Arosa Bergbahnen Continues To Impress With Excellent Financials
Following last year's record results, the long-established mountain railway company continues to break records. Arosa Bergbahnen AG achieved net revenue of CHF 37.063 million, the highest figure in its 95-year history. EBITDA of CHF 14.136 million is also at a record level. Arosa Lenzerheide was able to fully leverage its strengths of snow reliability, ski area size, and quality during a long winter season with a late Easter and excellent weather conditions. The reported annual profit is CHF 2.389 million.
Summer business was comparatively average, with 146,000 visitors. However, expectations for the winter months were exceeded despite a snow-poor winter – by the end of March 2025, the amount of fresh snow in Arosa was only 350 cm. The consistent qualitative improvement of the range of services on both sides of the mountain, combined with favorable atmospheric conditions, is paying off.
The development of the snow sports resort proved challenging for the main winter business. Once again, artificial snowmaking proved to be an indispensable foundation for secure winter operations. Natural snowfall was sparse, but always at the right time. A wide range of snow sports activities with perfectly groomed slopes were available before the holidays. Excellent winter sports conditions prevailed throughout the season until late in the season on April 21, 2025, often accompanied by fine weather on weekends. Arosa Lenzerheide recorded 83 sunny days last winter season (58%), which is significantly above the long-term average of 48%. The total number of first-time winter visitors to Arosa Lenzerheide, totaling 1.422 million, is 1.3% higher than the previous year and 6.3% above the 5-year average (excluding the SARS-CoV-2 fiscal years).
Chairman of the Board of Directors Lorenzo Schmid identifies several reasons for this positive development. "One of these is the clever investment activity of recent years, which has had a stimulating effect on guests. In the reporting year, we were once again able to implement significant projects totaling CHF 9.2 million in performance development. These include the new control system and drive for the Carmenna chairlift, costing CHF 1.7 million, and the piste improvements, including the replacement of the snowmaking systems on various piste sections and the purchase of snow guns, costing CHF 4.4 million." The positive consumer sentiment among guests in mountain restaurants and the high quality of products and services, ensured by dedicated employees, also shaped this extremely successful 2024/2025 winter season, notes Lorenzo Schmid.
Another best result in the company's history
Following last year's record results, Arosa Bergbahnen AG is once again in a celebratory mood for the 2024/2024 financial year. The mountain railway company was able to slightly increase the previous year's excellent revenue figures by 2.3% to a total of CHF 37,063,000. Ticket sales from the winter sports business account for the majority of revenue, accounting for 93% of traffic revenue. The mountain catering business continued to develop positively, recording growth of 2.3% to CHF 9,639,000. The Mountain Lodge accommodation facility, which targets young families, groups, and school camps, maintains consistently high occupancy rates and also achieves a record figure. Only ancillary revenues recorded a slight decline.
"It is positive that operating expenses increased by CHF 193,000, less than net revenue," says Chairman of the Board Lorenzo Schmid, citing one of the reasons for the positive overall development. Of the operating expenses of CHF 22,927,000, personnel expenses accounted for CHF 11,567, which was even CHF 89,000 lower than the previous year. Expenses for electrical energy for the railways, snowmaking, and infrastructure facilities amounted to CHF 1.9 million, significantly higher than in the previous year. This was due to the increase in electricity prices and more intensive artificial snowmaking. The moderate increase in costs led to operating profit before depreciation (EBITDA) climbing to an all-time high of CHF 14,136 million. The EBITDA margin reached 38.1%, an excellent figure for a mountain railway company with its own mountain restaurants and accommodation facilities.
Chairman of the Board of Directors Lorenzo Schmid also attributes the excellent business results, the best in the company's history, to the success of the merger of the two ski resorts of Arosa and Lenzerheide 12 years ago: "On both sides of the mountain, the qualitative development of the service offerings has been continuously implemented. The two traditional winter sports resorts, with their own character and different strengths and positioning, impress with a jointly strong product on the mountain, which is clearly highly valued by guests."
Even after extensive write-downs of CHF 10.745 million, a substantial annual profit of CHF 2.389 million was presented to the Annual General Meeting. Reported cash flow was an impressive CHF 13.134 million, representing 35.4% of sales. Despite the strong investment activity, the company was able to further reduce its debt burden. The Board of Directors is proposing a dividend of CHF 4.00 per share to the Annual General Meeting, as in previous years.
Consistently high investment volume on the mountain
The mountain railway company is eager to continue shaping the future of the ski area and the destination. In the new 2024/2025 financial year, CHF 7.5 million is again earmarked for on-mountain performance development. "With the partial revision of the local planning for the Arosa East snow sports area, approved in December 2023, we will make the part of the ski area around Tschuggen more attractive in the coming years. The first implementation phase in 2025, with a large-scale piste improvement, including the renewal of the snowmaking system with modern snow guns and a new service road for CHF 4.5 million, is underway and progressing according to plan," says Managing Director Philipp Holenstein, looking confidently ahead to the new financial year.
The project development for the major investment in the Hörnli area is taking concrete shape. The mountain railway company will invest at least CHF 55 million in the replacement of lift facilities, the necessary slope improvements, and the expansion of snowmaking systems over the coming years. "The Board of Directors has decided to simultaneously replace the 6-seater gondola from 1986 and the 4-seater chairlift from 1994 with a new, modern 10-seater gondola on the existing route and a parallel, new 8-seater chairlift with a new valley station location in Schönboden. Together with a well-thought-out slope layout and the expansion of snowmaking systems, we will make the Hörnli area attractive both in summer and winter. All expansion projects are located within the existing ski area perimeter," explains Philipp Holenstein, describing this largest single investment in the history of the mountain railway company. Construction is planned for the summer months of 2026 and 2027 at the earliest, and possibly a year later depending on progress. With the sustained positive business development of recent years and above-average results, Arosa Bergbahnen AG will be able to manage this major investment.
Chairman of the Board of Directors Lorenzo Schmid resigns – Urs Marti is ready to succeed him
Arosa Bergbahnen AG is about to announce a change in the Board of Directors' presidency. The Board of Directors is proposing Urs Marti as the new Chairman to the Annual General Meeting. He will succeed Lorenzo Schmid, who is stepping down after 36 years of leadership on the Board of Directors, including 33 years as Chairman. "When I was given the opportunity to take over as Chairman of the Board of Directors, the age limit of 70 was introduced for the Board of Directors. Therefore, in March 2024, I informed the Board of Directors that I would be resigning as Chairman at the end of my term," the outgoing Chairman explained his decision. Urs Marti, the proposed successor, has an outstanding track record and is extremely well-connected.
Further information about the mountain railway company will be available at the Annual General Meeting of Arosa Bergbahnen AG on September 27, 2025. Shareholders will receive written instructions for exercising their voting rights with the invitation at the beginning of September.
