120th General Meeting of NIESENBAHN AG Held

The Annual General Meeting of May 6, 2026, unanimously approved the proposals of the Board of Directors of NIESENBAHN AG. Chairman of the Board Dr. Daniel Fischer presented the 425 shareholders (422 in the previous year) and guests with the company's consistently strong performance throughout its 120-year history. Shareholders were informed about the company's solid market position, its strategic focus for future development, its future investment needs, and the ongoing development of its management team. Furthermore, a unique offer was presented to existing shareholders.

The 2025 season confirms the solid market position

91,294 guests (up four percent compared to 2024) generated revenue of CHF 6,076 million (up three percent compared to 2024). Cash flow amounted to CHF 787,000. The overall product of "railway, mountain, and mountain lodge" is well-received in the Swiss market. Together with the leased "Berghaus Elsigenalp" restaurant, revenue exceeded CHF 7 million for the second time.

Further developed strategy with a focus on "Switzerland"

During the reporting year, the Board of Directors adopted the Niesenbahn 2026-2030 strategy, including financial planning. Operational priorities were set in the areas of human resources, marketing, and the Elsigenalp mountain lodge. In its fourth year of operation, Elsigen generated its first positive overall cash flow. Demand developed favorably, supporting the Niesenbahn's targeted year-round business model. Furthermore, regional networking was strengthened. In addition, the company's CO2 balance was calculated for the first time, including guest mobility, thus sharpening the focus on the guest origin market and the business model.

Change of leadership by 2030

During its 2025 retreat, the Board of Directors addressed the further development of corporate governance. Succession planning was established at both the strategic and operational levels for the period from 2028 to 2030.

Continued significant investment needs and focus on productivity

Despite investments of CHF 15 million in the mountain lodge, railway, and track, the investment needs of the privately owned NIESENBAHN AG remain high (including the renovation of the Kulm Gallery and the purchase of new rolling stock). Therefore, the Board of Directors began debt repayment in 2025 and intends to continue ensuring very careful management of financial resources. Accordingly, the focus will remain on improving operational productivity. "The Board of Directors and management are not satisfied with the Niesenbahn's profitability in 2025. In addition to eliminating one-off effects (special personnel costs and external services, as well as in-house work on infrastructure renewal), the focus must be placed on improving operational productivity. The Niesenbahn needs an average cash flow of CHF 1.2 million per year over several years. The corresponding measures have been initiated," explained Chairman of the Board Dr. Daniel Fischer.

A unique offer to the 975 shareholders

As part of the strategic planning process, the Board of Directors also presented a plan to the Annual General Meeting for managing the 820 treasury shares held since the introduction of the single-class share in 2021, representing six percent of the company's total shares. A maximum of 600 of these shares are to be offered for sale. The offer is exclusively for shareholders registered in the share register. The sale will be conducted solely in blocks of five shares at CHF 3,250 each; resale will only be permitted after the 2031 Annual General Meeting. In the event of oversubscription, shares will be allocated proportionally.

Unanimous decisions and elections, another dividend.

The 425 shareholders represented approximately 76 percent of the share capital of CHF 1,371,700 and unanimously approved the proposals of the Board of Directors. The Board of Directors, with Dr. Daniel Fischer as Chairman and Martin Andres (Vice Chairman), Alexandra Invernizzi, Marc Allenbach, and Hans Martin Hadorn, was unanimously re-elected for a one-year term. Following the COVID-19 pandemic, the Annual General Meeting approved a dividend of three percent for the third consecutive year, totaling CHF 41,151.

Further information is in the annual report online at https://www.niesen.ch/infos/aktionaere/