearly defined strategic directions
BKW Investor Presentation March 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 across the entire Group
BKW Investor Presentation March 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 Scop
Slide 18: Financial goals of our BKW Solutions 2030
BKW Investor Presentation March 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: We will increase EBIT to CHF 1 bn by 2030
BKW Investor Presentation March 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 Ener
Slide 20: Capital allocation framework: Growth within clear priorities
BKW Investor Presentation March 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-lif
Slide 21: Overview Business Segments EBIT: We are growing across all Business Segments
BKW Investor Presentation March 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: EBIT ambition in comparison: 2022 and 2023 were exceptional years
BKW Investor Presentation March 2026 22 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 E
Slide 23: ROCE ambition 2030: A well-diversified portfolio with regards to return on capital
BKW Investor Presentation March 2026 23 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 24: Financing/Net debt: Balanced financing as the basis of our growth ambition
BKW Investor Presentation March 2026 24 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 25: Dividend policy: We plan to continue our stable and attractive dividend policy
BKW Investor Presentation March 2026 25 Dividend policy: We plan to continue our stable and attractive dividend policy History Target range Dividend per share in CHF Payout of operating net profit1) in % 4.05 80% extraordinary dividend 60% 1.25 40% 35-50% 3.40 3.70 2.60 2.80 20% 2.40 0% 2020 2021 20
Slide 26: Financial stability is ensured
BKW Investor Presentation March 2026 26 Financial stability is ensured Goals by 2030 8% Group ROCE A Maintain rating >50% Equity ratio
Slide 27: Financial results of the 2025 fiscal year
Financial results of the 2025 fiscal year
Slide 28: BKW Group: Performance in a nutshell
BKW Investor Presentation March 2026 28 BKW Group: Performance in a nutshell 2025 Revenue CHF m 2025 WHV1 excl. WHV 2024 − Lower energy production and grid tariffs − I&B stable Revenue 4’543.6 – 4’543.6 4’772.3 EBIT EBITDA 811.0 113.7 924.7 1’073.0 − Reported EBIT impacted by WHV value adjustment −
Slide 29: Revenue & EBIT: In line with our expectations
BKW Investor Presentation March 2026 29 Revenue & EBIT: In line with our expectations CHF m | Revenue CHF m | EBIT -170.9 -43.8 +2.2 -16.2 -109.3 -9.8 +23.1 -19.2 4’772.3 -113.7 789.9 674.6 4’543.6 561.0 2024 Energy Power I&B Support 2025 2024 Energy Power I&B Support 2025 WHV 2025 Solutions Grid Fu
Slide 30: Energy Solutions: Resilient performance during market normalization
BKW Investor Presentation March 2026 30 Energy Solutions: Resilient performance during market normalization CHF m | Financials Key points TWh | Production mix -7.9% − Higher hedged prices -13.7% − Reduced hydro and wind volumes 10.6 − Normalization of the trading result 1.1 as forward price volatili
Slide 31: Energy Solutions: Earnings drivers in 2025
BKW Investor Presentation March 2026 31 Energy Solutions: Earnings drivers in 2025 % | Volatility1 TWh | Hydro production % | KKL STENFO performance 86% 53% 12.3% 42% 9.4% 36% 4.9 6.9% 26% 3.9 4.0 4.5% 3.3 3.7 -14.3% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Forward
Slide 32: Power Grid: Temporary cost impact from energy transition
BKW Investor Presentation March 2026 32 Power Grid: Temporary cost impact from energy transition CHF m | Financials Key points Revenue -6.5% EBIT-neutral pass through of lower Swissgrid tariffs EBIT Energy transition investments temporarily weigh on costs and depreciation, with recovery embedded -7.
Slide 33: Infrastructure & Buildings: Profitability improvement, EBIT margin increased to 4.0%
BKW Investor Presentation March 2026 33 Infrastructure & Buildings: Profitability improvement, EBIT margin increased to 4.0% CHF m | Financials Key points Revenue split +0.1% Revenue Total revenue is stable, reflecting the focus on securing profitability EBIT 26.7% − EBIT improves by CHF 23 m +40.6%
Slide 34: Cash flow statement: Operating cash flow fully covered investments, cash stable
BKW Investor Presentation March 2026 34 Cash flow statement: Operating cash flow fully covered investments, cash stable CHF m Operating CF Investing CF Financing CF Free cash flow +333.1 -102.7 -446.8 +788.7 +94.0 -130.5 -215.6 872.2 854.7 -4.5 Cash Operating Use of nuclear Investing Refunds Financi
Slide 35: Investments: Majority of CAPEX directed to growth, primarily in Energy Solutions and Power Grid
BKW Investor Presentation March 2026 35 Investments: Majority of CAPEX directed to growth, primarily in Energy Solutions and Power Grid CHF m | Investments1 CHF m | Investments by segments 182.8 148.6 60.3 44.0% Maintenance 101.9 (200.9) 56.0% 456.6 143.3 51.6 Growth (255.6) 122.4 23.2 50.3 0.3 22.9
Slide 36: Debt profile: Deleveraging and resilient funding profile underpin financial flexibility
BKW Investor Presentation March 2026 36 Debt profile: Deleveraging and resilient funding profile underpin financial flexibility and stress resilience CHF m | Net debt CHF m | Bonds maturity profile 1’030.1 1’053.3 37 -874.9 -838.2 300 -1’905.0 -1’891.5 200 200 200 200 140 100 70 2024 2025 2026 2027
Slide 37: Balance sheet: Equity ratio exceeded 50%, supporting future growth
BKW Investor Presentation March 2026 37 Balance sheet: Equity ratio exceeded 50%, supporting future growth CHF bn | Balance sheet Key points 11.6 11.6 11.5 11.5 Current assets Lower inventories and derivatives 3.1 2.8 Non-current assets 5.9 5.6 Higher assets due to growth investments Liabilities Low
Slide 38: Returns & leverage: Strong returns and healthy leverage despite normalization
BKW Investor Presentation March 2026 38 Returns & leverage: Strong returns and healthy leverage despite normalization Return on capital employed1 (ROCE) Net debt2 / EBITDA3 7.5% 1.8 15.1% WHV 1.0 1.0 0.9 9.5% 0.8 8.1% 5.8% 6.2% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2 Net debt = (current
Slide 39: Shareholder returns: Dividend increase reflects underlying earnings
BKW Investor Presentation March 2026 39 Shareholder returns: Dividend increase reflects underlying earnings, excluding Wilhelmshaven valuation effects CHF | Dividend per share CHF | Operating net profit2 per share 4.05 1.251 13.51 3.70 3.80 3.40 10.43 2.60 2.80 8.19 8.41 4.64 2021 2022 2023 2024 202
Slide 40: Summary & EBIT guidance 2026
Summary & EBIT guidance 2026
Slide 41: EBIT guidance 2026 confirmed
BKW Investor Presentation March 2026 41 EBIT guidance 2026 confirmed Energy Solutions Solid result in challenging geopolitical environment Power Grid Stable earnings contributions with high investments Infrastructure & Buildings Ongoing improvement in profitability BKW expects EBIT in the range of C
Slide 42: Investor and contact information
Investor and contact information
Slide 43: Non-IFRS measures: Operating net profit (definition & reconciliation)
BKW Investor Presentation March 2026 43 Non-IFRS measures: Operating net profit (definition & reconciliation) Purpose: Used for P/L comparability and as an input for dividend setting CHF m 2025 2024 Net profit (reported) 387.9 647.5 STENFO KKM fund performance -43.5 -122.8 Wilhelmshaven value adjust
Slide 44: Share & equity investor snapshot
BKW Investor Presentation March 2026 44 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 Ber
Slide 45: Bond & debt investor snapshot
BKW Investor Presentation March 2026 45 Bond & debt investor snapshot Committed bank funding Listed bonds (SIX) – maturity ladder − Syndicated committed facility: CHF 1.5bn − Total listed bonds: CHF 1.2bn 2026 CHF 200 m 0.875% CH1179184390 − Syndicated committed) (unsecured, committed facility: CHF
Slide 46: Investor and contact information
BKW Investor Presentation March 2026 46 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 47: Back up / Additional information
Back up / Additional information
Slide 48: Business Areas
Business Areas
Slide 49: Energy Markets
BKW Investor Presentation March 2026 49 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 50: Energy Production
BKW Investor Presentation March 2026 50 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 & Commer
Slide 51: Power Grid
BKW Investor Presentation March 2026 51 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 52: Engineering
BKW Investor Presentation March 2026 52 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 53: Infra Services
BKW Investor Presentation March 2026 53 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 en
Slide 54: Building Solutions
BKW Investor Presentation March 2026 54 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, electrotec
Slide 55: Production portfolio, pipeline & hydro deep-dive
Production portfolio, pipeline & hydro deep-dive
Slide 56: Power production portfolio shall be transformed into a greener and equally flexible portfolio
BKW Investor Presentation March 2026 56 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 57: Power generation project pipeline: Visible delivery
BKW Investor Presentation March 2026 57 Power generation project pipeline: Visible delivery Assets under construction and late-stage assets Stage Project Technology Country MW Target COD Under Construction Cerignola Wind Italy 80 2026 Under Construction Turbach Hydro Switzerland 2.5 2026 Under Const
Slide 58: Power generation project pipeline: Option pipeline
BKW Investor Presentation March 2026 58 Power generation project pipeline: Variante Marisa Option pipeline Subject to permits, grid access and/or return thresholds Stage Project Technology Country MW Target COD Development Bassecourt 132 kV Battery Switzerland 80 2028 Development BelpmoosSolar Solar
Slide 59: Hydro power plants (≥50% direct holding)
BKW Investor Presentation March 2026 59 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 concession
Slide 60: Hydro power plants (≥50% direct holding)
BKW Investor Presentation March 2026 60 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 of
Slide 61: Hydro power plants (≥50% direct holding)
BKW Investor Presentation March 2026 61 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 62: Hedging Mechanism
Hedging Mechanism
Slide 63: Generic hedging mechanism of market price risk in the power market
BKW Investor Presentation March 2026 63 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). Generall
Slide 64: Restrictions to be considered for the hedging
BKW Investor Presentation March 2026 64 Restrictions to be considered for the 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 enough to hedge
Slide 65: Disclaimer
BKW Investor Presentation March 2026 65 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