Alpiq Suffers Profit Slump in 2025 after Unplanned Shutdown of Kernkraftwerk Gösgen - Growth Driven by Flexibility Strategy

Lausanne (Switzerland) - The Swiss energy company Alpiq reported a significant decline in earnings in the 2025 financial year following the unplanned shutdown of the Gösgen nuclear power plant (KKG). Adjusted EBITDA fell to CHF 572 million (2024: CHF 962 million). Nevertheless, the company points to a robust financial base and considers itself strategically well positioned.

In 2025, Alpiq faced numerous challenges. These ranged from the unplanned and extended shutdown of the Gösgen nuclear power plant (since May 24, 2025) and significantly lower water inflows following the record year 2024 to scheduled overhauls of gas-fired power plants. Despite this, the company consistently pursued its flexibility strategy and expects a solid earnings base for 2026 - despite ongoing outage-related burdens from the Gösgen plant.

Market environment, key figures, operational development 2025

The market environment remained challenging in 2025. Geopolitical tensions, regulatory adjustments, volatile energy prices, and weather-related effects shaped developments. At the same time, the European electricity mix continued to shift further toward renewable energy.

Adjusted EBITDA amounted to CHF 572 million (2024: CHF 962 million). Operating cash flow declined to CHF 490 million (2024: CHF 1,031 million). IFRS net profit totaled CHF 197 million (2024: CHF 606 million). Net liquidity increased by CHF 130 million to CHF 558 million, and the equity ratio stood at 61 percent.

In addition to the production outage at Gösgen (-CHF 149 million), extraordinary effects from the valuation of decommissioning and waste disposal funds as well as fair-value effects from energy derivatives weighed on results. These reduced IFRS EBITDA to CHF 433 million.

Development of business divisions

Performance along the value chain varied in 2025. In the Assets segment (including asset trading), Alpiq generated adjusted EBITDA of CHF 662 million (2024: CHF 972 million), significantly below the previous year. The main reasons were the unplanned outage of the Gösgen nuclear power plant, lower water inflows, and scheduled plant overhauls.

The Trading division recorded negative adjusted EBITDA of CHF -35 million (2024: CHF 64 million), marking its first negative annual result. Weak developments in gas, power, and emissions markets were the primary factors.

In the Origination segment, the company achieved adjusted EBITDA of CHF 41 million (2024: CHF 126 million). While clearly below the exceptionally strong previous year, the segment continued to benefit from structured energy solutions and long-term customer contracts.

Despite the overall decline in earnings, Alpiq emphasizes its stable financial position. Liquidity increased to CHF 1,749 million (2024: CHF 1,678 million). In addition, the company successfully placed a ten-year bond of CHF 150 million in 2025.

Outlook 2026: flexibility strategy as growth driver

For 2026, Alpiq starts with a solid earnings outlook, as a large portion of its energy positions has already been hedged. At the same time, the continued production outage at the Gösgen nuclear power plant is likely to negatively impact annual results.

Strategically, the company continues to focus on expanding flexible assets. In 2025, Alpiq commissioned a 30 MW / 36 MWh battery storage facility in Finland and advanced additional storage and flexibility projects in several European countries. In Switzerland, hydropower plants were modernized, and the company is also investing in flexible power plant solutions to stabilize electricity grids.

In the coming years, Alpiq plans to increase investments in flexible assets to up to CHF 1 billion per year. With this flexibility strategy, the company aims to benefit from rising demand for controllable, low-emission power generation and further expand its market position in Europe.

Source: IWR Online, 02 Mar 2026