The Jungfrau Railway Group enjoyed strong growth in the 2023 financial year, leading to the best result in the company’s history. The transport income – the most important income component – amounted to CHF 195.9 million, representing a year-on-year increase of 40.7%. In total, the Jungfrau Railway Group generated operating income of CHF 278.1 million, representing an increase of 29.9% compared to 2022.

Compared to the previous year, operating expenses increased by 15.3% to CHF 138.7 million. Personnel costs amounted to CHF 71.1 million, representing a year-on-year increase of 11.2%. Thanks to long-term energy supply contracts, the increase in energy purchases was kept at a moderate level. Due to the sales increase in catering and in the Top of Europe shops, the cost of goods also went up. Other operating expenses totalled CHF 54.4 million, representing an increase of CHF 7.6 million compared to the previous year.

EBITDA reached CHF 139.4 million, surpassing the CHF 100 million mark for the first time and by a significant margin. EBIT amounted to CHF 99.6 million. After a slight increase in financial results and taxes of CHF 20.4 million, the annual profit amounted to CHF 79.6 million, representing a 79.4% increase compared to the previous year.

The cash flow from operating activities of the Jungfrau Railway Group amounted to CHF 96.3 million. The significant increase in net current assets reflects the investment of CHF 45 million in the form of short-term time deposits.

Jungfraujoch – Top of Europe

For the first time after 2019 and for the fifth time overall, more than one million people from all over the world visited Jungfraujoch – Top of Europe. With 1,007,000 guests, the number of visitors was 61.1% higher than in the previous year and only 4.6% less than the number of visitors in 2019, the last pre-COVID year. The transport income in the Jungfraujoch – Top of Europe segment amounted to CHF 136.5 million.

There was a strong increase in visitors especially from Southeast Asia, India and the USA. In addition to numerous individual travellers, there was also an increasing number of groups that visited the Jungfraujoch. Nevertheless, the number of guests visiting with tour groups was still about 120,000 lower than prior to the COVID outbreak, especially from China and Japan.

The Jungfraujoch – Top of Europe segment generated sales of CHF 188.2 million (+46.9%) and EBITDA of CHF 88.8 million (+87.8%).

Experience Mountains

The Experience Mountains recorded further significant growth. All railways and cableways achieved new transport income records. The Harder Funicular and the First Gondola greatly surpassed the pre-COVID frequency levels, and the Lauterbrunnen-Mürren Mountain Rail- and Cableway returned to these levels despite extended interruptions due to conversion work. The elevated average ticket income, the higher sales in the catering businesses and a new sales record for the soft adventure offerings on Grindelwald-First demonstrate the remarkable performance of the Experience Mountains.

The Experience Mountains generated transport income of CHF 37.0 million, an amount that is 35.6% higher than in the previous year, exceeding for the first time transport income in the Winter Sports segment. In total, the Experience Mountains segment generated sales of CHF 45.9 million (+22.8%) and EBITDA of CHF 30.0 million (+26.1%).

Winter Sports

The lack of snow in the winter of 2022/2023 and the often warm weather impaired the winter sports business in many regions, especially in the Alpine foothills. Despite the adverse weather conditions, the figure of 1.1 million skier visits was the second-best result in the last 10 years. Form the start of the new winter season to the 31 December 2023, the Jungfrau Ski Region recorded 207,800 skier visits. Compared to the same period in the previous season, this represents an increase of 28.1% – the best start into the season in history.

In the calendar year, Winter Sports recorded transport income amounting to CHF 29.9 million, the second-highest figure in the history of the Jungfrau Railway Group. In 2023, the Winter Sports segment generated total sales of CHF 41.3 million (-1.9%) and EBITDA of CHF 8.3 million (-29.0%).

Cash flow statement and investments

The cash flow from investing activities amounted to CHF 59.3 million. Of this amount, CHF 36.8 million were invested in property, plant and equipment, and CHF 22.0 million in financial assets in the form of long-term time deposits. Accordingly, the free cash flow amounted to CHF 37.0 million. 

The largest ongoing investment project is the upgrade of the adhesion railway of the Lauterbrunnen-Mürren Mountain Rail- and Cableway. In 2023, a total of CHF 9.9 million were invested in this project, directly or indirectly financed by the canton of Bern. Due to the delayed delivery of the rolling stock, scheduled operations of the new rolling stock will commence in July 2024.

The Wengernalp Railway invested CHF 7.1 million in new rolling stock for the Wengen Shuttle, which commenced scheduled operations on 10 December 2023. This investment, too, was financed directly by the ordering parties. Moreover, the range of completed investments with immediate benefits for guests include the “Black Rock” artificial snow system at the Eigergletscher, the arrival setting on the Jungfraujoch and the conversion of its shop as well as the new vantage platform “First View”.

Financial goals

After the end of the pandemic, the Board of Directors reviewed the financial targets of the Jungfrau Railway Group and defined them as follows:

The Jungfrau Railway Group will continue to strive for development and sound financing based on solid results. Wherever possible, investments are to be financed from self-generated funds. The Jungfrau Railway Group thus underlines its claim to be soundly financed and to be able to act independently of external lenders at all times. In addition, this increases the leeway for the payment of dividends.

Outlook

The Jungfraujoch got off to a positive start in 2024. From 1 January to 31 March 2024, 118,069 guests visited the Top of Europe, an increase of 10.5% compared to the same period in the previous year (106,852 guests). The Experience Mountains recorded good figures for the First Gondola and the Lauterbrunnen-Mürren Mountain Rail- and Cableway. The Harder Funicular entered the new season on 29 March 2024.

Thanks to good snow conditions, the current 2023/2024 winter sports season has been going strong since 2 December 2023. From the beginning of the season till 31 March 2024, the region recorded 1,077,384 skier visits, 6,0% more than during the same period in the 2022/2023 season.

Thanks to the unique passage in front of the imposing Eiger North Wall, the faster development and the higher transport capacity, excursions to Jungfraujoch – Top of Europe have become much more attractive. Even on peak days, the quality was much higher than it used to be prior to the V-Cableway, which is also evident from the feedback provided by guests from all markets.

The coronavirus pandemic has accelerated the shift from group travel to individual travel. The size of travel groups has been gradually decreasing. The Jungfrau Railway Group accommodates these trends with its agile sales systems, specific offerings and the implementation of new sales channels.

The Board of Directors and the Executive Board have defined framework conditions to integrate the sustainable use of resources that has been practised for many years firmly into the business model. The 2023 annual report will include sustainability reporting that is in accordance with Global Reporting Initiative (GRI) standards for the first time.

Annual report and proposals to the General Meeting

The Annual General Meeting of Jungfraubahn Holding AG will be held in Interlaken, Switzerland, on 17 May 2024. In view of the good performance, the Board of Directors will propose the payment of a dividend of CHF 6.50 per share (previous year: CHF 3.60 per share). The payout ratio would thus be in the middle of the target range of 35 to 60%. 

The Jungfraubahn Holding AG annual report for the 2023 reporting year was produced as an online edition. The online annual report and the sustainability report are published under the following link:

Annual report 2023: www.jungfrau.ch/business-report

Link to the agenda of the Annual General Meeting 2024: www.jungfrau.ch/general-meeting/