Titlis Bergbahnen Increases Revenue By 13 Million Swiss Francs
Things are continuing to go uphill for Bergbahnen Engelberg-Trübsee-Titlis AG. In the 2023/24 financial year, 1,114,729 guests visited Titlis, representing an increase of 3.7% over the previous year. Operating income increased from CHF 72.2 million to CHF 85.7 million, and profit rose from CHF 10.3 million to 15 million. The start of the new financial year was record-breaking for the traditional Engelberg company.
The Engelberg-Trübsee-Titlis (BET) cable cars can look back on a successful year, which was marked by the continued increase in daily business and the realization of the flagship project on the Titlis. The 2023/24 financial year started with record-high visitor numbers, helped by early snowfall and excellent weather conditions over the holidays. Despite a lot of rain and too warm temperatures in February and March, 607,258 first-time entries were recorded in the winter half-year, which equates to an increase of 7% compared to the previous season. In summer, with 507,471 visitors, the good previous year's result was slightly exceeded (506,340). Over the entire financial year, the BET transported 1,114,729 guests, 3.7% more than in 2022/23 with 1,074,410.
Growth in group travelers
The group travel segment developed particularly positively, with numbers continuing to recover and increasing by 14.8% to 353,336. Among individual travelers, the very rainy early summer and autumn led to a decline of 4.7% to 358,484 visitors. Last year, 376,275 guests were by far the best result in history. While group travelers were clearly in the majority before the pandemic, today almost the same number of individual travelers visit Titlis. The transformation of international tourism after Corona is also manifesting itself in the BET.
Profit CHF 15 million with an EBITDA of CHF 30.3 million.
BET's traffic revenue increased from CHF 46.7 million in the previous year to CHF 50 million, while operating income rose from CHF 72.2 million to CHF 85.7 million. Operating expenses increased from CHF 48.9 million to CHF 55.3 million, mainly due to the increase in personnel expenses from CHF 25.9 million to CHF 30 million. The logistics team had to be expanded for the Titlis project, and the management and various departments were strengthened. Over the entire 2023/24 financial year, EBITDA (operating profit before interest, taxes, depreciation and amortization) of CHF 30.3 million was generated (previous year CHF 23.2 million). Net profit rose from CHF 10.3 million to CHF 15 million - not least thanks to a land sale. The Board of Directors is proposing to the General Meeting that a dividend of CHF 0.80 per share be paid.
Excellent start to the new financial year
Despite bad weather and limited slopes, November 2024 produced excellent results. The rush over the holidays, when many guests escaped the high fog in the lowlands and enjoyed perfect conditions and picture-perfect mountain sports weather on Titlis, brought BET a new record in terms of first entries and sales. The booking status in the accommodation establishments also gives reason for optimism for the rest of the winter season. BET is convinced that the ongoing construction projects can be completed in 2029 and put into operation as planned. The far-sighted investments create the basis for sustainable growth of the company, increase profitability and strengthen the tourism competitiveness of the Engelberg-Titlis destination.
The 2023/24 annual report of Bergbahnen Engelberg-Trübsee-Titlis AG will be published on January 28, 2025 on the website at https://www.titlis.ch/de/informationen/investor-relations .
