Jungfraubahn Holding Ag · SIX:JFN
Jungfraubahn — Investor Day (January 2026)
87 slides from Jungfraubahn's investor day presentation, Jan 8, 2026
Slide 1: Investor Day
Investor Day JUNGFRAU RAILWAY GROUP| 8 January 2026
Slide 2: Today's agenda
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
Slide 3: Welcome to a premium experience
1 Welcome to a premium experience Strategy, performance, and growth roadmap for Europe’s leading mountain experience JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 3
Slide 4: Executive team leading the ascent
Executive team leading the ascent 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,
Slide 5: Company snapshot — Jungfrau at a glance
2 Company snapshot — Jungfrau at a glance Heritage, history, segments, and revenue mix across experiences and seasons JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 5
Slide 6: Jungfrau Railway – est. 1912
Jungfrau Railway – est. 1912 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 St
Slide 7: The Jungfrau Region
The Jungfrau Region
Slide 8: Bernese Oberland Railways
1890 Bernese Oberland Railways
Slide 9: Lauterbrunnen-Mürren Cable- and Mountain Railway
1891 Lauterbrunnen-Mürren Cable- and Mountain Railway
Slide 10: Wengernalp Railway
1893 Wengernalp Railway aiics ‘OF FAMILY ‘GntrschaL
Slide 11: Schynige Platte Railway
1893 Schynige Platte Railway
Slide 12: Harder Funicular
1908 Harder Funicular aiics ‘OF FAMILY ‘GntrschaL oe LorscHenTaL ShropOrswsstaabirion Pa 967m ‘ semen “S =f wuoeRswit, i
Slide 13: Jungfrau Railway
1912 Jungfrau Railway gee = = SE. 2 pene ag 4 = WDE
Slide 14: First Cableway
1947 First Cableway gee = = SE. 2 pene ag 4 = WDE
Slide 15: Eiger Express
2020 Eiger Express gee = = SE. 2 pene ag 4 = WDE
Slide 16: Positioning
Positioning Top of Europe Top of Adventure Top of Family Top of Swiss Tradition Top of Interlaken
Slide 17: Gastronomy
Gastronomy Jungfrau Railways operated Restaurants Production Kitchen 3rd Party Restaurants
Slide 18: Shops
ws _ Fg jets ia Peete. sToversnrssTession oy
Slide 19: Jungfrau Ski Region
Jungfrau Ski Region JUNGFRAUBAHN | Präsentationstitel 19
Slide 20: Milestones 1890-2024: A history of innovation & growth
Milestones 1890-2024: A history of innovation & growth Decades of development 1996 2020 1894 IPO Opening V-Cableway Decision Fed. 1898 2015 Swiss Stock Council Joint Headquarter Exchange 1 million visitors Wengernalp Opening Sphinx Jungfraujoch Railway / Jungfrau Railway 1890-1893 1944 Bernese Oberl
Slide 21: Jungfraujoch visitors: A century of resilience
Jungfraujoch visitors: A century of resilience From postwar recovery to 1m+ guests; strong post COVID bounce 1'200'000 • Opening 1912 • Long-lasting crisis until after 1'000'000 World War 2 • 1952 > 100’000 for the first time 800'000 • 1967 > 200’000 for the first time • 1997 > 500’000 for the first
Slide 22: V-Cableway opening 2020: Capacity up, time down
V-Cableway opening 2020: Capacity up, time down 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 wi
Slide 23: Key figures 2024 for the number one Swiss travel destination
Key figures 2024 for the number 1 Swiss travel destination Operational health wherever you look 294.7 Mn 134.4 Mn 76.5 Mn (+6.0%) (Margin 45.6%) (Margin 25.9%) EBITDA in CHF Net profit in CHF Operating income in CHF Net Promotor Score 87% (NPS) 44 727 53 Number of Customer Satisfaction employees (CS
Slide 24: Top of Europe & experience mountains: High growth & margins
Top of Europe & experience mountains: High growth & margins "Emanzipation" of Jungfraujoch has already come a long way CAGR 2015- EBITDA- in MCHF 2024 Revenues In % EBITDA Comments 2024 Margin No 1 Mountain destination in Jungfraujoch – Top of CH and EU, UNESCO World 192.0 4.9% 65.1% 82.5 43.0% Euro
Slide 25: FY2025 visitor's snapshot: Another peak year
FY2025 visitor’s snapshot: Another peak year Visitor gains, yield improvements, and record performance Jungfraujoch – Top of Europe Experience Mountains Winter Sports Other 1,056,600 visitors 1,644,400 visitors 1,208,600 Skier Visits 59.7 GWh (-0.2%) (+3.2%) (+5.2%) Electricity Production (-10.3%) •
Slide 26: Market environment & trends
3 Market environment & trends Global demand is shifting to high-quality, once-in-a-lifetime experiences JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 26
Slide 27: Market trends I: Asian demand recovery is experience and digital led
Market trends I: Asian demand recovery is experience and digital led Group + FIT rebound; mobile, real-time, personalized journeys are en vogue Strong recovery of Asian inbound tourism, led by Greater China. A • Returning group tours (high volume, efficient logistics) • Growing FIT / independent tra
Slide 28: Market trends II: Premium demand reshaping alpine tourism
Market trends II: Premium demand reshaping alpine tourism Bundled attractions and smart infrastructure drive yield and scale Service provider consolidation is driving bundled offerings C • Simplifies trip planning • Strengthens competitive positioning Digitalization & Smart destination infrastructur
Slide 29: Market trends III: Experience is the product
Market trends III: Experience is the product: Unlocking all-season value Immersive products and off-peak programming better exploit capacity E Travelers prioritize: • Immersive over passive sightseeing • Authentic, meaningful engagement Experience-Driven High demand for: travel as the new • Adventur
Slide 30: Market trends IV: Demographic shift, younger audiences
Market trends IV: Demographic shift, younger audiences Millennials & Gen Z seek unique, social, authentic, high-end experiences Key growth segments: G • Millennials & Gen Z • Solo travelers • Multi-generational travel Demographic shifts High demand for: & inclusion driving • Shareable product redesi
Slide 31: Global arrivals demonstrate: Structural growth continues
Global arrivals demonstrate: Structural growth continues Trajectory supports sustained demand for premium destinations 2005-19: CAGR +4.0% 2000 1800 2005-24: CAGR +3.0% 1800 2024-30: CAGR +3.0% 1600 1460 1500 1445 1400 1400 1322 1305 1235 1200 1138 1101 1087 1035 952 983 975 1000 898 917 880 807 842
Slide 32: China outbound momentum returns
China outbound momentum returns Recovery of long-haul segments strengthens alpine visitation JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 32
Slide 33: China–Switzerland airlift: Capacity rebounds
China–Switzerland airlift: Capacity rebounds More seats enable faster normalization of flows JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 33
Slide 34: International travel to Switzerland rebounds to pre-COVID levels
International travel to Switzerland rebounds to pre-COVID levels Top source markets recovering – USA a surprising new growth engine Number of foreign arrivals in Switzerland (in Mn) 12.00 Others 3% 2% 10.14 10.44 10.31 4% USA 10.00 9.23 9.25 9.51 9.14 5% 30% Germany 7% 8.00 7.29 UK Top 12 visiting 5
Slide 35: Jungfrau experience: Switzerland's #1 by visitors 2024
Jungfrau experience: Switzerland‘s #1 by visitors 2024 in Mn Outperforms national attractions and mountain peers Jungfrau Experience 3.790 Zermatt Experience 2.200 Rheinfall 2.100 Zermatter Bergbahnen 1.400 Zoo Zürich 1.270 Zoo Basel 1.226 Jungfrau Ski Region 1.149 Titlis 1.115 Jungfraujoch - Top of
Slide 36: Jungfrau experience vs. European benchmark
2024 Jungfrau experience vs. European benchmark: Top tier among mountain icons Comparable to leading European attractions on brand and volume Colosseum Rome (I) 14.700 Jungfraujoch Guest Share Disneyland Paris (F) 10.400 Louvre Paris (F) 8.700 Château de Versailles (F) 8.100 Groups Vatican Museum (I
Slide 37: Top of Europe insights
Top of Europe insights Spend per capita at Top of Europe and group vs. FIT mix Spend per capita evolution Group vs. FIT mix evolution Average spend per capita in Jungfraujoch1, in CHF Top of Europe visitors groups vs. FIT In 2025 the 5 target markets +1% below represented almost +11% 100% 8% two-thi
Slide 38: Premium pricing for a premium experience
Premium pricing for a premium experience Top-tier ticket pricing supported by unique value Ticket price comparison in CHF Jungfraujoch - Top of Europe 211 Pilatus 116 Gornergrat 108 Zermatt 105 Titlis 102 Rigi 78 Verkehrshaus Luzern 62 Säntis 58 Stoos 56 Grindelwald-First 56 Harder Funicular 38 Zoo
Slide 39: Vision & strategic priorities
4 Vision & strategic priorities Undisputed premium leader across product, service, and reach JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 39
Slide 40: Our vision and how we get there
Our vision and how we get there Undisputed premium leader Vision: Undisputable market leadership as the premium mountain leisure and experience provider in Europe Strategy Increase revenue per visitor Enhancing guest experience Expand & diversify Strengthen competence • Grow wallet share • Smooth an
Slide 41: Load factors & potentials: Levers & upside
Load factors & potentials: Levers & upside Clear milestones in each segment 01 02 03 Jungfraujoch – Experience Winter Top of Europe Mountains Sports Potential + Capacity +++++ + Capacity +++++ + Capacity +++++ + Average Price +++++ + Average Price +++++ + Average Price +++++ Short Term • Extended ma
Slide 42: Unlocking capacity potential
Unlocking capacity potential Room to maneuver Nov-Mar, as well as morning and evening Visitors Jungfraujoch – Top of Europe per month Guests on Jungfraujoch – Top of Europe by hour 1400 140 Visitors per month (in 1,000) 1200 120 100 1000 80 1 2 800 600 60 3 3 40 400 20 200 0 0 08:00 08:30 09:00 09:3
Slide 43: Road-map for strategy implementation
Road-map for strategy implementation Clear plan to execute Increase revenue Enhancing guest Expand & Strengthen per visitor experience diversify competence 2026–2027 • Price increase • E-commerce Integration • Execution of Short term: • Upselling program • Ski rental / parking Diversification Strate
Slide 44: Top of Travel: Unified commerce platform
Top of Travel: Unified commerce platform 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:
Slide 45: Renewal of First cable car with direct link to train station
Renewal of First cable car with direct link to train station Tried and tested: New cable car enhances capacity, convenience, and yield What: Direct connection of First to the Grindelwald train station via a new cable car. Situation Today: • Second-generation concession expires in 2034 • Strong seaso
Slide 46: Scaling Jungfraujoch for capacity, experience, returns
Scaling “Jungfraujoch” for capacity, experience, returns 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 E
Slide 47: Eiger Glacier: From transit point to destination
Eiger Glacier: From transit point to destination 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 • Transpo
Slide 48: Marketing: From positioning to performance
5 Marketing: From positioning to performance Premium positioning, digital journey, VIP products, pricing power JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 48
Slide 49: Marketing strategy implications
Marketing strategy implications Actionable levers to convert value over volume Double Down on the Digital convenience & Platform-based & tech- A Asian FIT Opportunity B personalization C enabled ecosystems D Value driven tourism Hybrid FIT + group strategy: Digital omnichannel: Data driven guest-flo
Slide 50: Focus Markets: Core engines & future potential
Focus Markets: Core engines & future potential Geographically diversified Core engines Greater China, Germany, India, South Korea, Switzerland, UK, USA, Singapore Future markets • Countries have been Argentina, France, grouped into three Philippines, South Africa, segments according to Spain, Turkey
Slide 51: Global distribution with on-the-ground sales network
Global distribution with on-the-ground sales network Local reps + HQ coordination to capture demand in key markets Sales Reps PR Agents Sales Reps Sales Reps Sales Reps Sales Reps PR Agents Sales Reps HQ Sales Reps JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 51
Slide 52: Reaching individual travellers via capillary distribution system
Reaching individual travellers via capillary distribution system & intermediaries Goal: Frontpage coverage on each travel brochure JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 52
Slide 53: Monthly OTA sales
Digital sales growing fast ... ... and with quite some way to go Monthly OTA sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2023 2024 2025 JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 53
Slide 54: Strategic partnerships: Global reach in action
Strategic partnerships: Global reach in action 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 54
Slide 55: New product example
New product example Chairlift photo-point adds capacity-light incremental revenue Oberjoch Express Chairlift ride in summer to an amazing fotopoint NEW Attraction - CHF 35.- per person & ride JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 55
Slide 56: New gondola Lauterbrunnen-Mürren
New gondola Lauterbrunnen-Mürren Improved design for comfort, speed, and throughput JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 56
Slide 57: Customer experience
Customer experience On Jungfraujoch – Top of Europe (July – December 2025) How likely are you to recommend the How do you feel when you leave the How did you experience the contact with Jungfraujoch – Top of Europe? Jungfraujoch – Top of Europe? our employees? IAAPA tourism industry & theme park ben
Slide 58: Operational Review
6 Operational Review Facts & figures across destinations and ancillaries JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 58
Slide 59: Jungfraujoch - Top of Europe: Third-best year, -0.2%
Jungfraujoch - Top of Europe: Third-best year, -0.2% Visitor growth over the last decade (in 1,000): Resilience shown despite a weaker second half of 2025; capacity and profitability drivers remain strong 1'200 • 1’056’600 visitors (-0.2%) • 3rd best result in history 1'000 • Second half of the year
Slide 60: Visitors per month
Jungfraujoch attracting more visitors before & after summer peak Monthly visitor numbers in 2025 compared to 2016 (in 1,000) • Growth highest in the 160 160% second quarter of the year 140 140% • No growth in the summer high season 120 120% • Potential from November Visitors per month 100 100% to Ap
Slide 61: Experience Mountains with strong growth
Experience Mountains with strong growth First and BLM lead; Harder mixed; boarding improvements planned Visitor numbers Experience Mountains 2016 to 2025 (in 1,000) 1800 Comparison with previous year • BLM +6.9% 1600 • FB +7.1% 1400 406 • HB -4.5% 425 1200 401 CAGR 2016–2025 1000 304 270 306 • BLM +
Slide 62: Winter Sports: Second-best in a decade
Winter Sports: Second-best in a decade First and Kl. Scheidegg-Männlichen momentum continues Skier visits season 2015/2016 to 2024/2025 (in 1,000) 1'400 • The 2024/25 season was the second best in the last 10 years. 1'200 219 • 1,183 million skier visits (+3.9%). 222 1'000 213 • Only the record seas
Slide 63: Winter Sports
Winter Sports Best season start ever 300 1400 250 1200 56 1000 200 45 39 800 150 1057 964 930 600 904 930 136 155 834 745 100 132 780 706 400 50 200 36 40 33 208 219 244 0 157 153 165 154 192 162 95 0 2023 2024 2025 Mürren Schilthorn Kleine Scheidegg -Männlichen Grindelwald-First Skier Visits Novemb
Slide 64: Overview visitor development
Overview visitor development Experience Mountains and winter sports drive visitor growth Visitor numbers all segments 2016 to 2025 (in 1,000) 4500 Comparison with previous year • Jungfraujoch -0.2% 4000 • Experience Mountains +3.9% • Winter Sports +5.2% 3500 1'149 1'209 • All segments +3.2% 3000 1'1
Slide 65: Transportation revenue
Transportation revenue Experience Mountains with highest growth rate Transportation revenue in MCHF CAGR 10 years 7.8% 15.6% 220 200 30 30 3.2% 180 2015 160 23 37 46 15.1% 22 140 21 22 21 25 20 16 31 120 76.6% 11 13 100 27 21.7% 14.1% 80 22 20 137 137 2.3% 60 114 119 121 108 100 15 13 84 2024 40 20
Slide 66: Review 2025: 3.2% passenger increase
Review 2025: 3.2% passenger increase 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% Lau
Slide 67: Financial Review – Performance & Drivers
7 Financial Review – Performance & Drivers Continuous growth on a high margin level JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 67
Slide 68: Revenues 2015 - 2024 with broad based growth
Revenues 2015 - 2024 with broad based growth (CAGR +5.3%) Drivers are higher transport revenues and penetration of value chain Revenues 2015-24 (in CHF Mn) 350 Main revenue drivers • Transportation revenues CAGR +4.4% 294.7 300 278.1 • Jungfraujoch +2.3% • Experience Mountains +15.1% 250 223.3 214.1
Slide 69: EBITDA margin 2015 – 2024: Investing to expand capacity & quality
EBITDA margin 2015 – 2024: Investing to expand capacity & quality Margins remain premium EBITDA 2015-24 (in CHF Mn) / EBITDA margin (%) • EBITDA margin of 42-50% in 2015-24 (excl. 2020-21) 160 60% • Top margin 50.1% in 2023 due to strong rebound 139.4 after COVID – but company was operating in a 140
Slide 70: Net profit 2015 - 2024: Consistently improving
Net profit 2015 - 2024: Consistently improving (in non-COVID environment) Earnings growth supports reinvestments and dividends Net profit 2015 – 2024 (in CHF Mn) 79.6 • CAGR of +7.8% in 10 years 80 76.5 • Tax rate ~ 21% (will remain) 60 53.3 47.8 41.6 44.4 40 36.2 31.0 20 0 -0.2 -9.7 -20 2015 2016 2
Slide 71: Payout-ratio target lifted
Payout-ratio target has already been lifted from 33-50% to 40-60% Consistently higher shareholder returns while funding strategic projects Dividend per share 2015-24 (in CHF) / Payout-Ratio (in %) • Dividend policy development: 8.00 7.5 60% 2015-2019: 33-50% 2020-2023: 35-60% 7.00 48% 6.5 56% 2024-2
Slide 72: Strong net cash recovery
Strong net cash recovery … ... despite two once-in-a-life time events: COVID & V-Cableway Net Cash/Debt1 2015-2024 in CHF Mn Group equity 2015-24 (in CHF Mn) / Equity ratio (%) 100 800 90% 719 80 700 661 640 85% 82% 607 597 597 60 570 600 536 40 506 80% 488 500 Equity ratio (%) Equity CHF mn 76% 20
Slide 73: Capital allocation 2015 – 2024
Capital allocation 2015 – 2024: Cash flow allows reinvestments and expansion and dividends Total Cash Flow of CHF 755 Mn Re-Invest Expand offering Dividend payments V-Cableway project CHF 354 Mn CHF 123 Mn M&A Gastronomy CHF 280 Mn CHF 6 Mn Kl. Scheidegg Replacement CAPEX no dividends for 2019-2021
Slide 74: Sustainability & ESG: Top of Tomorrow
8 Sustainability & ESG: Top of Tomorrow 100-year ethos embedded in modern climate and community goals JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 74
Slide 75: ESG strategy for long-term success
ESG strategy for long-term success 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 a
Slide 76: Our path to net zero
Our path to net zero Long-term vision of net zero emissions Short-term Medium-term Long-term 0-5 years 5-15 years 15-30 years Reduction Target 2030 -50% GHG-emissions Net zero Scope 1 CO2 Emissions (Scope 1 + 2) Target 2040 -75% GHG-emissions Removal Scope 1 + 2 Emissions budget 0 Potential CO2-remo
Slide 77: CO2 footprint Scope 1 and 2
CO2 footprint Scope 1 and 2 Progress with seasonal variations 2000 • Target 2025: Reduce CO2 Footprint Scope 1 & 2 by 3% • Target 2025 achieved 1500 1'274 1'231 1'064 TCO2 1000 500 548 554 525 0 2023 2024 2025 (approx.) Fuel oil Wood Petrol vehicel Diesel vehicels Leakage of refrigerant district hea
Slide 78: Climate goals: On track for change
Climate goals: On track for change Staying focused with feasable goals Target Target Target Strategic Goals Unit value year status Electricity from 100% renewable sources Share in % 100 yearly -50% 2030 Reduction in heating oil consumption t CO2e (Scope 1) -75% 2040 Reduction of fuel consumption t C
Slide 79: Our ESG strategy in practice
Our ESG strategy in practice How we currently transition to net zero: Key measures, progress and outlook Topic Comment Explanation All railways, cableways, and facilities powered Expand renewable energy partnerships to entirely by renewable energy, primarily Swiss Electricity from 100% renewable sou
Slide 80: ESG Focus: Our values for people and society
ESG Focus: Our values for people and society 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 tale
Slide 81: Outlook & Targets – continuous value creation
9 Outlook & Targets – continuous value creation Growth, margin resilience, and disciplined capital allocation JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 81
Slide 82: Outlook 2026
Outlook 2026 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 reserv
Slide 83: Renewed financial mid-term targets
Renewed financial mid-term targets: Higher payout-ratio, ROIC as new KPI ≥45% EBITDA, ≥25% ROS, higher payout, ROIC >10% ambition 01 02 03 04 05 EBITDA Cumulative Payout Ratio ROS ROIC1 Margin Free Cashflow Dividend Policy 2024-2028 Payout-Ratio < 2025 ≥ 43% ≥ 20% ≥ CHF 200 Mn 40-60% 2024 45.6% ✓ 25
Slide 84: Cash flow 2026-30 to finance growth & attractive dividends
Cash flow 2026-30 of ~ CHF 700Mn to Finance Growth & Attractive Dividends 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
Slide 85: Switzerland's top destination creating lasting value
Switzerland’s top destination creating lasting value Investment highlights Premium destination Structural growth Strategic infrastructure & Pricing power & market 1 leadership 2 tailwinds 3 asset base 4 positioning • Switzerland’s #1 premium • Benefiting from Asian outbound • High-quality, hard-to-r
Slide 86: Q&A
Q&A JUNGFRAU RAILWAY GROUP | Investor Day, 8 January 2026 86
Slide 87: Calendar
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