I took the dip yesterday

What a wild year so far, one record after another, so it's time for an update and a rough overview of the portfolio.

First of all, some rough facts:

- just under a year ago I was able to report a portfolio balance of 600k euros, now it's already just under 700k ... that's crazy

- I currently have total gains of over 300k (current performance, dividends, sales)

- my total historical gross dividend will crack the 100k mark this year

The portfolio balance is of course only a snapshot and I am therefore particularly pleased about the dividend development. At the end of this year it will be well over 20k. So far, so good ... what do the details say?

Changes in the portfolio:

Ok, what has happened in the portfolio since the beginning of the year?

I have sorted out some low performers, including $MMM (+0,49%)
$COK (-3,97%)
$LAND (+0,09%)

My $INTC (-4,71%) I also sold my position completely in 3 steps, after the last purchases around 20$ this is currently too much euphoria and above all a crazy valuation. $ROP (+0,05%) I have reduced my position a little, which is only possible after a holding period of 4 years, simply to spread it a little more widely. I will also do that from time to time.

The money freed up by the sales has not yet been completely reinvested, but the majority of it has. With $EIX (-0,67%) and $BKW (+0%) I have built up a separate energy share and that $DTE (+1,69%) is now also in the portfolio - I'm in. My $XDJP (-1,58%) ETF is doing splendidly and my $XD5E (-0,79%)
$VFEM (-1,58%) and $VAPX (-1,5%) ETFs are doing well and will be expanded further. Otherwise, a lot has flowed into existing candidates (e.g. $ABBV (+0,18%) or $PG) (+5,67%)many US stocks have been increased and $BRK.B (+1,23%) bought a little more. The CHF portfolio was increased by $ZURN (+0,6%) , $SLHN (+0,2%) , $VZN (+0,34%) and the $PGHN (-0,09%) and $BCHN (+0,1%) I have increased my purchases.

Oh and yes, the chip shop $NOVO B (+0,82%) still seems to be alive :-)

My savings plans are continuing as usual, regardless of the current mood. The aim remains to build up a decent passive income with dividends in the long term.

I would say it's going well 🤓

Key figure
2025
2024
Δ

Revenue $19.3 bn $17.6 bn +10%

Operating cash flow $5.8 bn $5.0 bn +16%

Capex $6.5 bn $5.7 bn +14%

Free cash flow -$0.7 bn -$0.7 bn Negative

Long-term debt $38.0 bn $35.6 bn +7%

Core EPS

• 2025: $6.55 (guidance was $6.20-$6.50)
• 2026 guidance: $5.90-$6.20 (-5% to -10%)
• 2027 Guidance: $6.25-$6.65 (+6% to +7%)
• 2028-2030: 5-7% CAGR

Why is 2026 EPS falling?

• CFO Rigatti: "Core EPS is historically not linear."
• High one-off regulatory effects in 2025
• Eaton Fire costs will have a greater impact in 2026
• Higher interest burden due to increased debt

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🔥Wildfire update

Woolsey Fire (2018) - UPDATED

• Q4 2025 Settlement: $1.6bn claim costs + $35m legal
• Status: Approved for reimbursement → positive earnings impact in Q4
• Securitization: $2 bn securitization applied for, completion mid-2026

TKM Settlement (2017/2018) - APPROVED

• 2025 Costs: $1.3 bn claims + $55 m legal
• Status: Approved for reimbursement → net positive

Eaton Fire (January 2025) - THE RISK

• Q4 2025 Costs: Only $15 million booked!
• Claims filed: 2,345 (6,778 people affected)
• Eligible properties: 18,000!
• Payments to date: 71 claims, $15m paid out
• Status: Criminal investigation ongoing
• Problem: Total liability completely unclear

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Dividend - Safe & Attractive

• Quarterly dividend: $0.8775/share
• Annual: $3.51/share
• Yield: ~5% (at $70)
• Paid for 110+ years without interruption

CEO promise: 5% dividend + 5-7% EPS growth = 11-13% total returns

$EIX (-0,67%)

I have now also managed to update my good old tables and complete the year 2025. Small depot turbo at the end of the year and the first week 26 was already great again.

I would say that everything is still going in the right direction. What is striking is that dividends now make up a really big slice of the cake. My US dividends have overtaken the CHF dividends. In a total of 26 years on the stock market, around €100k gross has been added in dividends alone 🤓

I already stopped my savings plan at the end of 25 $SPY (-0,49%) and for the time being am only saving in selected US individual stocks and the $VHYL (-0,02%) . Currently running

$V (+0,61%)
$UPS (+0,08%)
$EIX (-0,67%)
$AXP (+0,3%)
$CMCSA (+1,84%)

in savings plans. Individual purchases depending on the situation, currently e.g.

$KHC (+1,34%)
$GIS (+2,16%)
$PG (+5,67%)
$MO (+1,58%)
$VZ (+2,14%)

New in the Swiss portfolio is $BCHN (+0,1%)
$VZN (+0,34%) and $SIKA (+0,13%) in it. $NESN (+2%) I will probably buy more in the short term.

The euro portfolio currently remains as it is, the euros are invested in ETFs.

$XD5E (-0,79%)
$VAPX (-1,5%)
$VFEM (-1,58%)

I will try to increase my cash holdings again. The target for 26 has also been set, to increase total assets to 820Tsd. That would be another +16%, which is exactly my average for the last 21 years.

So here's to another one, keep going!

I wouldn't say it's a bargain, but it's quietly and steadily increasing, so add what you can. Edison seems to have cleared up some regulatory issues, which could help the share price considerably and they pay a good, predictable dividend. And Carrier Global has just increased its dividend.

Also in the portfolio:

4 x $PG (+5,67%)

10 x $EIX (-0,67%)

10x $CARR (-1,38%)

5.14 x $MO (+1,58%)

That could almost be it for the year. Unless there are any surprises, things are looking more than good for 2025. My financial plan for over 55 is well on track, 5 more years of full-throttle investing and then the math will be done 🤓

Solid company at the most favorable P/E ratio, so I had to buy ex-dividend today.