Jungfrau Railway Group reports a successful 2024 financial year

3 April 2025

Ad hoc announcement pursuant to Art. 53 LR

Jungfrau Railway Group reports a successful 2024 financial year

Jungfraubahn Holding AG announces in an ad hoc announcement pursuant to Art. 53 of the Listing Rules that it can look back on a successful financial year 2024. The railways of the Jungfrau Railway Group generated transport income of CHF 205.1 million in 2024. At CHF 76.5 million, it recorded the second-highest profit in its history. The Board of Directors will propose to the Annual General Meeting to increase the dividend to CHF 7.50 per share.

The Jungfrau Railway Group closed the 2024 financial year with transport income of CHF 205.1 million. The most important key figure was therefore 4.7% higher than in the previous year. Overall, the Jungfrau Railway Group generated operating income of CHF 294.7 million, which corresponds to an increase of 6.0% compared to 2023.

Operating expenses of CHF 160.4 million were 15.6% higher than in the previous year. Personnel costs increased by 10.5% to CHF 78.6 million compared to the previous year. Once again, the Jungfrau Railway Group was able to create 56 jobs. Operating expenses rose by CHF 14.2 million due to a sharp rise in electricity prices, sales-related higher cost of goods in the shops and catering areas and higher other operating expenses.

However, EBITDA of CHF 134.4 million was only 3.6% lower than in 2023, while EBIT amounted to CHF 95.3 million. After a positive financial result of CHF 1.2 million and taxes of CHF 20.1 million, the annual result of CHF 76.5 million was 4.0% lower than in the previous year.

Jungfraujoch – Top of Europe

For the sixth time in the history of the Jungfrau Railway, more than 1 million visitors from all over the world travelled to the Jungfraujoch – Top of Europe in 2024 with 1,058,600 guests. The year-on-year increase of 5.1% is attributable to group travel, which is almost back to pre-coronavirus pandemic levels. At the same time, there has been a further increase in guests from the USA, India and South East Asia.

The Jungfraujoch – Top of Europe segment achieved sales of CHF 192.0 million (+2.0%) and EBITDA of CHF 82.5 million (- 7.1%). Transport income in the Jungfraujoch – Top of Europe segment totalled CHF 136.7 million. Foreign individual travellers are increasingly buying the very attractively priced Swiss Half Fare Card, which entitles them to purchase tickets at half price. This has an impact on the average yield at the Jungfraujoch – Top of Europe.

Experience Mountains

The Experience Mountains once again recorded significant growth, both in terms of frequency and financially. With 878,200 ascents and descents, the Harder Funicular exceeded its record figure from 2023 by 6.4%. This also applies to the First Gondola, which recorded a total of 926,900 visitors, an increase of 10.0% compared to 2023. The Lauterbrunnen-Mürren mountain rail- and cableway (BLM) counted 507,200 guests, which corresponds to an increase of 12.2% compared to 2023. BLM, whose modernisation phase was completed with the commissioning of the new rolling stock, thus recorded the highest growth rate.

The clear positioning of the Experience Mountains, which has been built up over the years is paying off and has led to the Experience Mountains replacing Winter Sports as the second most important segment. The increase in average ticket revenues, higher sales in the rented catering outlets and another record turnover for the Soft Adventure offers on Grindelwald-First underline the remarkable development.

The Experience Mountains generated transport income of CHF 46.3 million, representing an increase of 25.3% compared to the previous year and is therefore higher than transport income in the winter sports segment for the second time after 2023. Overall, the Experience Mountains segment generated sales of CHF 56.1 million (+22.2%) and EBITDA of CHF 36.7 million (+22.2%).

Winter Sports

The snowmaking system for the "Black Rock" piste was put into operation for the 2023/2024 winter season. After a strong start to the season, demand remained at a high level for a long time. Unfortunately, the Easter holidays were disrupted by Foehn storms. This made the start to the 2024/2025 winter season all the more encouraging. The early snowfall down to low altitudes led to the best winter start in history with 218,500 skier visits by the end of 2024.

At CHF 30.1 million (+0.5%), Winter Sports generated the second-highest transport income in the history of the Jungfrau Railway Group in the calendar year. In 2024, the Winter Sports segment generated total sales of CHF 42.0 million (+1.9%) and EBITDA of CHF 4.8 million (-42.2%).

*The other segments especially include the Jungfrau Railway power station, the multi-storey car parks in Grindelwald and Lauterbrunnen as well as the activities of the Jungfraubahnen Management AG and the Top of Travel AG.

Cash flow statement and investments

The Jungfrau Railway Group achieved an operating cash flow of CHF 129.0 million.

Cash flow from investing activities totalled CHF 46.0 million. Of this, CHF 44.3 million was invested in property, plant and equipment and CHF 2.3 million in intangible assets. Free cash flow totalled CHF 83.0 million accordingly.

In summer 2024, the multi-year renovation of the adhesion railway of the Lauterbrunnen-Mürren mountain rail- and cableway (BLM) was successfully completed. CHF 9.3 million was invested in the reporting year, mainly in new rolling stock.

Wengernalpbahn AG (WAB AG) contributed CHF 2.1 million to the widening of the platforms and the joint platform roofing with integrated PV system in Grindelwald, which enables passengers to change platforms with the Bernese Oberland Railway without being exposed to the elements. In the interests of sustainability, the WAB vehicle depot in Lauterbrunnen was renovated to make it more energy-efficient and also fitted with a solar energy system. The development of the new "Top of Travel" sales platform, through which all online winter sports passes of the 2024/2025 season are already sold, was also launched.

Financial targets

The strategic financial targets of the Jungfrau Railway Group reflect the long-term and sustainable orientation of the company. The Jungfrau Railway Group will continue to strive for development and financing based on solid results. Investments are to be financed from internally generated funds. The Jungfrau Railway Group thus underlines its claim to be soundly financed and to be able to always act independently of external lenders.

Outlook

The Jungfraujoch got off to a positive start in 2025. From 1 January to 31 March 2025, 123,227 guests visited the Top of Europe, which represents a plus of 4.4% compared to the same period in the previous year (118,069 guests). In the Experience Mountains segment, the figures for the First Railway and the Lauterbrunnen-Mürren mountain railway are encouraging. The Harderbahn starts its new season on 5 April 2025.

In the current winter season 2024/2025, the early snowfall enabled continuous winter sports operations from the end of November. From the beginning of the season until 31 March 2025, there were 1,116,902 skier visits registered. This is 3.7% more than in the same period in the 2023/2024 season (1,077,384 skier visits).

Despite the strong group business in 2024, the trend towards individual travel remains unbroken. At the same time, booking behaviour is becoming increasingly digital. Jungfrau Railways is responding to these trends with its agile sales systems, specific offers and the integration of new sales channels. With Top of Travel, the Jungfrau Railway Group has a new booking platform that strengthens its market position.

Annual report and motions at the AGM

The Annual General Meeting of Jungfraubahn Holding AG will be held in Interlaken on 12 May 2025. Due to the positive development, the Board of Directors proposes the distribution of a dividend of CHF 7.50 per share (CHF 6.50 per share in the previous year). At 56%, the payout ratio is therefore at the upper end of the defined target range of 40% to 60% of consolidated profit.

The Jungfraubahn Holding AG Annual Report for the 2024 reporting year was produced as an online edition. The online annual report is published together with the sustainability report at the following link:

• Annual Report 2024: business-reports

• Link to the Agenda of the 2025 General Meeting: general meetings

• Link to ad hoc announcements: ad hoc announcements