Jungfraubahn Group Has New, Ambitious Financial Targets
Jungfraubahn Holding AG announced in an ad hoc release pursuant to Article 53 of the Listing Regulations that it has set new financial targets. These will be presented by CEO Oliver Hammel and CFO Christoph Seiler at today's investor day. The year 2025 brought record visitor numbers for the adventure mountains, with the Jungfraujoch – Top of Europe once again exceeding the one million mark. The start of the 2025/2026 winter season was outstanding, resulting in the best season start in the company's history.
Over the past few decades, the Jungfrau Railway Group has transformed itself into an exclusive tourist destination, boasting spectacular UNESCO World Heritage scenery and a unique railway infrastructure. The V-Cableway project, a multi-generational undertaking, has increased capacity and comfort while reducing travel times to the Jungfraujoch – Top of Europe and the winter sports area. This has allowed the company to strengthen its market position as a premium tourism provider.
No other mountain destination in Switzerland attracts more visitors. With a total of 3,909,700 visitors across all segments, the Jungfrau Railway Group achieved a new record in 2025; in 2024, the total was around 3.8 million guests.
Jungfraujoch – Top of Europe
In 2025, 1,056,600 guests visited the Jungfraujoch – Top of Europe, keeping the number stable at the previous year's level (2024: -0.2 percent). Group tours have returned to pre-pandemic levels, and there is a continued increase in visitors from the USA and Brazil. Demand from India and Southeast Asia remains stable. Visitors from China have largely returned.
Adventure Mountains
In 2025, the adventure mountains once again achieved top results in terms of visitor numbers. Grindelwald-First welcomed 760,000 day-trippers, representing an increase of 7.1 percent, while the Lauterbrunnen-Mürren cable car (BLM) counted 478,500 passengers, a rise of 6.9 percent compared to 2024. Only the Harderbahn fell short of its 2024 record of 425,200 visitors, with 406,000, a decrease of 4.5 percent.
Winter sports
In the calendar year 2025, the Jungfrau Ski Region recorded a total of 1,208,600 skier visits, representing an increase of 5.2 percent compared to the previous year.
The 2025/2026 winter sports season started on November 29, 2025, with continuous operation. Around 34,000 ski passes were sold at the pre-sale price during the AlpsPass pre-sale (a partner offer from Adelboden-Lenk, Aletsch Arena, Engelberg-Titlis, and the Jungfrau Ski Region). These figures demonstrate the success of the AlpsPass areas in terms of snow reliability, the variety of slopes, and the modern infrastructure.
From the start of the season until December 31, 2025, the Jungfrau Ski Region registered 244,300 skier visits. Compared to the same period a year earlier, this represents an increase of 11.8 percent and is thus the best start to a season in its history. The Jungfrau Ski Region is a collaborative product in which the Jungfraubahn Group holds a revenue share of over 60 percent.
Medium-term financial targets
The Jungfraubahn Group is benefiting from the growing desire to travel. The company has positioned itself as the market leader in the premium segment for leisure and experience offerings and has refined its strategy accordingly.
The Jungfraubahn Group is communicating new financial targets at today's investor day: By 2030, management aims for higher profitability and dividend payouts.
The goals in detail:
• EBITDA margin of ≥ 45% (previously ≥ 43%)
• a return on sales of ≥ 25% (previously ≥ 20%)
• Cumulative free cash flow (2025-2030) of ≥ CHF 300 million (previously 2024-28 ≥ CHF 200 million)
• Dividend policy with a payout ratio of 50-67% (previously 40-60%)
• ROIC (Return on Invested Capital) of > 10% (new)
The strong balance sheet and high cash flow provide the necessary leeway for the planned investments, which will support sustainable growth. Key future projects include the modernization of the Firstbahn cable car and expansion projects on the Jungfraujoch and the Eiger Glacier.
