Jungfraubahn (JFN) H1 2026 earnings summary

Executive summary

• Half-year 2026 profit was CHF 28.9 million, down 22% year-over-year, due to geopolitical conflicts, especially in the Middle East and Iran, which reduced Asian visitor numbers.

• Operating income declined 8.6% to CHF 137.0 million, with transportation revenue falling 8.9% to CHF 97.6 million.

• Despite challenges, the period delivered the third-best transport revenue and fourth-best net profit in company history.

• Free cash flow increased 12.1% to CHF 18.7 million, exceeding pre-Covid years' profit levels.

• Swiss and American guests partly offset the drop in Asian group travelers, with strong demand from the US, Brazil, Mexico, and Switzerland.

Financial highlights

• EBITDA for H1 2026 was CHF 56.8 million, down from CHF 65.9 million year-over-year; EBITDA margin 41.5%.

• Net profit CHF 28.9 million, down 22% year-over-year; return on sales 21.1%.

• Free cash flow CHF 18.7 million, up 12.1% from 2025.

• Equity ratio 78.9% as of 30 June 2026; net cash position CHF 155 million after dividend payment.

• Result per share CHF 4.96, down from CHF 6.50 year-over-year.

Outlook and guidance

• Cautiously optimistic for the remainder of 2026, with Q3 and Q4 expected to remain influenced by global uncertainties.

• July/August guest numbers projected slightly higher, but Jungfraujoch – Top of Europe still saw a >10% decline versus 2025 peak months.

• Experience Mountains saw a 5% visitor increase in July/August.

• Stable demand forecast for winter 2026/2027; ongoing focus on digitalization, premium products, and energy efficiency.

• Swiss Economic Research Centre (KOF) forecasts a decline in overnight stays for summer 2026, but stable winter demand.