Slides
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HY results 2026 JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Welcome Presentation half-year results 2026 Oliver Hammel, CEO Christoph Seiler, CFO JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Agenda Presentation half-year results 2026 and outlook 1.Business Performance for the first half-year of 2026 a. Jungfraujoch – Top of Europe b. Experience Mountains c. Winters Sports 2.Half-year results 2026 and financial targets 3.Outlook 4.Q&A JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Business Performance for the first half-year of 2026 Oliver Hammel, CEO 1 JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Half-year results 2026 at a glance Key figures for Jungfrau Railway Group: the number 1 Swiss travel destination 56.8 Mio.137.0 Mio. (-8.6%) (-13.8%) EBITDA in CHFOperating income 28.9 Mio. (-22.0%) Half-year profit CHF 135.00 (+CHF 8.74/+6.9%) Average transport revenue per guest 1.9 Mio. (-11.9%) Guests transported over all segments JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation 68.9 Net Promoter Score (NPS)
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Situation Middle East • The ongoing conflicts in the Middle East made travel more expensive • Parallel rise in price sensitivity and uncertainty • Significantly fewer visitors from Asia • Looking at the market share, our decline was in line with the arrivals in Switzerland from our major markets • A good mix of guests and an increase in Swiss visitors are partly offsetting the decline JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation Impact on half-year results
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Jungfraujoch – Top of Europe Quarterly visitor statistics 2017 - 2026 122'101 114'428 121'563 81'952 32'334 49'810 106'852 118'069 123'227 117'428 342'539 351'832 349'382 18'664 105'088 154'769 312'533 342'442 349'490 272'145 0 50'000 100'000 150'000 200'000 250'000 300'000 350'000 400'000 450'000 500'000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 Q2 389,600 visitors / -17.6% compared with 2025 • Q1/2026 was a solid start • Q2/2026 was the weakest since the COVID pandemic • The conflicts in the Middle East led to a sharp fall in visitor numbers in Q2 • Less guests from India and South East Asia • Fewer group travelers • Strong demand from US, Brazil and Mexico • More guests from Switzerland because of the heat in the lowlands JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Jungfraujoch – Top of Europe Monthly visitor numbers for 2026 compared to Q1 + Q2 2025 (in 1,000) • Chinese New Year 2026 in February (late January 2025) • The conflicts in the Middle East with heavy impact in Q2/2026 JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation Chinese New Year Iran war -18% 17% -9% -23% -23% -21% -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% -40 -20 0 20 40 60 80 100 120 140 160 Jan Feb Mar Apr May Jun Visitors per month Change 2026 vs 2025 2025 2026
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Experience Mountains: Visitors last decade Visitor decline in first half-year (in 1,000) JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation 531,600 visitors / - 3.9% respectively -20.4% 1) compared with 2025 1) BLM’s results were adversely affected by the closure from 12 April to 10 July (cable car overhaul) • First Cableway: -3.1% • Harder Funicular: -5.1% • Cross Selling with Jungfraujoch • 24,000 Jungfrau Travel Passes sold (-8.5%) 112 138 159 74 47 108 150 166 188 70 97 134 187 60 66 150 253 282 324 31475 89 141 10 35 91 148 163 156 148 0 100 200 300 400 500 600 700 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Harder Funicular (HB) First Cableway (FB) Lauterbrunnen-Mürren Mountain Cable- and Railway (BLM)
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Skier Visits: Numbers last decade Visitors per season (in 1,000) 932,200 visitors / -3.3% compared with season 2025/2026 • Winter season 25/26: third- best over the past 10 years • Best season start ever (FY 2025) • Mainly challenging snow conditions in the Grindelwald-First ski area • Market share shifts due to new infrastructure in the Mürren-Schilthorn ski area • 37,400 Alps Passes sold JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation 161 153 201 214 187 143 227 161 206 222 188 574 541 567 615 540 565 804 717 719 738 752 198 183 223 229 183 151 219 214 213 222 236 0 200 400 600 800 1'000 1'200 1'400 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023 2023/2024 2024/2025 2025/2026 Grindelwald-First Kl. Scheidegg - Männlichen Mürren - Schilthorn
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Development Some milestones in the first half-year 2026 Gondola Lauterbrunnen-Grütschalp AlpsPass Online shift Modernisation • New design cable car cabin • Higher capacity (135 instead of 100 Pax) • Capacity in line with adhesion railway • Infrastructure meets today's requirements Successful first season • Strong partnership with the three other regions such as Adelboden-Lenk, Aletsch Arena and Engelberg-Titlis • Effective advertising campaign • Over 37,400 season tickets sold • Revenue of MCHF 22.5 Advantage of our booking platform • 19.9% more ski passes sold online in HY 2026 compared to HY 2025 • Total revenue increased by 64% in the first half of 2026 compared to 2025 • Cost optimization through automation: 10,000 tickets refunded digitally by customers JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Half-year results 2026 and financial targets Christoph Seiler, CFO 2 JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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47 49 51 14 15 27 56 57 60 53 6 7 9 4 4 9 13 18 21 2016 17 19 18 16 27 26 24 27 25 0 20 40 60 80 100 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Jungfraujoch-Top of Europe Experience Mountains Winter Sports Transport Revenue 3rd best result despite conflicts in the Middle East CAGR 10 years 4.9% 13.1% 1.0% Net transport revenue in MCHF Transport Revenue (in TCHF) 2026 2025 ∆ in % Jungfraujoch - Top of Europe 52'597 59'682 -11.9% Experience Mountains 19'892 20'807 -4.4% Winter Sports 25'136 26'722 -5.9% Total Transport Revenue 97'625 107'211 -8.9% JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation Jungfraujoch: 6.9% higher average transport revenue (higher high season tariffs, longer high season period, more FIT) Experience Mountains: higher average transport revenue (longer high season period) Winter Sports: Market share loss within Jungfrau Ski Region
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Consolidated Income Statement Net Profit of MCHF 28.9 – 4th best in history in TCHF 2026 2025 ∆ in % Transport Revenue 97'625 107'211 -8.9% Subsidies 4'846 4'820 0.5% Energy Sales 2'636 4'643 -43.2% Top of Europe Shops 5'707 6'472 -11.8% Catering and Lodging 8'362 9'345 -10.5% Revenue from Services 6'679 6'440 3.7% Rental Income 6'873 7'016 -2.0% Other Income 4'225 3'960 6.7% Total Operating Income 136'953 149'907 -8.6% Cost of Goods sold -4'697 -5'404 -13.1% Energy puchasing costs -2'116 -4'950 -57.3% Staff costs -43'938 -42'983 2.2% other operating costs -29'397 -30'696 -4.2% Total Operating Costs -80'148 -84'033 -4.6% EBITDA 56'805 65'874 -13.8% Depreciations -19'566 -19'329 1.2% EBIT 37'239 46'545 -20.0% Financial result -81 198 -140.9% EBT 37'158 46'743 -20.5% Taxes -8'254 -9'708 -15.0% Net Profit 28'904 37'035 -22.0% EBITDA-Margin 41.5% 43.9% Return on Sales (ROS) 21.1% 24.7% • Revenue - 8.6%, driven by negative impact of situation Middle East • Operating costs (-4.6%) despite higher personnel costs (+2.2%) • EBITDA of MCHF 56.8 (-13.8%) – EBITDA-Margin of 41.5% • Net Profit of MCHF 28.9 (-22.0%) – ROS of 21.1% - 4nd best result in history – better than pre-Covid 16.9 20.0 23.8 -11.5 -9.8 15.3 35.0 34.5 37.0 28.9 -20 -10 0 10 20 30 40 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Net profit/loss in MCHF JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Consolidated Balance Sheet Net cash position of CHF 155 million • Healthy balance sheet • Equity ratio of 78.9% • Net Cash position of MCHF 155 – after dividend payment in TCHF 30.06.2026 31.12.2025 30.06.2025 Cash 103'851 94'069 37'780 Short-term financial assets 65'000 82'000 77'000 other current assets 37'329 32'410 39'397 Current assets 206'180 208'479 154'177 Financial assets 6'828 31'848 31'302 Tangible assets 740'250 743'379 745'714 Intangible assets 12'300 12'683 13'093 Fixed assets 759'378 787'910 790'109 Total assets 965'558 996'389 944'286 Short-term debt 55'078 63'924 59'719 Longterm debt 149'094 150'346 153'357 Total debt 204'172 214'270 213'076 Equity 761'386 782'119 731'810 Total liabilities 965'558 996'389 944'886 Equity-Ratio 78.9% 78.5% 77.4% 97.3 107.4 67.4 -25.0 -33.3 35.2 67.2 135.7 162.1 154.8 22.0 25.0 -50 0 50 100 150 200 2017 2018 2019 2020 2021 2022 2023 2024 2025 06/2026 Net Cash position in MCHF JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Consolidated Cashflow Statement Free Cashflow of CHF 18.7 million is 12% higher than in 2025 • Operating Cashflow remains at CHF 34 million • Free Cashflow rises by CHF 2.0 million to CHF 18.7 million in TCHF 2026 2025 ∆ in % Cashflow before changes in net working capital 49'524 57'204 -13.4% Operating Cashflow 34'091 34'057 0.1% Investments in financial assets -50'000 -100.0% Investments in tangible assets -14'882 -16'505 -9.8% Investments in intangible assets -560 -913 -38.7% Divestments of financial assets 42'000 0 Divestments of tangible assets 19 20 -5.0% Cashflow form investing activities 26'577 -67'398 -153.5% Cashflow from financing activities -50'886 -26'614 91.2% Free Cashflow (excl. investments/divestments in financial assets) 18'668 16'659 12.1% Changes in cash and cash equivalents 9'782 -59'955 JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Segment Reporting Jungfraubahn-Group in MCHF 2026 Revenues in % ∆ YoY EBITDA EBITDA- Margin Comments Jungfraujoch – Top of Europe 79.9 58.3% -9.7% 27.1 33.9% Conflicts in the Middle East led to sharp decline in Q2 Experience Mountains 25.3 18.5% -1.9% 15.9 62.9% Higher average prices partially offset lower visitor numbers Winter Sports 30.5 22.2% -4.8% 10.0 32.7% Snow conditions First Loss of market share within Jungfrau Ski Region Other 28.9 21.1% -10.7% 3.8 13.1% less electricity produced, lower rental income Eliminations -27.7 -20.1% -3.9% - - Total 137.0 100.0% -8.6% 56.8 41.5% JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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EBITDA Margin Return on sales ROS (Cumulative) Free Cashflow1 Payout Ratio ROIC2 1. HY 2025 FY 43.9% 45.3% 24.7% 25.6% CHF 16.7 Mio. CHF 74.5 Mio. n/a 62.5% 4.9% 10.3% 2025–2030 ≥ 45% ≥ 25% 2025-2030 ≥ CHF 300 Mio. Payout-Ratio 50-67% > 10% 01 02 03 04 05 1 Free Cashflow excl. Investments/Divestments in Financial assets 2 ROIC = NOPAT/(tangible and intangible assets) Financial targets ≥45% EBITDA, ≥25% ROS, 300 Mio Free Cashflow, higher payout, ROIC >10% ambition JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation 1. HY 2026 YoY 41.5% -2.4% 21.1% -3.6% CHF 18.7 Mio. +12.1% n/a 3.9% -1.0%
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Outlook Oliver Hammel, CEO JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation 3
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Market outlook Cautiously optimistic forecast JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation July/August with slightly higher guest numbers (-10% Top of Europe compared with July/August 2025) 2 Partial compensation with individual guests because of the intense heat in the lowlands 3 Trend towards fewer group tours continues as booking season for this period was in Q1 4 Business performance in Q3 and Q4 is likely to continue to be shaped by global uncertainties 5 Swiss Economic Research Centre (KOF) expects a decline in overnight stays compared with summer 2025 6 For the 2026/2027 winter season, KOF forecasts that demand will remain stable at a high level 7 The Jungfrau railways’ booking figures give cause for cautious optimism 1
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Outlook in various business areas Some milestones AlpsPass Digitalisation Grütschalp Station Increase efficiency • Connecting customers online instead of using paper vouchers • Connecting first tour operators directly to our booking platform via API • Establishing a data lake house to increase value creation across all business areas Continue the success story • Continue with our partner regions and build upon the success of 2025/2026 • Continued collaboration with partner destinations for the exchange days • Further working on our premium product strategy • Start advanced sale on 1th September Optimise energy efficiency • Photovoltaic system on the roofs of the Grütschalp station • Additional building, in which an energy storage system will be installed • Energy generated during descent can be stored and reused during ascent • Reduces costs of grid usage and the charges for peak power consumption JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Overview of strategic projects For sustainable growth First Cableway renewal • Preliminary project under initial review by the Canton Berne • Feedback expected in approximately 6 months (priority procedure) Jungfraujoch expansion • Preliminary work has begun • Preliminary project scheduled to start in 2027 Eigergletscher restaurant • Development plan currently under preliminary review by the Canton Berne • Feedback expected in approximately one and a half to two years JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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30 Years at the TOP JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation 30 years as a listed company at SIX Advantages: • Long-term growth • International visibility • Continuous investment in one of Switzer- land's most iconic tourism destinations Since its IPO in 1996: • The share price has increased twelvefold • 22.5 Mio. visitors have travelled to Jungfraujoch – Top of Europe • Nearly 4 Mio. visitors were welcomed in the mountain destination 2025 alone
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Q & A JUNGFRAUBAHN HOLDING AG | 2026 half-year results and outlook presentation
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Calendar 05.01.2027 Visitor Figures FY 2026 15.04.2027 Annual Conference Call FY results 2026 21.05.2027 AGM 2027, Interlaken Contact Oliver Hammel, CEO oliver.hammel@jungfrau.ch Christoph Seiler, CFO christoph.seiler@jungfrau.ch