Jungfraubahn Group: Challenging first half of the year concludes with a profit of 28.9 million Swiss francs

Jungfraubahn Holding AG announced in an ad hoc release pursuant to Article 53 of the Listing Regulations that the Jungfraubahn Group recorded a profit of CHF 28.9 million in the first half of 2026, despite challenging conditions. Following the outbreak of the Iran-Iraq War, significantly fewer guests, particularly from Asia, visited the Jungfraubahn Group's tourist destinations.

In the first half of 2026, the Jungfraubahn Group generated operating revenue of CHF 137.0 million, a decrease of 8.6 percent. Transport revenue of CHF 97.6 million was 8.9 percent lower than in the same period of the previous year. Thanks to lower electricity prices and various measures, operating costs were reduced by 4.6 percent. For Switzerland's largest mountain railway company, the first half of 2026 resulted in EBITDA of CHF 56.8 million and a net profit of CHF 28.9 million, a figure 22.0 percent below the record net profit for the first half of 2025. Despite the challenging conditions, free cash flow increased by 12.1 percent to CHF 18.7 million.

“The result was acceptable under the given circumstances. The ongoing armed conflict in the Middle East, which, among other things, increased travel costs, as well as a parallel rise in price sensitivity and uncertainty, are the main reasons for the decline in the half-year results. Nevertheless, the half-year profit is higher than in the successful pre-Covid years of 2018 and 2019,” explains Oliver Hammel, CEO of the Jungfraubahn Group. At the same time, “we are optimistic that the average revenue per guest in excursion traffic has increased and that the booking situation for the second half of the year is solid, considering the circumstances.”

Average yields again higher at the Jungfraujoch – Top of Europe

In the Jungfraujoch – Top of Europe segment, average revenue per guest increased to CHF 205. This reflects the Jungfraubahn Group's strategic focus as an integrated leisure and service company. However, total transport revenue fell by 11.9 percent to CHF 52.6 million compared to the same period last year. This equates to an average of CHF 135 per guest.

With 389,600 visitors, the Jungfraujoch – Top of Europe saw a 17.6 percent decrease in visitors compared to the first half of 2025. The outbreak of the Iran-Iraq War led to a significant drop in visitor numbers in the second quarter. "At the Jungfraujoch – Top of Europe, we can rely on a diverse mix of visitors. This helped us in the first half of the year, when we particularly missed visitor groups from India and Southeast Asia," says CEO Oliver Hammel. Visitors came primarily from Asian countries, including China, Japan, and Taiwan, as well as the USA, Brazil, and Mexico, and from Switzerland and various European countries such as France, Great Britain, and Germany.

Adventure mountains remain strong – good winter season

The adventure mountains generated transport revenue of CHF 19.9 million. This represents a decrease of 4.4 percent compared to the same period in 2025. Visitor numbers on the Firstbahn and Harderbahn cable cars were 3.1 percent and 5.1 percent below the record figures of the previous year, respectively. The Lauterbrunnen-Mürren connection was closed from April 12 to July 10 due to the renewal of the aerial cableway. Therefore, a direct comparison of passenger numbers with the previous year is only possible to a limited extent.

The Jungfrau Ski Region recorded 932,200 skier visits (first-time visitors) from January 1st to the end of the season, representing a slight decrease of 3.3 percent. The Jungfrau Railway Group's share of transport revenue amounted to CHF 25.1 million, or 5.9 percent less than the previous year. Due to the predominantly difficult snow conditions in the Grindelwald-First ski area and the new access lifts in the Mürren-Schilthorn ski area, market share shifts occurred within the Jungfrau Ski Region.

outlook

During the two peak season months of July and August (until August 23, 2026), visitor numbers improved slightly compared to the second quarter. However, Jungfraujoch – Top of Europe still saw a decrease of approximately 10 percent compared to the same two peak season months in 2025. As expected, the trend of fewer group tours continued. This decline was partially offset by individual visitors, who, not least due to the intense heat in the lowlands, enjoyed the more pleasant temperatures at higher altitudes. Thus, the adventure mountains recorded around 494,300 visitors in July and August (until August 23, 2026), representing an increase of approximately 5 percent compared to the same period of the record-breaking previous year. According to Oliver Hammel, the attractive range of adventure activities, dining options, and hiking trails, which offers something for every taste, proved successful.

Business performance in the third and fourth quarters is expected to continue to be impacted by global uncertainties: the armed conflicts in the Middle East, the war in Ukraine, and the fragile global economic, price, and currency developments. This makes it all the more important that the Jungfraubahn Group, as the market-leading premium provider of alpine leisure and adventure activities in Europe, holds a strong global position. The Jungfraubahn Group is further advancing its market diversification and is solidly positioned thanks to its broad market base.

For the remainder of the summer season, the KOF Swiss Economic Institute expects fewer overnight stays than in summer 2025 due to the current situation in the Middle East and higher kerosene and airfare costs, primarily because of the absence of Asian tourists. According to KOF, stable domestic demand cannot compensate for the losses in long-haul markets. For the 2026/2027 winter season, KOF forecasts stable demand at a high level. For the Jungfrau Ski Region, along with Adelboden-Lenk, the Aletsch Arena, and Engelberg-Titlis, this will be the second season offering the AlpsPass.

Link to the 2026 half-year report:

http://www.jungfrau.ch/halbjahresbericht