Business Year 2025: Stable Development in Turbulent Times - Grand Resort Bad Ragaz AG

2025 was operationally characterized by a return to regular operations. Following the completion of comprehensive renovations towards the end of the previous year, the Tamina Therme was able to operate continuously for the first time throughout the entire year. Attendance increased significantly: with 325,987 guests, the highest visitor level since the overall renovation in 2009 was reached, generating a record revenue of CHF 14.3 million. This confirms Tamina Therme’s role as a central part of the Grand Resort's wellbeing offerings, especially for guests from the region and beyond.

In the Grand Hotels, the overnight stays totaled 74,251, below the previous year's 76,131. However, revenue slightly exceeded the previous year at CHF 62.4 million, signaling stable earning power even with more short-term booking behavior. Further momentum was provided by the health and prevention sector: with the opening of the Tamina Health Center in October 2025, a key milestone in strategic alignment was realized. The Clinic Bad Ragaz significantly increased its revenue to CHF 3.7 million (+20.5%) and increased nursing days to 8,072 (+1%). This development underscores the increasing importance of the medical and therapeutic offerings within the Grand Resort and confirms the holistic approach, where medical expertise, prevention, and regeneration are integral parts of the overall experience.

In 2025, the Grand Resort Bad Ragaz Group achieved an EBITDA of CHF 20.1 million (previous year: CHF 12.5 million), corresponding to an EBITDA margin of 18.4%. As of December 31, 2025, the balance sheet total is CHF 277.6 million, with a very solid equity ratio of 50.8%. Considering the negative result from the share in associated companies of CHF 3.9 million, a consolidated loss of CHF 0.9 million resulted. This is related to Casino Admiral AG in Ruggell (Liechtenstein), which ceased operations on September 30, 2025, due to changed market and competitive conditions, and was accounted for at liquidation values. For Grand Resort Bad Ragaz, this means an even stronger focus on areas that create sustainable value: health, recreation, and experience.

Resort Strategy 'GRBR 2035': A Binding Foundation for Implementation With 'GRBR 2035', the board of directors has adopted the umbrella and sub-strategies, embedding organizational implementation. Under the motto 'One Resort – One Brand – One Team', priorities, responsibilities, and collaboration across areas are further refined, carried by the Tamina source and thermal water as identity-shaping elements. 'In 2025, we created the conditions with the resort strategy for direction to become implementation,' emphasizes Executive Chairman Dr. Klaus Tschütscher.

Golf Club Bad Ragaz: Green Renovation as an Investment in Quality and Sustainability
In September 2025, the starting signal was given for the major 'Green Renovation' project at Golf Club Bad Ragaz. With an investment volume of CHF 2.5 million, the greens of the 18-hole Championship Course are being fully renewed on an area of approximately 10,000 square meters. The new greens are based on modern, resource-saving construction methods and create the foundation for sustainably improved play and tournament quality. The reopening of the Championship Course is weather-dependent and expected by early August 2026.

Sustainability: Measurable Progress in Everyday Life
Concrete progress was also made in 2025: the recycling rate increased from 38% to 42%. In the food-save project, in collaboration with 'United Against Waste', food waste per guest and meal was reduced from 129g to 67g, equivalent to a 48% reduction within a year.

Outlook 2026: Consistent Implementation and Visible Repositioning
2026 will focus on implementation: 'GRBR 2035' will become increasingly visible in everyday activities, with clear market processing, coordinated offerings, and even stronger cross-sector collaboration. From February 2026, the Grand Hotel Hof Ragaz will undergo renovation of central areas. The redesign and the planned further development of gastronomic concepts will visibly shape the Grand Resort in the coming years and sustainably enhance the quality of offerings. The reopening of the Grand Hotel Hof Ragaz and Hotel Palais Bad Ragaz is planned for December 2026.

Planned Return to Proven Management Structure: Dr. Klaus Tschütscher Leads Board of Directors
With the business year 2026, the Grand Resort Bad Ragaz AG is scheduled to return to the proven management structure, with a clear separation between strategic control and operational implementation. Two years ago, at the request of the main shareholder and the board, Dr. Klaus Tschütscher additionally took on the overall operational responsibility as CEO alongside his position as Chairman of the Board of Directors. This deliberately temporary dual role was an expression of corporate responsibility during a phase of central decision-making for the future development of the resort and the overall company. With the 2026 general meeting, Dr. Klaus Tschütscher will resume the chairmanship in the context of the proven management structure and will guide the implementation of the resort strategy and corporate governance. Simultaneously, the board proposes the targeted expansion of the board representatives to the general meeting: with Corine Blesi, Managing Director NZZ Connect & Swiss Economic Forum, and Michael Kliger, CEO LuxExperience B.V., two well- known personalities are to be newly elected to the Board of Directors to further strengthen the Grand Resort's offerings, brand profile, and national as well as international positioning.

Media contact:
Julia Herwig
Corporate Communications Manager
Grand Resort Bad Ragaz AG, 7310 Bad Ragaz, Switzerland
Email: julia.herwig@resortragaz.ch

This article was originally published on March 31, 2026, on the Grand Resort Bad Ragaz AG website.

Editor's note: Image rights belong to the respective publisher.