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2025 interim results

Repower reports good half-year results and great commitment to Graubünden hydropower

10. September 2025

With operating income (EBIT) of CHF 65 million and a group profit of CHF 47 million, Repower posted a gratifying, above-average result for the first half of 2025. The international energy trading business made a major contribution to the good results. At the same time, Repower is underscoring its commitment to the future of Graubünden hydropower and the expansion of renewable energy — combined with a significant increase in investment in power generation and grid assets. Owing to low precipitation, the volume of electricity generated at the company’s own hydropower plants remained below the long-term average.

Repower can look back on a successful first six months and achieved results that exceeded expectations. Operating earnings before interest and tax (EBIT) amounted to CHF 65 million, and group profit came to CHF 47 million. As expected, the extraordinary results of the two previous years, which were characterised by record-high prices on the energy markets, were not matched. The company has a strong equity ratio of 59 per cent and a high level of liquid assets. This puts Repower in a very solid financial position and means it is ideally placed to invest strategically in the maintenance and expansion of its generation assets and distribution grid.

High level of investment in the expansion of renewable energy

Repower is pressing ahead with the expansion of renewable energy in Graubünden. In the first half of the year it ploughed CHF 11 million into generation facilities and another CHF 17 million into the distribution grid. The renovations of the Papierfabrik (paper factory), Campocologno and Klosters power plants were successfully completed. Work began on renovating Silvaplana power plant. Madrisa saw the groundbreaking ceremony for an alpine solar plant – a pioneering project that will send a strong signal for urgently needed winter power. And Repower reached a milestone with the granting of concession approval for the Chlus power plant. This brings the company a step closer to an important project that will strengthen Graubünden’s hydropower capacity.

Repower is supporting the expansion of photovoltaic generation in Graubünden with the efficient integration of private solar installations. In the first half of 2025, it reached the milestone of 3,000 installations connected to the distribution grid. In total, private solar installations now have an installed capacity of over 65 megawatts – more than Repower’s largest hydropower plant. With the growing number of private photovoltaic systems, the increasing prevalence of electric vehicles and the more frequent use of heat pumps, the need for investment in distribution networks is also growing significantly. This trend will continue to intensify in the years to come.

Light snowfall in winter affects power generation

The volume of electricity generated by Repower’s own hydropower plants in the first half of 2025 was below the long-term average. This was due to lower precipitation levels. There was little snowfall in the winter months, resulting in correspondingly low snowmelt. Precipitation in the spring and early summer was also below the long-term average in some regions. 

In Italy, the volume of electricity generated at solar and wind power plants remained virtually unchanged compared with the previous year. The outlook for Teverola gas-fired combined-cycle plant also remains the same. Demand for balancing energy from the facility to stabilise the Italian electricity grid remains very low.

Trading business makes largest contribution to earnings

The largest contribution to earnings once again came from the international trading business. As expected, the trading result for the first six months was lower than in the previous year, but significantly above the long-term average – despite challenging market conditions and low hydrological inflows. Despite a market environment fraught with geopolitical tensions, electricity prices on the forward markets remained largely stable. At the same time, however, short-term volatility increased, driven by current news and the growing share of automated trading.

Positive development in Italy

The sales business in Italy, where Repower primarily supplies SMEs with electricity and gas, developed positively. Italy’s contribution to earnings therefore increased slightly compared with the previous year. Overall, Repower invested CHF 21 million in renewable assets in Italy, including almost CHF 12 million in the construction of a 20 MW solar installation in Ghislarengo (Piedmont) and around CHF 7 million in an agrivoltaic project in Ciminna (Sicily).

Outlook

Experience shows that Repower generally posts stronger results in the first half of the year than in the second six months. The early hedging of electricity production during the market turmoil in 2023 continued to have a positive impact in the first half of 2025. Repower also expects good results for the second half of the year.

Semi-annual Report 2025

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