Pilatus Railways: Record Revenue Despite Declining Visitor Numbers – 2026 Shareholder Letter in Detail

Pilatus Railways AG achieved a new revenue record between January and August 2026, despite a slight decline in guest numbers. The Swiss domestic market remains the strong foundation of the business, while global uncertainties have weighed on the group travel segment.

Record Revenue with Slightly Lower Guest Numbers

Between January and August 2026, Pilatus Railways transported a total of 573,951 guests – a 4 percent decline compared to the record year 2025, but still 6 percent above the five-year average. Despite the lower visitor numbers, the company increased revenue by 1.8 percent to a record 31.9 million Swiss francs.

Pure transport revenue rose by 2.2 percent due to price adjustments. Gastronomy and leisure facilities also each recorded gains of 5.2 percent. However, the hotel and merchandising segments suffered from weaker group business: hotel revenue fell by 5.5 percent, while merchandising revenue dropped by 2.3 percent.

Global Uncertainties Hit Group Travel Segment

According to the shareholder letter published on Wednesday, the decline in guest numbers is primarily attributable to a decrease in group travel, driven by global uncertainties. Demand from individual travellers, however, remains "robust."

The Swiss domestic market represents the stable foundation of the business, while international uncertainties have particularly affected group travel and contributed to the cumulative decline in guest numbers.

Autumn Revision – No New Record Year Expected

Comprehensive revision work will be carried out on the Kriens side from 19 October to 27 November 2026. During this period, the Kriens-Fräkmüntegg gondola and the Dragon Ride will be out of service; the cogwheel railway from Alpnachstad will continue to operate.

This revision will have a negative impact on revenue. The company therefore expects "a good financial year" for 2026 overall, but not "another record year."

Background: Record Year 2025 as the Baseline

In the 2025 financial year, Pilatus Railways completed its strongest year in company history: 840,870 guests visited Mount Pilatus, an increase of 5.6 percent compared to the previous year. Total revenue climbed by 3.8 million Swiss francs to 46.9 million Swiss francs, with EBITDA reaching 18.5 million Swiss francs and a margin of 39.5 percent. Cash flow stood at 17.4 million Swiss francs, while liquid assets rose to 27.9 million Swiss francs.

For 2026, the company had anticipated a similar trajectory, noting that the risk landscape had essentially remained unchanged.

Outlook and Strategic Positioning

Pilatus Railways AG remain confident about the remainder of 2026. Following strong summer months, the company is "very much on track," according to a recent company statement. The shareholder letter provides insight into developments to date and highlights the key issues currently affecting Pilatus.

With continued robust demand from individual travellers and a stable position in the Swiss domestic market, the company remains well positioned, even as group travel continues to be affected by global uncertainties.