In the first half of 2025, the Jungfrau Railway Group generated transport income of CHF 107.2 million, representing an 8.2% increase compared to the same period last year. In mid-June, the Jungfrau Railway Group saw a change at the top of the company. Urs Kessler was succeeded by Oliver Hammel as the new CEO. "I was able to take over the management of a rock-solid company with positive outlooks and an independently functioning team that acts quickly and stays on the ball," said Oliver Hammel after around a hundred days in office.

The company achieved EBITDA of CHF 65.9 million on operating income of CHF 149.9 million. In the first half of 2025, the Jungfrau Railway Group generated a record result with a half-year profit of CHF 37.0 million, which is 7.3% higher than the one in 2024. Costs have also increased due to the strong business performance. Operating income and operating expenses increased by 5.7% and 5.3% respectively compared with the same period of the previous year. 

All three segments – Jungfraujoch - Top of Europe, Experience Mountains and Winter Sports – recorded above-average growth in income and average income. All three segments also recorded additional growth in visitor numbers. 

Rising average income at the Jungfraujoch - Top of Europe

In the Jungfraujoch - Top of Europe segment, the average income per visitor increased to CHF 187. At CHF 59.7 million, transport income was also 4.9% higher than in the same period of the previous year, corresponding to CHF 126 per visitor. The company saw also visitor numbers increase in the first six months of this year. 

A total of 472,700 people visited Jungfraujoch – Top of Europe, 2.6% more than in the first half of 2024. "This was made possible thanks to the Jungfrau Railway Group’s long-term strategy of improving capacity utilisation in the months with fewer visitors," said CEO Oliver Hammel. More visitors came primarily from the USA, India and South Korea, with China also experiencing a further upward trend.

Experience Mountains flourish – very good winter season 

At CHF 20.8 million, transport income for the Experience Mountains increased at an above-average rate. This corresponds to an increase of 17.6% compared to the same period in 2024, thanks to the fare increase for tickets for the First Railway and higher sales of the Jungfrau Travel Pass. The latter in particular means that visitors stay longer in the region. This is also reflected in the number of visitors. These were 14.8% and 12.9% above the figures for the same period last year for the First gondola and Lauterbrunnen-Mürren mountain rail and cableway respectively. The Harder funicular recorded a 5% drop in the first half of the year, although frequencies remained at a high level.

In the Winter Sports segment, the 2024/2025 winter season was the second strongest in the last ten years with 1.183 million skier visits (first visits). Only the 2021/2022 winter season was stronger. Both the Grindelwald-First area and the Kleine Scheidegg-Männlichen area attracted more Winter Sports visitors. The Kleine Scheidegg-Männlichen area has recorded significantly more skier visits since the completion of the V-Cableway project and the Eiger Express. If the winter months of January to April are compared, the increase compared to the same period in the previous year is 3.7% and the five-year average is 5.1%. Transport income (1.1.2025-30.4.2025) increased by 9.2% to CHF 26.7 million.

Sustainability

The Jungfrau Railway Group supports various regional sustainability projects as part of its sustainability strategy. In the first half of the year, the Grindelwald forest district was able to plant around 1000 "climate trees" at various locations in the municipality of Grindelwald. And on the Hardermatte above Unterseen, specific forest and slope management measures are being used to promote biodiversity and species diversity An intact natural environment is of central importance for the Jungfrau Region as the basis for tourism and the economy. 

One focus of the sustainability efforts is the Hintisberg alpine solar plant project. Fortunately, there were no objections from nature and landscape conservation organisations during the planning permission process. In addition to finalising the approval process, the second half of 2025 will see the securing of the incentives for alpine solar plants and the economic audit. It will therefore not be possible to start construction until 2026 at the earliest. 

Sustainability targets were also defined for the first time for 2025, the achievement of which will influence the variable remuneration of the Executive Board. The expanded sustainability reporting has already led to better ratings for Jungfraubahn Holding AG.

Outlook

The trend continued in the two subsequent months of the first half of 2025, July and August, even though July was very rainy at times. According to Oliver Hammel, "the international orientation and widespread diversification of markets of the Jungfrau Railway Group has proved its worth, making the company less dependent on the weather". 

Although tourism has decoupled from other consumer sectors since the pandemic and the strong exchange rate has hardly affected long-haul travel, business performance will continue to be shaped by global uncertainties beyond the company’s control: the war in Ukraine, the conflict in the Middle East and the fragile global economic, price and currency trends.

The Swiss Economic Institute (KOF) has increased its forecast slightly for the rest of the summer season due to strong demand from the long-distance markets. The KOF is forecasting growth of 0.5% in overnight stays for the coming winter season, for which the Jungfrau Ski Region, together with Adelboden-Lenk, the Aletsch Arena and Engelberg-Titlis, is launching the AlpsPass. 

Half-year report 2025: half-year report 2025