Belalp Bahnen posts record year as Magic Pass drives visitor growth

The Swiss mountain railway company recorded its strongest financial year to date, with winter traffic, summer activity and operating profit all rising sharply. The company also appointed Bernard Vogel as its new chairman.

Belalp Bahnen AG has reported its strongest financial year in the company’s history, attributing much of the growth to its participation in the Magic Pass network and to a broader programme of year-round events and attractions.

At the company’s annual general meeting on 15 September 2026, interim chairman Felix Ruppen and CEO Mario Gertschen presented the results for the 2025/26 financial year. Transport and ancillary revenue reached CHF 9.776 million, an increase of CHF 1.063 million, or 12.2 per cent, compared with the previous year.

The strongest momentum came during the winter season. Winter revenue rose 17.2 per cent to CHF 8.201 million, while summer revenue increased 23.2 per cent to CHF 722,355. Skier days climbed from 206,929 to 267,718—a 29.4 per cent increase—indicating that the resort’s growth was driven not only by higher yields but also by substantially increased visitor numbers.

Magic Pass changes the scale of the destination

Belalp Bahnen identified its membership of the Magic Mountains Cooperation and participation in the Magic Pass as a principal factor behind the increase in demand. The pass provides access to a large network of mountain destinations across Switzerland and neighbouring countries, with the 2025/26 edition expanding to almost 100 resorts, including 48 offering summer operations.

For smaller resorts, the cooperative model can provide a way to gain visibility among a much larger customer base. Belalp’s results suggest that the strategy has translated into increased frequency on the lifts, particularly during the winter season. The resort’s performance also reflects the wider ambition of Magic Pass: to encourage repeat visits and make mountain destinations relevant beyond the traditional ski season.

The growth came at a cost, however. Operating expenses rose 7.2 per cent to CHF 6.407 million, partly because the company brought forward planned work and purchased replacement and maintenance materials earlier than scheduled after the positive result became apparent. Even with those additional expenses, earnings before interest, taxes, depreciation and amortisation—EBITDA—rose 23.1 per cent to CHF 3.369 million.

More visitors, stronger balance sheet

Belalp Bahnen’s improved operating performance was accompanied by a reduction in debt. Loans, mortgages, credit facilities and leasing liabilities fell from CHF 17.146 million to CHF 15.808 million, a reduction of 7.9 per cent. The company also reported increases in liquid assets and equity, strengthening its financial position as it prepares for future infrastructure and destination-development projects.

That combination—higher demand, improved operating profit and lower debt—is significant for a regional mountain railway operator. Cable-car companies face substantial fixed costs, including lift maintenance, snowmaking, staffing, energy and safety inspections. Stronger utilisation can therefore have an important effect on profitability, provided the additional traffic does not generate disproportionate operating or infrastructure costs.

A resort selling experiences as well as skiing

The financial results were supported by favourable winter conditions and a growing range of activities. Belalp’s Tunnel piste remained open for more than 30 days, giving visitors access to one of the resort’s distinctive attractions for an extended period.

The Belalp Witch attraction also recorded growing visitor numbers. The character has become a central part of the destination’s family-oriented identity, complementing skiing with storytelling and themed experiences. The resort further strengthened its profile by winning first place in the “Small & Fine” category at the Blick Winter Awards. The awards involve public voting across Swiss winter destinations; in the 2025/26 edition, Blatten-Belalp was recognised in the small-resort category.

The award is particularly relevant in a market dominated by large, internationally known destinations. Belalp’s positioning is based less on scale than on atmosphere, accessibility and a concentrated visitor experience. Industry coverage has similarly described the destination as a small but distinctive mountain region, with family facilities, freeride terrain, snow parks and views towards the Aletsch Glacier and surrounding four-thousand-metre peaks.

Summer events build a year-round offer

Belalp’s expansion is not limited to snow sports. The company highlighted the first soapbox derby as a major summer success, alongside established local events including the Stechfest, the alpine descent and the Schäful.

Such events link the lift company more closely to local associations, communities and businesses. They also help turn the mountain railway from a seasonal transport operator into part of a broader tourism system—one that includes festivals, traditions, family entertainment and outdoor recreation.

That approach is consistent with the wider development of Blatten-Belalp as a year-round destination. The associated tourism organisation reported 216,561 overnight stays for the 2024/25 tourism year, a new high and a return to pre-pandemic levels. It also identified events, digital marketing and cooperation with regional partners as important elements in the destination’s development.

Bernard Vogel takes the chair

The general assembly also marked a change in leadership. Bernard Vogel, 62, was elected chairman of the board, succeeding Felix Ruppen, who had held the role on an interim basis after Michel Berchtold’s departure. Ruppen remains on the board as vice-chairman.

Vogel brings experience from the tourism and transport sectors. He is the chief executive of Air-Glaciers and previously served as managing director of Air Zermatt and director of the Valais compensation office. His professional background includes corporate management, infrastructure, risk management and alpine logistics—areas likely to be important as Belalp Bahnen considers its next phase of investment.

His appointment had been proposed by a search committee and supported by the municipality of Naters, a major shareholder in Belalp Bahnen. The company has said that Vogel’s priorities will include strengthening the destination’s market position, maintaining financial stability and advancing infrastructure projects with an emphasis on quality and long-term viability.

Growth brings new responsibilities

Belalp Bahnen’s record year demonstrates the potential benefits of joining a large pass network, but it also raises questions about capacity, cost control and the durability of the growth. A 29.4 per cent rise in skier days places greater demands on lifts, slopes, parking, staff and maintenance operations. The company’s decision to accelerate planned work and purchase materials early suggests that management is already using the stronger result to prepare for those pressures.

The challenge now is to convert an exceptional year into a sustainable business model. Magic Pass has brought more visitors, while local events and attractions have broadened the destination’s appeal. The next test will be whether Belalp can retain its intimate “small and fine” identity while managing higher volumes and investing sufficiently in infrastructure.

For now, the numbers provide a strong platform. Revenue is up, EBITDA has passed CHF 3.3 million, debt has fallen and the destination has gained recognition both commercially and through public awards. Under Vogel’s incoming chairmanship, Belalp Bahnen begins its next chapter with a rare combination of increased demand and improved financial resilience.