BKW shares fell nearly 11% after the Swiss energy group announced a 110 million Swiss franc impairment charge. The write-down stems from its stake in the Wilhelmshaven coal-fired power plant in Germany. BKW cited changed market conditions and regulatory pressures for the charge, which directly impacts its 2025 profit outlook.

The impairment forces BKW to lower its 2025 operating profit forecast. The company now expects EBIT of 540-560 million francs, down from a projected 650-670 million francs without the write-down. Lower power price volatility and reduced electricity generation from the German plant are weighing on revenue, reflecting broader challenges for coal assets in Europe.

UBS analyst Tommaso Operto called the charge "not a big surprise," suggesting the market may have anticipated some adjustment. Looking ahead, BKW projects 2026 EBIT between 650-750 million francs, below the 808 million franc consensus. Investors will watch for further impairments across its portfolio as the energy transition accelerates.