The Jungfrau Railway Group closed the 2025 financial year with transport income of CHF 216.1 million. This means that the most important earnings figure was 5.3% higher than in the previous year. Overall, the Jungfrau Railway Group generated operating income of CHF 305.7 million, which corresponds to an increase of 3.7% compared to 2024.

Operating expenses increased by CHF 6.9 million to CHF 167.3 million, 4.3% higher than the previous year. The increase in personnel costs of CHF 5.7 million or 7.2% is due to 30 new full-time positions and the revision of the salary system, which resulted in a one-off cost increase of 4% of the salary total. The cost of goods sold rose by 1.5% due to the increase in sales in the catering and Top of Europe shops, the cost of energy purchases increased by 2.7% due to higher energy requirements, and other operating expenses rose by a total of CHF 0.8 million as a result of higher maintenance and IT expenses.   

EBITDA rose by 3.0% to CHF 138.4 million in the reporting year compared to 2024. EBIT totalled CHF 98.9 million. After a positive financial result of CHF 0.1 million and taxes of CHF 20.8 million, the annual result was 2.3% higher than in the previous year at CHF 78.2 million.

The Jungfrau Railway Group invested CHF 34.4 million in tangible and intangible assets and realised a 9.6% higher free cash flow of CHF 74.5 million compared to the previous year, adjusted for investments and divestments in financial assets (fixed-term deposits).

In 2025, the Jungfrau Railway Group further strengthened its position as the number 1 premium provider in Alpine tourism. No other mountain destination in Switzerland attracts more visitors, with a total of 3,909,700 guests in 2025.

Jungfraujoch – Top of Europe

In 2025, the Jungfraujoch welcomed 1,056,600 guests, the seventh time in the history of the Jungfrau Railway that it has welcomed more than 1 million visitors from all over the world. The figure thus remained stable at the previous year’s level (-0.2%). Meanwhile, group travel is back to pre-coronavirus pandemic levels, and there has also been a further increase in guests from the USA and Brazil. India and Southeast Asia are showing stable demand and visitors from China have largely returned.

The Jungfraujoch – Top of Europe segment achieved revenue of CHF 196.5 million (+2.4%) and EBITDA of CHF 82.7 million (+0.3%). Transport income in the Jungfraujoch – Top of Europe segment totalled CHF 139.9 million.

Experience Mountains 

Experience Mountains recorded a positive development thanks to its clear positioning built up over the years. Grindelwald-First was visited by 760,000 day-trippers, which corresponds to an increase of 7.1%, while the Lauterbrunnen-Mürren mountain cable- and railway (BLM) counted 478,500 day-trippers, an increase of 6.9% compared to 2024. Only the Harder Funicular, with 406,000 visitors, missed its record figure from 2024 (425,200) by 4.5%.

The Experience Mountains generated transport income of CHF 52.0 million, representing an increase of 12.1% compared to the previous year. Overall, the Experience Mountains segment generated revenue of CHF 62.2 million (+10.8%) and EBITDA of CHF 41.3 million (+12.4%). 

Winter Sports 

In the calendar year 2025, the Jungfrau Ski Region recorded a total of 1,208,600 skier visits, which corresponds to an increase of 5.2% compared to the previous year.

The 2025/2026 Winter Sports season started on 29 November 2025 with continuous winter sports operations. From the start of the season to 31 December 2025, the Jungfrau Ski Region registered 244,300 skier visits, making it the best start to a season in its history (+11.8% compared to 2024).

With the new AlpsPass (partner offer from Adelboden-Lenk, Aletsch Arena, Engelberg-Titlis, Jungfrau Ski Region), a total of over 37,400 ski passes were sold. These figures show that the guaranteed snow, the range of slopes and the modern infrastructure of the AlpsPass areas are winning over guests. 

At CHF 32.4 million (+7.7 %), Winter Sports generated the highest transport income in the history of the Jungfrau Railway Group in the calendar year. The Winter Sports segment generated total revenue of CHF 44.7 million (+6.3%) and EBITDA of CHF 5.9 million (+22.3%) in 2025.

*The segment Secondary business includes in particular the Jungfrau Railway power station, the car parks in Grindelwald and Lauterbrunnen, and the activities of Jungfraubahnen Management AG and Top of Travel AG.

Financial targets

The Jungfrau Railway Group benefits from the existing and growing desire to travel. The company has positioned itself as the market leader in the premium segment for leisure and experience offers. The financial situation is very solid with an equity ratio of 78.5%

The Jungfrau Railway Group’s strategic financial objectives reflect the company’s long-term and sustainable orientation: the Jungfrau Railway Group will continue to strive for development based on solid results, qualitative growth and financial independence in the future. Investments in future projects such as the modernisation of the First Cableway and expansion projects on the Jungfraujoch and the Eigergletscher are to be financed from self-generated funds.

The Jungfrau Railway Group communicated its new financial targets in January: the management is aiming for higher profitability and a dividend payout by 2030. 

Outlook

The start of 2026 was marked by new acts of war in the Middle East, some of which affected the travel routes of Far Eastern guests. The first few months at the Jungfraujoch were therefore subdued. From 1 January to 29 March 2026, 114,983 guests visited the Top of Europe, which represents a decrease of 2.9% compared to the same period in the previous year (118,461 guests). For the Experience Mountains segment, the figures amount for the First Cableway to 60,155 guests (from the valley station) and for the Lauterbrunnen-Mürren Mountain Cable- and Railway to 54’863 guests (from the valley station). This corresponds to a total number of 115,018 guests for Experience Mountains in the first three months and therefor a decrease of 5.7%. Harder Funicular starts the new season on 3 April 2026.

In the current winter season 2025/2026, 1,086,152 skier visits were registered from the start of the season in November to 29 March. That is 1.9% less than in the same period in the 2024/2025 season (1,107,069 skier visits). 

As an integrated leisure and service company, the Jungfrau Railway Group offers its guests a holistic and high-quality experience along the entire travel chain. The booking platform developed and operated by Top of Travel AG plays an important role here: it is being set up as a standardised booking system for all sales channels and strengthens direct sales, allowing guests to combine train tickets, experience offers and other tourist services from third-party providers and purchase them in a single booking process.

Annual report and motions at the AGM

The Annual General Meeting of Jungfraubahn Holding AG will be held in Interlaken on 11 May 2026. In view of the pleasing annual result and the rock-solid funding, the Board of Directors proposes the distribution of a dividend of CHF 8.50 per share (CHF 7.50 per share in the previous year). The payout ratio is therefore 62.5% of consolidated profit.

The Jungfraubahn Holding AG Annual Report for the 2025 reporting year was produced as an online edition. The online annual report is published together with the sustainability report at the following link: 

Annual Report 2025 - online about 7am CET: business reports 

Link to the Agenda of the 2026 Annual General Meeting: general meetings 

Link to ad hoc announcements: ad hoc announcements