Berliner Wasserbetriebe (BWB) took up EUR 390.0 million of new long-term loans in 2025. Its bank borrowings rose by EUR 334.3 million in that single year, to EUR 3,874.1 million at the end of 2025. That is 2.9 times the utility's 2025 revenue of EUR 1,343.4 million.
Costs rising faster than sales
Between 2020 and 2025, BWB's revenue rose 13.7% while its drinking-water charge stayed at EUR 1.694/m³. Over the same five years, personnel costs rose 22.5% and materials 36.9%. EBIT fell from EUR 348.0 million in 2022 to EUR 260.2 million in 2024. In 2025 a goodwill write-down pushed it to EUR -58.7 million, against EUR 241.3 million in the business plan.
A plan that assumed higher charges
The business plan in BWB's 2025 annual report assumed a moderate rise in 2027: EUR 0.016/m³ more for drinking water and EUR 0.093/m³ more for wastewater, with no further profit waiver by the state. On 29 September 2026, the outgoing Senate instead waived EUR 143.9 million of BWB's 2027 profit. Its announcement did not say whether charges will change.
Investment keeps climbing
The same plan lifts investment to EUR 691.3 million in 2027, up from EUR 589.0 million in 2025, and BWB expects self-financed investment of about EUR 800 million a year by 2030. BWB plans EUR 1.5 billion for its treatment plants alone, and an ozonation stage for trace substances is already under construction at Schönerlinde. Total liabilities reached EUR 5,235.1 million at the end of 2025, up 14.8% since 2020.
What the full report answers
The report shows how BWB's equity, liabilities and investment have moved since 2020. It also sets out which treatment and waterworks projects depend on the financing path, and which figures in BWB's 2026 results will show whether the balance is shifting.
The full report, Berlin Water Intelligence Report, is available for USD 799 at https://ourfuturewaterintelligence.com/reports/berlin-water-intelligence-report. For a free overview, see https://ourfuturewaterintelligence.com/cities/berlin.