Passenger transport, car transport via the Vereina tunnel, and the performance of RhB subsidiaries contributed to a consolidated profit of approx. EUR 17.4 million, which was used to strengthen group equity.
Passenger transport drives overall revenue growth
The largest share of revenue growth came from passenger services, which saw net traffic income rise by 11% compared to 2023, reaching approx. EUR 133.7 million. This also represents a 32% increase over 2022 figures. Higher demand enabled the company to offset increased expenditure related to locomotive staff, track access charges, sales costs, and depreciation tied to infrastructure and fleet investments, particularly the Capricorn multiple units. The segment reported a surplus of approx. EUR 6.5 million, with a cost coverage ratio of 57.8%.
One of the primary drivers of this trend was the Bernina Express. The scenic train generated approx. EUR 26.8 million in revenue, reflecting 30% growth year-on-year and nearly double the 2022 result. Passenger volumes on the route rose by 53% between 2022 and 2024. With a cost recovery ratio of 113.9% in 2024, the train operated profitably for the first time on a fully commercial basis.
Car transport on Vereina Tunnel hits record numbers
Vehicle transport services through the Vereina Tunnel marked their 25th year with an all-time high: 560,415 vehicles were transported in 2024. The corresponding rise in revenue balanced higher rolling stock maintenance expenses. The car transport division ended the year with a profit of approx. EUR 1.53 million.
Moderate gains in freight transport and infrastructure
Freight operations brought in slightly higher revenue—up 3%—resulting in a profit of approx. EUR 0.71 million. The infrastructure division recorded approx. EUR 3.26 million in profit. This was supported by increased infrastructure usage revenue, partly driven by gains in passenger and vehicle transport, and reduced traction current costs.
Subsidiaries and investments
RhB subsidiaries also performed well in 2024. Glacier Express AG paid approx. EUR 5.1 million dividend to RhB AG for the first time. RhB Immobilien AG contributed a profit of approx. EUR 1.02 million. The Panoramic Gourmet AG joint venture showed strengthened equity through stable results.
Total investments rose to approx. EUR 394.5 million. Approx. EUR 270.9 million was allocated to maintaining and expanding infrastructure, approx. EUR 123.6 million was used for transport-related investments, including Capricorn fleet procurement and the Landquart workshop project.
Public sector support and outlook
RhB received approx. EUR 271.5 million in public funding through performance and compensation agreements.
RhB reports a continued increase in passenger demand during the initial months of 2025. High investment levels are maintained to support ongoing infrastructure modernization and the phased rollout of the “Retica30+” concept. Simultaneously, the group continues to address increasing operating costs and workforce-related challenges.
