Letter to shareholders

As the largest energy company in Graubünden, Repower has a special responsibility not only to its shareholders, but also to the canton and its municipalities. The company is committed to ensuring a secure supply of power, maintaining and expanding renewable electricity generation capacity, and securing jobs in the valleys of Graubünden. In 2025, we invested a total of CHF 142 million, largely in power generation and grid assets in the canton. The regional added value that Repower generated as a result is impressive.

A few figures illustrate this: Orders worth over CHF 30 million were placed with companies in Graubünden. CHF 28.5 million 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 in Switzerland and Italy, 466 of whom in Graubünden alone (click here for employee statistics). Employees working in the canton earned a combined income of CHF 53.5 million in 2025.

With the upcoming reversion of water rights in Graubünden, in the next few years the canton and municipalities will have a unique opportunity to further strengthen Repower as a Graubünden institution and employer.

The very good financial results achieved once again in the 2025 financial year underpin the company’s solid capitalisation and operational resilience. This will enable Repower to continue pursuing its strategy consistently and invest in a secure, 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 (click here for the Comments on the financial results).

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 on average (click here for grid statistics).

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.

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 in Graubünden.

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 less electricity than in previous years.

In 2025 too, the majority of the power generated by Repower came from hydropower assets in Graubünden (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 (click here for power generation statistics).

Repower is modernising Graubünden’s hydropower capacity with substantial investments. In 2025, for example, the complete renovation of Silvaplana power plant was started. The renovation of the Campocologno and Paper Factory power plants, as well as the partial renovation of the Klosters power plant has 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 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 CHF 39 million. The largest investments were in the rollout of smart meters and in the modernisation and expansion of various substations.

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.

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 327 million cubic metres of gas in the past year. Repower supplied a total of 340 GWh of electricity to Swiss free-market customers.

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 (click here for the sustainability report).

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 dividend 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 its 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 good result for 2026.

Thank you

A pleasing result is always the work of many. We would therefore like to express our special thanks to all our employees, who have contributed to Repower’s success with their expertise, commitment and reliability. We would also like to thank our customers, suppliers and partners, our shareholders, and the representatives of local, cantonal and federal authorities for their trust, support and constructive cooperation. Your contribution is essential to ensuring that Repower can continue to play a responsible and dependable role in the future of energy.

Barbara Janom Steiner

Chair of the board of directors

Roland Leuenberger

CEO