Presentation Analyst and Media Conference Annual Report 2025

‌BKW with good operating result in the 2025 fiscal year‌

‌Program

‌Review of the 2025 fiscal year Outlook for the 2026 fiscal year CEO Robert Itschner

‌Analyst and Media Conference FY 2025 03/11/2026 4

Overview: Solid operating result for BKW in 2025

1 incl. valuation adjustment on the BKW investment in the Wilhelmshaven coal-fired power plant

‌Market review 2025: Attractive environment, but with challenges

Analyst and Media Conference FY 2025

03/11/2026 5

Highlights

Continuing change in the energy system

Sustained customer demand for specific energy solutions

Recognized need to expand grid infrastructure

Growing demand for new and sustainable infrastructure

Headwinds

Decline in forward price volatility Little precipitation and low wind levels

‌Energy Solutions: Highlights 2025

Successful start to the implementation of the growth strategy

with strong performance in energy trading despite market challenges; new offices in Zurich, Düsseldorf, Paris, and Singapore.

− Commissioning of new power plants (wind and hydro) and heating networks

− Expansion of project pipeline power plants and batteries

− Inauguration of the new Spitallamm dam (KWO)

− Expansion of green electricity purchase and supply for large customers (+900 GWh PPA/cPPA)

− BKW now one of the largest direct marketers in Germany

− Expansion of the bundling of decentralized flexibilities (VPP)

− Top 5 buyer of flexibility in EU 2025 (+400 MW FPA/Tolling)

Analyst and Media Conference FY 2025 03/11/2026

6

Production portfolio

3.6 GW

Heat production

180 GWh

Direct marketing

7.2 GW

VPP

2.4 GW

+1.6 GW

+1.0 GW

+12 GWh

+55 MW

‌Energy Solutions: Success Stories

Analyst and Media Conference FY 2025

03/11/2026 7

Cerignola - commissioning of the

largest BKW wind farm in Italy

Südvolt - acquisition of the

flexibility provider in Germany

Zelestra - innovative battery

contract (FPA)

− 29 turbines with a total capacity of 125 MW produce over 310 GWh of electricity per year

− Construction of the entire park

on-budget and on-time

− Ensures BKW's direct market access to the

German control energy market

− Flexibility portfolio grows by 1.6 GW (VPP)

− BKW becomes one of the largest direct marketers in Germany

− 2 GWh tolling agreement with Zelestra in Italy

− The first of its kind, term from 2028

− Strengthens BKW's position in the attractive

Italian market

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Energy Solutions: Over 100 MW wind and hydro realized and strong renewables and flex pipeline

in MW, status: February 2026

Focus technologies

In operation

Ambition 2030

Hydro

1'730

1'770

Wind

1'090

1'480

BESS

0

570

GuD

250

450

Pipeline

150

1'450

1'140

220

0 500

1'000

1'500

Under construction In development

Investment decision planned in 2026 Opportunity

‌Power Grid: Highlights 2025

Stable result with rapidly progressing conversion and expansion of the distribution grid

− Further increase in investments in conversion and expansion of electricity grid

− Enabled over 33'000 PV installations in the supply area with a total capacity of

over 750 MW by the end of 2025

− Successful training of internal and external specialists

− Smart meter rollout is progressing rapidly

− Further expansion of innovative in-house solutions and successful tests of new solutions with partners

Analyst and Media Conference FY 2025 03/11/2026

9

Power Grid investments,

in CHF m

+CHF 7 m

183

176

2024

2025

Installed smart meters,

in thousands

x8

135

16

2024

2025

About 500 smart meters

installed per business day

‌Power Grid: Success Stories

Analyst and Media Conference FY 2025

03/11/2026 10

High availability level of the BKW distribution grid

Investments in the distribution grid; incl. conversion / new construction of transformers and substations

Switzerland's largest smart meter

rollout is progressing rapidly

− Uninterrupted power supply to customers in the BKW supply area for 99.997% of the time

− Average outage duration per end consumer only approx. 16 min

− 41 substation projects underway in 2025, with 16 completed

− For example, completion of the Oberhofen substation conversion (2x 25 MVA) or completion of the new transformer stations in Frutigen (250 kVA) and Rocourt (400 kVA)

− BKW will install over 400'000 new smart meters by 2028

− By the end of 2025, around 135'000 smart meters had already been installed (approx. 500 per day)

‌Infrastructure & Buildings:

Highlights 2025

Successful growth with around 40% improvement in EBIT year-on-year due to further increase in profitability

− Strengthening of general planning and project management

− Implementation of major infrastructure projects in the areas of grid, renewable

production, and battery

− Bundling of rail activities in Switzerland

− Expansion of service and prosumer business

− Expansion of the engineering network

− Requirements created to strengthen geographical footprint in Switzerland

(Focus on electrical, HVAC, and building technology sectors)

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‌Infrastructure & Buildings: Success Stories

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03/11/2026 12

New production and logistics building Chemofast Anchoring GmbH Willich

East Coast Line: a core project for the energy transition

Expansion of service business in building technology

− Sustainable overall concept thanks to energy-efficient building plant and PV generation

− Approx. 21'455 m² gross floor area with estimated total costs of EUR 42 m

− Currently the largest pipeline construction project in Germany

− LTB involved with several orders; 51 pylons erected with 528 km of conductor cables over a line length of approx. 22 km

− Total volume in the consortium: EUR 147 m, of which 50% to LTB

− Significant increase in service revenue (~20%) throughout Switzerland and across all trades

− Continued strong margin in the service business (>10%)

− Expansion of integrated energy management thanks to strong PV installation business and forward-looking technologies

‌Sustainability: Highlights 2025

Climate

Energy

Nature People

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03/11/2026 13

‌Analyst and Media Conference FY 2025 03/11/2026 14

Market outlook 2026: Positive trends with a regulatory environment that remains challenging

Opportunities Challenges

Sustained increase in customer demand for specific solutions

Persistently high short-term volatility

Geopolitics and volatility in forward prices difficult to predict

Hedged electricity prices remain high in 2026

Grid express - potential consideration of distribution grid

Challenging regulatory environment across Europe

Reduction of the WACC for 2026 to 3.43%

Consolidation pressure for small distribution grid operators

Demand for expertise in the planning, implementation, and maintenance of complex infrastructure and building construction projects

High demand for energy-efficient and resource-saving

infrastructure and building solutions Challenge of skills shortage

‌Analyst and Media Conference FY 2025 03/11/2026 15

Engineering

Infra

Services

Building

Solutions

18

10

20

Work list in months

>280k

Planned smart meters by the end of 2026

750 MW

82.5 MW

Projects with

investment decision

Planned

commissioning

Focus 2026: Pushing ahead with growth ambitions in Switzerland and abroad

Energy Solutions

− Continuing internationalization

− Expansion of flexibility solutions in all core markets

− Further development of the project pipeline

Power Grid

− Increase in investments in conversion and expansion of the distribution grid

− Continuation of smart meter rollout

− Strengthening of collaboration with research and industry

Infrastructure

& Buildings

− Further increase in profitability thanks to strong

market presence

− Regional diversification in the DACH region

− Handling of the high order backlog

‌Financial results of the 2025 fiscal year

CFO Martin Zwyssig

‌BKW Group: Performance in a nutshell

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03/11/2026 17

1 Value adjustment for Wilhelmshaven (WHV) coal power plant | 2 Operating net profit is a management metric excluding KKM STENFO and the Wilhelmshaven valuation adjustment, net of tax

Revenue

− Lower energy production and grid tariffs

− I&B stable

EBIT

− Reported EBIT impacted by WHV value adjustment

− Lower operating result mainly due to normalized

asset-backed trading result and lower energy production

− EBIT slightly above the narrowed guidance range of January 20, 2026

Net profit

Additionally impacted by lower KKM STENFO performance

Operating cash flow

Slightly improved conversion ratio

Equity ratio

Exceeds 50% due to net profit contribution

‌Revenue & EBIT: In line with our expectations

CHF m | Revenue CHF m | EBIT

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03/11/2026 18

-170.9

-43.8

+2.2

-16.2

4'772.3

4'543.6

-113.7

561.0

674.6

789.9

+23.1 -19.2

-9.8

2024

Energy Solutions

Power Grid

I&B

Support Function & Elim.

2025

2024

Energy Solutions

Power Grid

I&B

Support Function & Elim.

2025

excl. WHV

WHV

2025

‌Analyst and Media Conference FY 2025 03/11/2026 19

Energy Solutions: Resilient performance during market normalization

CHF m | Financials

-7.9%

Key points

− Higher hedged prices

− Reduced hydro and wind volumes

− Normalization of the trading result as forward price volatility declined, while spot volatility remains high

TWh | Production mix

-13.7%

10.6

3.7

4.9

9.2

-18.6%

2024

Revenue

2025

EBIT WHV

2024

2025

2024 2025

Gas Coal Nuclear Wind & PV Hydro

‌Energy Solutions: Earnings drivers in 2025

Analyst and Media Conference FY 2025

03/11/2026 20

% | Volatility1 TWh | Hydro production % | KKL STENFO performance

86%

53%

42%

36%

26%

12.3%

9.4%

6.9%

4.5%

2021

2022

2023

2024

2025

2021

2022

2023

2024

-14.3%

2025 2021 2022 2023 2024 2025

Forward price volatility has further declined and is on normalized levels

After a very strong 2024, hydro production in 2025 was below long-term average and hence below our expectations

Another year above the target return

1 German front-year power price annualized volatility (90-day rolling) Actual return Target return 2.8%

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Power Grid: Temporary cost impact from energy transition

CHF m | Financials Key points

-6.5%

-7.0%

Revenue

EBIT-neutral pass through of lower Swissgrid tariffs

EBIT

Energy transition investments temporarily weigh on costs and depreciation, with recovery embedded in the regulatory framework

2024

2025

2024 2025

Revenue EBIT

‌Analyst and Media Conference FY 2025 03/11/2026 22

Infrastructure & Buildings: Profitability improvement, EBIT margin increased to 4.0%

CHF m | Financials Key points Revenue split

+0.1%

+40.6%

26.7%

50.3%

23.0%

Revenue

Total revenue is stable, reflecting

the focus on securing profitability

EBIT

− EBIT improves by CHF 23 m

− All three business areas contribute to the improvement

2024 2025 2024 2025

Revenue EBIT

Infra Services Engineering

Building Solutions

‌Analyst and Media Conference FY 2025 03/11/2026 23

Cash flow statement: Operating cash flow fully covered investments, cash stable

Operating CF

Investing CF

Financing CF

Free cash flow +333.1

CHF m

-4.5

872.2

854.7

‌Analyst and Media Conference FY 2025 03/11/2026 24

Investments: Majority of CAPEX directed to growth, primarily in Energy Solutions and Power Grid

CHF m | Investments1 CHF m | Investments by segments

182.8

5.3

22.9

0.3

56.0%

(255.6)

456.6

44.0%

(200.9)

148.6

Maintenance

101.9

Growth

23.2

Energy Solutions

Power Grid I&B Support Functions

1 Investments in property, plant and equipment; acquisitions of Group companies/associates; and investments in intangible assets

Growth Maintenance

‌Analyst and Media Conference FY 2025 03/11/2026 25

Debt profile: Deleveraging and resilient funding profile underpin financial flexibility and stress resilience

CHF m | Net debt CHF m | Bonds maturity profile

70

2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

Net debt slightly lower due to higher financial assets and lower financial debt

Additional undrawn RCF of CHF 1.5 bn (2030+1)

Cash & cash equivalents Financial debt Net financial debt Bonds Green bonds Registered bonds

‌Balance sheet: Equity ratio exceeded 50%, supporting future growth

Analyst and Media Conference FY 2025

03/11/2026 26

CHF bn | Balance sheet Key points

8.5

11.6 11.6

2024

11.5 11.5

8.7

2025

Current assets

Lower inventories and derivatives

Non-current assets

Higher assets due to growth investments

Liabilities

Lower accounts payable

Equity

Higher due to positive net profit

Current assets Non-current assets Liabilities Equity

‌Analyst and Media Conference FY 2025 03/11/2026 27

Returns & leverage: Strong returns and healthy leverage despite normalization

Return on capital employed1 (ROCE) Net debt2 / EBITDA3

WHV

7.5%

2021 2022 2023 2024 2025 2021 2022 2023 2024 2025

1 Net operating profit after tax / capital employed including goodwill

2 Net debt = (current and non-current financial liabilities) -

(cash & cash equivalents + current financial assets) | 3 excl. WHV

‌Analyst and Media Conference FY 2025 03/11/2026 28

Shareholder returns: Dividend increase reflects underlying earnings, excluding Wilhelmshaven valuation effects

CHF | Dividend per share CHF | Operating net profit2 per share

4.05

2021

2022 2023 2024 2025

2021 2022 2023 2024 2025

1 Extraordinary dividend

2 Operating net profit is a management metric excluding KKM STENFO and the Wilhelmshaven valuation adjustment, net of tax

‌Summary & EBIT guidance 2026

CEO Robert Itschner

‌Analyst and Media Conference FY 2025 03/11/2026 30

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 CHF 650 to 750 m for the 2026 fiscal year.

‌Analyst and Media Conference FY 2025 03/11/2026 31

‌Analyst and Media Conference FY 2025 03/11/2026 32

‌We create spaces for life.

‌Disclaimer

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03/11/2026 34

This presentation contains forward-looking statements, which are based on current assumptions and estimates about, for example, market and economic conditions, legal provisions and regulatory frameworks, competitive conditions, interest rates or currency fluctuations. Although BKW believes that the forward-looking statements are based on reasonable assumptions, it cannot guarantee that the expected results will be achieved. Actual results may therefore differ materially from the expectations and forward-looking statements expressed in this text. BKW is under no obligation to update any forecasts, whether as a result of new information, future events or otherwise.

This presentation is issued in German and English. The German text is the authoritative version.