Annual report2025
Annual report 2025
Headquarters
Date of incorporation
Date of incorporation
Lausanne
12 March 1968
12 March 1968
Share Capital
Fiscal Year
Fiscal Year
CHF 27 millions
1 January to 31 December 2025
1 January to 31 December 2025
KEY FIGURES
CONSOLIDATED
(in thousands of CHF)
(in thousands of CHF)
2025
2024
2023
REVENUE
885'262
1'301'575
2'178'043
DEPRECIATION AND AMORTIZATION
9'220
9'213
9'640
CASH FLOW FROM OPERATIONS
21'615
28'628
47'536
TOTAL ASSETS
431'471
527'065
659'351
NET FIXED ASSETS
165'302
193'709
199'743
NET DEBT
79'592
119'635
151'549
EQUITY
157'895
169'935
185'498
ENERGY IN GWh*
10'518
10'572
10'580
CAPACITY IN MW
3'498
3'299
3'593
*Deliveries transported via the Gaznat network
Note: 1 GWh = 1 million kWh = approximately 90,000 m³ of natural gas.
Note: 1 GWh = 1 million kWh = approximately 90,000 m³ of natural gas.
SHAREHOLDERS
as of 31 December 2025
Geneva Industrial Services
37,51%
Groupe E Celsius sa, Fribourg
2,79%
CITY OF LAUSANNE
26,89%
CITY OF YVERDON-LES-BAINS
2,25%
HoldiNOVA SA, Vevey
15,56%
VOé chaleur SA, Orbe
0,86%
Gazoduc SA, Sion
9,67%
MUNICIPALITY OF SAINTE-CROIX
0,66%
Viteos SA, Neuchâtel
3,81%
human
resources
Vevey
Aigle
average tenure
employees
NUMBER OF MEN
NUMBER OF women
11,5
65
54
11
NETWORK
Quantities Transported
10'518 GWh
Peak power
Number of incidents in 2025
3'498 MW
0
trading
Gas volumes sold in 2025
9’124 GWh
Percentage of Swiss natural gas consumption
29,3%
Gaznat AT A GLANCE
Gaznat AT A GLANCE
INVESTMENTS
MORE THAN 50% OF SHARE CAPITAL
FINGAZ SA, FINANCIÈRE
INTERNATIONALE DU GAZ
INTERNATIONALE DU GAZ
66%
GAZ Financing of gas storage
and transmission facilities between
Switzerland and France.
Other shareholder: ENGIE
and transmission facilities between
Switzerland and France.
Other shareholder: ENGIE
PETROSVIBRI SA
66%
Exploration and production of
hydrocarbon deposits in Switzerland.
Other shareholder: Holdinova
hydrocarbon deposits in Switzerland.
Other shareholder: Holdinova
UNIGAZ SA, INTERREGIONAL UNION
FOR THE TRANSPORT OF
NATURAL AND RENEWABLE GAS
FOR THE TRANSPORT OF
NATURAL AND RENEWABLE GAS
60%
Design, construction, and operation of natural gas transmission pipelines serving the Swiss Plateau and Western Switzerland.
Other shareholder: GVM
Other shareholder: GVM
LESS THAN 50% OF THE SHARE CAPITAL
GAS&COM SA
33,3%
Construction and operation of telecommunications facilities in Switzerland and abroad.
Other shareholders: Ganeos, GVM
Other shareholders: Ganeos, GVM
GAZMOBILE SA
29,5%
Promotion of natural gas as a fuel in switzerland.
Other major shareholders: Ganeos, GVM, EGZ, AIL
Other major shareholders: Ganeos, GVM, EGZ, AIL
SWISSGAS SA
25,98%
Operation of a high-pressure pipeline network and management of gas transmission.
Other shareholders: Ganeos, GVM, EGZ, ASIG
Other shareholders: Ganeos, GVM, EGZ, ASIG
SWISS GAS INVEST SA
15,79%
Acquisition, ownership, management, and disposal of equity interests in all companies active in the natural gas sector.
Other major shareholders: Holdinova, Ganeos, Swissgas, GAS&COM, Groupe E
Other major shareholders: Holdinova, Ganeos, Swissgas, GAS&COM, Groupe E
Governance
GOVERNANCE
01
EDITORIAL
eDITORIAL
02
ORGANIzATION
ORGANIzATION
03
energy policy
Energy policy
04
renewable gas
renewable gas
05
research & INNOVATION
research & INNOVATION
06
2025 results
2025 results
07
Investments
Investments
08
Our energy, your future.