Winter Slump Hits Klosters-Madrisa Bergbahnen: Reports Revenue Drop and Net Loss for 2025/26
26/August/2026
Low snowfall and a sluggish start to the winter season took a clear financial toll on Klosters-Madrisa Bergbahnen AG (KMB). Reporting on the financial year ending April 30, 2026, the Swiss mountain lift operator posted a drop in revenue and a minor net loss, highlighting the ongoing vulnerability of mid-altitude Alpine ski resorts to erratic winter weather.
Total revenue fell by 7.8 percent year-over-year to 8.43 million Swiss francs (CHF). Operating earnings were hit significantly harder, with EBITDA crashing by 48 percent to 0.98 million Swiss francs. Bottom-line results slipped into negative territory, registering a modest loss of CHF 10,000, down from a net profit of CHF 21,000 in the previous fiscal year.
Low Snowfall and Sluggish Winter Start Drive Decline
The primary driver behind the downturn was a challenging winter season across the Graubünden region. A combination of sparse early-season snowfall and mild temperatures delayed optimal slope conditions, leading to a sharp drop in winter visitor volume.
First-Time Winter Entries: Dropped 18 percent compared to the prior year.
Winter Revenue Deficit: The fall in skier visits directly impacted ticket sales, gastronomy, and mountain service revenues.
Summer Bright Spot: In contrast to the winter decline, the company reported positive momentum during the summer season, benefiting from growing hiking, family outdoor recreation, and Alpine tourism demand.
Financial Metric (KMB) | FY 2024/25 | FY 2025/26 | Year-over-Year Change |
Total Revenue | ~CHF 9.14M | CHF 8.43M | $-7.8\%$ |
EBITDA | CHF 1.88M | CHF 0.98M | $-48.0\%$ |
Net Result | +CHF 21,000 | -CHF 10,000 | Profit to Loss |
Winter Skier Visits | Baseline | — | $-18.0\%$ |
End of an Era on the Board
Alongside its financial results, the company announced a significant leadership transition. Roger Kunz, a long-standing member of the Board of Directors (Verwaltungsrat), will step down at the upcoming Annual General Meeting on September 11, 2026. Kunz has served on the board for over 27 years, guiding the mountain railways through major infrastructure upgrades and shifts in Swiss Alpine tourism.
Navigating Climate and Economic Uncertainty
Looking ahead, management expressed cautious optimism despite compounding macroeconomic uncertainties and climate volatility. Known as a premier family-friendly mountain destination ("Madrisa-Land"), the resort is continuing to diversify its year-round offerings to reduce sole reliance on winter snow cover.
However, the company acknowledged that short-term performance will remain tightly bound to weather patterns and regional economic sentiment across Switzerland and Europe.
