Jungfraubahn (JFN) H2 2025 earnings summary

Executive summary

• Achieved the second-highest profit in company history for 2025, with profit up 2.3% year-over-year to CHF 78.2 million.

• Visitor growth of 3.2% across all segments, with all segments reporting higher average revenues per guest.

• Board proposes a dividend increase to CHF 8.50 per share, up 13.3% from the previous year.

Financial highlights

• Operating income rose 3.7% to CHF 305.7 million compared to 2024.

• Transport income increased 5.3% to CHF 216.1 million.

• EBITDA grew 3.0% to CHF 138.4 million; EBIT reached CHF 98.9 million.

• Free cash flow increased 9.6% to CHF 74.5 million.

• Operating expenses rose 4.3% to CHF 167.3 million, mainly due to higher personnel and energy costs.

Outlook and guidance

• Early 2026 saw subdued visitor numbers due to Middle East conflicts affecting Far Eastern travel routes.

• Jungfraujoch visitors down 2.9% and Experience Mountains down 5.7% in the first three months of 2026 compared to prior year.

• Winter sports skier visits down 1.9% for the 2025/2026 season to date.

• Focus remains on qualitative growth, financial independence, and investments in modernization and expansion.