Jungfrau Railway Group Has Successful Financial Year 2024

Jungfraubahn Holding AG announces in an ad hoc announcement pursuant to Article 53 of the Listing Rules that it can look back on a successful 2024 financial year. The Jungfrau Railway Group's railways generated traffic revenue 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 is proposing to the Annual General Meeting an increase in the dividend to CHF 7.50 per share.

The Jungfrau Railway Group closed the 2024 financial year with traffic revenue of CHF 205.1 million. This key figure was 4.7 percent higher than the previous year. Overall, the Jungfrau Railway Group achieved operating revenue of CHF 294.7 million, representing an increase of 6.0 percent compared to 2023.

Operating expenses increased by 15.6 percent year-on-year to CHF 160.4 million. Personnel costs increased by 10.5 percent year-on-year to CHF 78.6 million. The Jungfrau Railway Group was once again able to create 56 new jobs. Operating expenses increased by CHF 14.2 million due to sharply rising electricity prices, higher sales-related costs of goods sold in the shops and catering areas, and higher other operating expenses.

Nevertheless, EBITDA remained at CHF 134.4 million, only 3.6 percent below the 2023 figure. EBIT amounted to CHF 95.3 million. Following a positive financial result of CHF 1.2 million and taxes of CHF 20.1 million, the annual result was CHF 76.5 million, down 4.0 percent year-on-year.

For the sixth time in the history of the Jungfrau Railway, more than 1 million visitors from all over the world traveled to the Jungfraujoch – Top of Europe in 2024, with 1,058,600 guests. The 5.1 percent increase over the previous year is due to group travel, which is almost back to pre-coronavirus levels. At the same time, there was a further increase in guests from the USA, India, and Southeast Asia.

The Jungfraujoch – Top of Europe segment generated revenue of CHF 192.0 million (+2.0 percent) and EBITDA of CHF 82.5 million (-7.1 percent). Traffic revenue in the Jungfraujoch – Top of Europe segment amounted to CHF 136.7 million. International individual travelers are increasingly purchasing the very attractively priced Swiss Half Fare Card, which entitles them to half-price tickets. This impacts the average revenue for the Jungfraujoch – Top of Europe.

Adventure Mountains

The adventure mountains once again saw significant growth, both in terms of frequency and financially. With 878,200 ascents and descents, the Harderbahn exceeded its 2023 peak by 6.4 percent. This also applies to the Firstbahn, which recorded a total of 926,900 visitors, an increase of 10.0 percent compared to 2023. The Lauterbrunnen-Mürren Bergbahn (BLM) counted 507,200 guests, corresponding to an increase of 12.2 percent compared to 2023. The BLM, whose modernization phase was completed with the commissioning of the new rolling stock, thus recorded the highest growth rate.

The clear positioning of our adventure mountains, built over the years, is paying off and has led to them overtaking winter sports as the second most important segment. The increased average ticket revenues, higher sales in the leased catering establishments, and another record turnover for soft adventure offerings on Grindelwald-First underscore this remarkable development.

The Adventure Mountains segment generated traffic revenue of CHF 46.3 million, representing an increase of 25.3 percent over the previous year and thus exceeding traffic revenue in the Winter Sports segment for the second time since 2023. Overall, the Adventure Mountains segment generated revenue of CHF 56.1 million (+22.2 percent) and EBITDA of CHF 36.7 million (+22.2 percent).

Winter sports

The snowmaking system on the Black Rock slope was put into operation for the 2023/2024 winter season. After a strong start to the season, demand remained high for a long time. Unfortunately, the Easter holidays were completely wiped out by foehn storms. The start of the 2024/2025 winter season was all the more encouraging. Early snowfall, even at low altitudes, resulted in the best winter start in history, with 218,500 skier visits by the end of 2024.

Over the calendar year, winter sports generated the second-highest traffic revenue in the history of the Jungfrau Railway Group, at CHF 30.1 million (+0.5 percent). The winter sports segment generated total revenue of CHF 42.0 million (+1.9 percent) and EBITDA of CHF 4.8 million (-42.2 percent) in 2024.

Cash flow statement and investments

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

Cash flow from investing activities amounted to 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 accordingly amounted to CHF 83.0 million.

The multi-year renovation of the adhesion railway of the Lauterbrunnen Mürren Mountain Railway (BLM) was successfully completed in summer 2024. CHF 9.3 million was invested in this project during the reporting year, primarily in new rolling stock.

Wengernalpbahn AG (WAB AG) contributed CHF 2.1 million to the widening of the platforms and the construction of a shared platform roof with an integrated PV system in Grindelwald, enabling weather-protected passenger transfers with the Bernese Oberland Railway. In the spirit of sustainability, the WAB depot in Lauterbrunnen was renovated to improve energy efficiency and also added a solar system. Development of the new sales platform "Top of Travel" has also begun, through which all online winter sports passes for the 2024/2025 season are already being sold.

Financial goals

The Jungfrau Railway Group's strategic financial goals reflect the company's long-term and sustainable orientation. The Jungfrau Railway Group will continue to strive for development and financing based on solid results in the future. Investments will be financed from internally generated resources. The Jungfrau Railway Group thus underscores its commitment to being solidly financed and able to operate independently of external capital providers at all times.

outlook

The Jungfraujoch got off to a positive start in 2025. From January 1 to March 31, 2025, 123,227 guests visited the Top of Europe, representing an increase of 4.4 percent compared to the same period last year (118,069 guests). Among the adventure mountains, the figures for the Firstbahn and the Lauterbrunnen-Mürren cable car are encouraging. The Harderbahn cable car will start its new season on April 5, 2025.

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

Despite strong group business in 2024, the trend toward individual travel remains unbroken. At the same time, booking behavior 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 May 12, 2025. Based on the positive performance, the Board of Directors proposes a dividend of CHF 7.50 per share (CHF 6.50 per share in the previous year). This puts the payout ratio of 56% at the upper end of the defined target range of 40 percent to 60 percent of consolidated profit.

The Jungfraubahn Holding AG Annual Report for the 2024 reporting year has been prepared as an online edition. The online Annual Report is published together with the Sustainability Report at the following link:

Annual Report 2024 here

Agenda of the 2025 General Assembly here