Alpiq advanced its strategy in the first half of 2026, expanding its secured battery energy storage system (BESS) portfolio to more than 1,000 MW, acquiring the major Navaleo pumped-storage project in Spain and reinforcing its financial flexibility with a CHF 400 million bond issuance.
Adjusted EBITDA in the first half-year was CHF 163 million, below the prior-year period, mainly due to lower power prices, the outage of the Gösgen Nuclear Power Plant and exceptionally dry hydrological conditions.
With net cash of CHF 151 million, Alpiq remains financially strong and expects performance to improve in the second half of 2026.
After the reporting period, the acquisition of a 90 per cent stake in Harmony Energy in July marked a major milestone in Alpiq’s European flexibility strategy.
Lausanne - Alpiq continued to execute its strategy focused on flexibility, storage and customer-oriented energy solutions. By the end of June, its secured BESS portfolio had grown to more than 1,000 MW across Europe, with 130 MW operational and 225 MW under construction. Milestones included integrating the 100 MW Cheviré operating facility in France, securing grid connection capacity for the 300 MW Niedergösgen project and acquiring the 535 MW Navaleo pumped-storage project in Spain – Alpiq’s first large-scale hydropower investment outside Switzerland. Through its customer business and partnerships, Alpiq connects renewable generation, flexible assets and market expertise across Europe, thereby contributing to security of supply and integrating Switzerland into the European energy market. Investments in hydropower and the safe return to operation of the Gösgen Nuclear Power Plant (KKG) underscore Alpiq’s commitment to reliable, low-carbon electricity generation.
We made significant progress in implementing our strategy and achieved operational and organisational milestones. Our people, streamlined structures and enhanced collaboration put Alpiq in a strong position to capture growth opportunities while actively contributing to security of supply and advancing the energy transition.
In the first half of 2026, adjusted EBITDA was CHF 163 million. The decline compared with the prior-year period reflected anticipated factors: lower power prices, the extended outage of KKG and significantly lower hydro inflows following exceptionally dry conditions in the Alps. Following a challenging start to the year, performance improved in the second quarter. KKG resumed operations in March, and both Swiss nuclear power plants – KKG and the Leibstadt Nuclear Power Plant (KKL) – successfully completed their annual maintenance. Alpiq remained financially strong, with net cash of CHF 151 million at the end of June.
Alpiq issued bonds totaling CHF 400 million, strengthening its financial flexibility and extending its maturity profile. The transaction reflects investor confidence and supports investments in flexibility, storage, customer solutions and growth opportunities across Europe.
| CHF million | Half-year 1/2026 | Half-year 1/2025 |
|---|---|---|
| Net revenue | 3,062 | 3,157 |
| EBITDA | 163 | 398 |
| EBIT | 105 | 335 |
| Net income | 42 | 247 |
| Net cash flows from operating activities | 6 | 263 |
While first-half earnings reflected expected headwinds, our strong financial foundation enables us to continue executing our growth strategy with discipline. We expect performance to improve in the second half of 2026, and our recent portfolio announcements show our determination to deliver on our strategy.
The value chain element Assets, including Asset Trading, remained the main contributor, generating adjusted EBITDA of CHF 205 million, as lower nuclear and hydro contributions were partly offset by stronger thermal assets in Italy, Spain and Hungary. The acquisition and integration of the Cheviré battery storage facility in France expanded Alpiq’s BESS portfolio, alongside progress on the 300 MW Niedergösgen project. In pumped-storage hydropower, Alpiq acquired the 535 MW Navaleo project in Spain.
Energy Solutions delivered adjusted EBITDA of CHF 27 million, supported by a more diversified portfolio, increased solar generation and growing demand for flexibility solutions, despite subdued demand in several markets. While the Trading Division contributes to value creation across Alpiq’s value chains, Merchant Trading comprises the Group’s proprietary trading activities and represents a smaller part of the division. Merchant Trading reported adjusted EBITDA of CHF -34 million.
Alpiq expects earnings to improve in the second half of 2026, supported by the KKG’s return to normal operations, a largely hedged position and renewed opportunities to create value from market volatility.
Bianca Sarbu, appointed Head of Business Division Energy Solutions and member of the Executive Board, will join Alpiq in November 2026. Her strong leadership and experience in scaling energy solutions organisations across Europe will support the next phase of growth in Alpiq’s customer business.
After the reporting period, Alpiq completed the acquisition of a 90 per cent stake in Harmony Energy, a pan-European BESS developer and operator, marking an important milestone in its strategy. The transaction adds around 400 MW of assets under construction and a multi-gigawatt pipeline in the United Kingdom, Germany, France and Poland. It expands Alpiq’s presence across the BESS value chain and advances its ambition to become a leading European provider of flexibility solutions.
Alpiq is a leading Swiss energy services provider and electricity producer that operates throughout Europe. It offers its customers comprehensive and efficient services in the fields of energy generation and marketing as well as energy optimisation. Alpiq has been generating climate-friendly and sustainable electricity from renewable Swiss hydropower for more than 100 years. The portfolio also comprises shares in two Swiss nuclear power plants as well as flexible thermal power plants, wind farms, photovoltaic facilities and battery energy storage systems in Europe. The Alpiq Group has around 1,400 employees and is headquartered in Lausanne. Alpiq Holding Ltd. is a private stock corporation in majority private ownership. It is fully controlled by the three shareholder groups of Schweizer Kraftwerksbeteiligungs-AG (SKBAG), the Consortium of Swiss Minority Shareholders (KSM) and EOS Holding SA (EOS).
You can find more information on Alpiq at www.alpiq.com
