Jungfraubahn : Semi-annual report 2022

2022 Half-Year Report

Jungfraubahn Holding AG

Key figures

Overview of the key figures of the Jungfrau Railway Group (as of 30 June 2022)

98.1 62.8 38.3

Operating income in CHF million Previous year: 57.7

Transport revenue in CHF million	EBITDA in CHF million
Previous year: 34.8	Previous year: 10.5

2.57 15.3 39.0

Result per share in CHF Previous year: -1.68

Period result in CHF million	EBITDA margin in %
Previous year: −9.8	Previous year: 18.2

Comparison of the key figures 2013-2022 (1 January to 30 June)

Figures in CHF million	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Transport revenue	62.8	34.8	35.0	79.0	73.0	68.9	59.0	65.4	59.0	57.6
Operating income	98.1	57.7	57.5	106.7	100.2	92.2	78.7	84.9	79.5	77.4
EBITDA	38.3	10.5	5.9	47.4	42.7	38.1	28.3	34.5	28.7	28.6
Period result	15.3	-9.8	-11.5	23.9	20.1	16.9	10.4	14.7	11.8	11.2

• Jungfraubahn Holding AG Half-Year Report 2022

Dear Shareholders

The Jungfrau Railway Group can look back on a successful first half-year. After recording significant losses in 2020 and 2021 due to the pandemic, the Jungfrau Railway Group reported a profit of CHF

15.3 million in the first half of 2022. Thanks to fa- vourable weather conditions, all segments contrib- uted to this encouraging development. There is a noticeable desire among guests to make up for lost time after two years of pandemic: In the Winter Sports segment, the best season to date (2007/2008) was equalized. The Experience Mountains segment approached pre-crisis levels and the number of vis- itors to the Jungfraujoch - Top of Europe increased by almost 50% compared to the previous year, nev- ertheless, visitor numbers stay 57% below those of 2019. The recovery of the international group travel markets, especially in Asia, is making only slow pro- gress due to the multifarious uncertainties regard- ing travel restrictions and flight capacities. The Jungfrau Railway Group is cautiously optimistic for the second half of the year and expects a further gradual normalisation.

During the crisis, the company learned to react quickly and systematically to changing circumstances. This adaptability allows it to respond to the rapidly changing demand in the various segments by optimising resource usage and taking advantage of opportunities as they arise.

Rising frequencies at the Jungfraujoch - Top of

Europe

The number of visitors to the Jungfraujoch - Top of Europe developed positively in the first half of the year. The main reasons for this were on the one hand the V-Cableway and the strong customer orientation, and on the other hand the mostly good weather and the end of the coronavirus restrictions.

Visitor frequencies 1 January to 30 June

	2022	2021
		visitors		visitors		Change in %
Jungfraujoch (arr.)	204,600		137,400	48.9%
Skier visits
Jungfrau Ski Region		1,057,500		706,000	49.8%

Net transport revenue 1 January to 30 June

	2022	2021
		in TCHF		in TCHF	Change in %
Jungfraujoch -
Top of Europe		26,573		14,510	83.1%
Experience Mountains		8,803		3,852	128.5%
Winter Sports		27,471		16,391	67.6%
Total transport revenue		62,847		34,753		80.8%

From January to March it was mainly Swiss people who visited the Jungfraujoch. After the end of the last coronavirus measures, visits by international guests also increased from April. A total of 204,600 guests visited Jungfraujoch - Top of Europe, representing a year-on-year increase of 48.9%. Neverthe- less, visitor numbers are 57% below those of 2019, as tourists from Asian countries still face coronavirus restrictions at home, which limit travel or even make it impossible. Also, there are both a lack of flights and bottlenecks in visa issuance. As a result, group travel largely remains in the doldrums.

Net transport income in the Jungfraujoch - Top of Europe segment amounted to CHF 26.6 million, which corresponds to a disproportionate increase of 83.1%. This was due in particular to the guest mix, with an increased proportion of foreign individual travellers and the significantly lower use of special offers compared to the previous year.

4	Jungfraubahn Holding AG Half-Year Report 2022

More guests on the Experience Mountains - record for winter season equalized

For the Experience Mountains segment, the Jun- gfrau Railway Group recorded a net transport income of CHF 8.8 million, an increase of 129%. Except for the Lauterbrunnen-Mürren Mountain Rail- and Cable- way, guest numbers in the Experience Mountains segment returned to the pre-pandemic levels of 2019. The Harder Funicular achieved an increase of 145.4% in the first half of 2022 with 194,000 ascents and descents (compared to 79,000 ascents and descents in the same period in 2021). The First Gondola recorded 150,000 guests (from valley station) in the first half of the year, which corresponds to an increase of 128.9% compared to the same period in 2021 (65,500 guests in 2021). The Lauterbrunnen-Mürren Rail- & Cableway (BLM) had 108,500 visitors, 129.0% more guests than in the same period in 2021 (from valley station: 47,400 guests).

In the 2022 reporting period, 1,057,500 skier visits (first-time visitors) were recorded. This represents 49.8% more than in the same period in 2021. Based on the entire winter season 2021/2022, the record of 1,251,000 skier visits set in the 2007/2008 winter season was virtually equalized with 1,249,760 skier visits. There is a reason for the high frequencies: The completion of the V-Cableway has brought the Jun- gfrau Ski Region back into the winter sports "Champi- ons League".

The second winter season with the V-Cableway has thus confirmed that the new Eiger Express trica- ble gondola and the Grindelwald-Männlichen Gondola represent a considerable increase in attractiveness for winter sports in the Jungfrau Ski Region. The Jungfrau Railway Group's proportionate net transport income from winter sports increased by CHF 11.1 million, or 67.6%, to a new record of CHF 27.5 million in the reporting period.

Car-free resorts: Important projects for a better exploitation

Thanks to ongoing projects, the car-free villages of Wengen and Mürren will be able to count on even better public transport connections in future. Work on the complete renovation of the Grütschalp-Mürren adhesion railway is on track. The reconstruction of Mürren station is currently in full swing. The station is being adapted to meet today's requirements for barrier-free access to the train and step-free entry to the train. The renovated Mürren station is scheduled to go into operation in November. Another intensive construction phase for the track renewal will take place in October. The overall project involves an investment of CHF 63 million, which has been secured by the Canton of Berne.

Like the new rolling stock of the Mürren adhesion railway, the Wengen Shuttle will also start operation with the timetable change in December 2023. The three new locomotives can already be seen on the Wengernalp Railway (WAB) network during so-called commissioning runs. The Wengen Shuttle will increase the frequency of public transport services between Lauterbrunnen and Wengen and offer passengers travelling to Wengen more space for luggage and other items. Jungfraubahn Holding AG is thus increasing the attractiveness of the already very good public transport connection.

In the Winter Sports segment, the use of public transport has become much more attractive thanks to the V-Cableway, with an average time saving of 47 minutes from Interlaken Ost to the ski slopes. In addi- tion, from the coming 2022/2023 winter season, travel from Interlaken Ost on the Bernese Oberland Railway (BOB) will be included in all winter sports passes.

Sustainability	of the coronavirus situation, the war in Ukraine, the
Promoting rail instead of road is an essential part of	general global economic, price and currency devel-

the Jungfrau Railway Group's sustainability strategy. opment, as well as bottlenecks in intercontinental

The aim is to achieve integrated sustainability man-	flights and visa issuing in certain Asian countries.
agement with a view to the seven Sustainable Devel-	Despite the encouraging first half of the year,
opment Goals (SDGs) that are central to the compa-	2022 is and will remain a year of transition with many
ny. At the same time, reporting is being expanded in	unknowns. The Jungfrau Railway Group hopes to
accordance with the Global Reporting Initiative (GRI)	take another step back to pre-pandemic results in
standards. In the first half of 2022, the measures in	the 2023 financial year. For this, a further normalisa-
connection with the seven selected SDGs were re-	tion of the international travel markets - especially in
fined and concretised in workshops as well as an-	group travel - is necessary.
chored in all business areas. Furthermore the first
steps towards reporting the company's carbon foot-
print were initiated. The latter is also happening in
connection with the University of Bern's project
"CO2-neutral Tourism Region Oberland Ost". ISO
14001 certification in environmental management	Heinz Karrer	Urs Kessler
will take place as early as 2023.	Chairman of the	Chief Executive Officer
	Board of Directors
Outlook
The trend of the first half of 2022 continued in the

peak season months of July and August. The course of business in the second half of 2022 will continue to be characterised by global uncertainties that cannot be influenced by the company: the development