Jungfraubahn Holding AG: Jungfrau Railway Group - A challenging half-year ends with profit of CHF 28.9 million

28 August 2026

Ad hoc announcement pursuant to Art. 53 LR

Jungfrau Railway Group

A challenging half-year ends with profit of CHF 28.9 million

In an ad hoc announcement pursuant to Art. 53 of the Listing Rules, Jungfraubahn Holding AG reports that the Jungfrau Railway Group achieved profit of CHF 28.9 in the first half of 2026 despite challenging conditions. Following the outbreak of the war in Iran, there was a significant drop in the number of visitors, particularly from Asia, to the Jungfrau Railway Group’s destinations.

In the first half of 2026, the Jungfrau Railway Group generated operating income of CHF 137.0 million, representing a decline of 8.6%. Transportation revenues, at CHF 97.6 million, was 8.9% lower than in the same period last year. Thanks to lower electricity prices and various measures, operating expenses were reduced by 4.6%. In the first half of 2026, Switzerland’s leading mountain railway operator posted EBITDA of CHF 56.8 million and a half-year profit of CHF 28.9 million – a figure that is 22.0% below the record half-year profit of 2025. Despite the difficult conditions, free cash flow rose by 12.1% to CHF 18.7 million.

“Given the circumstances, the result was acceptable. The ongoing hostilities in the Middle East, which have, among other things, made travel more expensive, combined with a simultaneous rise in price sensitivity and uncertainty are the main reasons for the decline in the half-year results. Nevertheless, first-half profit exceeded the levels achieved in the successful pre-Covid years of 2018 and 2019.” explains Oliver Hammel, CEO of the Jungfrau Railway Group. At the same time, “we are encouraged by the fact that the average income per guest in the excursion transport sector has increased, and that the booking situation for the second half of the year is solid, given the circumstances.”

* BLM adversely affects the results due to closure from 12 April to 10 July (cable car overhaul).

Average income at the Jungfraujoch – Top of Europe rises again

In the Jungfraujoch – Top of Europe segment, the average income per visitor rose to CHF 205. The Jungfrau Railway Group’s strategic focus as an integrated leisure and services company is paying off. Transportation revenues, however, was 11.9% lower than in the same period of the previous year, totalling CHF 52.6 million. This equates an average value of CHF 135 per visitor. 

At 389,600 visitors, the number of guests visiting the Jungfraujoch – Top of Europe was 17.6% lower than in the first half of 2025. The outbreak of the war in Iran led to a sharp decline in visitor numbers in the second quarter. “At the Jungfraujoch – Top of Europe, we can count on a diverse mix of visitors. That helped us in the first half of the year, when we were particularly short of visitor groups from India and South-East Asia,” says CEO Oliver Hammel. Visitors came mainly from Asian countries, including China, Japan and Taiwan, the USA, Brazil and Mexico, as well as from Switzerland and various European countries such as France, the United Kingdom and Germany.

Experience Mountains remain strong – good winter season

The Experience Mountains generated transportation revenues of CHF 19.9 million. This represents a fall of 4.4% compared with the same period in 2025. Visitor numbers on the First gondola and the Harder funicular were 3.1% and 5.1%, respectively, below the record figures for the same period in the previous year. The Lauterbrunnen–Mürren service was suspended from 12 April until 10 July whilst the cable car was being refurbished. For this reason, the figures can only be compared with those of the previous year to a limited extent.

From 1 January until the end of the season, the Jungfrau Ski Region recorded 932,200 ski visits (first visitors), representing a slight decline of 3.3%. Its share in the Jungfrau Railway Group’s transportation revenues amounts to CHF 25.1 million, which is 5.9% less than in the previous year. Due to the generally difficult snow conditions in the Grindelwald-First skiing area and the new feeder lifts in the Mürren-Schilthorn skiing area, there have been shifts in market share within the Jungfrau Ski Region.

Outlook

During the two high-season months of July and August (23/08/2026), visitor numbers improved slightly compared with the second quarter. Nevertheless, visitor numbers to the Jungfraujoch – Top of Europe fell by slightly more than 10% compared to the two peak season months in 2025. As expected, the trend towards fewer group tours continued. This was partly compensated with individual guests who, not least because of the intense heat in the lowlands, came to enjoy the more pleasant temperatures at higher altitudes. In July and August (23/08/2026), the Experience Mountains attracted 494,300 visitors – corresponding to an increase of around 5% compared with the same period of the record-breaking previous year. According to Oliver Hammel, “the attractive range of adventure activities, dining options and hiking trails, which has something to offer every type of visitor”, proved their worth.

Business performance in the third and fourth quarters is likely to continue to be shaped by global uncertainties: the hostilities in the Middle East, the war in Ukraine, and the fragile global economic, price and currency trends. This makes it all the more important that the Jungfrau Railway Group, as the market-leading premium provider of alpine leisure and adventure activities in Europe, holds a strong position worldwide. The Jungfrau Railway Group is continuing to drive forward the diversification of its markets and is in a strong position thanks to its broad market base.

Looking ahead to the rest of the summer season, the Swiss Economic Institute (KOF) expects a decline in overnight stays compared with summer 2025, due to the current situation in the Middle East and higher kerosene and air travel costs, mainly due to the absence of Asian tourists. According to the KOF, stable domestic demand is unable to offset the losses in overseas markets. For the 2026/2027 winter season, the KOF forecasts that demand will remain stable at a high level. For the Jungfrau Ski Region, this will be the second season featuring the AlpsPass, alongside Adelboden-Lenk, the Aletsch Arena and Engelberg-Titlis. 

Link to the half-year report 2026: Annual Reports | jungfrau.ch