BVZ Holding (BVZN) H2 2025 earnings summary

Executive summary

• Achieved record results in 2025 with revenue of CHF 230.3 million (+6.6% vs. 2024) and net profit of CHF 34.9 million (+52.1% vs. 2024), driven by strong tourism demand and strategic investments.

• Gornergrat segment delivered its best result ever, with 863,866 passengers (+6.8%) and revenue of CHF 54.9 million (+16.6%).

• The real estate segment posted a profit above CHF 2 million for the first time, with a low vacancy rate of 0.8% and a portfolio value of CHF 122.7 million (+1.8%).

• Mobility segment (Matterhorn Gotthard Bahn) transported over 10 million passengers (+9.3%) and achieved record revenue of CHF 86.2 million (+7.9%).

• Proposed dividend of CHF 30 per share (+66.7% vs. prior year) reflects strong financial performance.

Financial highlights

• EBITDA rose to CHF 78.8 million (34.2% margin), up from CHF 66 million (30.5%) in 2024.

• Net profit increased to CHF 34.9 million (+52.1% year-over-year).

• Equity ratio improved to 40.4% (2024: 36.4%).

• Earnings per share reached CHF 163 (2024: CHF 109); dividend payout ratio at 18.4%.

• Market capitalization at year-end: CHF 246.6 million (2024: CHF 176.6 million).

Outlook and guidance

• Expects continued high demand in tourism and mobility for 2026, with focus on qualitative growth and premium offerings.

• Strategic investments planned in infrastructure, digitalization, and real estate, including Andermatt Central 2.

• Ongoing monitoring of risks from weather, geopolitics, and economic cycles; diversification and sustainability remain priorities.