Electrical Installation Switzerland: 5–7.5× EBITDA, 4,940 Firms (2026)

1.0Market Snapshot

4,940: Electrical installation enterprises (NOGA 43.21) in 2024, up from 4,721 in 2023 and 4,284 in 2011 (BFS STATENT). EIT.swiss, the industry association, counts 5,638 enterprises in the wider electrical sector, 76% of them micro-enterprises with fewer than 10 full-time equivalents.
55,988: People employed in electrical installation in 2024, equal to 51,862 full-time equivalents; 11.2% are women (BFS STATENT). Employment has risen 27% since 2011 (44,100). Around 10,000 apprentices are trained in the sector each year (EIT.swiss).
+3.4%: Employment growth 2023–2024 (54,134 to 55,988; BFS STATENT); the number of enterprises grew 4.6%. Both are well above the long-run average of about +2% a year since 2011.

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 4,940 electrical installation companies — Electrical installation enterprises (NOGA 43.21) in 2024, up from 4,721 in 2023 and 4,284 in 2011 (BFS STATENT). EIT.swiss, the industry association, counts 5,638 enterprises in the wider electrical sector, 76% of them micro-enterprises with fewer than 10 full-time equivalents..

2.0Industry Overview

Market Scope

Electrical installation is one of the few Swiss trades that is still adding firms and jobs quickly. BFS STATENT counted 4,940 electrical installation enterprises in 2024, 4.6% more than a year earlier, employing 55,988 people — 27% more than in 2011. The sector is made up mostly of small businesses: EIT.swiss, the industry association (formerly VSEI), counts 5,638 enterprises in the wider electrical sector, 76% of them with fewer than 10 full-time equivalents and only seven with 250 or more. Every installation must be carried out or supervised by holders of an installation permit under the Low-Voltage Installation Ordinance (NIV), which keeps the trade in the hands of qualified firms.

3.0Industry Health Check (SWOT)

Key opportunityBattery storage, heat pumps and charging stations

Internal factors

Strengths4

Regulated trade: installation permits under the NIV restrict work to qualified firms

Weaknesses4

Fragmentation: 76% of electrical enterprises have fewer than 10 full-time equivalents (EIT.swiss)

External factors

Opportunities4

Battery storage, heat pumps and charging stations: storage sales rose 70% in 2025 (Swissolar)

Threats4

Slower solar market — new PV capacity fell 26% in 2025 as feed-in tariffs dropped

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

More firms and more jobs every year

27%

STATENT counted 4,940 electrical installation enterprises in 2024, up from 4,721 in 2023 and 4,284 in 2011, and 55,988 employees, up 27% since 2011. Firm size has stayed stable at around 10.5 full-time equivalents per enterprise. EIT.swiss's data show that the share of micro-enterprises rose to 76% in 2024, as new small firms were founded faster than larger ones grew.

The solar boom cools, storage takes over

13.7%

Swissolar's statistics show new photovoltaic capacity fell from 1,800 MW in 2024 to 1,333 MW in 2025, after feed-in tariffs dropped following the 2022 price spike. Switzerland now has 338,270 systems with 9,499 MW, covering 13.7% of domestic consumption. Battery storage moved the other way: sales rose 70% to 490 MWh, and 1.38 GWh is installed in about 93,500 systems. CKW reported that its building technology segment stayed profitable despite the difficult solar market.

Burkhalter keeps buying

1.8%

Burkhalter Group grew 2025 revenue by 1.8% to CHF 1,207.6 million, EBIT by 6.0% to CHF 73.8 million and net profit by 7.3% to CHF 61.3 million. It bought Mathieu Ingenieure (Visp) and Gattiker Elektro (Uster) in 2025, then six companies by September 2026 — BZ-Dépannage, Enplan, Elektro Gasser, Caotec, Progressio with anplaq, and AZ systems. At mid-2026 it counted around 5,400 employees in 83 group companies at 169 locations.

Utilities as installers

CHF 1.98 b

Swiss energy utilities own some of the largest installation businesses. BKW's Infrastructure & Buildings segment had stable revenue of CHF 1.98 billion in 2025 and raised EBIT 40.6% to CHF 80.0 million. CKW, part of Axpo, reported improved margins in electrical installation in 2024/25. Equans Switzerland AG — until 1 July 2024 Bouygues E&S InTec Schweiz AG — combines the Swiss businesses of Bouygues Energies & Services and Equans.

Training carries the sector

62%

Around 10,000 apprentices are employed in the electrical sector each year. In 2025, 6,375 trained as electrical installers (62%) and 2,964 as assembly electricians (29%); about 2,500 complete their training each year, 1,490 of them as electrical installers in 2025 (EIT.swiss). The pipeline is large, but demand from energy-related work keeps qualified electricians scarce.

5.0Cost Structure Benchmark

40%

36%

Wages and salaries40%
Materials, goods and third-party services36%
Social insurance and other personnel costs8%
Other operating costs and depreciation9%
Net profit7%

Measured, not estimated: EIT.swiss financial survey for 2024 (112 firms with 3,990 employees), in % of net revenue. Social insurance (6%) and other personnel costs (2%) are combined. Other operating costs (9%) and depreciation (1%) are shown together as 9% because the published, individually rounded shares add up to 101%. The same survey shows an equity ratio of 47.7%.

6.0Top Electrical Installation Companies in Switzerland

Name	Location	Key Facts
Burkhalter GroupCHE-101.267.612	Zürich ZH	Burkhalter Holding AG, Zurich: the largest listed specialist for electrical and building technology services, SIX-listed. 2025 revenue CHF 1,207.6 million (+1.8%), EBIT CHF 73.8 million, net profit CHF 61.3 million; H1 2026 revenue CHF 587.3 million. About 5,400 employees in 83 group companies at 169 locations; acquired six companies in 2026, including Elektro Gasser AG (Lalden VS).
Equans SwitzerlandCHE-105.839.074	Zürich ZH	Equans Switzerland AG, Zurich: the Swiss company of the French Bouygues group for electrical, HVAC and building technology. Named Bouygues E&S InTec Schweiz AG until 1 July 2024, when the Swiss businesses of Bouygues Energies & Services and Equans were combined under the Equans name.
BKW Building SolutionsCHE-283.484.659	Ostermundigen BE	BKW Building Solutions AG, Ostermundigen: the building technology arm of the energy group BKW. BKW's Infrastructure & Buildings segment had revenue of CHF 1.98 billion in 2025 (stable) and an EBIT of CHF 80.0 million (+40.6%).
CKWCHE-105.941.235	Luzern LU	CKW AG, Lucerne: Central Swiss energy company owned by Axpo, with a building technology segment covering electrical installation, solar and charging stations. Group output CHF 1.2 billion in 2024/25 (+8%); the building technology segment improved its margins in electrical installation.
Hefti. Hess. Martignoni.CHE-114.807.050	Zug ZG	Hefti. Hess. Martignoni. AG, Zug: electrical engineering and building technology planning group, with further group companies registered in Aarau.

Burkhalter Group

CHE-101.267.612

Zürich ZH

Burkhalter Holding AG, Zurich: the largest listed specialist for electrical and building technology services, SIX-listed. 2025 revenue CHF 1,207.6 million (+1.8%), EBIT CHF 73.8 million, net profit CHF 61.3 million; H1 2026 revenue CHF 587.3 million. About 5,400 employees in 83 group companies at 169 locations; acquired six companies in 2026, including Elektro Gasser AG (Lalden VS).

Equans Switzerland

CHE-105.839.074

Zürich ZH

Equans Switzerland AG, Zurich: the Swiss company of the French Bouygues group for electrical, HVAC and building technology. Named Bouygues E&S InTec Schweiz AG until 1 July 2024, when the Swiss businesses of Bouygues Energies & Services and Equans were combined under the Equans name.

BKW Building Solutions

CHE-283.484.659

Ostermundigen BE

BKW Building Solutions AG, Ostermundigen: the building technology arm of the energy group BKW. BKW's Infrastructure & Buildings segment had revenue of CHF 1.98 billion in 2025 (stable) and an EBIT of CHF 80.0 million (+40.6%).

CKW

CHE-105.941.235

Luzern LU

CKW AG, Lucerne: Central Swiss energy company owned by Axpo, with a building technology segment covering electrical installation, solar and charging stations. Group output CHF 1.2 billion in 2024/25 (+8%); the building technology segment improved its margins in electrical installation.

Hefti. Hess. Martignoni.

CHE-114.807.050

Zug ZG

Hefti. Hess. Martignoni. AG, Zug: electrical engineering and building technology planning group, with further group companies registered in Aarau.

7.0Succession & M&A Context

Thousands of small owner-run firms, one active listed buyer

76%: of electrical enterprises have fewer than 10 full-time equivalents (EIT.swiss, 2024)
47.7%: equity ratio in the EIT.swiss financial survey 2024
8: companies bought by Burkhalter Group between April 2025 and September 2026
5.0–7.5×: EBITDA deal multiples for electrical installers (ValIndex multiples table)

76% of electrical enterprises have fewer than 10 full-time equivalents and 21% have 10 to 49 (EIT.swiss). Most are owner-run, and the owner often holds the installation permit the business needs to operate — so succession means finding a qualified successor, not just a buyer for the shares. The main external buyer is Burkhalter Group, whose model is to buy regional electrical firms, keep their names and teams and share central services; its 2025–2026 purchases include Gattiker Elektro in Uster and Elektro Gasser in Lalden. Utilities and Equans buy selectively to add capacity in their regions. Balance sheets are strong — the EIT.swiss survey shows an equity ratio of 47.7% — and profitability solid at 7% net profit, which supports financing for management buy-outs. ValIndex's multiples table puts electrical installation transactions at 5.0–7.5× EBITDA and statutory valuations at 3.5–5.5× EBITDA.

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8.0Regional Clusters

Zurich

829 enterprises with 12,106 employees (BFS STATENT 2024) — 16.8% of all firms and the largest average size (14.6 employees per firm). Burkhalter and Equans are headquartered here.

Espace Mittelland

BEFRSONEJU

948 enterprises with 11,750 employees, led by Bern (508 firms, 6,782 employees). BKW Building Solutions (Ostermundigen) and Groupe E's installation business (Matran FR) are based here.

Lake Geneva and Valais

VDGEVS

1,003 enterprises with 9,797 employees — Vaud 462, Geneva 281, Valais 260. Firms are smaller than average (9.8 employees). Burkhalter bought Elektro Gasser in Lalden (VS) and Mathieu Ingenieure in Visp.

Eastern Switzerland

SGTGGRARAIGLSH

698 enterprises with 7,023 employees, led by St. Gallen (285 firms, 3,364 employees).

Northwestern Switzerland

AGBLBS

630 enterprises with 6,891 employees — Aargau 401, Basel-Landschaft 164, Basel-Stadt 65. Hefti. Hess. Martignoni. has group companies in Aarau.

Central Switzerland and Ticino

LUZGSZNWOWURTI

Central Switzerland has 512 enterprises with 6,082 employees, where CKW (Lucerne) is the largest installer. Ticino has 320 enterprises with 2,339 employees — 7.3 per firm, the smallest average size in the country.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 432100 Elektroinstallation)EIT.swiss — Faktenblatt «Die Elektrobranche in Zahlen» (BFS data 2024, apprentices 2025, financial survey 2024)Burkhalter Group — full-year 2025 results (ad hoc, 13 April 2026)Burkhalter Group — half-year 2026 results (7 September 2026): 5,400 employees, 83 companies, 2026 acquisitions BKW — 2025 annual results (11 March 2026): Infrastructure & Buildings revenue CHF 1.98bn, EBIT CHF 80.0m CKW — annual results 2024/25 (11 December 2025)ee-news — Bouygues E&S InTec Schweiz AG renamed Equans Switzerland AG from 1 July 2024 (28 June 2024)pv magazine — Swissolar «Statistik Sonnenenergie 2025»: PV additions 1,333 MW, storage +70% (10 July 2026)Zefix — Swiss Central Business Name Index (register entries of all key players)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-09|9 sources cited

Corrections

Figures and statements from the February 2026 edition that this edition withdraws or corrects, and why.

"CHF ~8.5B market" withdrawn: no official statistic measures the sector's revenue.
"~5,500 licensed electrical installation firms" corrected: BFS STATENT counts 4,940 electrical installation enterprises for 2024; EIT.swiss counts 5,638 in the wider electrical sector.
"~48,000 employees" corrected: 55,988 in 2024 (BFS STATENT).
Growth "+5.8%", capacity utilisation "93%", export ratio "~5%" and "~2,000 unfilled positions annually" withdrawn: no published source. Growth is now employment growth from STATENT (+3.4%).
"VSEI represents approximately 2,500 member firms" withdrawn: the association is now EIT.swiss, and its fact sheet does not publish a member count.
"30–40% of VSEI member firms facing succession within 10 years" withdrawn: no source.
Cost structure replaced by the EIT.swiss financial survey 2024 (previously indicative: personnel 42%, materials 30%, EBITDA 8%).
Key players revised: Alpiq InTec no longer exists as a separate company — its successor Bouygues E&S InTec Schweiz AG was renamed Equans Switzerland AG on 1 July 2024. Elektro Gasser AG is registered in Lalden (VS), not Central Switzerland, and was acquired by Burkhalter in January 2026. Elektro Compagnoni AG is registered in Zurich, not Chur; Hefti. Hess. Martignoni. in Zug and Aarau, not Zurich. Flückiger Électricité could not be verified in the register and was removed.

9.0Frequently Asked Questions

▶How much is an electrical installation company worth in Switzerland?

ValIndex's multiples table puts Swiss electrical installers at 5.0–7.5× EBITDA in transactions and 3.5–5.5× EBITDA on statutory valuations. The sector is more profitable than most trades — EIT.swiss's 2024 survey shows a 7% net profit and a 47.7% equity ratio. Firms with service and maintenance contracts, building automation and a team that does not depend on the owner sit at the top of the range; small firms dependent on new-build projects and the owner's installation permit at the bottom.

▶What factors determine the value of an electrical installer?

Buyers look at: (1) the installation permit — who holds it and whether it stays after the owner leaves; (2) the share of recurring service, maintenance and renovation work; (3) the team, as qualified electricians are scarce; (4) exposure to solar, storage, heat pumps and charging stations; (5) customer concentration, especially dependence on a few general contractors. A strong balance sheet (the sector averages a 47.7% equity ratio) supports value.

▶How many electrical installation companies are there in Switzerland?

BFS STATENT counted 4,940 electrical installation enterprises (NOGA 43.21) in 2024, with 55,988 employees. EIT.swiss counts 5,638 enterprises in the wider electrical sector, of which 76% have fewer than 10 full-time equivalents, 21% have 10 to 49, 3% have 50 to 249 and seven have 250 or more. Zurich has the most firms (829), followed by Bern (508) and Vaud (462).

▶How does succession work for Swiss electrical installers?

Most electrical firms are small and owner-run, and the owner often holds the installation permit. Succession therefore needs a qualified successor — often an employee with the master's certificate — or a buyer who brings one. Burkhalter Group is the most active buyer: it acquired Gattiker Elektro (Uster) in 2025 and Elektro Gasser (Lalden) in 2026, among eight purchases since April 2025. Utilities such as BKW and CKW also buy regional firms.

▶What are the key trends in Swiss electrical installation?

Five trends: (1) the number of enterprises (+4.6%) and employees (+3.4%) keeps rising (STATENT 2024); (2) new solar capacity fell 26% in 2025 to 1,333 MW, while battery storage sales rose 70% (Swissolar); (3) Burkhalter bought eight companies between April 2025 and September 2026; (4) utilities run large installation businesses — BKW's Infrastructure & Buildings segment raised EBIT 40.6% in 2025; (5) around 10,000 apprentices a year keep the training pipeline full.

▶What are the main risks when buying an electrical installation company?

The main risks are: (1) key-person risk — the owner often holds the installation permit and the customer relationships; (2) a slower solar market and lower feed-in tariffs; (3) scarce qualified electricians; (4) competition from utilities with integrated energy offers; (5) dependence on new-build projects and general contractors. Due diligence should check the permit holder, the share of recurring work, order books and the age structure of the team.

▶What is the typical cost structure of a Swiss electrical installer?

In EIT.swiss's 2024 survey of 112 firms, wages and salaries take 40% of net revenue, materials, goods and third-party services 36%, social insurance and other personnel costs 8%, other operating costs and depreciation about 10%, and net profit 7%. The equity ratio is 47.7%. These are measured averages, not estimates; firms with more service work have a higher personnel share and higher margins.

▶Where are the main electrical installation clusters in Switzerland?

Zurich is the largest cluster with 829 enterprises and 12,106 employees (STATENT 2024). The Espace Mittelland (Bern, Fribourg, Solothurn, Neuchâtel, Jura) has 948 enterprises and 11,750 employees, and the Lake Geneva region with Valais 1,003 smaller firms and 9,797 employees. Eastern Switzerland has 698 enterprises, Northwestern Switzerland 630, Central Switzerland 512 and Ticino 320.

Electrical Installation

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