Jungfrau Railway Group achieves CHF 34.5 million profit in the first half of the year

30 August 2024
 

Ad hoc announcement pursuant to Art. 53 LR

Jungfrau Railway Group achieves CHF 34.5 million profit in the first half of the year

In an ad hoc announcement pursuant to Art. 53 of the Listing Rules, Jungfraubahn Holding AG reports that the Jungfrau Railway Group can look back on a successful first half-year. With operating income of CHF 141.8 million, the half-yearly profit totalled CHF 34.5 million, with both the Jungfraujoch and the Experience Mountains continuing to enjoy great popularity among guests.

In the first half of 2024, the Jungfrau Railway Group achieved a good result despite the often difficult weather conditions. Numerous guests were welcomed both on the Jungfraujoch and on the Harder, First and Winteregg Experience Mountains. Transport income totalled CHF 99.1 million, up 5.1% on the same period of the previous year. It must be considered that more international guests used the ‘Swiss half fare card’, which diminished transport income.

The company achieved an EBITDA of CHF 62.0 million on operating income of CHF 141.8 million. With a half-yearly profit of CHF 34.5 million in the first half of 2024, the Jungfrau Railway Group is only just below the record profit of the first half of 2023. The rising number of guests led to the creation of additional jobs and higher wage costs at the Jungfrau Railway Group, and this, together with the higher operating expenses, slightly reduced profit. 

Rising frequencies at Jungfraujoch – Top of Europe

At Jungfraujoch – Top of Europe, guest numbers continued to develop positively and were 9.8% higher than in the same period of the previous year. Compared to the record year 2019, though, there is still a shortfall of 2.2%. While visitor numbers from the USA and India continue to grow, those from China and Japan are lagging behind expectations.

Net transport income in the Jungfraujoch – Top of Europe segment amounted to CHF 56.9 million, which corresponds to a year-on-year increase of 2.2%.

More guests on the Experience Mountains – a successful winter season

The growth of the Experience Mountains continues. The Jungfrau Railway Group achieved net transport income of CHF 17.7 million, which corresponds to an increase of 35.4% year on year and almost double the figure for 2019. The number of guests on the First gondola and Harder funicular exceeded the figures for the same period in the previous year in every month. The First gondola recorded an 11.5% increase in guests and the Harder funicular 11.7%, doing so despite the fact that spring and early summer were wetter and colder than average. The Lauterbrunnen-Mürren mountain rail and cableway recorded 16,837 more guests, which corresponds to an increase of 8.5%.

In winter sports, exactly the same number of skier visits were recorded in the reporting period in the first half of 2024 as in the same period of the previous year. The Jungfrau Railway Group's proportionate net transport income from winter sports fell slightly by 4.1%, which was partly due to the promotions in Switzerland and partly to season ticket holders using their ski passes more frequently. Added to this were the uncertain weather conditions during the winter season, with storms and frequent periods of bad weather at weekends.

Sustainability with active forest management and solar power systems

Sustainability is part of the Jungfrau Railway Group's DNA. This relates to internal measures such as energy-efficient building refurbishments and the planning of additional solar power systems. Public transport has also been further strengthened: with the Wengen Shuttle on the line between Lauterbrunnen and Wengen and the new rolling stock on the Lauterbrunnen-Mürren mountain rail- and cableway.

The Jungfrau Railway Group also supports regional sustainability projects. Thanks to the company's financial support, the Grindelwald forestry operation is able to actively manage the forest, ensuring a better mix of coniferous and deciduous forest and thus greater biodiversity, among other things. Such efforts preserve the habitat for humans and animals as well as the landscape. At the same time, the forestry operation supports local companies and promotes the use of domestic wood in sawmills and for heating purposes. An intact natural environment is of central importance for the Jungfrau Region as the basis for tourism and the economy.

Outlook

The trend of the first half of 2024 continued in the peak season months of July and August, even if the expected influence of the Olympic Games in Paris became apparent. Many Asian tour operators did not receive any quotas for Paris and therefore postponed trips to Europe until the autumn or another year.

Business performance in the second half of 2024 will continue to be overshadowed by global uncertainties that are beyond the company's control: the war in Ukraine, the renewed conflict in the Middle East and the general global economic, price and currency trends.

The Jungfrau Railway Group expects further stable development in the 2024 financial year. With the election of Oliver Hammel as the company's new CEO, the succession plan has been finalised and is set to take effect in the first half of 2025.

Link to the half-yearly report 2024:

www.jungfrau.ch/semi-annual report