Jungfraubahn Holding AG: Jungfrau Railway Group: New, ambitious financial targets – Popular Experience Mountains

8 January 2026

Ad hoc announcement pursuant to Art. 53 LR

Jungfrau Railway Group

New, ambitious financial targets – Popular Experience Mountains

In an ad hoc announcement pursuant to Art. 53 of the Listing Rules, Jungfraubahn Holding AG is pleased to announce that it has set itself new financial targets. These will be presented by CEO Oliver Hammel and CFO Christoph Seiler at today's Investor Day. The year 2025 brought new record numbers for the Experience Mountains segment, with the Jungfraujoch – Top of Europe once again surpassing the million mark. The 2025/2026 winter season got off to an excellent start and the best start to a season in history could be registered.

Over the last few decades, the Jungfrau Railway Group has become an exclusive tourist destination with its unique railway infrastructure and spectacular natural scenery as a UNESCO World Heritage site. The V-Cableway project has improved the service for future generations, increasing capacity and comfort and shortening journey times to the Jungfraujoch – Top of Europe and the winter sports area. This has enabled 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, the Jungfrau Railway Group set a new record across all segments in 2025, following a total of around 3.8 million guests in 2024.

Jungfraujoch – Top of Europe

In 2025, 1,056,600 guests visited Jungfraujoch – Top of Europe, whereby the figure remained at the previous year’s level (2024: -0.2 per cent). Meanwhile, group travel is back to pre-coronavirus pandemic levels, and there has also been a further increase in guests from the USA and Brazil. India and Southeast Asia are showing stable demand, and visitors from China have largely returned.

Experience Mountains

In 2025, the Experience Mountains segment once again achieved top results in terms of guest numbers. Grindelwald-First was visited by 760,000 guests, which corresponds to an increase of 7.1 per cent, while the Lauterbrunnen-Mürren mountain cable- and railway (BLM) counted 478,500 passengers, an increase of 6.9 per cent compared to 2024. Only the Harder funicular, with 406,000 visitors, missed its record figure from 2024 (425,200) by 4.5 per cent.

Winter Sports

In the calendar year 2025, the Jungfrau Ski Region recorded a total of 1,208,600 skier visits, which corresponds to an increase of 5.2 per cent compared to the previous year.

The 2025/2026 winter sports season started on 29 November 2025 with continuous winter sports operations. During advance sales of the AlpsPass (partner offer from Adelboden-Lenk, Aletsch Arena, Engelberg-Titlis, Jungfrau Ski Region), around 34,000 ski passes were sold at the advance sale price. These figures show that the guaranteed snow, the range of slopes and the modern infrastructure of the AlpsPass areas are winning over guests.

From the start of the season to 31 December 2025, the Jungfrau Ski Region registered 244,300 skier visits. Compared to the same period a year ago, this corresponds to an increase of 11.8 per cent, making it the best start to a season in history. The Jungfrau Ski Region is a partnership in which the Jungfrau Railway Group holds a revenue share of over 60 per cent.

Medium-term financial targets

Jungfrau Railway Group is benefiting from a growing appetite for travel. The company has positioned itself as the market leader in the premium segment for leisure and experience offerings and has honed its strategy against this backdrop.

At today's Investor Day, Jungfrau Railways is announcing new financial targets: by 2030, management is aiming for higher profitability and a dividend payout.

The targets 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 room for manoeuvre for the planned investments, which support sustainable growth. The most important future projects include the modernisation of the First cableway and expansion projects on the Jungfraujoch and at the Eigergletscher.

Link: ad hoc announcement pursuant to article 53 LR | jungfrau.ch