Flughafen Zürich (FHZN) investor relations material

Executive summary

• Achieved record first-half results with 15 million passengers and highest-ever H1 financials, driven by strong growth in Zurich and international concessions, with 206 destinations served by 63 airlines.

• Major infrastructure projects underway, including Dock A replacement, landside passenger zone expansion, baggage system refurbishment, and luxury retail expansion.

• International operations, especially in Brazil and India, showed robust growth and progress, with Noida Airport nearing completion.

• 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 up 2% year-over-year to CHF 641 million; aviation revenue rose 4% to CHF 327 million, non-aviation revenue stable at CHF 313 million.

• EBITDA increased 3% to CHF 359 million, with a margin of 56%.

• Consolidated net result grew 6% to CHF 161 million; operating expenses declined 1% to CHF 282 million, despite an 11% rise in personnel costs.

• Free cash flow was negative CHF 117 million, reflecting high investment activity, mainly from the Radisson Blu acquisition.

• Net financial debt/EBITDA increased to 1.9x due to heavy investments.

Outlook and guidance

• Full-year 2025 guidance: 32 million passengers (+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 revenues expected to align with traffic growth; non-aviation revenues to rise slightly, with commercial revenues slightly lower due to construction.

• EBITDA for 2025 forecast slightly above prior year; consolidated profit expected to be similar.

• Noida Airport in India to commence operations in Q4 2025.

• Moderate reduction in airport charges expected for next tariff period.