Flughafen Zürich (FHZN) H1 2024 earnings summary

Executive summary

• Passenger traffic at Zurich Airport reached 14.5 million in H1 2024, 97% of 2019 levels, with 11% year-over-year growth and strong performance from both aviation and non-aviation segments.

• Achieved record H1 2024 revenue and EBITDA, driven by passenger recovery, commercial growth, and international expansion, including the operational takeover of Natal Airport and progress at Noida International Airport.

• Major infrastructure investments continued, such as baggage system upgrades and new cargo facilities, with significant spend at Zurich and international sites.

• Zurich Airport received multiple awards, including the World Travel Award for best airport in Europe for the 21st consecutive time.

Financial highlights

• Total revenue increased 9% year-over-year to CHF 631.1 million; aviation revenue up 13% to CHF 313.5 million, non-aviation revenue up 7% to CHF 317.6 million.

• EBITDA rose 7% to CHF 346.8 million, with an EBITDA margin of 54.9%; consolidated net profit grew 10% to CHF 151.8 million.

• Operating expenses increased 12% to CHF 284.4 million, mainly due to higher personnel and security costs.

• Investments totaled CHF 275.4 million, with major CAPEX in Noida, Natal, and Zurich.

• Free cash flow was slightly negative at CHF -1.5 million, mainly due to upfront payment for Natal; excluding this, FCF would be CHF 58 million.

Outlook and guidance

• Full-year 2024 passenger numbers at Zurich expected to reach 31 million, matching 2019 levels.

• Aviation revenue projected to slightly outpace traffic growth due to higher user fees; non-aviation and international revenues expected to show above-average growth.

• Operating expenses anticipated to rise further, driven by inflation and higher volumes.

• EBITDA and consolidated profit for 2024 forecasted to exceed prior year.

• Planned investments: CHF 250–300 million at Zurich, CHF 350 million at international subsidiaries, mainly for Noida.