Repower reports very good annual results
In the 2025 financial year, Repower recorded operating income (EBIT) of CHF 133 million and a group profit of CHF 101 million. The biggest contribution to earnings came from international energy trading. Thanks to water rates, contracts for work, taxes and around 466 employees with jobs in Graubünden, Repower was able to generate high regional added value. The high level of investment in the modernisation of Graubünden hydropower was systematically continued. Owing to lower water volumes, the amount of electricity generated at the Graubünden power plants was lower than average.
Repower remains solidly capitalised and is proving to be operationally resilient. This enables it to continue pursuing its strategy and investing in a secure and modern energy supply. With EBIT of CHF 133 million, the result for the 2025 financial year is above the long-term average. Group profit came to CHF 101 million and the equity ratio increased to 59 per cent.
The availability of the grid infrastructure reached a remarkable 99.998 per cent in 2025. This means that a Repower customer had to go without electricity for just under 13 minutes. At 9.6 cents per kilowatt hour, Repower’s energy prices are among the lowest in Switzerland. Across all price components, the price of basic supply electricity is slightly above the Swiss median. This is mainly due to the higher grid costs resulting from the sparse population and the challenging topography of the company’s mountainous supply area. The company continues to supply energy in the form of local, renewable electricity from its own hydropower plants in Graubünden.
2,147 GWh annual production
A total of 2,147 GWh of electricity was generated in 2025. After only weak snowmelt in the spring, precipitation also remained below average for the rest of the year. This had a noticeable impact on the power generated by hydropower plants.
Thanks to consistent investment in the expansion of photovoltaic capacity, the volume of electricity generated by solar power installations continues to rise significantly. The wind farms in Italy and Germany, on the other hand, recorded a slight decline owing to weather conditions. Teverola combined cycle gas turbine plant in Italy was only available to a limited extent owing to a prolonged outage and therefore generated significantly electricity less than in previous years.
In 2025 too, the majority of the power generated by Repower came from hydropower assets (56 per cent). The share of nuclear energy in the overall generation mix increased, with Repower increasing its stake in ENAG (Energiefinanzierungs AG) on 1 January 2025. ENAG secures energy from EDF (Electricité de France), thereby making an important contribution to security of supply in Switzerland.
Modernising Graubünden hydropower
In the 2024 financial year, Repower invested a total of CHF 142 million. In view of the increasing demand for electricity, expanding and maintaining renewable energy generation capacity is an integral part of the company’s strategy. Repower is modernising Graubünden’s hydropower capacity with substantial investments. In 2025, for example, the complete renovation of Silvaplana power plant was started. The renovations of the Campocologno and Papierfabrik (paper factory) plants and the partial renovation of Klosters have already been completed. The comprehensive modernisation of the Miralago water intake, which will primarily benefit fish in the Poschiavino and Lake Poschiavo, is under way. In September, Madrisa Solar in the Prättigau began feeding electricity into the grid in after a successful partial commissioning – the first alpine solar power installation in Switzerland.
With the increasing integration of photovoltaic systems, electric vehicles and heat pumps, as well as the ongoing expansion of digital power grids (smart grids), the need for investment in distribution networks is growing. In 2025, investments in the Graubünden distribution grid amounted to around 39 million Swiss francs. The largest investments were in the rollout of smart meters and in the modernisation and expansion of various substations.
High level of regional value creation
Not least owing to a high level of investment activity, Repower created considerable value in the region in 2025. Last year, contract worth over 30 million Swiss francs were awarded to companies in Graubünden. A total of 28.5 million Swiss francs flowed directly to municipalities and the canton in the form of water rates, other concession fees and taxes. At the end of 2025, Repower employed a total of 747 people, 466 of them in Graubünden. Employees working in Graubünden together earned CHF 53.5 million in 2025.
Very good results from trading
The trading department in Poschiavo achieved very good results in 2025 thanks to its accurate assessment of market developments. In addition to successful management of spreads between different markets, the short-term optimisation of the generation portfolio in a volatile market environment also made a significant contribution to the good result. Given the below-average water volumes, numerous hours with very low or even negative prices as a result of the strong expansion of solar capacity, and geopolitical swings, the market environment proved to be challenging. Repower expects markets to remain highly volatile in the future and is relying on disciplined risk management and market analysis to exploit opportunities in this environment.
Expansion of photovoltaic assets in Italy
The strategy for expanding renewables in Italy is on track. Repower Renewable started construction of three ground-mounted photovoltaic plants. These include the 67 MW agrivoltaic solar farm near Ciminna in Sicily, which will be connected to the grid in 2026.
The sales business in Italy remains consistently focused on growth. A campaign to expand the sales organisation and the key account business was launched. In total, Repower Italia supplied its end customers with around 4,285 GWh of electricity and just under 328 million cubic metres of gas in the past year. Repower supplied a total of 340 GWh of electricity to Swiss free-market customers.
Sustainability
The Repower Group has been reporting on its sustainability activities in accordance with GRI standards since 2021. Since 2024, selected metrics have also been subject to external auditing. Among other things, the sustainability report shows where the Repower Group stands in terms of achieving its climate targets and what specific measures it is taking to pursue them.
Dividend
The board of directors moves that the annual general meeting on 13 May 2026 approve a dividend of CHF 5.00 per share and a special divided of CHF 0.50.
Outlook
Thanks to its strong business performance, Repower is on a solid financial footing. This strength gives it the necessary leeway to tackle the challenges ahead consistently and with an eye to the future. In the next few years the company will continue to make targeted investments in expanding and modernising its generation assets and grid infrastructure. This will enable Repower to strengthen its long-term competitiveness and make a significant contribution to a sustainable, future-proof energy supply. The company expects a good result for 2026.