Rhätische Bahn

What Rhätische Bahn does

Rhätische Bahn (RhB) operates Switzerland's largest narrow-gauge railway network, headquartered in Chur in the canton of Graubünden. Founded in 1888, the company functions as both the cantonal public transport provider and a globally recognized tourist railway, operating iconic panoramic routes including the Bernina Express and Glacier Express through landscapes designated as UNESCO World Heritage in 2008. With approximately 1,800 employees, RhB runs a network spanning regional hubs in Landquart, Samedan, Ilanz, Davos Platz, Bergün, and Thusis, serving daily commuters and international tourists through passenger services, car transport via the Vereina tunnel, and freight operations through its Bündner Güterbahn subsidiary.

The company operates a modern rolling stock fleet anchored by 56 Capricorn electric multiple units (with 6 additional units scheduled for delivery in Q4 2026) and 20 Allegra dual-voltage trains, all powered by 100% hydroelectric electricity. Proprietary engineering includes the Normalbauweise tunnel renovation method, which extends tunnel lifespans from 30-50 years to 70-100 years by enabling in-service wall replacement, and the Flügelzugbetrieb wing-train coupling system that decouples and redirects train sets at intermediate stations. The Capricorn fleet features barrier-free low-floor access, automatic couplers, CO2 detection climate control, front cameras transmitting driver cabin views, and dedicated spaces for bicycles, skis, and wheelchairs.

RhB generates revenue through six primary streams: standard passenger tickets, recurring subscriptions (Abonnemente), premium panoramic train reservations, freight transport (Bündner Güterbahn), car transport through the Vereina tunnel, and charter/nostalgic services, supplemented by retail merchandise. Distribution operates through staffed railway stations across Switzerland, an online ticket platform (tickets.rhb.ch), a dedicated Railservice team for group bookings with a 30% discount for groups of 10+, and dedicated market managers serving tour operators across Asia-Pacific, Italy, Germany/Austria, and Western/Central Europe. The company is structured as a Swiss stock company (Aktiengesellschaft) under private law, but with more than 95% of shares held by the Canton of Graubünden, and it relies on federal and cantonal subsidies to fulfill its public service mandate.

Name

Rhätische Bahn

Legal name

Rhätische Bahn AG

Website

https://rhb.ch

Company type

Private

Founded year

1888

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Rhätische Bahn operates Switzerland's largest narrow-gauge railway network in the canton of Graubünden, providing passenger, freight, and car transport services alongside iconic panoramic tourist experiences including the Bernina Express and Glacier Express through UNESCO World Heritage landscapes.

Ownership category

akta.pro rank

Product category

Passenger Rail Transportation

NAICS

Scenic and Sightseeing Transportation (487), Rail Transportation (4821), Short Line Railroads (482112)

SIC

Railroads, Line-Haul Operating (4011)

akta.pro primary industry

Luxury/Tourist Scenic Intercity Rail Operators (THAIAAAF)

akta.pro secondary industry

Railway Stations (Intercity & Regional) (THAIALAA)

Keywords

• Narrow-gauge railway operations
• Passenger rail transport
• Scenic rail tourism
• Freight rail services
• Alpine transit services

Headquarters

HQ city

Chur

HQ country

Switzerland

HQ region

Europe

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Passenger Transport: Core revenue from passenger transport including standard tickets, subscriptions, day passes, multi-ride tickets, and group tickets across the entire RhB network.
2. Panoramic Train Experiences: Premium tourist experiences including Bernina Express and Glacier Express with seat reservations, Pullman Class, and themed panoramic journeys through UNESCO World Heritage landscapes.
3. Car Transport (Vereina): Auto-carrying service through the Vereina tunnel connecting northern and southern Graubünden, popular for tourists transporting vehicles through the Alps.
4. Freight Transport (Bündner Güterbahn): Goods transport service across the RhB network serving commercial customers with cargo shipments throughout Graubünden.
5. Nostalgic and Charter Services: Specialty services including historic steam train rides, charter trains (Gourmino dining car, Piano Bar, Alpine Classic Pullman), and event charters for celebrations.
6. Retail and Merchandise: Fan shop offering souvenirs, merchandise, and branded products. Gift vouchers for rail experiences available through e-guma platform.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Rhätische Bahn operates Switzerland's largest narrow-gauge railway network in the canton of Graubünden, providing scheduled passenger regional transport, freight rail services (Bündner Güterbahn), and car transport through the Vereina tunnel. On top of this transport backbone, RhB sells tourism experiences such as the Bernina Express and Glacier Express panoramic trains, dining-car journeys (Gourmino), nostalgic steam trips, charters, and regional travel passes, serving both daily commuters and international visitors.

Product overview

Rhätische Bahn (RhB) operates as a comprehensive rail transportation and tourism company offering a multi-faceted portfolio of services. The core offering consists of passenger rail services across Graubünden, Switzerland, including regional trains and the world-renowned Bernina Express panoramic train through UNESCO World Heritage territory. The company operates a modern rolling stock fleet including Capricorn-Triebzüge (2020) and Allegra-Triebzüge (2010) with barrier-free design and advanced features. Tourism services include panoramic trains (Bernina Express, Glacier Express), culinary experiences (Gourmino dining car, Arosa Genussexpress), nostalgic trips, and charter services. Additional offerings encompass the Vereina car transport tunnel, Bündner Güterbahn freight services, and various travel passes (graubünden Pass, UNESCO Welterbepass). The company also operates visitor attractions like Landwasserwelt and Bahnmuseum Albula. RhB has developed proprietary infrastructure technology including the Normalbauweise tunnel renovation system.

Differentiator

Problem solved

Functional benefit

Brands

• Bernina Express: Panoramic train service over the Bernina Pass through UNESCO World Heritage RhB territory
• Glacier Express
• Bündner Güterbahn
• Autoverlad Vereina

Products and services

• Bernina Express Flagship panoramic train service operated over the Bernina Pass through UNESCO World Heritage RhB territory, featuring glacial and alpine-lake views. Reservation-required service with a Pullman Class premium option, aimed at international and domestic tourists seeking iconic Swiss Alpine rail journeys.
• Glacier Express Panoramic train service operating between St. Moritz and Zermatt in partnership with Matterhorn Gotthard Bahn, offering culinary experiences and panoramic views of the Swiss Alps. Targets international tourists undertaking a multi-day Swiss rail itinerary.
• Capricorn-Triebzüge (ABe 4/16) Modern regional electric multiple units (Capricorn ABe 4/16) in service since 2020, offering barrier-free access, automatic couplers for wing-train operation, wheelchair spaces and advanced climate control. Used as standard rolling stock for regional passenger services on the RhB network.
• Allegra-Triebzüge Dual-voltage electric multiple units in service since 2010, capable of operating on both DC and AC power with automatic in-motion voltage switching. Used for regional services on the RhB network and across the wider Swiss main rail network, with barrier-free boarding and modern passenger information systems.
• Normalbauweise Tunnel renovation method In-house standardized tunnel renovation procedure developed by RhB that allows tunnel walls, track level and drainage to be renewed while train operations continue. Extends tunnel lifespan from 30–50 years to 70–100 years and incorporates Feste Fahrbahn fixed-slab track with concrete prefabricated elements. Used across the RhB tunnel portfolio.
• Autoverlad Vereina Car-carrying train service through the Vereina Tunnel connecting Klosters Selfranga in northern Graubünden with Sagliains in the Lower Engadine. Vehicles are loaded onto special rail wagons and transported through the Alps as an alternative to road driving. Record demand in 2025 reached the second-best result in service history.
• Bündner Güterbahn Freight rail division of Rhätische Bahn providing scheduled and on-demand goods transport across the canton of Graubünden's rail network. Serves commercial and logistics customers moving cargo through Alpine terrain with rail-based sustainable supply-chain options.
• graubünden Pass Comprehensive regional travel pass providing unlimited travel on the entire RhB network plus other regional transportation options in Graubünden. Targets domestic tourists and visitors wanting flexible exploration of the canton.
• UNESCO Welterbepass Special regional pass focused on the UNESCO World Heritage Albula and Bernina railway lines, providing travel through the heritage routes across multiple days. Targeted at visitors interested in the cultural and scenic value of the World Heritage railway.
• Speisewagen Gourmino On-board dining-car service offering gourmet meals served on RhB trains, combining culinary experiences with scenic mountain views. Targeted at tourists seeking premium food-and-rail experiences.
• Arosa Genussexpress Gourmet express service running to Arosa, combining multi-course culinary experiences with scenic mountain travel through Graubünden. Targeted at leisure travelers seeking food-themed rail journeys.
• Landwasserwelt Visitor attraction featuring an observation platform above the Landwasser Viaduct, allowing visitors to experience trains crossing the iconic viaduct from a dedicated walkway. Targeted at rail enthusiasts and families visiting Graubünden.
• Führerstandsfahrten (Footplate Rides) Driver's-cab passenger experience allowing riders to travel alongside the locomotive driver at the controls of the train. Targeted at railway enthusiasts and tourists seeking an immersive rail experience.
• Historischer Zug (Historical Train) Nostalgic rail journey operated with vintage rolling stock, providing heritage train experiences through the Graubünden network. Targeted at rail heritage enthusiasts and tourists.
• Alpine Classic Pullman Premium charter service featuring classic Pullman carriages for private journeys and special occasions. Targeted at private, corporate and event clients chartering RhB rolling stock.
• Bahnmuseum Albula Railway museum located at Bergün on the Albula line, showcasing the history and heritage of the Rhaetian Railway through exhibits of locomotives, carriages and railway artifacts. Targeted at rail enthusiasts, families and school groups visiting Graubünden.
• RhB Fan Shop Online and on-site retail offering RhB-branded souvenirs, merchandise and gift items aimed at fans and tourists. Complemented by e-guma gift vouchers for rail experiences.

Quantifiable outcome

• Record-breaking passenger transport numbers achieved in 2025
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Alishan Forest Railway (Taiwan)minorStrategic or Co-development Partner · 1 June 2026Signed partnership agreement on June 1, 2026 as new partner railway. Aims to intensify visibility of both railway companies in their respective regions and provide mutual advertising platforms. RhB already maintains partnerships with Hakone Tozan Railway (Japan) and Mariazellerbahn (Austria).
• Verkehrsbetriebe Zürich (VBZ)minorGTM or Marketing Partner · 14 April 2026Special vehicle design exchange partnership for Sechseläuten event where Graubünden was guest canton. RhB Capricorn train in VBZ design operated on RhB network while VBZ tram in RhB design operated in Zurich. Celebrates connection between urban Zurich and Alpine Graubünden.
• Hakone Tozan Railway (Japan)minorStrategic or Co-development PartnerInternational partner railway relationship; provides mutual advertising and visibility exchange between the two mountain railways.
• Mariazellerbahn (Austria)minorStrategic or Co-development PartnerInternational partner railway relationship; provides mutual advertising and visibility exchange between the two heritage railways.
• Vogelwarte SempachminorStrategic or Co-development PartnerWildlife protection collaboration to reduce electrocution deaths of eagle owls on RhB overhead lines. Joint development of protective covers and guidelines with SBB and Federal Office of Transport. Ongoing monitoring and mitigation efforts.
• login BerufsbildungcoreStrategic or Co-development PartnerTraining partnership for apprenticeship programs. RhB provides practical training while login Berufsbildung handles theoretical education components for various vocational programs.
• SwissmemminorStrategic or Co-development PartnerIndustry association partner for WorldSkills competition. Swissmem co-organizes preparatory competitions and the WorldSkills Shanghai 2026 event with RhB and Ems Chemie.
• Graubünden FeriencoreGTM or Marketing PartnerCantonal tourism board partnership for coordinated destination marketing and promotion of Graubünden as a travel destination.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Schweizerische Bundesbahnen (SBB): Swiss national incumbent railway that integrates RhB's ticketing into the national timetable and provides the closest analog as a publicly oriented, subsidised rail operator. Operates far more broadly across Switzerland, providing scale, modal substitution, and policy context but not direct product-line competition in the narrow-gauge scenic segment.

Regional players

• Hakone Tozan Railway: Japanese mountain railway in Hakone and one of RhB's formal international partner railways. Matches RhB's profile of a heritage narrow-gauge line combining scheduled commuter service with iconic tourism branding and partnership-driven marketing.
• Mariazellerbahn (Niederösterreich Bahnen): Austrian narrow-gauge heritage railway from St. Pölten to Mariazell and a formal RhB international partner railway. Operates in a different geography with a similar product mix of scenic timetabled service, nostalgic rail, and pilgrimage/tourism traffic.

Direct peers

• Zentralbahn (zb Zentralbahn AG): Swiss narrow-gauge operator running the Lucerne-Interlaken Express and Brünig line. Directly comparable as a regional narrow-gauge railway combining scheduled commuter service with internationally marketed scenic tourism routes (GoldenPass).
• Gornergrat Bahn: Operates the highest open-air cog railway in Europe from Zermatt to the Gornergrat viewpoint. Closely mirrors RhB in combining scheduled tourist rail service, premium scenic positioning, group-booking channel, and hydroelectric traction in Swiss alpine terrain.
• Flåmsbana (Flåm Railway): Iconic Norwegian scenic railway from Myrdal to Flåm, marketed globally as a tourism experience. Highly comparable to Glacier Express/Bernina Express in being an internationally branded point-to-point panoramic railway with high premium pricing and tour-operator channels.
• Brienz Rothorn Bahn (BRB): Heritage steam and diesel cog railway from Brienz to the Rothorn summit in the Bernese Oberland. Comparable as a Swiss heritage mountain railway focused on nostalgic/charter offerings and seasonal tourism with similar target customer segments.
• Pilatus Railway: Operates the world's steepest rack railway from Alpnachstad to Mount Pilatus near Lucerne. Closely comparable as a Swiss heritage/tourist mountain railway combining scheduled service, panoramic and charter experiences, and similar scale of operations.
• Matterhorn Gotthard Bahn (MGB): Swiss narrow-gauge mountain railway operator and explicit co-operation partner on the Glacier Express (St. Moritz-Zermatt). Operates comparable intercity and tourist rail services in the Valais/Uri/Grisons Alps with similar rolling stock, ticketing and seasonal patterns.
• Jungfraubahnen: Operator of the Jungfraujoch and Bernese Oberland mountain railways (Wengernalp, Jungfrau, Schynige Platte, First). A classic Swiss scenic/heritage mountain railway with comparable premium tourism positioning, group-booking channels, and seasonality profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/rhaetischebahn
• Facebookfacebook.com/rhaetischebahn
• LinkedInlinkedin.com/company/rh%C3%A4tischebahnag
• Instagraminstagram.com/rhaetischebahn
• TikToktiktok.com/@rhaetischebahn
• Xx.com/rhaetischebahn

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rhätische Bahn