Zermatt Bergbahnen AG continues its record-breaking run

Strong summer the basis for record results

At its Ordinary General Meeting held on 25 September 2026 at the Matterhorn Test Centre, ZBAG once again presented its shareholders with record results. An exceptionally strong summer season laid the foundations for this success. In the summer of 2025, revenue from passenger traffic rose by an impressive 18.1% to CHF 26.1 million. Pleasing growth in the foreign markets played a significant part in this development, with strong demand from the USA and the continued recovery of the Japanese market particularly noteworthy. The summer business thus continued on its successful growth trajectory and consolidated its role as an important pillar of the annual result.
Further impetus was provided by the resumption of summer training on the Theodul glacier under the terms of a long-term partnership agreed with Swiss Ski in February 2025. This secures the use of the glacier ski area as a summer and autumn training site until 2034 and enables Zermatt to establish itself long term as an important training location for international ski racing at all levels from rising young stars to the elite World Cup competitors. The strong summer tourist business and the return of the international ski teams put ZBAG in an excellent position ahead of the winter season.

Winter season almost sets record

Despite low precipitation levels and challenging weather conditions before Christmas, effective snow-making and excellent piste preparation made it possible to provide high-quality snow sports right from the start of the peak season. For much of the season, glorious weather and perfect conditions on the slopes were the norm.
February came as an exception to this, with heavy snowfalls and difficult weather conditions undermining this important month in terms of revenue. The performance in spring was all the more pleasing as a result. In contrast to the weather-related difficulties of the previous year’s Easter period, hours of sunshine and excellent skiing conditions made for a strong finish to the season, right up until the Zermatt Unplugged festival.
The 2025/26 winter season achieved earnings in the transportation business of CHF 70.5 million overall. This was only 1.2% below the previous year’s record result – another outstanding performance.

Record results again

Net operating income rose by CHF 3.3 million to CHF 103.4 million over the financial year (an increase of 3.3% on the previous year), breaching the 100-million threshold for the second time in ZBAG’s 24-year history and for the second year in a row.  The main driver for this growth was the passenger transport business, with earnings of CHF 3.2 million (up 3.4% on the previous year). EBITDA rose by CHF 1.9 million (up 3.4% on the previous year) to CHF 58.2 million. The EBITDA margin as a percentage of sales remained unchanged at 56.3%, an exceptionally high value. Cash flow rose by CHF 2.0 million (up 3.8% on the previous year) to a new record of CHF 54.5 million. The cash flow margin as a percentage of sales is 52.7%, confirming the company's strong internal financing capacity.
CEO Martin Hug appraised the record result: “For us, commercial success is not an end in itself but the foundation upon which we can actively help shape the future of ZBAG and the resort. The new record figures confirm our commercial strength and create the leeway required to invest and drive innovation in the long term. A major part in this success is played by our employees, who show great commitment, a high degree of professionalism and impressive dedication to guarantee quality, safety and generous hospitality on a daily basis.”

Investing in quality and the future

The solid financial foundation enables ZBAG to invest strategically in quality, performance and the future of snow sports on the Matterhorn. In the 2025/26 financial year, around CHF 43 million was invested in modern infrastructure, long-term assurance of snow cover and further developing the services on offer.
Key projects include the new eight-seater Gifthittli chairlift, which went into operation in November 2025. It replaces the old six-seater lift, which had already been refurbished twice in the period since the ZBAG merger in 2002. The new lift increases capacity to around 3400 passengers an hour. They will benefit from the improved capacity, greater comfort and more efficient operation.
Another area of focus is the expansion of technical snow-making and its underlying infrastructure. Perfectly groomed slopes are essential for a reliable top-quality snow sport experience and also a key factor in the added value of the resort as a whole. The aim is to increase snow-making capability such that the main slopes can be covered within around 72 hours in future.

Matterhorn Alpine Crossing gains international significance

The new luggage transportation service on the cable car link between Zermatt and Cervinia in November 2025 was an important addition. The origins of the guests give a clear indication of the international appeal the service already has: in the 2025/26 financial year it was used by passengers from 33 different countries. The USA, Switzerland and Japan accounted for the greatest numbers. Some 70% of passengers combined the Matterhorn Alpine Crossing with at least one overnight stay in their destination region before continuing their journey. The connection is not only a unique mountain experience, it also generates added value for the tourist trade in resorts on both sides of the border. In the 2025/26 financial year, the two 3S cableways – the Matterhorn Glacier Ride I (Trockener Steg – Klein Matterhorn) and the Matterhorn Glacier Ride II (Testa Grigia – Klein Matterhorn) carried 946,239 snow sports enthusiasts and day trippers to the Matterhorn Glacier Paradise. This represents a 5.5% increase over the previous year and underlines the international importance of the highest mountain station in Europe.
During the year under review, ZBAG laid the foundations for one of the most significant development projects in its history with the aim of further developing the overall customer journey on the Matterhorn Alpine Crossing. This involves much more than replacing existing infrastructure. The comprehensive project offers a unique opportunity to reframe the passenger experience on the journey around the world’s most beautiful mountain and raise it to a new level of quality.  

Dividend increase

On the basis of the excellent financial results, the Ordinary General Meeting voted once again to increase the dividend, by 4.7% from CHF 5.25 to CHF 5.50 per share. The payout of 11% is a new record figure.
The Ordinary General Meeting confirmed the current membership of the Board of Directors. Jean-Michel Cina, Romy Biner-Hauser, Paul-Mark Julen, Leo Schuler, Patrick Z’Brun and Christian Laesser were re-elected, as was Franz Julen as Chairman of the Board of Directors.
Franz Julen stressed the importance of long-term strategy: “Commercial strength gives us the opportunity to think long term and be able to invest in the future even in challenging times. We’re not thinking in terms of individual financial years but of generations. Modern infrastructure, guaranteed snow cover, quality, service and innovation are key to our remaining competitive and resolutely pursuing our premium-brand strategy. Our investments add value for tourists and create important conditions for the long-term development of the resort as a whole. This is a responsibility we are conscious of. We will therefore use our success to actively help shape the future of alpine tourism in Zermatt and beyond.”