Arosa’s lift co has had the most successful financial year in their company history. With net revenues of CHF 38.456 million and EBITDA of CHF 14.886 million, the long-established mountain railway company achieved record results.
Although first-time winter visitors declined slightly, the result was further improved thanks to strong demand, excellent winter sports conditions, record-high restaurant sales, and consistent quality improvement across the entire range of services. The reported annual profit amounts to CHF 3.647 million.
Summer business performed better than the previous year. With 158,000 guests, first-time visitors increased by 8.2 percent, reaching the highest figure in recent years. The combination of attractive mountain experiences, family-friendly offerings, and a strong destination positioning once again proved successful.
The start of the 2025/2026 winter season initially presented challenges for the mountain railways. Natural snowfall remained meager during the first half of the season. Once again, artificial snowmaking proved indispensable for successful winter operations. Skiing was possible at Hörnli as early as November 8, 2025. Before the holidays, guests enjoyed a wide range of snow sports activities on perfectly groomed slopes. Excellent winter sports conditions prevailed until the end of the season on April 12, 2026, accompanied by an above-average number of sunny days.
Winter first-time visitors to Arosa Lenzerheide, at 1.418 million guests, were slightly below the previous year’s figure, but still 5.2% above the 5-year average. At the same time, the strength of the combined ski area was once again confirmed. The reliable snow conditions, the high quality of the offerings, the diverse culinary options, and the continuous investments in infrastructure and the guest experience ensured consistently high demand.
Record figures thanks to strong demand in all business areas
Following last year’s record year, Arosa Bergbahnen (Arosa Mountain Railways) were able to increase their total revenue once again. Operating income rose to CHF 38.456 million, exceeding the previous record by approximately CHF 1.4 million. The mountain restaurants performed particularly well, generating CHF 10.403 million in revenue, surpassing the ten million Swiss franc mark for the first time. Consistently high visitor numbers, numerous sunny days, and attractive terrace conditions contributed to an exceptionally successful business year on the mountain. The Mountain Lodge also maintained its high level of performance and once again achieved excellent occupancy rates.
Chairman of the Board Urs Marti puts the result into perspective: “All business units contributed to this record result. It is particularly gratifying that we were able to further increase revenue despite slightly lower visitor numbers in winter. This demonstrates that our investments in quality, infrastructure, and the guest experience are having a lasting impact.” Arosa Bergbahnen generates 94% of its transport revenue in winter, while the winter share for mountain restaurants is 87%.
Operating expenses increased moderately compared to the previous year. At the same time, efficiency improvements were achieved in various areas. Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to a record CHF 14.886 million, confirming the company’s strong profitability. The EBITDA margin of 38.7% remains at an excellent level for integrated mountain railway, catering, and accommodation companies.
After depreciation, financial expenses, and taxes, the company posted a net profit of CHF 3.647 million. Cash flow also reached a new record high of CHF 13.672 million. This ensures the company continues to have a solid financial foundation for upcoming investments. “The excellent annual result is reason enough for the Board of Directors to propose a dividend of 4% of the nominal value to the Annual General Meeting for the past fiscal year. This corresponds to a payout of CHF 4.00 per share,” says Urs Marti regarding the continuation of the existing dividend policy, adding: “The company aims to continue paying shareholders an appropriate dividend in the future.”
A solid foundation for the next development steps
The sustained positive business development enables Arosa Bergbahnen to consistently continue its service development on the mountain. Investments of approximately CHF 10 million are planned for the 2026/2027 financial year. Of this, CHF 1.4 million will be invested in a new control system and mechanical upgrade of the Plattenhorn chairlift, and CHF 2.0 million in the new “Mittlere Waldschneise” piste with a new snowmaking system and the expansion of snowmaking infrastructure. Initial preliminary work for the Hörnli area development will begin in the new financial year. This includes piste widening, expansion of the snowmaking systems, and infrastructure measures in the area of the future valley station, totaling CHF 4.0 million.
“The excellent business results of recent years create the conditions to drive these important future projects forward using our own resources. This will secure the long-term competitiveness of the ski area and create additional added value for our guests,” explains Urs Marti.
The focus is on the further development of the Hörnli area. With the planned replacement of the existing gondola and chairlift with a modern 10-person gondola and a new 8-person chairlift, the company is preparing the largest single investment in its history. Together with the necessary slope adjustments and the expansion of the snowmaking facilities, the current project anticipates an investment volume of approximately CHF 67 million. Landowner approvals have been obtained, and briefings have been held for representatives of federal and cantonal authorities as well as environmental organizations. The planning application will be submitted to the Federal Office of Transport at the end of July 2026. Construction is planned for the summers of 2027 and 2028.
Handover after record results
Following the most successful financial year in the company’s history, Arosa Bergbahnen, as previously announced, will undergo a planned change in leadership. Managing Director Philipp Holenstein will retire early at the end of 2026 after 14 years at the helm. During his tenure, the company experienced exceptional economic and strategic success. Effective November 1, 2026, Stefan Reichmuth, a proven industry expert, will assume operational leadership. Philipp Holenstein will oversee the transition until the end of the year to ensure a smooth handover.
The Annual General Meeting of Arosa Bergbahnen AG will take place on Saturday, September 26, 2026, at 3:30 p.m. in the Arosa Sports and Congress Centre. Detailed business documents will be sent to shareholders along with the invitation.
