Jungfraubahn Holding AG

Latest Results (10.07.2026):

Jungfraubahn Holding AG — results for the first half of 2025 (H1 2025, covering Q1–Q2 2025): the Group delivered record half‑year profitability with operating income of CHF 149.9m, transport revenues CHF 107.2m, EBITDA CHF 65.9m and a period result of CHF 37.0m (up 7.3% y/y). Earnings per share rose to CHF 6.50. Liquidity fell as free cash flow was negative (CHF –33.3m) and liquid funds declined to CHF 37.8m, while the balance sheet (total assets CHF 944.9m) and equity (CHF 731.8m, 77.5% of assets) remain strong.

Top‑line and segment performance

Transport revenues rose 8.2% to CHF 107.2m. By segment (net transport revenue H1 2025): Jungfraujoch – Top of Europe CHF 59.7m (+4.9%), Experience Mountains CHF 20.8m (+17.6%), Winter Sports CHF 26.7m (+9.2%). Visitor trends: Jungfraujoch arrivals 472,700 (+2.6%), Experience Mountains 679,000 (+8.7%), skier visits 964,300 (+3.7%). Average income per visitor at Jungfraujoch increased to CHF 187.

Profitability

EBITDA reached CHF 65.9m (+6.3% vs H1 2024) giving an EBITDA margin of ~43.9%. EBIT was CHF 46.5m after CHF 19.3m depreciation/amortization. Period result (net profit) was CHF 37.0m (+7.3%), supporting EPS of CHF 6.50 (vs CHF 6.07).

Cash flow and liquidity

Cash flow from operations was negative CHF 12.9m (compared with +CHF 44.2m a year earlier). Free cash flow was CHF –33.3m, driven by investments, an increase in fixed‑term deposits (CHF 47.0m included in current receivables) and dividend payments of CHF 43.0m. Liquid funds fell by CHF 59.96m to CHF 37.78m at 30 June 2025.

Investments and capital expenditure

Investments in property, plant and equipment were CHF 16.5m (H1 2024: CHF 26.2m); intangible investments CHF 0.9m. Large project timing (e.g., Hintisberg alpine solar) remains subject to approvals and is not expected to start before 2026.

Balance sheet and equity movements

Total assets CHF 944.9m; non‑current assets CHF 790.7m. Equity attributable to shareholders CHF 729.3m; total equity CHF 731.8m (77.5% of assets). Treasury shares reduced materially (to CHF –4.3m) following disposals; capital reserves turned positive to CHF 3.07m. Minority interests decreased to CHF 2.53m.

Corporate & strategic notes

The report notes a CEO change in mid‑June (Oliver Hammel succeeding Urs Kessler). The Group emphasizes international market diversification, a strong winter season and the launch of initiatives such as the AlpsPass (regional cooperation). Sustainability targets were newly tied to executive variable pay and local environmental projects (≈1,000 "climate trees" planted) continue.

Outlook and risks

Management signals continued momentum into summer but flags external risks (geopolitical conflicts, currency and macro uncertainty). The Swiss Economic Institute (KOF) expects modest growth in overnight stays; Jungfraubahn remains exposed to global tourism patterns but benefits from diversified source markets.