Jungfraubahn (JFN) H1 2025 earnings summary

Executive summary

• Achieved record half-year operating income of CHF 149.9 million, up 5.7% year-over-year, with all segments showing strong growth in income and visitor numbers.

• Net result increased 7.3% to CHF 37.0 million, the highest ever for a half-year, driven by transport income surpassing CHF 100 million for the first time.

• EBITDA rose 6.3% to CHF 65.9 million, with a margin of 43.9%.

• Leadership transition: Oliver Hammel succeeded Urs Kessler as CEO in mid-June.

Financial highlights

• Transportation revenues increased 8.2% year-over-year to CHF 107.2 million.

• Operating expenses increased 5.3%, mainly due to higher personnel and general costs.

• Free cash flow was CHF -33.3 million, but adjusted free cash flow was CHF 16.7 million after fixed deposits.

• Return on sales improved to 24.7%.

• Equity ratio at 77.5% as of June 30, 2025.

Outlook and guidance

• Strong demand from long-haul markets expected to continue, with solid group bookings into October.

• KOF forecasts further growth in overnight stays for summer 2025 and winter 2025/26.

• Price increases planned for high-season fares and travel passes; energy tariffs to be lowered from 2026.

• Business performance remains subject to global uncertainties, including geopolitical conflicts and economic volatility.

• Launch of new Alps Pass for winter 2025/26.