Financial Review
Despite the unplanned KKG outage, Alpiq delivered robust financials over 2025 after the high price years in 2023 and 2024
In 2025, Alpiq Group delivered a robust operating performance, generating an adjusted EBITDA* of CHF 572 million. While this result was below the very strong prior year (CHF –390 million), it reflects resilience in a year characterized by significant operational challenges and a demanding market environment affecting all three value chains. The most material single impact on performance was the unplanned outage of the Gösgen nuclear power plant KKG (CHF –149 million). Lower water inflows (CHF –86 million) reduced hydropower production in Switzerland, while planned overhaul projects in Italy and Spain further constrained the output (CHF –59 million), additionally lowering the operational result of the value chain Assets compared to previous year (CHF –310 million). The Trading value chain was unable to sustain the strong performance of previous years (CHF –65 million) and recorded a loss in 2025. The Origination value chain delivered a modest result, supported by solid performances in France and Switzerland. Lower customer demand for long-term contracts resulted in an overall contribution below prior year (CHF –46 million).
*To enable the transparent presentation of the Group results before non-operating effects, the consolidated income statement is presented as a pro forma statement. The commentary on the financial performance relates to a view of operating EBITDA, EBIT and Net income before non-operating effects. The non-operating effects are detailed in the section “Non-operating effects”.
Alpiq enters the next phase of its strategy from a position of strength, supported by a solid financial foundation
In the 2025 financial year, Alpiq generated an operating cash flow of CHF 490 million. Net cash increased by CHF 130 million to CHF 558 million. This very stable financial situation not only enabled Alpiq, in 2025, to fund the growth and invest for the future, and thereby enabling the payment of a CHF 162 million dividend to shareholders. For the Annual General Meeting taking place in 2026, the Board of Directors proposes a dividend distribution amounting to CHF 230 million. Alpiq received a rating upgrade by one notch to BBB+, repaid a bond of CHF 200 million maturing in May 2025 and successfully placed a 10-year bond of CHF 150 million at very favorable rates in July 2025.
Investments in flexibility and growth in Switzerland and across Europe
In 2025, Alpiq accelerated its growth and strengthened its role in the European energy transition through investments mainly in flexible assets. In October 2025 Alpiq has successfully completed and commissioned its first BESS project in Valkeakoski, Finland (30MW). A 125 MW BESS project in Haapajärvi, Finland, has been acquired in March 2025 and is scheduled for commissioning in 2027. Another 100 MW BESS project in northern France is under construction. Alpiq has also secured a project pipeline for several battery energy storage systems in Germany. Alpiq modernized its gas-fired power plants Plana del Vent in Spain and San Severo in Italy in 2025, increasing efficiency and flexibility while reducing emissions. In Switzerland, Alpiq remained focused on hydropower investments by completing the modernization of the Mottec plant, and undergoing the phased, full overhaul of the Bieudron plant (Grande Dixence) scheduled for completion in 2026. Alpiq continues to actively promote the projects of the Swiss Hydropower Round Table, above all the Gornerli multi-purpose reservoir near Zermatt.
Within the Origination value chain, Alpiq delivered a range of contractual solutions tailored to its customers’ key commercial needs. This included a long-term power purchase agreement (PPA) for renewable wind and solar energy with Etex in France, supporting its decarbonisation strategy and addressing the need for price stability. In addition, the tolling agreement signed with ECO STOR enables Alpiq to bring third-party BESS projects to market. Alpiq also enhanced customer experience and price transparency by launching a new platform that displays real-time intraday prices and allows seamless one-click trading, replacing previously manual phone or email-based processes. And industrial consumers have once again chosen Alpiq France as the best electricity and gas supplier, leaving Alpiq at the top of this ranking for 9 years in a row.
Outlook
Alpiq’s purpose — together for a better climate and an improved security of supply — was further reinforced in 2025 by growing the portfolio of flexible assets that help balance the energy systems in the markets where Alpiq operates, especially as intermittent renewable capacity continues to expand. For the next years, Alpiq is committed to significantly increasing investments in flexible assets up to CHF 1 billion per year, for opportunities meeting investment criteria.
In January 2026, Alpiq acquired the Cheviré BESS facility in France, with an output of 100 MW and a capacity of 200 MWh, currently the largest in the country. Another 100 MW BESS facility in La Corne-en Vexin will become operational in 2027. Alpiq has also secured a BESS project pipeline of 370 MW in Germany. In total, Alpiq now has a BESS portfolio exceeding 750 MW across France, Germany, and the Nordics, with nearly half already operational or under construction.
Alongside BESS, Alpiq continues to invest in selected thermal generation assets where its involvement supports the energy transition. Alpiq has announced new pumped‑hydro activities in northern Spain.
Alpiq is financially well positioned to organically fund growth that will renew its asset base. On the income side, most of the long energy positions for 2026 are hedged, providing stable earnings. Growth in the Origination business is foreseen. While asset-based and intraday trading significantly contribute to value creation, Alpiq’s value chain Trading activities are expected to show marked improvement in 2026.
Alpiq looks forward to 2026, strengthening security of supply today, supporting the energy transition towards a better climate, doing so backed by a solid financial foundation.
Alpiq Group: results of operations (before non-operating effects)
Consolidated income statement (pro forma statement before and after non-operating effects)
2025 | 2024 | |||||
CHF million | Results of operations before non-operating effects | Non-operating effects | Results under IFRS | Results of operations before non-operating effect | Non-operating effects | Results under IFRS |
Net revenue | 5,919.9 | – 171.3 | 5,748.6 | 6,365.7 | 277.3 | 6,643.0 |
Own work capitalised | 6.2 | 6.2 | 3.9 | 3.9 | ||
Other operating income | 24.1 | 24.1 | 20.4 | 20.4 | ||
Total revenue and other income | 5,950.2 | – 171.3 | 5,779.0 | 6,390.0 | 277.3 | 6,667.3 |
Energy and inventory costs | – 4,952.2 | 32.0 | – 4,920.2 | – 5,001.5 | 147.1 | – 4,854.4 |
Employee costs | – 264.3 | – 264.3 | – 246.2 | – 246.2 | ||
Other operating expenses | – 161.2 | – 161.2 | – 179.8 | – 179.8 | ||
Earnings before interest, tax, depreciation and amortisation (EBITDA) | 572.5 | – 139.3 | 433.2 | 962.4 | 424.4 | 1,386.9 |
Depreciation, amortisation and impairment | – 130.4 | – 130.4 | – 114.5 | – 114.5 | ||
Earnings before interest and tax (EBIT) | 442.1 | – 139.3 | 302.8 | 847.9 | 424.4 | 1,272.3 |
Share of results of partner power plants and other associates | – 12.6 | – 12.6 | – 7.4 | – 7.4 | ||
Finance costs | – 78.7 | – 78.7 | – 122.7 | – 122.7 | ||
Finance income | 13.0 | 13.0 | 34.5 | 34.5 | ||
Earnings before tax (EBT) | 363.9 | – 139.3 | 224.6 | 752.3 | 424.4 | 1,176.7 |
Income tax expense | – 53.9 | 26.2 | – 27.7 | – 146.5 | – 86.8 | – 233.3 |
Net income | 310.0 | – 113.1 | 196.9 | 605.7 | 337.6 | 943.4 |
2025: Results of operations by segment
CHF million | Assets | Trading | Origination | Other1 | Alpiq Group |
Net revenue | 3,788.8 | 3,785.5 | 4,113.3 | – 5,939.1 | 5,748.6 |
Non-operating effects | 109.5 | – 12.6 | 74.7 | – 0.4 | 171.3 |
Adjusted net revenue | 3,898.4 | 3,772.9 | 4,188.1 | – 5,939.5 | 5,919.9 |
Other income | 37.4 | 1.7 | 1.1 | – 9.9 | 30.3 |
Adjusted total revenue and other income | 3,935.8 | 3,774.6 | 4,189.2 | – 5,949.4 | 5,950.2 |
Energy and other costs | – 3,241.5 | – 3,809.2 | – 4,148.4 | 5,853.4 | – 5,345.7 |
Non-operating effects | – 32.0 | – 32.0 | |||
Adjusted energy and other costs | – 3,273.4 | – 3,809.2 | – 4,148.4 | 5,853.4 | – 5,377.7 |
Adjusted EBITDA | 662.3 | – 34.6 | 40.8 | – 96.0 | 572.5 |
Depreciation, amortisation and impairment | – 117.6 | – 1.4 | – 4.1 | – 7.3 | – 130.4 |
Adjusted depreciation, amortisation and impairment | – 117.6 | – 1.4 | – 4.1 | – 7.3 | – 130.4 |
Adjusted EBIT | 544.7 | – 35.9 | 36.7 | – 103.3 | 442.1 |
1The segment results are carried over to the Alpiq Group's consolidated figures by including the units with limited market operations (Corporate), Group consolidation effects as well as other reconciliation items. For more details, please refer to note 2.1 Segment information.
2024: Results of operations by segment
CHF million | Assets | Trading | Origination | Other1 | Alpiq Group |
Net revenue | 4,069.7 | 3,274.6 | 4,714.6 | – 5,415.9 | 6,643.0 |
Non-operating effects | – 20.5 | – 10.9 | – 247.2 | 1.3 | – 277.3 |
Adjusted net revenue | 4,049.2 | 3,263.7 | 4,467.4 | – 5,414.6 | 6,365.7 |
Other income | 31.4 | 2.1 | 0.9 | – 10.2 | 24.3 |
Adjusted total revenue and other income | 4,080.7 | 3,265.8 | 4,468.3 | – 5,424.8 | 6,390.0 |
Energy and other costs | – 2,961.4 | – 3,235.6 | – 4,381.8 | 5,298.5 | – 5,280.4 |
Non-operating effects | – 147.1 | – 147.1 | |||
Adjusted energy and other costs | – 3,108.6 | – 3,235.6 | – 4,381.8 | 5,298.5 | – 5,427.5 |
Adjusted EBITDA | 972.1 | 30.1 | 86.5 | – 126.3 | 962.4 |
Depreciation, amortisation and impairment | – 101.9 | – 0.1 | – 2.8 | – 9.7 | – 114.5 |
Adjusted depreciation, amortisation and impairment | – 101.9 | – 0.1 | – 2.8 | – 9.7 | – 114.5 |
Adjusted EBIT | 870.1 | 30.1 | 83.7 | – 136.0 | 847.9 |
1The segment results are carried over to the Alpiq Group's consolidated figures by including the units with limited market operations (Corporate), Group consolidation effects as well as other reconciliation items. For more details, please refer to note 2.1 Segment information.
Assets
With an adjusted EBITDA of CHF 662 million, the Assets value chain delivered a result CHF –310 million below the prior year, reflecting a material shortfall versus expectations. The Swiss asset result declined significantly, primarily due to the material reduction in nuclear generation following the extended KKG outage, while hydropower production decreased due to reduced inflows. Production in Italy and Spain declined markedly due to the full planned overhaul at the San Severo and Plana del Vent gas-fired power plants. The Hungarian and French asset closed the year at levels comparable to the previous period. In the Assets value chain, Alpiq continued to strengthen its position by investing in its flexible asset base particularly in Northern Europe, France and Hungary. The benefits of these investments will materialise in future years.
Value chain Assets kept its focus on security of supply contributing by 41% to the so-called winter reserve in Switzerland for the winter of 2024/2025 through the tender process initiated by the Federal Council. For the winter of 2025/2026, the tender process was replaced by mandatory reserves where Alpiq is contributing with 22%.
Trading
Trading was CHF –65 million below the previous year and closed the year at a loss of CHF –35 million on the level of adjusted EBITDA. 2025 was a difficult year driven by weak results in gas, power and emissions trading. Since the inception of merchant trading activities, 2025 was the first year with negative results. Still, Trading remains essential to Alpiq’s business model, adding significant extrinsic value in asset-based and intraday trading activities in the value chains Assets and Origination. Despite the disappointing results, value chain Trading contributed to Alpiq through providing enhanced market intelligence, cash-liquidity management and maintaining peer and broker relationships.
Origination
With an adjusted EBITDA of CHF 41 million, the Origination value chain delivered a modest result, albeit CHF –46 million below the strong performance of the previous year. The year-on-year decline mainly reflects a normalisation following two outstanding years, combined with a persistently uncertain macroeconomic environment that led many customers to delay or limit commitments to long-term contracts. In France, the prior year’s performance in both the B2B and retail segments could not be fully replicated, while the Spanish and Italian markets were negatively affected by deteriorating market conditions and lower prices. In Germany, subdued volatility and continued market uncertainty further constrained activity preventing to replicate last year’s result. In contrast, the Swiss market delivered a stronger performance compared with the previous year, primarily driven by long-term contracts, new customers, and strategic partnerships.
Non-operating effects
To measure and present its operating performance, Alpiq also uses alternative performance measures through to the level of “Net income”. Alpiq makes adjustments to the IFRS results for non-operating effects which Alpiq does not consider part of results of operations.
These performance measures do not have a standardised definition in IFRS. This can therefore limit comparability with such measures as defined by other companies. These performance measures are presented in a pro forma statement in order to give investors a deeper understanding of how Alpiq’s management measures the performance of the Group. However, they are no substitute for IFRS performance measures.
The results under IFRS include two non-operating effects: fair value changes (accounting mismatch) and the development of decommissioning and waste disposal funds (STENFO). The latter is exposed to market fluctuations of the stock exchanges and increased the EBITDA under IFRS by CHF 30 million, while the former negatively impacted the 2025 EBITDA under IFRS by CHF –169 million. The IFRS results include fair value changes of energy derivatives entered into for the purpose of hedging future power production as well as physical energy procurement / delivery contracts which represent a temporary accounting mismatch that is expected to be reversed over the next years. The total impact of both non-operating effects on EBITDA level was CHF –139 million, reducing the IFRS EBITDA to CHF 433 million. The non-operating effects have no impact on the current operating cash flow.
Overview of non-operating effects
Fair value changes (accounting mismatch) | Development of decommissioning and waste disposal funds | Total non-operating effects | ||||
CHF million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Net revenue | – 169.2 | 287.0 | – 2.1 | – 9.7 | – 171.3 | 277.3 |
Total revenue and other income | – 169.2 | 287.0 | – 2.1 | – 9.7 | – 171.3 | 277.3 |
Energy and inventory costs | 32.0 | 147.1 | 32.0 | 147.1 | ||
Earnings before interest, tax, depreciation and amortisation (EBITDA) | – 169.2 | 287.0 | 29.8 | 137.4 | – 139.3 | 424.4 |
Earnings before interest and tax (EBIT) | – 169.2 | 287.0 | 29.8 | 137.4 | – 139.3 | 424.4 |
Earnings before tax (EBT) | – 169.2 | 287.0 | 29.8 | 137.4 | – 139.3 | 424.4 |
Income tax expense | 30.8 | – 64.2 | – 4.6 | – 22.6 | 26.2 | – 86.8 |
Net income | – 138.4 | 222.9 | 25.3 | 114.8 | – 113.1 | 337.6 |
Alpiq has defined the following categories of non-operating effects:
Fair value changes (accounting mismatch)
Negative or positive fair value changes of energy derivatives entered into for the purpose of hedging future power production as well as physical energy procurement / delivery contracts do not reflect operating performance, because they are economically linked with the changes in value of the hedged transactions. For instance, rising forward prices cause future production volumes and power purchase agreements to increase in value and the corresponding hedges to lose value. According to IFRS Accounting guidelines, the fair value changes of financial hedges between the last and current balance sheet date have to be recognised in the reporting year. As the future production volumes and the power purchase agreements are not measured at fair value, any changes in value cannot be recognised in the reporting year and this is resulting in an accounting mismatch.
Accounting mismatch and expected reversals (based on energy prices as of 31 December 2025)
CHF million | |
Accounting mismatch until 31 December 2024 | 129.0 |
Change in accounting mismatch in 2025 | – 169.2 |
Total accounting mismatch at 31 December 2025 | – 40.2 |
Of which, will be reversed in 2026 | 2.7 |
Of which, will be reversed in 2027 | 36.7 |
Of which, will be reversed in 2028 | – 2.3 |
Of which, will be reversed after 2028 | 3.1 |
Development of decommissioning and waste disposal funds
The operating companies of Switzerland’s nuclear power plants are required to make payments into the decommissioning fund and the waste disposal fund to ensure that decommissioning and waste disposal activities are funded. The investments of these two funds are exposed to market fluctuations and changes in estimates, which cannot be influenced by Alpiq but which do influence electricity procurement costs. The difference between the return actually generated by the funds and the return budgeted by the nuclear power plants of 2.75% is classified and recorded as a non-operating effect.