Flughafen Zürich (FHZN) H1 2025 earnings summary

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.