Lausanne – Alpiq delivered a solid operating result for the first half of 2025, reporting an adjusted EBITDA of CHF 398.1 million and adjusted net income of CHF 247.2 million. In contrast to the first half of 2024, when non-operating effects had a significantly positive impact, the same effects had a markedly negative impact in the first six months of 2025, resulting in a negative effect under IFRS EBITDA of CHF -172.1 million. The Group maintained a very strong financial position to continue investing in flexible power generation and storage capacity, with a favourable operational cash flow, net cash increasing to CHF 618.4 million and liquidity reaching CHF 1.68 billion.
Flexibility is the cornerstone of a secure, sustainable and affordable energy supply. The growing share of wind and solar production poses increasing challenges for the energy system. In spring 2025, Europe recorded a new high in solar power generation, up more than 19% year-on-year. The power grid must be kept stable, and a balance maintained between supply and demand, at all times. This is precisely where Alpiq’s strategy comes in: it is focused on expanding flexible power generation and storage capacity to enable the integration of intermittent wind and solar energy into the system. Greater flexibility supports the transition of the energy system towards more renewable energy production and contributes to achieving climate targets.
Alpiq is in a very solid financial position. This allows us to consequently implement our strategy and make the investments to ensure a secure, sustainable and affordable energy supply.
In the first six months of 2025, Alpiq further expanded its business in its core geographic markets through targeted investments, investing CHF 96.6 million in new and existing assets in the first half of the year alone. Alongside its already extensive portfolio of highly flexible power plants, the company is focusing on flexible energy production and storage solutions. In Valkeakoski, Finland, construction of a 30 MW battery energy storage system (BESS) is nearing completion, with commissioning now underway. In Haapajärvi, Finland, the largest BESS project to date, with a capacity of 125 MW, is planned to commence operations in 2027. In France, a 100 MW BESS is scheduled to go into operation in the first quarter of 2027.
In Italy, Alpiq completed a comprehensive modernisation of its San Severo gas-fired power plant in the second quarter, significantly improving both efficiency and operational flexibility. The plant can now operate on a fuel mix containing up to 25% hydrogen. This investment strengthens San Severo’s role in ensuring Italy’s security of supply while also supporting achievement of the country’s climate objectives. In Switzerland, Alpiq remains focused on hydropower investments. The modernisation of the Mottec hydropower plant, which began in 2018 and was completed in 2025, has increased its annual generation capacity by 5 million kWh. The plant’s output has been raised from 69 MW to 87 MW, enabling it to respond even more flexibly to fluctuations in the power grid. These upgrades, together with the ongoing refurbishment of the Vissoie facility (to be completed by 2027), form part of a comprehensive modernisation program of Forces Motrices de la Gougra SA. Meanwhile, the Bieudron plant (Grande Dixence) is undergoing a phased, full overhaul, scheduled for completion in 2026.
The Assets value chain element, which also includes the optimisation and commercialisation of Alpiq’s own energy production, generated an adjusted EBITDA of CHF 444.4 million. This was attributable to the high availability of hydropower and nuclear plants in the first half of 2025 and resulted in performance almost in line with prior-year level. The Origination business, which involves complex client solutions tailored to national regulations and specifications, also made a positive contribution, delivering an adjusted EBITDA of CHF 37.4 million in line with expectations. By contrast, Trading, which at Alpiq covers trading in electricity, gas and certificates, was heavily affected by market turbulence stemming from geopolitical instability and changes in tariff policies. It closed the half year with an adjusted EBITDA of CHF -26.3 million, reflecting heightened uncertainty in energy and commodity markets and thus falling short of expectations. Overall, Alpiq reported an adjusted EBITDA of CHF 398.1 million (H1 2024: CHF 462.8 million) and adjusted net income of CHF 247.2 million in the first half of 2025.
| Half-year 2025/1 | Half-year 2024/1 | |
| Net revenue (in CHF million) | 3,156.8 | 2,883.6 |
| EBITDA (in CHF million) | 398.1 | 462.8 |
| EBIT (in CHF million) | 334.7 | 406.9 |
| Net income (in CHF million) | 247.2 | 286.8 |
| Net cash flows from operating activities (in CHF million) | 263.4 | 495.3 |
The result underscores Alpiq's solid operating performance and confirms that our strategic focus on flexibility for the energy system in Switzerland and in European markets creates value even in a difficult environment.
Two significant non-operating factors affected the IFRS results: the performance of the Decommissioning and Waste Disposal Funds (STENFO) and shifts in earnings due to market valuations of energy hedging instruments, known as the “accounting mismatch”. The operators of Switzerland's nuclear power plants are required to contribute to the STENFO to ensure the financing of future decommissioning and waste disposal activities. These two funds, of which Alpiq has an indirect share of CHF 1.8 billion in investments, are exposed to stock exchange factors that cannot be efficiently hedged. The second non-operating effect, the accounting mismatch, reflects positive or negative fair value changes in energy derivatives. These shifts represent a pure shift in earnings from one financial year to another and always balance out to zero over the duration of the underlying transactions. As expected, this accounting mismatch had a negative effect in the first half of the year. We also anticipate a negative net effect for full-year 2025, however to a lesser extent of around CHF 30 million. Together, the performance of the STENFO (CHF -36.6 million) and the accounting mismatch (CHF -135.5 million) reduced EBITDA under IFRS by CHF -172.1 million in the first six months of 2025, compared with a positive contribution of CHF +299.9 million in the prior-year period. Both non-operating effects have no impact on current operating cash flow.
Alpiq has improved its already strong financial standing. At CHF 1.68 billion, liquidity remained stable and at a very strong level. Net cash increased by CHF 190.0 million in the first half to CHF 618.4 million, while the equity ratio rose to a strong 63.2% (Q4 2024: 58.3%). Alpiq is well-capitalised and operationally resilient and is well positioned to advance its strategy and make further investments in secure energy supply. In the years ahead, Alpiq plans to invest around CHF 1 billion in Switzerland together with its partners. Internationally, it intends to expand investments in battery storage and other flexible assets and storage systems in Western Europe to better integrate growing wind and solar capacity. In addition, the company is pursuing investments in green hydrogen through P2X Solutions and in the modernisation of its combined-cycle gas plants to enhance efficiency while reducing emissions.
In Switzerland, Alpiq is deploying its financial strength above all in support of the Round Table Hydropower projects, such as the multipurpose Gornerli reservoir. Investments in critical domestic infrastructure are key to ensuring long-term security of supply at affordable costs. The Gornerli project alone could provide nearly one-third of the urgently needed winter hydropower in Switzerland, minimising imports during critical months. More than a year ago, Swiss voters gave a clear YES to a secure electricity supply at the ballot box. However, progress in the necessary procedures are still being discussed in parliament and the realisation of new infrastructure to ensure security of supply in Switzerland is far from reality. Against this backdrop, speedy and close integration into the European energy system becomes all the more important.
In the second half of 2025, Alpiq will continue to press ahead with the implementation of its strategy, focusing on flexible assets that facilitate the integration of wind and solar power into the energy system. The Origination value chain element is expected to deliver good results throughout the remainder of 2025. This generally also applies to the Assets value chain element. However, due to the prolonged production outage of the Gösgen nuclear power plant (KKG) Alpiq expects a reduction in income between CHF 140 million and CHF 160 million for the second half of 2025 and therefore a significant impact on the annual results 2025. Trading will seek to capitalise on the available market opportunities in an effort to regain momentum in the second half of the year. Thanks to the performance of its value chain operations, the optimal use of its assets and its market expertise, Alpiq is convinced of closing 2025 with a solid financial position.
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 carbon-free Swiss hydropower for more than 100 years. The power plant portfolio also comprises shares in two Swiss nuclear power plants as well as flexible thermal power plants, wind farms and photovoltaic facilities in Europe. 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). The Alpiq Group has around 1,350 employees and is headquartered in Lausanne.
You can find more information on Alpiq at www.alpiq.com
