Group Financial Results in Detail
The table shows the key financial figures for the Weisse Arena Group over five fiscal years.
The 2025/26 fiscal year cannot be directly compared with previous years: With the sale of the mountain infrastructure and its subsequent lease-back, expenses have shifted from depreciation to lease payments. The business itself remained stable—net revenue and first-time visits were on par with the previous year, and the Group’s net income rose to CHF 7.5 million.
| in TCHF | +/− in % | 2025–26 | 2024/25 | 2023/24 | 2022/23 | 2021/22 |
|---|---|---|---|---|---|---|
| Gross Revenue | 0,2% | 125 893 | 125 596 | 117 629 | 122 255 | 131 291 |
| Reductions in Revenue | 20,4% | −2 066 | −1 716 | −1 517 | −1 668 | −1 727 |
| net sales | 0,0% | 123 827 | 123 880 | 116 112 | 120 587 | 129 564 |
| Cost of Goods Sold | 5,7% | 16 245 | 15 362 | 13 748 | 13 275 | 11 504 |
| Personnel Expenses | 2,3% | 49 491 | 48 358 | 47 277 | 46 316 | 43 010 |
| Operating and Financial Performance | 41,5% | 47 643 | 33 667 | 31 103 | 32 956 | 31 214 |
|
's Operating Income Before Depreciation and Amortization |
−60,6% | 10 449 | 26 492 | 23 984 | 28 040 | 43 836 |
| As a percentage of net revenue | −60,5% | 8,4% | 21,4% | 20,7% | 23,3% | 33,8% |
| Cash Flow1 | −26,9% | 17 630 | 24 107 | 20 817 | 25 578 | 43 391 |
| As a percentage of net revenue | −26,8% | 14,2% | 19,5% | 17,9% | 21,2% | 33,5% |
| As a percentage of total capital | −24,1% | 6,3% | 8,4% | 8,0% | 10,8% | 17,7% |
| As a percentage of equity | −29,3% | 16,9% | 24,0% | 20,7% | 26,0% | 44,8% |
| Group Results | 233,9% | 7 483 | 2 241 | 2 927 | 2 483 | 21 686 |
| Equity | 3,4% | 104 012 | 100 568 | 100 334 | 98 353 | 96 910 |
| Short-Term Liabilities | 35,9% | 70 450 | 51 826 | 42 397 | 42 081 | 43 517 |
| Long-Term Debt | −23,9% | 103 655 | 136 192 | 117 316 | 97 090 | 104 458 |
| Total Capital | −3,6% | 278 117 | 288 586 | 260 048 | 237 524 | 244 885 |
| Gross Investment in Construction | −67,8% | 16 706 | 51 882 | 44 857 | 14 330 | 68 782 |
| Acquisition Cost in Construction Accounting | −61,8% | 225 312 | 589 960 | 540 925 | 521 941 | 508 708 |
| Book Value: Construction Accounting | −55,9% | 103 081 | 233 754 | 205 153 | 178 552 | 180 469 |
| As a percentage of the construction budget | 45,8% | 39,6% | 37,9% | 34,2% | 35,5% | |
| Number of First-Time Entries | 0,1% | 1 093 061 | 1 092 191 | 1 028 134 | 1 015 581 | 1 138 607 |
¹ Net income + depreciation and amortization + deferred taxes
Management Report for Fiscal Year 2025/26
LAAX is more than just a place.
LAAX is a way of life.
Our guests aren’t just looking for a ride on a mountain lift, a room, a meal, or a day in the snow. They’re looking for freedom, activity, nature, design, community, and that special spirit that defines LAAX. This way of life is at our core. It’s what guides our work.
The 2025/26 fiscal year was all about focus. Following an intense year of change, we further consolidated our new structure, streamlined processes, and clearly aligned the organization with its core tasks. We will continue on this path. Standardization, digitalization, and the targeted use of AI help us work more easily, quickly, and effectively.
Market, Weather, and Performance
The travel market is changing. Geopolitical uncertainties, economic caution, and the need for safe, reliable destinations are shaping travel behavior. This presents opportunities for Switzerland and mountain tourism.
The weather remains a part of our business. It is what it is. One year, everything falls into place; the next, not so much.
What matters is how we deal with it.
Despite low natural precipitation at the start of winter, we were able to create excellent slope conditions. This demonstrates the strength of our infrastructure and our teams.
The numbers show where we stand. Mountain railways remained virtually at the previous year’s level with 1,093,061 first-time admissions (winter: 936,405 (85 percent); summer: 156,656 (15 percent)) practically at the previous year’s level. In the food and beverage sector, individual orders totaled 914,795—about 3.3 percent below the previous year—while F&B revenue of CHF 28.4 million was down about 1.6 percent. Revenue per order remained stable at CHF 31. In the lodging segment, the number of rooms sold increased to 66,134 thanks to two new properties at the Rocks Resort.
A significant event during the reporting year was the transfer of the mountain infrastructure to FIAG, Finanz Infra AG. The facilities are now leased by Weisse Arena Bergbahnen AG.
This has resulted in a clearer separation of the structure between infrastructure, financing, and operations. For the Weisse Arena Group, this means greater transparency, but also a changed cost structure. Operational performance must therefore be focused even more strongly on capacity utilization, productivity, and earnings in the future.
Operational Development
All divisions within the group were able to deliver.
The mountain railways remain the backbone of the guest experience and the main driver of visitor traffic. In the lodging sector, we were able to accommodate more guests thanks to additional capacity and retain more value within the destination.
In the food and beverage sector, we had a particularly successful winter season, especially in the mountain areas.
At the same time, it’s clear that growth doesn’t happen automatically. Our offerings, operating hours, and resources must be more closely aligned with foot traffic, demand, and profitability. It’s not about doing as much as possible. It’s about doing the right things really well.
Organization and Leadership
The new organizational structure is in place and is beginning to function as a cohesive system. We will continue to lead the group as a network organization. This means less silo mentality, more accountability, and clearer decision-making.
Every company is being scrutinized and optimized where structures, processes, or tasks no longer align with today’s reality. This transformation is not just a paper project. It is taking place in our day-to-day operations—in roles, processes, budgets, meetings, and decisions. In this phase, leadership means providing direction, setting priorities, and reducing friction.
Order and Contract Status
In the tourism industry, the order and booking situation is heavily influenced by short-term booking and consumer behavior. Advance sales of season passes remain an important indicator of demand, customer loyalty, and confidence in the destination.
This trend shows that LAAX continues to have a strong base of regular customers and high brand loyalty. At the same time, guests’ shorter decision-making cycles confirm that price, weather, snow conditions, and the quality of the experience are becoming even more interdependent. It therefore remains essential for the Group to actively manage advance sales, clearly position its offerings, and further increase the value added per guest.
Research, Development, and Innovation
Traditional research and development is not conducted within the Weisse Arena Group in the industrial sense. For us, innovation takes place directly on the job. It manifests itself in the ongoing development of infrastructure, digital solutions, processes, guest benefits, and work practices.
The targeted use of AI is becoming increasingly important in this context. AI is intended to help streamline processes, make data more usable, and reduce repetitive tasks. However, it remains crucial that technology is not an end in itself. It must help our employees do their jobs better and enable our guests to have a simpler, more personalized, and more memorable LAAX experience.
Investments, Projects, and Extraordinary Events
With the renovation of the Masegn–Fuorcla–Vorab gondola lift, a major infrastructure project was completed on time and within budget. The FlemX has become a fixture in day-to-day operations and demonstrates how LAAX is reimagining mobility, technology, and the guest experience.
These projects are more than just facilities. They provide access, comfort, activity, and experiences. As such, they are part of the LAAX way of life.
A major extraordinary event during the reporting year was the transaction with Finanz Infra AG. The relevant assets were transferred and are now leased by the operating companies. This marked an important structural step in the financing and management of the infrastructure.
Risk Assessment
The Board of Directors conducted a risk assessment during the fiscal year. Significant risks stem in particular from weather-related uncertainties, fluctuations in demand, cost trends, and operational dependencies of individual infrastructure projects.
Weather conditions remain a key risk for Alpine tourism. We address this with high-performance infrastructure, operational expertise, and the targeted expansion of our offerings.
At the same time, we are seizing opportunities. Through our internationalization strategy in collaboration with Flims Laax Falera Management, we aim to attract new guest groups to the region. In addition, our active outreach to business customers during the off-season is proving effective.
Our goal is clear: We want to reduce our dependence on individual peak seasons, achieve higher occupancy rates throughout the year, and generate greater value per guest.
outlook
For the coming year, the focus is on focus, focus, focus.
We need to understand even more clearly what needs we are truly fulfilling for our guests. Because, at the end of the day, we’re not just selling tickets, rooms, or food. We create experiences that last. We forge connections to the region, to the mountain, and to the people.
That is exactly what LAAX is all about.
Our mission is clear. We want to strengthen the Weisse Arena Group financially, streamline operations, and increase value creation per guest. To do this, we must align our offerings, operating hours, investments, and resources even more closely with demand, margins, and the quality of the experience.
We drive forward everything that serves this goal. We question everything else.
LAAX is a way of life. Our mission is to protect this way of life, develop it further, and ensure its economic success.
On behalf of the management
Haempa Maissen