Jungfrau Railway Group Reports Profit Of CHF 34.5 Mil In First Half Of FY

Jungfraubahn Holding AG announced in an ad hoc announcement pursuant to Article 53 of the Listing Rules that the Jungfraubahn Group can look back on a successful first half of the year. Operating income of 141.8 million Swiss francs resulted in a half-year profit of 34.5 million Swiss francs. Both the Jungfraujoch and the adventure mountains continue to be very popular with guests.

In the first half of 2024, the Jungfrau Railway Group achieved a good result despite often difficult weather conditions. Numerous guests were welcomed both on the Jungfraujoch and on the adventure mountains Harder, First and Winteregg. Traffic revenue amounted to 99.1 million francs, 5.1 percent higher than the same period last year. It should be noted that more international guests used the "Swiss half fare card", which reduced traffic revenue.

The company achieved an EBITDA of 62.0 million francs with operating income of 141.8 million francs. In the first half of 2024, the Jungfrau Railway Group's half-year profit of 34.5 million francs was just below the record profit of the first half of 2023. The increasing number of guests led to the creation of additional jobs and higher wage costs at the Jungfrau Railway Group, which, together with the higher operating expenses, slightly reduced profits.

Increasing frequencies at Jungfraujoch – Top of Europe

• At Jungfraujoch – Top of Europe, guest numbers continued to develop positively and are 9.8 percent higher than in the same period last year. Compared to the record year of 2019, there is still a gap of 2.2 percent. While the number of guests from the USA and India continues to grow, those from China and Japan are below expectations.
• Net traffic revenue in the Jungfraujoch – Top of Europe segment amounted to CHF 56.9 million, which corresponds to an increase of 2.2 percent compared to the same period last year.

More guests on the adventure mountains – Solid winter season

The growth in the adventure mountains continues. The Jungfrau Railway Group achieved net traffic revenue of 17.7 million francs. This corresponds to an increase of 35.4 percent compared to the same period in 2023 and almost double compared to 2019. On the First and Harderbahn, the number of guests was higher than in the same period last year in every month. On the Firstbahn, the increase in guests was 11.5 percent and on the Harderbahn 11.7 percent. This despite the fact that spring and early summer were above average wet and cold. The Lauterbrunnen-Mürren cable car recorded 16,837 more guests, which corresponds to an increase of 8.5 percent.

In winter sports, the same number of skier visits were recorded in the reporting period in the first half of 2024 as in the same period last year. The Jungfrau Railway Group's share of net traffic revenue from winter sports fell slightly by 4.1 percent. This was due on the one hand to the promotions in Switzerland, and on the other hand to the fact that season ticket holders used their ski passes more frequently. Added to this were the uncertain weather conditions during the winter season with storms and frequent periods of bad weather at weekends.

Sustainability with active forest management and PV systems

Sustainability is part of the Jungfrau Railway Group's DNA. This includes internal measures such as energy-efficient building renovations and the planning of additional PV systems. In addition, public transport has been strengthened again: with the Wengen Shuttle on the route between Lauterbrunnen and Wengen and the new rolling stock on the Lauterbrunnen-Mürren cable car.

The Jungfrau Railway Group also supports regional sustainability projects. Thanks to the company's financial support, the Grindelwald forestry company can actively manage the forest. This ensures, among other things, a better mix of coniferous and deciduous forests, which results in greater biodiversity. This preserves the habitat for humans and animals as well as the landscape. At the same time, local companies are supported and local wood is promoted for sawmills or wood heating. An intact natural environment is of central importance for the Jungfrau Region as a basis for tourism and the economy.

Outlook

The trend of the first half of 2024 continued in the high season months of July and August, even though the expected impact of the Olympic Games in Paris was evident. Many Asian tour operators did not receive quotas for Paris and therefore postponed trips to Europe until autumn or another year.

The course of business in the second half of 2024 will continue to be shaped by global uncertainties that the company cannot influence: the war in Ukraine, the renewed Middle East conflict and the general global economic, price and currency developments.

The Jungfrau Railway Group expects continued stable development in the 2024 financial year. With the election of Oliver Hammel as the company's new CEO, the succession plan is on track and can be implemented in the first half of 2025.

Link to the half-year report 2024 here