Very Good Half Year Results For Titlis Bergbahnen

From the beginning of November 2023 to the end of April 2024, Bergbahnen Engelberg-Titlis AG (BET) welcomed 607,258 visitors to Titlis. The company was thus able to record 39,188 or 7% more first-time entries than in the previous year and set a record in the international individual guest segment. Group business continues to recover, but has not yet reached the level of the pre-Corona years. Operating income rose by over CHF 11.6 million to CHF 47.1 million, and net profit for the first half of the year was CHF 10.5 million.

Early snowfall, magical snow-covered landscapes down to the lowlands and the excellent weather conditions over the holidays and in January gave the BET an excellent start to the winter season with record-breaking frequencies. The months of February and March were then characterized by above-average temperatures, and in March the Titlis was closed for several days due to heavy storms. In the snow sports sector, the BET recorded 361,724 first-time visitors in the first half of the new financial year, which represents an increase of 3% compared to the previous year. This good result is due to the continuous winter operation, which - unlike lower-lying destinations - could be guaranteed at all times thanks to the altitude and the modern snowmaking systems. The higher visitor numbers are also reflected in the results of the catering establishments, which were able to increase their turnover from CHF 7.9 million to CHF 8.3 million.

Group travel continues to recover, record for individual travelers

The group traveler segment continued to recover in the winter half-year - the BET recorded an increase of 30% between November 2023 and April 2024 and welcomed 116,209 international group travelers to Titlis. For individual travelers, the previous year's record was further increased with 129,325 first-time entries. Around half of these guests came from Switzerland, followed by visitors from India, Germany and the USA. With the exception of guests from China, who are suffering from the problematic visa situation for the Schengen area, among other things, an increase was recorded in almost all countries of origin.

Profit CHF 10.5 million with an EBITDA of CHF 18.1 million.

Due to the increased visitor frequency, operating expenses (goods, personnel, operations, depreciation and finance) increased from CHF 25.4 million to CHF 29 million. At the same time, traffic revenue increased by 10% to 24.9 million and exceeded the result before the corona pandemic for the first time (2018/19 CHF 23.8 million). Since an extraordinary proceeds of CHF 8.1 million were achieved from the sale of a property, BET's operating income rose by 33% to CHF 47.1 million. In the first half of the 2023/24 financial year, a positive EBITDA (operating result before interest, taxes, depreciation and amortization) of CHF 18.1 million was generated (EBITDA margin 38.5%), and net profit increased from CHF 3.9 million to CHF 10.5 million.

Despite construction work, full range of services during summer semester

After construction work on the TITLIS generation project was suspended over the winter as planned, it is now back in full swing. The breakthrough in the flush drilling has already been achieved, which means that the mountain station can be connected directly to the fresh water pipe, the sewerage system, and power and fiber optic cables. The single-track aerial tramway is also scheduled to be completed this year. It will be used for material transport throughout the project and will serve as an evacuation tramway after completion. All work is on schedule and BET is confident that the new mountain station will be completed and put into operation as planned in 2028/29.

Despite the ongoing construction work, the full range of services is available to visitors during the summer months and BET continues to expect numerous guests, including from within the country. The traditional Engelberg company firmly expects that the normalization of international travel will continue in the coming months and hopes that the upward trend of recent years will continue for both international group and individual travelers.

The 2023/24 half-year report of Bergbahnen Engelberg-Trübsee-Titlis AG is available for download at www.titlis.ch/halbjahresbericht .