What Thurbo does

Thurbo AG is the regional railway of Eastern Switzerland, operating a 658-kilometer network of S-Bahn and regional services across the cantons of St. Gallen, Thurgau, Schaffhausen and Zürich, plus cross-border connections to Konstanz and Waldshut (Germany), Bregenz (Austria) and Lindau (Germany). The company is a privately held Aktiengesellschaft headquartered in Kreuzlingen, formed on 20 September 2001 as a joint venture between SBB AG and Mittel-Thurgau-Bahn (with Canton Thurgau participation) and commencing operations on 15 December 2002. Thurbo is the third-largest operator in Swiss regional rail, transporting approximately 35 million passengers annually with a fleet of 110 Stadler GTW trains covering 19.6 million vehicle-km per year, served by 400+ locomotive drivers across 8 depots.

The core technology is a fleet transition from the GTW (in service since 2002) to 107 new Stadler Flirt Evo regional trains — 88 three-car units that are unique to Switzerland at approximately 57.8 m, optimized for energy efficiency on Eastern Swiss routes, plus 19 four-car units at approximately 73.5 m for higher-capacity lines. Trains feature automatic sliding steps, barrier-free toilets, multifunction compartments for bicycles and strollers, and four-seat compartments. Maintenance is centralized at the new Serviceanlage Weinfelden (opened November 2025, 18.4 million CHF), which prepares all 329 Flirt Evo trains for the joint SBB/RegionAlps/Thurbo procurement. Supporting systems — ticketing, journey planning, real-time operational status and lost-and-found — are delivered through SBB's distribution platform (SBB Mobile App, SBB.ch, ticket machines, staffed points of sale), with no Thurbo-operated public API.

Thurbo earns revenue through a mix of passenger fares (single tickets, day passes, Sparbillette discounted advance fares, GA annual subscriptions, OSTWIND business subscriptions) and approximately 50% public compensation from cantons for ordered regional services under Swiss regulated rail concessions. Tariff integration spans the OSTWIND, ZVV, A-Welle, Transreno and BÜGA associations, plus the cross-border Bodensee-Ticket. Customer segments are horizontal B2C: daily commuters on S-Bahn lines, leisure travelers to Lake Constance, Appenzell and Toggenburg, families (served via the Thurbi chameleon mascot, FamilienSpass magazine and Thurbi audio stories), and event-goers for regional events such as Stars in Town, Jazztage Lichtensteig and the WEGA trade fair. Distribution is overwhelmingly self-serve through the SBB channel stack.

Name

Thurbo

Legal name

Thurbo AG

Website

https://thurbo.ch

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Thurbo AG is a Swiss regional railway subsidiary of SBB AG (with Canton Thurgau participation) that operates 658 km of S-Bahn and regional passenger rail across Eastern Switzerland and cross-border into Germany and Austria, carrying approximately 35 million passengers per year.

Ownership category

akta.pro rank

Product category

Regional Passenger Rail Transport

NAICS

Commuter Rail Systems (485112), Rail Transportation (482)

SIC

Transportation Services (4700)

akta.pro primary industry

Cross-Border Regional Rail Passenger Services (THAIACAH)

akta.pro secondary industry

Cross-Border/International Passenger Rail Operators (TLAFADAE)

Keywords

• Regional rail transport
• Passenger railway services
• Eastern Switzerland rail
• Public transport services
• Cross-border rail operations

Headquarters

HQ city

Kreuzlingen

HQ country

Switzerland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Passenger Fares: Revenue from ticket sales including individual tickets, day passes, subscriptions (GA), and discounted Sparbillette tickets for travelers.
2. Public Transport Subsidies: Government compensation from cantons for ordered schedule services in regional passenger transport, as Thurbo is approximately 50% publicly funded.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Thurbo operates regional passenger rail services across Eastern Switzerland on a 658-kilometer network, running S-Bahn lines with cross-border connections to Germany (Konstanz, Waldshut, Lindau) and Austria (Bregenz). The company transports approximately 35 million passengers per year using a fleet of 110 GTW trains that is being replaced by 107 new Flirt Evo trains through the mid-2030s. Services include daytime and night network operations, ticketing via SBB channels, bicycle and family-friendly accommodations, and barrier-free access for passengers with reduced mobility.

Product overview

Thurbo is the regional railway of Eastern Switzerland, operating as a subsidiary of SBB with Canton Thurgau participation. The company provides core passenger rail services across a 658-kilometer network through two main vehicle fleets: the current GTW (Gelenktriebwagen) fleet of 110 trains being gradually replaced by 107 new Flirt Evo Stadler trains (launched July 2026, completing by mid-2030s). Services are supported by the Serviceanlage Weinfelden maintenance facility. The product portfolio includes ticketing via SBB Mobile/App (tickets, subscriptions, GA, OSTWIND business passes), accessibility services, night network, combined mobility integrations, bicycle transport, and leisure excursion packages. Digital services include real-time journey planning (SBB Fahrplan integration), operational status updates, and push notifications. Family services include Thurbi mascot with audio stories, FamilienSpass magazine, and family travel packages. The company also offers corporate advertising on trains and publishes the AUSBLICK customer magazine. Thurbo integrates with multiple tariff associations (OSTWIND, ZVV, A-Welle, Transreno, BÜGA) and operates cross-border services to Germany and Austria.

Differentiator

Problem solved

Functional benefit

Products and services

• Regional Rail Services Core passenger rail services operating on a 658-kilometer network across Eastern Switzerland, including cross-border connections to Germany (Konstanz, Waldshut, Lindau) and Austria (Bregenz), daytime S-Bahn services and night network operations.
• Flirt Evo Regional Train Fleet 107 new Stadler Flirt Evo trains (88 three-car and 19 four-car configurations), featuring barrier-free access, larger multifunctional compartments for bicycles and strollers, accessible toilets, and higher comfort seats with four-seat compartments.
• Barrier-Free Travel Services Accessibility services including low-floor trains, automatic bridging steps at doors, ramps, accessible toilets, electronic passenger information displays, speaker announcements, SOS buttons, and staff assistance for passengers with reduced mobility.
• Onboard Train Services Basic onboard amenities including WC in every train, 2 power outlets per compartment, and multi-function compartments with storage for bicycles, strollers, and luggage, plus evening transport police patrols.
• Ticket and Subscription Products Full range of tickets including single tickets, day passes, and subscriptions sold via SBB Mobile App, SBB.ch, ticket machines, and staffed sales points. Tariff integration with OSTWIND, ZVV, A-Welle, Transreno, and BÜGA tariff associations.
• OSTWIND Business Subscription Annual subscription product for corporate customers in Eastern Switzerland tariff zones, providing centralized billing and employee mobility.
• Night Network (Nachtnetz) Night train and bus services operating Friday and Saturday nights, before public holidays and during major events, with extended morning operations and no night surcharge for valid tickets and subscriptions (GA, GA Night).
• Bodensee Ticket Cross-border ticket for the Lake Constance region covering train, bus, and ferry across Germany, Austria, and Switzerland, including 'Kleingruppe' option for 1-2 adults and up to 4 children.
• Family Travel Services Services for families including free travel for children up to 6 years, reduced prices for children 6-16, Junior Card, children's day ticket, and family excursion packages with themed trips available.
• Bicycle Transport Services Bicycle self-loading service on all trains with tickets including reduced bicycle day passes (CHF 15), multi-day passes (CHF 90 for 6 days), and annual Velo-Pass (CHF 260) integrated with SwissPass.
• Combined Mobility Services Integration with car sharing (Mobility), e-bike and e-scooter rentals (Rent a Bike, dott, Voi, RegiVelo, Konrad), and P+Rail parking at stations for multi-modal journeys.
• Event Transportation Services Transportation to events including Stars in Town (July-August), Jazztage Lichtensteig, Fantastical, WEGA trade fair, and SummerDays festival. At many events, entry tickets serve as valid public transport tickets.
• Leisure Excursion Services Curated excursion packages including 'Thurbo Hits' seasonal highlights, 50+ day trip destinations, special themed trips (e.g., Bier-Zugfahrt), and RailAway combination offers.
• Corporate Train Advertising (Fahrzeugwerbung) Train exterior advertising on Thurbo trains, reaching 7 cantons and 35 million passengers annually through motor block advertising placements.
• Online Journey Planning Real-time journey planning via SBB Fahrplan integration, accessible through the website, SBB Mobile App, and at station departure boards with real-time operational status updates.
• Serviceanlage Weinfelden Maintenance Facility 18.4 million CHF maintenance facility near Weinfelden station with 5 hall tracks (80m usable length) and a photovoltaic system generating 400,000 kWh/year. Prepares, tests, and maintains the new Flirt Evo fleet for Thurbo and its project partners.

Quantifiable outcome

• Transported 35 million passengers in 2025, maintaining same level for third consecutive year
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Stadler RailcoreTechnology or IntegrationStadler Rail manufactures the Flirt Evo trains for Thurbo at their Bussnang facility. The partnership represents the largest train procurement in Thurbo's history with 107 new trains (88 three-car and 19 four-car configurations). Total procurement volume across three project partners (SBB, RegionAlps, Thurbo) is CHF 2 billion.
• SBB AGcoreStrategic or Co-development PartnerSBB AG is the parent company of Thurbo. Thurbo is a subsidiary of SBB with Canton Thurgau participation. SBB provides infrastructure (tracks, stations), operations coordination through their operations centers, and vehicle maintenance through RICO (Regionalfahrzeug-Instandhaltungscenter Ostschweiz).
• RegionAlpsminorStrategic or Co-development PartnerJoint procurement partner for Flirt Evo trains. RegionAlps ordered 24 trains as part of the shared 329-unit order with SBB and Thurbo.
• FC St. GallenminorGTM or Marketing PartnerStrategic partnership with FC St. Gallen football club, one of Thurbo's marketing partnerships focused on reputation over financial return.
• FC Wil 1900minorGTM or Marketing PartnerStrategic partnership with FC Wil 1900 football club.
• HC ThurgauminorGTM or Marketing PartnerStrategic partnership with HC Thurgau ice hockey club.
• Thurgau TourismusminorGTM or Marketing PartnerStrategic partnership with Thurgau Tourismus for regional tourism promotion.
• SBB/SOB InfrastructurecoreTechnology or IntegrationThurbo uses rail infrastructure owned by SBB and SOB (Schweizerische Südostbahn). Operations coordination handled by SBB operations center in Zurich Airport (BZ Ost) and SOB operations center in Herisau.

Scale indicators7 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• ÖBB: Austrian Federal Railways, the national operator with which Thurbo cooperates on the S7 cross-border line to Bregenz. Comparable as a state-owned rail operator with regional passenger services adjacent to Thurbo's network.
• DB Regio: Regional rail division of Deutsche Bahn, operating passenger rail across Germany. Comparable as a large-scale publicly-owned regional rail operator with cross-border service ambitions that intersect with Thurbo's German connections.
• SBB AG: Swiss Federal Railways, Thurbo's parent company and the dominant operator of national and regional rail in Switzerland. Comparable as the broader portfolio operator in which Thurbo operates as a regional subsidiary.

Direct peers

• Schweizerische Südostbahn (SOB): Swiss regional rail operator that owns track infrastructure in Eastern Switzerland and shares the Weinfelden service facility coordination with Thurbo. Closely comparable in geography, fleet type, and customer base.
• RegionAlps: Swiss regional rail operator in Valais that is a joint procurement partner with Thurbo and SBB on the 329-unit Flirt Evo order. Directly comparable as a similarly-sized Swiss regional rail franchisee operating within the SBB ecosystem.
• BLS AG: One of the largest Swiss regional rail operators, providing S-Bahn and regional services. Comparable in operating model, fleet mix, and integration with SBB tariff systems.

Regional players

• Rhätische Bahn (RhB): Swiss regional/mountain railway operating primarily in Graubünden. Comparable as a publicly-subsidized Swiss regional rail operator with tourist and commuter ridership, though geographically distinct from Thurbo's Eastern Switzerland footprint.
• transN: Swiss regional rail operator in the Neuchâtel/Jura region. Comparable as a publicly-owned regional rail franchisee offering S-Bahn-type services in a defined Swiss region outside Thurbo's territory.
• Montreux–Oberland Bernois (MOB): Swiss narrow-gauge regional railway in western Switzerland. Comparable as a regional rail franchisee within the Swiss public transport system, though serving a different geography.
• SZU (Sihltal Zürich Uetliberg Bahn): Swiss regional rail operator serving the southern Zürich catchment. Comparable as a regional S-Bahn operator integrated with ZVV tariff association — directly relevant to Thurbo's OSTWIND/ZVV tariff integration model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCdecqh3zNl_s_QbidvIJJGw?gl=CH
• Facebookfacebook.com/thurbo.ch
• LinkedInch.linkedin.com/company/thurbo-ag
• Instagraminstagram.com/thurbo

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 Thurbo