Jungfraubahn (JFN) H2 2024 earnings summary

Executive summary

• Achieved second-highest profit in company history with CHF 76.5 million annual profit, following a record 2023; operating income reached CHF 294.7 million, up 6% year-over-year.

• Visitor numbers at Jungfraujoch Top of Europe rose 5.1% to 1,058,600; Experience Mountains segment overtook Winter Sports as second most important business area.

• Major strategic projects advanced, including completion of Grütschalp–Mürren railway modernization and progress on First Cableway replacement; investments totaled CHF 44.3 million in tangible assets.

• Proposed dividend of CHF 7.50 per share, up CHF 1.00 from prior year, with a payout ratio of 56%.

Financial highlights

• Operating income: CHF 294.7 million (+6.0% year-over-year); transport income exceeded CHF 200 million for the first time.

• EBITDA: CHF 134.4 million (45.6% margin), down 3.6% from previous year.

• EBIT: CHF 95.3 million; net income: CHF 76.5 million (-4.0% year-over-year); EPS: CHF 13.38.

• Free cash flow: CHF 83.0 million; equity ratio: 76.0%; equity: CHF 719 million.

• Operating expenses rose 15.6% to CHF 160.4 million, driven by higher personnel and energy costs.

Outlook and guidance

• Robust business model expected to generate sustainably high free cash flows; positive start to 2024/2025 winter season with record skier visits.

• Board proposes dividend increase to CHF 7.50 per share at 2025 AGM; payout ratio at upper end of 40–60% target range.

• Strategic focus on integrated leisure and service company, digitalization, and sustainability; ongoing investments in major projects and climate initiatives.