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Visual21 Nov 2025
Data center suppliers
Flughafen Zürich (FHZN) investor relations material
Flughafen Zürich H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary26 Aug, 2025
Executive summary
Achieved record first-half results with 15 million passengers at Zurich Airport, a 3% increase year-over-year, and expanded network to 206 destinations including new long-haul routes.
Strong international operations, with notable growth in Brazil (Florianópolis +15% passengers, +65% international) and significant progress at Noida Airport in India, set to open Q4 2025.
Major infrastructure projects underway, including Dock A replacement, landside passenger zone expansion, baggage sorting system upgrade, and Radisson Blu building acquisition.
Sustainability initiatives advanced, targeting net zero emissions by 2040, with new solar and energy storage projects.
Operational stability maintained during peak periods, with punctuality improvements and new daily records set.
Financial highlights
Revenue rose 2% year-over-year to CHF 641 million; aviation revenue up 4% to CHF 340 million, non-aviation revenue stable at CHF 313 million.
EBITDA increased 3% to CHF 359 million (56% margin); consolidated result up 6% to CHF 161 million.
Operating expenses declined 1% to CHF 282 million; personnel expenses rose 11% due to insourcing and inflation.
Free cash flow was negative CHF 117 million, mainly due to high investment activity including Radisson Blu acquisition.
Net financial debt/EBITDA increased to 1.9x; net financial debt at CHF 1,424 million.
Outlook and guidance
Full-year 2025 guidance: passenger volume expected at 32 million (+2.5%), revenues of CHF 1,299 million, EBITDA of CHF 733 million, and CapEx of CHF 821 million (CHF 571 million Zurich, CHF 250 million International).
Aviation revenue to grow in line with traffic; non-aviation revenue to rise slightly, with commercial revenue dampened by construction.
EBITDA for 2025 expected slightly above 2024; consolidated profit to remain similar.
Noida Airport in India to commence operations in Q4 2025.
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Next Flughafen Zürich earnings date
H2 20256 Mar, 2026
Next Flughafen Zürich earnings date
H2 20256 Mar, 2026
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Frequently asked questions
Flughafen Zürich AG operates Zurich Airport, one of the largest and busiest airports in Switzerland. The company manages various aspects of airport operations, including passenger services, airline support, retail spaces, and real estate development within the airport premises. In addition to managing Zurich Airport, the company is involved in international airport projects and provides consulting services for airport operations and infrastructure. The company is headquartered in Zurich, Switzerland, and its shares are listed on the SIX.
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