ZERMATT lift co' CONTINUEs ITS RECORD RIDE

Zermatt Bergbahnen AG (ZBAG) has once again achieved the most successful financial year in its history. With revenues of CHF 103.4 million, the highest EBITDA, and the highest cash flow ever recorded, with margins as a percentage of revenue representing absolute industry leaders, new record figures were achieved for the third consecutive year in the 2025/26 financial year. Net operating income exceeded the CHF 100 million mark for the second year running. At the same time, ZBAG further strengthened its balance sheet, thus creating a solid financial foundation for future investments. This success is based on the long-term and consistent implementation of its premium strategy and a generational perspective rather than individual financial years.

Strong Summer Lays Foundation for Record Results

At the Annual General Meeting on September 25, 2026, at the Matterhorn Test Center in Trockener Steg, ZBAG once again presented its shareholders with record results. The foundation for this success was laid by an exceptionally strong summer season. Passenger revenue rose by an impressive 18.1% to CHF 26.1 million in the summer of 2025. This growth was driven in particular by the positive performance of long-haul markets. The strong demand from the USA and the continued recovery of the Japanese market deserve special mention. As a result, the summer business continued its successful growth trajectory and solidified its importance as a key pillar of the overall annual results.

The resumption of summer training on the Theodul Glacier provided additional impetus. This is based on the long-term partnership signed with Swiss-Ski in February 2025. It secures the use of the glacier ski area as a training facility in summer and autumn until 2034. This positions Zermatt as a significant long-term training location for international ski racing, from junior athletes to the World Cup elite. Thanks to strong summer tourism and the return of the international ski teams, ZBAG started the 2025/26 winter season from an excellent position.

Winter season near record levels.

Despite low precipitation and challenging weather conditions before Christmas, efficient snowmaking and first-class slope preparation ensured a high-quality winter sports program right from the start of the peak season. For much of the season, perfect weather and excellent slope conditions characterized the season.

February was an exception. Heavy snowfall and difficult weather conditions during this crucial period led to a weaker month in terms of revenue. Spring, however, proved to be a much more successful month: after the weather-related challenges of Easter the previous year, plenty of sunshine and excellent skiing conditions, culminating in Zermatt Unplugged, ensured a strong finish to the season. Overall, the 2025/26 winter season generated transport revenue of CHF 70.5 million. This result was only 1.2% below the previous year's record figure and once again at a very high level.

Record Financial Results Again:

Net operating income increased by CHF 3.3 million to CHF 103.4 million in the past financial year (up 3.3% year-on-year), exceeding the CHF 100 million mark for the second time in ZBAG's 24-year history, and consecutively. The main growth driver was passenger transport, with revenues increasing by CHF 3.2 million (up 3.4% year-on-year). EBITDA rose by CHF 1.9 million (up 3.4% year-on-year) to CHF 58.2 million. The EBITDA margin as a percentage of revenue remained unchanged at an exceptionally high level of 56.3%. Cash flow increased by CHF 2.0 million (up 3.8% year-on-year) to a new record high of CHF 54.5 million. The cash flow margin as a percentage of revenue is 52.7%, confirming the company's strong internal financing capacity.

CEO Martin Hug puts the record results into perspective: “Our economic success is not an end point for us, but rather the foundation for actively shaping the future of ZBAG and the destination. The new record figures confirm our economic strength and create the necessary scope for action to invest for the long term and drive innovation. Crucial to this success are our employees, who ensure quality, safety, and hospitality every day with great commitment, high professionalism, and impressive dedication.”

Investments in Quality and the Future:

The strong financial foundation enables ZBAG to invest strategically in quality, performance, and the future of winter sports on the Matterhorn. In the 2025/26 financial year, approximately CHF 43 million was invested in modern infrastructure, ensuring long-term snow reliability, and further developing the range of services offered.

Among the most significant projects is the new 8-seater Gifthittli chairlift, which went into operation in November 2025. It replaces the previous 6-seater chairlift and is the first lift to be modernized for the second time since the ZBAG merger in 2002. The new lift increases the transport capacity to approximately 3,400 people per hour. This provides guests with greater capacity, increased comfort, and more efficient operations.

Another key focus is on expanding artificial snowmaking and the necessary basic infrastructure. Perfectly groomed slopes are crucial for a first-class and reliable winter experience and, at the same time, an important foundation for the economic growth of the entire destination. The goal is to further develop the snowmaking capacity so that the main slopes can be covered with snow within approximately 72 hours.

The Matterhorn Alpine Crossing is gaining international importance.

With the introduction of the luggage transport service in November 2025, the cable car connection between Zermatt and Cervinia was enhanced by a significant new service. The origin of the guests impressively demonstrates the international appeal the service has already developed: In the 2025/26 financial year, travelers from 33 different markets used the new luggage transport service. The USA, Switzerland, and Japan were the most represented. Around 70% of guests also combined the Matterhorn Alpine Crossing with at least one overnight stay in the destination region before continuing their journey. Thus, the connection not only creates a unique mountain experience across national borders but also generates additional tourism revenue in both destinations. In the 2025/26 financial year, the two 3S cable cars Matterhorn Glacier Ride I (Trockener Steg – Klein Matterhorn) and Matterhorn Glacier Ride II (Testa Grigia – Klein Matterhorn) transported 946,239 snow sports and excursion guests to the Klein Matterhorn, representing an increase of 5.5% compared to the previous year and underlining the international importance of the highest mountain station in Europe.

With the aim of further developing the entire customer journey of the Matterhorn Alpine Crossing, ZBAG laid the groundwork in the reporting year for one of the most significant development projects in its history. This involves far more than simply replacing existing infrastructure. The holistic project offers a unique opportunity to reinvent the guest experience on the journey around the world's most beautiful mountain and elevate it to a higher level of quality.

Dividend Increase:

Based on the excellent business results, the Annual General Meeting resolved to increase the dividend again by 4.7%, from CHF 5.25 to CHF 5.50 per share. The payout of 11% thus reaches a new record high.

The general meeting also confirmed the existing composition of the board of directors. Jean-Michel Cina, Romy Biner-Hauser, Paul-Marc Julen, Leo Schuler, Patrick Z'Brun, and Christian Laesser were re-elected. Franz Julen was also confirmed as chairman of the board.

Franz Julen emphasizes the importance of a long-term perspective: “Economic strength allows us to think long-term and consistently invest in the future, even in challenging times. We don't think in terms of individual fiscal years, but rather in terms of generations. Modern infrastructure, reliable snow conditions, quality, service, and innovation are crucial for our competitiveness and the continued pursuit of our premium strategy. Our investments strengthen the tourism value chain and create essential prerequisites for the long-term development of the entire destination. We are aware of this responsibility. Therefore, we use our success to actively shape the future of alpine tourism in Zermatt and beyond.”