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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.
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H1 2025 earnings summary26 Aug, 2025

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.

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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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