Slides
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Investor Day JUNGFRAU RAILWAY GROUP| 8 January 2026
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Today’s agenda Contents: markets, strategy, operations, finance, ESG, outlook 1. Welcome & introduction 2. Company snapshot 3. Market environment & trends 4. Vision & strategic priorities 5. Marketing strategy 6. Operational review 7. Financial review and capital allocation 8. Sustainability & ESG 9. Outlook & targets 10. Q&A & closing JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 2
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Welcome to a premium experience 3 Strategy, performance, and growth roadmap for Europe’s leading mountain experience 1 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Executive team leading the ascent 4 Experienced leadership delivering sustainable growth and high quality From left to right: • Dominik Liener, Head of Infrastructure and Technology • Marco Luggen, Head of Cableway and Winter Sports Operations • Oliver Hammel, Chief Executive Officer • Stefan Würgler, Head of Railway Operations • Christoph Seiler, Chief Financial Officer • Remo Käser, Head of Marketing and Sales JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Company snapshot — Jungfrau at a glance 5 Heritage, history, segments, and revenue mix across experiences and seasons 2 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Jungfrau Railway – est. 1912 6 A chapter in Swiss railway history and part of our DNA • 4 concession requests • Request of Guyer-Zeller 12/1893 • 21.12.1894 Decision Fed. Council • 27.07.1896 Groundbreaking • 1898 Opening Eigergletscher • 1899 Decease of Guyer-Zeller • 1903 Station Eigerwand • 1905 Station Eismeer • 1912 Opening Jungfraujoch … shortly before World War 1 Adolf Guyer-Zeller 1839-1899 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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The Jungfrau Region
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1890 Bernese Oberland Railways
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1891 Lauterbrunnen-Mürren Cable- and Mountain Railway
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1893 Wengernalp Railway
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1893 Schynige Platte Railway
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1908 Harder Funicular
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1912 Jungfrau Railway
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1947 First Cableway
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2020 Eiger Express
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Top of Interlaken Top of Swiss Tradition Top of Family Top of Europe Top of Adventure Positioning
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Production Kitchen Jungfrau Railways operated Restaurants 3rd Party Restaurants Gastronomy
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Shops Shops
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JUNGFRAUBAHN | Präsentationstitel 19 Jungfrau Ski Region
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Milestones 1890-2024: A history of innovation & growth 20 Decades of development 1890-1893 Bernese Oberland Railway Lauterbrunnen- Mürren Cable- and Mountain Railway Wengernalp Railway 1894 Decision Fed. Council 1898 Joint Headquarter Wengernalp Railway / Jungfrau Railway 1996 IPO Swiss Stock Exchange Opening Sphinx 2015 1 million visitors Jungfraujoch 2020 Opening V-Cableway 1912 Opening Jungfraujoch 1994 Group structure 1944 Operating agreement Bernese Oberland Railways 2004 Merger First Cableway 2017/2019 Takeover Restaurants 2024 2nd best result in history JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Jungfraujoch visitors: A century of resilience 21 From postwar recovery to 1m+ guests; strong post COVID bounce 0 200'000 400'000 600'000 800'000 1'000'000 1'200'000 1912 1922 1932 1942 1952 1962 1972 1982 1992 2002 2012 2022 • Opening 1912 • Long-lasting crisis until after World War 2 • 1952 > 100’000 for the first time • 1967 > 200’000 for the first time • 1997 > 500’000 for the first time • 2015 > 1 million for the first time • 2023 Recovery to pre-crisis level JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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V-Cableway opening 2020: Capacity up, time down 22 Raising the bar: Modern terminal, public transport link, retail & F&B uplift Impact • 45’ travel time savings • 30% higher capacity / hour • Eiger Express – most modern 3S-Gondola in the world • Direct link to public transportation • Unique terminal with stores, restaurants, parking garage • Total Capex: CHF 354 Mn JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Key figures 2024 for the number 1 Swiss travel destination 23 Operational health wherever you look 727 134.4 Mn (Margin 45.6%) 44 Net Promotor Score (NPS) 53 294.7 Mn (+6.0%) 87% Number of employees (FTE) EBITDA in CHF Number of Apprentices Operating income in CHF Customer Satisfaction (CSAT) 76.5 Mn (Margin 25.9%) Net profit in CHF JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Top of Europe & experience mountains: High growth &margins 24 "Emanzipation" of Jungfraujoch has already come a long way in MCHF 2024 Revenues CAGR 2015- 2024 In % EBITDA EBITDA- Margin Comments Jungfraujoch – Top of Europe 192.0 4.9% 65.1% 82.5 43.0% No 1 Mountain destination in CH and EU, UNESCO World Heritage Site, Highest Railway station in Europe Experience Mountains 56.1 13.5% 19.0% 36.7 65.4% Grindelwald-First, Harder Kulm, Mürren. Cross- selling with Jungfraujoch Winter Sports 42.0 4.6% 14.3% 4.8 11.5% Jungfrau Ski Region #4 in Switzerland, Alpine Ski World Cup Lauberhorn Other 65.6 4.5% 22.2% 10.4 15.9% Power plant, Parking, Management services, Top of Travel Eliminations -61.0 -20.7% -0.1 0.1% Total 294.7 5.3% 100.0% 134.4 45.9% JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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FY2025 visitor’s snapshot: Another peak year 25 Visitor gains, yield improvements, and record performance Jungfraujoch – Top of Europe Experience Mountains Winter Sports Other 1,056,600 visitors (-0.2%) • Third best year ever • +2.6% in the first half year • Higher average yield per PAX • -2.4% in the second half year 1,644,400 visitors (+3.2%) • First Cableway: +7.1% • BLM: +6.9% • Harder Funicular: -4.5% • 66,400 Jungfrau Travel Passes sold (+45.1%) 1,208,600 Skier Visits (+5.2%) • Winter Season 2024/2025: second best in 10 years • Season start 25/26: +11.8% • 34,000 AlpsPasses sold • 10,000 JSR season passes sold (+9.6%) 59.7 GWh Electricity Production (-10.3%) • Management Services • IT Services • Management Berner Oberland- Bahnen AG JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Market environment & trends 26 Global demand is shifting to high-quality, once-in-a-lifetime experiences 3 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Market trends I: Asian demand recovery is experience and digital led JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 27 Group + FIT rebound; mobile, real-time, personalized journeys are en vogue Strong recovery of Asian inbound tourism, led by Greater China. • Returning group tours (high volume, efficient logistics) • Growing FIT / independent travelers who prefer online booking, flexibility, and personalization Shift in Asian traveler behavior: • Moving from “see & leave” to “do more” • Strong demand for hands-on, in-destination experiences Implication: Growth is no longer just volume-based — experience design and flexibility now determine competitiveness in Asia. Asian Market recovery & demand evolution (core demand driver) Travelers now expect: • One account serves it all • Contactless payments, with your preferred payment solution • Mobile check-in, scheduling and reservations including real-time updates Personalization is a baseline expectation: • Users expect tailored recommendations, flexible routes, and services Implication: Digital experience is now part of the core product, not an add-on. Digital convenience & personalization as baseline expectations A B
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Market trends II: Premium demand reshaping alpine tourism JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 Bundled attractions and smart infrastructure drive yield and scale Service provider consolidation is driving bundled offerings • Simplifies trip planning • Strengthens competitive positioning Smart destination infrastructure growing: • Digital kiosks • Sensor-based monitoring and visitor flow management for high quality experience • Centralized visitor platforms Implication: The market is shifting toward platform-based, bundled and tech-enabled tourism ecosystems. Digitalization & smart infrastructure enabling efficiency & scale Visitors increasingly seek: • High-quality & premium • Integrated luxury experiences Willingness to pay is highest in Switzerland-level premium destinations. Luxury demand focuses on: • Privacy • Curated offerings • Authentic, locally rooted high-end products Implication: Growth is shifting from volume-driven to value-driven tourism. Premium & high- quality experience preference C D
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Market trends III: Experience is the product: Unlocking all-season value JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 29 Immersive products and off-peak programming better exploit capacity Travelers prioritize: • Immersive over passive sightseeing • Authentic, meaningful engagement High demand for: • Adventure • Culture • Storytelling • Educational components Implication: Tourism products must evolve from attractions to narratives and participatory experiences. Experience-Driven travel as the new core product Destinations are investing in: • Off-peak programming • Cultural festivals Objective: • Stabilize revenue • Reduce peak-season dependency Implication: Competitive advantage is shifting to destinations that can monetize all four seasons. Year-Round tourism investment to reduce seasonality E F
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Market trends IV: Demographic shift, younger audiences JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 30 Millennials & Gen Z seek unique, social, authentic, high-end experiences Key growth segments: • Millennials & Gen Z • Solo travelers • Multi-generational travel High demand for: • Shareable • Unique • Experience-first products Implication: Product and communication strategies must adapt to younger, more diverse, and socially driven audiences. Demographic shifts & inclusion driving product redesign The alpine tourism market is transitioning from: 1. Seasonal → Year-round 2. Sightseeing → Experiential 3. Volume → Value 4. Analog → Fully digital 5. General offers → Personalized ecosystems Summary G
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807 842 898 917 880 952 983 1035 1087 1138 1101 1235 1322 1400 1460 408 460 975 1305 1445 1500 1800 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Global arrivals demonstrate: Structural growth continues 31 Trajectory supports sustained demand for premium destinations Source: UNWTO 2005-19: CAGR +4.0% 2005-24: CAGR +3.0% 2024-30: CAGR +3.0% JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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China outbound momentum returns 32 Recovery of long-haul segments strengthens alpine visitation JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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China–Switzerland airlift: Capacity rebounds 33 More seats enable faster normalization of flows JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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9.23 9.25 9.51 10.14 10.44 7.29 2.24 5.82 9.14 10.31 0.00 2.00 4.00 6.00 8.00 10.00 12.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 International travel to Switzerland rebounds to pre-COVID levels 34 Top source markets recovering – USA a surprising new growth engine Number of foreign arrivals in Switzerland (in Mn) 30% 17% 14% 8% 7% 5% 4% 3% 2% Others USA Germany UK India France China Netherlands, Italy, Taiwan Australia, South Korea Top 12 visiting countries in 2024 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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0.367 0.418 0.425 0.448 0.513 0.629 0.710 0.713 0.797 0.809 0.817 0.940 1.059 1.115 1.149 1.226 1.270 1.400 2.100 2.200 3.790 0.000 0.500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 Säntis Maison Cailler Harder Funicular Lauterbrunnen-Mürren Kunsthaus Zürich Stoos Grindelwald-First Verkehrshaus Luzern Pilatus Gornergrat Lindt Home of Chocolate Rigi Jungfraujoch - Top of Europe Titlis Jungfrau Ski Region Zoo Basel Zoo Zürich Zermatter Bergbahnen Rheinfall Zermatt Experience Jungfrau Experience Jungfrau experience: Switzerland‘s #1 by visitors 2024 in Mn 35 Outperforms national attractions and mountain peers Swiss Destinations Mountain Destinations Jungfrau Railway Group JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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2024 Jungfrau experience vs. European benchmark: Top tier among mountain icons 36 Comparable to leading European attractions on brand and volume European Destinations Mountain Destinations Jungfrau Railway Group 42% 58% Groups FIT Jungfraujoch Guest Share Titlis Guest Share JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 0.500 0.600 0.900 1.150 2.200 3.790 4.950 5.600 5.600 6.000 6.300 6.825 8.100 8.700 10.400 14.700 0.000 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 Aiguille du Midi Chamonix (F) Zugspitze (D) Grossglockner (Oe) Titlis (CH) Zermatt Experience (CH) Jungfrau Experience Museé d' Orsay Paris (F) De Efteling Themepark (NL) Walt Disney Studio Paris (F) Europa Park Rust (D) Eiffel Tower Paris (F) Vatican Museum (I) Château de Versailles (F) Louvre Paris (F) Disneyland Paris (F) Colosseum Rome (I) 32% 32% 36% Groups FIT Skier 2024 2023/24
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37 Spend per capita evolution 8 7 8 12 12 13 13 11 14 12 14 13 13 14 2019 2020 2021 2022 2023 2024 H1 2025 19 21 20 26 25 26 27 +11% +1% Restaurants (CHF per capita) Souvenirs (CHF per capita) Total (CHF per capita) Average spend per capita in Jungfraujoch1, in CHF Group vs. FIT mix evolution 2019 Top of Europe visitors groups vs. FIT 17.6% 12.2% 18.5% 8.8% In 2025 the 5 target markets below represented almost two-thirds of total group guests (64%)…. 30% 67% 92% 76% 60% 58% 57% 70% 34% 8% 24% 40% 42% 43% 0% 20% 40% 60% 80% 100% FY '19 FY '20FY '21 FY '22 FY '23 FY '24 FY '25 FIT Group Growing average spending per visitor in combination with a diverse customer mix is essential for future growth ! 1 Includes Eigergletscher revenue Top of Europe insights Spend per capita at Top of Europe and group vs. FIT mix JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 6.8%
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Premium pricing for a premium experience 38 Top-tier ticket pricing supported by unique value Swiss Destinations Mountain Destinations Jungfrau Railway Group JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 5 17 17 22 24 24 32 38 56 56 58 62 78 102 105 108 116 211 0 50 100 150 200 250 Rheinfall (Schloss Laufen) Lindt Home of Chocolate Maison Cailler Zoo Basel Lauterbrunnen-Mürren Kunsthaus Zürich Zoo Zürich Harder Funicular Grindelwald-First Stoos Säntis Verkehrshaus Luzern Rigi Titlis Zermatt Gornergrat Pilatus Jungfraujoch - Top of Europe Ticket price comparison in CHF
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Vision & strategic priorities 39 Undisputed premium leader across product, service, and reach 4 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Strategy Foundations Our vision and how we get there 40 Undisputed premium leader Vision: Undisputable market leadership as the premium mountain leisure and experience provider in Europe Increase revenue per visitor • Grow wallet share • Expand off-peak offerings • Adaptable pricing rollout • One-stop shop and beyond Enhancing guest experience • Smooth and comfortable guest journey • Diverse visitor needs • Memorable attractions added • Continuous product innovation Expand & diversify • Broaden global markets • Strong sales presence in the markets • Balanced customer mix • Multi-channel conversion Strengthen competence • Century-long expertise • Agile and flexible • Future-ready mindset • Sustainable value creation • Invest cost cautious • Drive innovation on all levels Unique mountain experience • UNESCO World heritage location • Iconic scenery – 100% Instagramable • One of a kind must see/experience attraction Modern & seamless transportation • Perfectly connected to wherever you’re from • High reliability, fast & safe • Smooth journey for all guests Strong global sales presence • Strong global Salesrep presence • Global Customer mix • Strong Brand awareness Operational excellence • Outstanding NPS (Net Promoter Score) • Great Guest experiences • Continuous improvements are part of our DNA • Direct mobile Sales Channels JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Load factors & potentials: Levers & upside 41 Clear milestones in each segment Jungfraujoch – Top of Europe Experience Mountains Winter Sports Potential • Oberjoch Chairlift • Snow tubing First • Improved boarding Harder • 3rd party activities & adventure sold online • Expansion AlpsPass • Cooperation with other Passes • Adaptable Pricing • Participation in 3rd party services • Fallboden Chairlift Short Term Mid Term • Add attractions alongside our main traffic routes • Eiger Glacier as a destination • Additional offerings on the Jungfraujoch • New First Cable Car • Re-routing of adventure First • Extension of Season Harder • Snow production • Improved connection of First to Kleine Scheidegg ski areas + +++++Capacity + +++++Average Price + +++++Capacity + +++++Average Price + +++++Capacity + +++++Average Price 01 02 03 • Extended mandatory reservations • Market Share Gastronomy • Additional Gastro offerings • Enhance load in off season and early morning JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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0 20 40 60 80 100 120 140 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Visitors per month (in 1,000) 1967 2002 2012 2024 Unlocking capacity potential 42 Room to maneuver Nov-Mar, as well as morning and evening Retail Visitors Jungfraujoch – Top of Europe per month Guests on Jungfraujoch – Top of Europe by hour 0 200 400 600 800 1000 1200 1400 08:00 08:30 09:00 09:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00 13:30 14:00 14:30 15:00 15:30 16:00 16:30 17:00 17:30 18:00 Pre-Season Potential: Jan-April approx. 30-40k Pax 1 Post-Season Potential: Nov-Dec approx. 40-50k Pax 2 Morning / evening Potential May-Oct approx. 20-40k Pax 3 1 2 3 3 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Increase revenue per visitor Enhancing guest experience Expand & diversify Strengthen competence Road-map for strategy implementation 43 Clear plan to execute 2026–2027 2028–2030 2030+ • Price increase • Upselling program • Adaptable pricing • Expansion Adventure • E-commerce Integration • Ski rental / parking • Customer Centre • BLM Cabin / Fallboden • Group re-routing • Execution of Diversification Strategy • Channel expansion • Connection to SBB offering • 3rd-party adventure activities integration • Reservation expansion • Gastronomy market share JJ +30% • Positioning Kleine Scheidegg • 15-min interval Interlaken–Grindelwald • AlpsPass expansion • Restaurant Eigergletscher • Expansion of cooperation with other Ski Resorts • E-Commerce Platform Top of Travel as a service • Capacity optimization • Improved Top of Europe experience • First Cable Car • Jungfrau Joch “First View” • 15-min interval Interlaken–Lauterbrunnen • New shopping, gastro and other activities on Jungfrau • Eiger Glacier with a clear “Destination Positioning” • M&A initiatives Short term: • Growth mindset beyond the frequencies • Grow digital sales 15% p.a. • Scalable digital sales ecosystem • Operational Excellence Program • Forecast-based resource planning • Channel mix optimization (Direct, B2C, B2B reps, B2B2C OTA) • Centralized procurement Mid Term: • Simplified pricing structure • Palletized cargo handling • IT systems consolidation • Advanced pricing & distribution architecture JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Top of Travel: Unified commerce platform JUNFRAU RAILWAY GROUP | Investor Day, 8 January 2026 44 B2C/B2B2C integration to grow digital sales and wallet share What: Online Sales Platform (B2B, B2C, B2B2C) Situation Today: Reliance on third-party sales platforms with underperforming direct online sales and limited control over customer relationships. Why: Flexible, connectable, and agile platform to: • Increase direct and OTA B2C digital sales • Participate in third-party revenues • Increase wallet share across the customer journey • Reduce transactional and distribution costs Objectives: New unified booking platform for all Jungfrau Railways tickets and passes, complemented by third-party services Status: • B2C: 95% completed • B2B2C: Proof of Concept completed • B2B: Under development • Realization period: 2025–2028
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Renewal of First cable car with direct link to train station JUNFRAU RAILWAY GROUP | Investor Day, 8 January 2026 45 Tried and tested: New cable car enhances capacity, convenience, and yield Status: • Under development • Realization period: 2029–2033 What: Direct connection of First to the Grindelwald train station via a new cable car. Situation Today: • Second-generation concession expires in 2034 • Strong seasonal demand, particularly in summer • Suboptimal access to the valley station, traffic issues • Outdated mountain lodge infrastructure Why: • Improve overall guest experience and journey quality • Optimized routing, including seamless connection to public transport • Increase transport capacity for both summer and winter operations Objectives: Increase revenue by extending average length of stay while reducing travel time – allow guests experience multiple excursions.
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Scaling “Jungfraujoch” for capacity, experience, returns JUNFRAU RAILWAY GROUP | Investor Day, 8 January 2026 46 New mountain house to improve flow, space, and on-site spend What: New mountain house featuring redesigned guest flow, arrival hall, restaurant, and retail areas. Situation Today: • State-of-the-art infrastructure at Grindelwald Terminal and Eigergletscher • Jungfraujoch facilities are aging, originally opened in 1987 Why: • Increase capacity and enhance overall guest experience • Increase revenue by extending average length of stay • Continued investment in the core Jungfraujoch product Objectives: • Create a strong “wow-effect” upon arrival • Qualitative upgrade of the Jungfraujoch experience • Provide additional space to support a richer visitor journey Status: • Under development • Realization period: 2031–2033
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Eiger Glacier: From transit point to destination JUNFRAU RAILWAY GROUP | Investor Day, 8 January 2026 47 More inhouse activities, enhance experience What: Develop Eiger Glacier into a standalone destination with its own distinct positioning. Situation Today: • Eiger Glacier currently serves primarily as a transit point rather than a destination • Transport infrastructure is strong, but guest dwell time remains limited • Untapped potential for experiential and hospitality offerings Why: • Introduce indoor activities to enhance year-round attractiveness • Enable more guests within hospitality facilities Objectives: • Increase spending / guest through gastronomy & experiential offerings • Distribute guest flows more evenly to ensure a high-quality, experience and ensure restaurant capacity in connection with Jungfraujoch Status: • Under development • Realization period restaurant: 2028-2029
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Marketing: From positioning to performance 48 Premium positioning, digital journey, VIP products, pricing power 5 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Marketing strategy implications 49 Actionable levers to convert value over volume Use Sustainability as a Commercial Value Driver Digital omnichannel: • Strong own digital sales platform • Additional gastronomic and experiential experiences • Centralized customer centre • Online travel planner • Real-time recommendations • OTA integration and targeted marketing Digital convenience & personalizationB Data driven guest-flow and upselling: • Guest monitoring and flow management • Expanded reservation system • Adaptable prices • Real-time information • Upselling through online touchpoints and personal on-site sales contacts Platform-based & tech- enabled ecosystemsC Increase average spending by: • True scarcity: Limited capacity in a high- alpine environment creates natural exclusivity • Add and promote exclusive premium offerings • State of the art infrastructure • Enhanced gastronomy offering • Expanded product portfolio beyond own products Value driven tourismD Hybrid FIT + group strategy: • Outstanding Distribution Network • Multi-language and -cultural UX (OTA implementation) • Seamless digital booking (LLM ready) • Flexible bundles and adaptable pricing • Continue influencer social media marketing Design experience-first products, not just transport or access Double Down on the Asian FIT OpportunityA Create great experiences for everyone by: • “Top of Adventure” activities • Family friendly offerings • Snow experience all year around • 3rd Party activities in the region embedded in our own offerings and sold on our own platform Experience-Driven TravelE Drive frequencies in shoulder-seasons by: • Almost uninterrupted availability of all attractions & excursions year-around • Expand and adapt reservation prices • Special offerings during shoulder- seasons • Diversify market coverage to capture various travel seasons around the world Year-Round high seasonF Enable the pull effect for all target customers: • Influencer and social media marketing • Targeted Marketing with OTA’s • Being instagrammable – year around • Strong local partnerships with various TA’s • Flexible premium offerings Systematic market developmentG • Diversified market mix, focus on Asian travelers and selected core engines and satellite markets • Premium demand • Digital convenience • Immersive experiences Focus JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Focus Markets: Core engines & future potential 50 Geographically diversified • Countries have been grouped into three segments according to predefined attractiveness criterias • JRG’s market strategy is geographically diversified, with a strong emphasis on Asia Countries out of scope Satellite marketsCore engines Future markets Core engines Greater China, Germany, India, South Korea, Switzerland, UK, USA, Singapore Satellite markets Australia, Benelux, Brazil, Canada, GCC, Indonesia, Japan, Malaysia, Mexico, New Zealand, Nordics, Thailand Future markets Argentina, France, Philippines, South Africa, Spain, Turkey, Vietnam JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Global distribution with on-the-ground sales network 51 Local reps + HQ coordination to capture demand in key markets Sales Reps Sales Reps Sales Reps Sales Reps Sales Reps Sales Reps Sales Reps HQ JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 PR Agents PR Agents
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Reaching individual travellers via capillary distribution system & intermediaries Goal: Frontpage coverage on each travel brochure JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 52
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Digital sales growing fast ... JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 53 ... and with quite some way to go Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 Monthly OTA sales
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Strategic partnerships: Global reach in action 54 Trip.com and other destination co-ops broaden distribution and awareness Trip.com Partnership Wuyi Mountain Cooperation JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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New product example 55 Chairlift photo-point adds capacity-light incremental revenue JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 Oberjoch Express Chairlift ride in summer to an amazing fotopoint NEW Attraction - CHF 35.- per person & ride
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New gondola Lauterbrunnen-Mürren 56 Improved design for comfort, speed, and throughput JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Customer experience 57 On Jungfraujoch – Top of Europe (July – December 2025) Screver tourism industry benchmarks = 75-85% IAAPA tourism industry & theme park benchmarks = 25-73% How do you feel when you leave the Jungfraujoch – Top of Europe? How likely are you to recommend the Jungfraujoch – Top of Europe? How did you experience the contact with our employees? Very unsatisfied Unsatisfied Neutral Satisfied Very satisfied JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 Screver tourism industry benchmarks = 75-85%
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Operational Review 58 Facts & figures across destinations and ancillaries 6 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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376 465 466 471 101 137 205 419 461 473 540 577 601 585 262 228 420 588 598 584 0 200 400 600 800 1'000 1'200 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1. HY 2. HY Jungfraujoch - Top of Europe: Third-best year, -0.2% 59 Visitor growth over the last decade (in 1,000): Resilience shown despite a weaker second half of 2025; capacity and profitability drivers remain strong • 1’056’600 visitors (-0.2%) • 3rd best result in history • Second half of the year 2.4% weaker than previous year JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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-20% 0% 20% 40% 60% 80% 100% 120% 140% 160% -20 0 20 40 60 80 100 120 140 160 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Visitors per month Growth 2025 vs 2016 2016 2025 Jungfraujoch attracting more visitors before & after summer peak 60 Monthly visitor numbers in 2025 compared to 2016 (in 1,000) • Growth highest in the second quarter of the year • No growth in the summer high season • Potential from November to April JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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277 302 347 408 185 167 315 394 448 478 264 316 406 490 226 245 438 658 710 760 173 225 270 304 120 162 306 401 425 406 0 200 400 600 800 1000 1200 1400 1600 1800 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Harder Funicular (HB) First Cableway (FB) Lauterbrunnen-Mürren Cable- and Mountain Railway (BLM) Experience Mountains with strong growth 61 First and BLM lead; Harder mixed; boarding improvements planned Comparison with previous year • BLM +6.9% • FB +7.1% • HB -4.5% CAGR 2016–2025 • BLM +5.6% • FB +11.1% • HB +8.9% Cross Selling with Jungfraujoch Positive Impact of V-Bahn – more time to visit Jungfraujoch and Experience Mountains JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 Visitor numbers Experience Mountains 2016 to 2025 (in 1,000)
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161 153 201 214 187 143 227 161 206 222 574 541 567 615 540 565 804 717 719 738 198 183 223 229 183 151 219 214 213 222 0 200 400 600 800 1'000 1'200 1'400 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 Grindelwald-First Kl. Scheidegg - Männlichen Mürren - Schilthorn Winter Sports: Second-best in a decade 62 First and Kl. Scheidegg-Männlichen momentum continues • The 2024/25 season was the second best in the last 10 years. • 1,183 million skier visits (+3.9%). • Only the record season of 2021/2022 was stronger. • Further increase in the Grindelwald-First sub-area. • The Kleine Scheidegg– Männlichen area has clearly had more guests since the opening of the Eiger Express. • CAGR 10 seasons = +2.4% • CAGR Switzerland = +2.0% Skier visits season 2015/2016 to 2024/2025 (in 1,000) JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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36 40 33 132 136 155 39 45 56 0 50 100 150 200 250 300 2023 2024 2025 Mürren Schilthorn Kleine Scheidegg -Männlichen Grindelwald-First Winter Sports 63 Best season start ever 95 157 153 165 154 192 162 208 219 244 780 834 904 745 706 1057 930 930 964 0 200 400 600 800 1000 1200 1400 Skier Visits November-December Skier Visits January - April JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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917 1'042 1'067 1'056 363 365 625 1'007 1'059 1'057 714 843 1'023 1'199 529 576 1'055 1'449 1'583 1'644 909 922 987 1'069 898 898 1'220 1'138 1'149 1'209 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Jungfraujoch - Top of Europe Experience Mountains Winter Sports Overview visitor development 64 Experience Mountains and winter sports drive visitor growth Comparison with previous year • Jungfraujoch -0.2% • Experience Mountains +3.9% • Winter Sports +5.2% • All segments +3.2% CAGR 2016–2025 • Jungfraujoch +1.4% • Experience Mountains +8.7% • Winter Sports +2.9% • All segments +4.4% JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 Visitor numbers all segments 2016 to 2025 (in 1,000)
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108 100 114 119 121 42 44 84 137 137 11 13 16 21 25 13 15 27 37 46 22 20 21 22 23 22 20 31 30 30 0 20 40 60 80 100 120 140 160 180 200 220 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Jungfraujoch-Top of Europe Experience Mountains Winter Sports Transportation revenue 65 Experience Mountains with highest growth rate CAGR 10 years 3.2% 15.1% 2.3% JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 Transportation revenue in MCHF 64.2% 21.7% 14.1% Jungfraujoch Experience Mountains Winter Sports 2024 76.6% 7.8% 15.6% 2015
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Review 2025: 3.2% passenger increase JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 66 Growth in Experience Mountains and Winter Sports Visitors 2025 2024 Change (in %) Jungfraujoch - Top of Europe 1'056'600 1'058'600 -0.2% Experience Mountains 1 1'644'500 1'582'600 3.9% Harder Funicular 406'000 425'200 -4.5% First Cableway 760'000 709'700 7.1% Lauterbrunnen-Mürren 478'500 447'700 6.9% Skier Visits Jungfrau Ski Region 1'208'600 1'148'600 5.2% Visitors all segments 3'909'700 3'789'800 3.2% 1 Visitors excl. Skier Days
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Financial Review – Performance & Drivers 67 Continuous growth on a high margin level 7 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Revenues 2015 - 2024 with broad based growth (CAGR +5.3%) 68 Drivers are higher transport revenues and penetration of value chain 175.5 169.0 193.8 212.8 223.3 125.7 130.8 214.1 278.1 294.7 0 50 100 150 200 250 300 350 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Main revenue drivers • Transportation revenues CAGR +4.4% • Jungfraujoch +2.3% • Experience Mountains +15.1% • Winter Sports +3.2% Acquisition of Catering companies 2017 & 2019 • Sales in FY24: CHF 18.0 Mn • CAGR of +13.6% in 7 years Top of Europe Shops • Sales in FY24: CHF 14.6 Mn • CAGR of +10.0% in 10 years Revenues 2015-24 (in CHF Mn) JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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EBITDA margin 2015 – 2024: Investing to expand capacity & quality 69 Margins remain premium 79.4 71.1 87.7 95.1 103.0 22.3 28.7 93.8 139.4 134.4 45.2% 42.1% 45.3%44.7% 17.7% 22.0% 43.8%50.1% 45.6% 0% 10% 20% 30% 40% 50% 60% 0 20 40 60 80 100 120 140 160 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 EBIDTA-Margin in (%) EBIDTA CHF mn EBITDA 2015-24 (in CHF Mn) / EBITDA margin (%) • EBITDA margin of 42-50% in 2015-24 (excl. 2020-21) • Top margin 50.1% in 2023 due to strong rebound after COVID – but company was operating in a resource deficit • Staff numbers had to be increased significantly after COVID rebound to ensure sustainable operation 525 536 542 600 612 665 637 625 671 727 0 100 200 300 400 500 600 700 800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FTE Restaurants Jungfraujoch +57 FTE Operation V-Bahn +33 FTERest. Kl. Scheidegg +36 FTE JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Net profit 2015 - 2024: Consistently improving (in non-COVID environment) 70 Earnings growth supports reinvestments and dividends 36.2 31.0 41.6 47.8 53.3 -9.7 -0.2 44.4 79.6 76.5 -20 0 20 40 60 80 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 • CAGR of +7.8% in 10 years • Tax rate ~ 21% (will remain) Net profit 2015 – 2024 (in CHF Mn) JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Payout-ratio target has already been lifted from 33-50% to 40-60% 71 Consistently higher shareholder returns while funding strategic projects 2.0 2.1 2.4 2.8 0.0 0.0 0.0 3.6 6.5 7.5 32% 40% 34% 34% 48% 48% 56% 0% 10% 20% 30% 40% 50% 60% 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Payout-Ratio (%) Dividend per share (CHF) Dividend per share 2015-24 (in CHF) / Payout-Ratio (in %) • Dividend policy development: 2015-2019: 33-50% 2020-2023: 35-60% 2024-2025: 40-60% • Strong balance sheet allows higher payout JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Strong net cash recovery … 72 ... despite two once-in-a-life time events: COVID & V-Cableway 488 506 536 570 607 597 597 640 661 719 82% 76% 60% 65% 70% 75% 80% 85% 90% 0 100 200 300 400 500 600 700 800 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Equity ratio (%) Equity CHF mn Group equity 2015-24 (in CHF Mn) / Equity ratio (%) -60 -40 -20 0 20 40 60 80 100 Net Cash/Debt1 2015-2024 in CHF Mn 1) excl. non-interest-bearing debt and incl. fixed deposits → Already net cash again in 2022 after covid and Capex of CHF 308 Mn in 2019-21 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Capital allocation 2015 – 2024: 73 Cash flow allows reinvestments and expansion and dividends CHF 280 Mn Replacement CAPEX Re-Invest CHF 123 Mn no dividends for 2019-2021 (Covid) Dividend payments V-Cableway project CHF 354 Mn M&A Gastronomy CHF 6 Mn Kl. Scheidegg Flagshipstore Interlaken CHF 4 Mn Expand offering Total Cash Flow of CHF 755 Mn JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Sustainability & ESG: Top of Tomorrow 74 100-year ethos embedded in modern climate and community goals 8 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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ESG strategy for long-term success 75 Environmental, social and economic matters in balance Sustainability has been an anchor of our business model since over 100 years. “Top of Tomorrow” strategically combines sustainability in tourism and long-term financial success. We support sustainable mobility and provide access to the region’s unique natural environment. JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Our path to net zero 76 Long-term vision of net zero emissions 0 2030 2040 2050 CO2 Emissions (Scope 1 + 2) Reduction Removal Net zero Potential CO2-removal 2023 Emissions budget Long-term targetShort-term targetBase year Medium-term target Short-term 0-5 years Medium-term 5-15 years Long-term 15-30 years Target 2030 -50% GHG-emissions Scope 1 Target 2040 -75% GHG-emissions Scope 1 + 2 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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548 554 525 1'064 1'274 1'231 0 500 1000 1500 2000 2023 2024 2025 (approx.) TCO2 Fuel oil Wood Petrol vehicel Diesel vehicels Leakage of refrigerant district heating CO2 footprint Scope 1 and 2 77 Progress with seasonal variations JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 • Target 2025: Reduce CO2 Footprint Scope 1 & 2 by 3% • Target 2025 achieved
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Climate goals: On track for change 78 Staying focused with feasable goals Strategic Goals Unit Target value Target year Target status Electricity from 100% renewable sources Share in % 100 yearly Reduction in heating oil consumption t CO2e (Scope 1) -50% -75% 2030 2040 Reduction of fuel consumption t CO2e (Scope 1) 273 2040 Support local climate protection projects (forest management) Forest area in ha 30 2030 Reduction of Scope 1+2 t CO2e -75% 2040 planned ontrack not on track × critical Net-zero by 2050 in line with Swiss climate goals JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Our ESG strategy in practice 79 How we currently transition to net zero: Key measures, progress and outlook Topic Comment Explanation Electricity from 100% renewable sources All railways, cableways, and facilities powered entirely by renewable energy, primarily Swiss hydropower (primarily hydropower plant Lütschental). Expand renewable energy partnerships to ensure long-term supply security and resilience. Environmental friendly snow groomers Replacement of existing diesel-powered fleet as soon as possible Market monitoring In the meantime, replacement of Diesel with HVO Replacement of oil heating with heat pumps and energetic renovations 1 replacement in 2024; lighting systems; energetic renovation Bahnhof Wengen Ongoing efficiency program with gradual heating replacements and building upgrades Investments in forest maintenance As of 2024 already 6 ha Planting of 1,000 climate-resilient trees in 2025 and continuation of long-term forest protection measures. Alpine solar power plant Hintisberg with 12 GWh p.a. • Permission submitted • No objections filed by environmental organizations Funding to be secured by 2026. Photovoltaic systems on buildings 3 new facilities in 2024 with 355 kW Roll-out of additional PV systems over the next five years JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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ESG Focus: Our values for people and society 80 Laying the groundwork for long-term partnerships and ethical practices • 727 FTE with a turnover rate of 8.5% (target <10%) • Percentage of women 30% (target >35% by 2030) • 85% participation in sustainability e-learning • Continuous strengthening of talent pools; increase of training positions • Supplier code of conduct • Strong regional sourcing and collaborations • Strong, dense and modern public transport system (Wengen/Mürren car free villages) • Sustainability fund for communities and people Grindelwald and Lauterbrunnen • Over CHF 20 Mn taxes paid by JRG per year JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Outlook & Targets – continuous value creation 81 Growth, margin resilience, and disciplined capital allocation 9 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Outlook 2026 82 Positive indications from the market Despite global uncertainties and strong Swiss Franc: • Solid group bookings in Q1-Q2 • Strong start into 2025-2026 winter season • Positive Indications from TO's and OTA's • Price increases implemented as planned: • Extension of mandatory seat reservations • Implementation and increase of high season prices (up to 5%) • Increase of activity- and gastronomy-prices • Price increase Swiss Half Fare Card JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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83 EBITDA Margin ROS Cumulative Free Cashflow Payout Ratio Dividend Policy ROIC1 < 2025 ≥ 43% ≥ 20% 2024-2028 ≥ CHF 200 Mn Payout-Ratio 40-60% 2024 45.6% ✓ 25.9% ✓ CHF 83 Mn ✓ 56.0% ✓ 9.9% ✓ 2025–2030 ≥ 45% ≥ 25% 2025-2030 ≥ CHF 300 Mn Payout-Ratio 50-67% > 10% 01 02 03 04 05 1 ROIC = NOPAT/(Tangible + intangible Assests) Renewed financial mid-term targets: Higher payout-ratio, ROIC as new KPI ≥45% EBITDA, ≥25% ROS, higher payout, ROIC >10% ambition JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Cash flow 2026-30 of ~ CHF 700Mn to Finance Growth & Attractive Dividends JUNFRAU RAILWAY GROUP | Investor Day, 8 January 2026 84 Fully funded by existing cash and operating cash flow 5 Years Cash allocation Rationale & Comments • Provides room to fund strategic projects, evaluate potential acquisitions, and invest in initiatives that support sustainable growth • Dividends with stable, slightly increasing pay-outs • Renewal & expansion projects front-loaded... • … and strategic projects back-loaded • All investments fully funded by existing cash and operational cash-flow 2026-2030 21% 4% 9% 28% 38% Strategic projects Sustainability projects Public Transport Capex Maintenance Capex Dividends
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85 Use Sustainability as a Commercial Value Driver • Benefiting from Asian outbound tourism growth, longer seasons, and rising demand for premium experiences • Increasing spend per passenger through continuous enhancement of the offering Structural growth tailwinds2 • High-quality, hard-to-replicate infrastructure (Top of Europe, V-cableway, experience mountains) • Ongoing investments supporting capacity, resilience, and long-term growth Strategic infrastructure & asset base3 • Price freedom supported by premium positioning and differentiated experiences • High market entry barriers due to capital intensity, regulation, and unique locations Pricing power & market positioning4 • Switzerland’s #1 premium alpine tourism destination with global brand appeal • Unique and irreplacable natural assets and iconic Top of Europe experiences driving strong customer satisfaction Premium destination leadership1 • Global sales network with strong tour operator and travel partner relationships • Iconic branding with worldwide recognition and strong emotional attachment Commercial reach & brand strength5 • Strong balance sheet with net cash and disciplined capital allocation • L10 years: CAGR sales +5.3% Financial strength6 • Sustainable organic growth and ROIC >10% • CHF >300m free cash flow generation (2025–2030) • Consistent long-term growth with industry-leading EBITDA margins (>45%) Appealing mid-term targets7 • Clear and attractive dividend policy • Payout ratio of 50–67% with a commitment to growing dividends per share Shareholder returns8 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 Switzerland’s top destination creating lasting value Investment highlights
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Q & A 86JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026
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Calendar 08.01.2026 Investor Day 14.-16.01.2026 Baader Swiss Equities Conference, Bad Ragaz 31.03.2026 FY25 results conference 11.05.2026 General Meeting 2026, Interlaken 28.08.2026 1H26 investor call