Flughafen Zürich (FHZN) H1 2026 earnings summary

Executive summary

• Passenger volumes at Zurich Airport rose 6% to 15.8 million in H1 2026, with consolidated profit reaching CHF 163.7 million, a 1% increase and the best half-year result in company history, driven by strong demand in Zurich and Brazil and the opening of Noida International Airport in India.

• Brazilian airports saw over 10% passenger growth year-over-year, with strong operational and commercial performance.

• Noida International Airport in India opened in June 2026, marking a major milestone in international expansion, though ramp-up is slower due to geopolitical factors.

• Political and regulatory support for Zurich Airport's operating hours increased, enhancing planning certainty.

• Stable operations maintained despite geopolitical uncertainties and ongoing infrastructure projects.

Financial highlights

• Revenues increased 5% year-over-year to CHF 674 million; EBITDA rose 4% to CHF 374 million (56% margin); net profit grew 1% to CHF 164 million.

• Group CapEx was CHF 269 million, with CHF 202 million invested at Zurich.

• Free cash flow for H1 2026 was CHF 56 million, up from -CHF 117 million in the prior year.

• Operating expenses increased 6% year-over-year, mainly due to Noida opening and inflation.

• Commercial and parking revenue grew by 2% to CHF 134.4 million; real estate revenue also up 2% to CHF 100.5 million.

Outlook and guidance

• Full-year Zurich passenger growth expected at 3%, with growth decelerating in H2; total passengers to exceed 33 million.

• EBITDA for 2026 expected to be flat year-over-year; consolidated profit to be lower due to higher depreciation and interest from Noida.

• CapEx guidance: CHF 400 million at Zurich, CHF 100 million internationally in 2026.

• Noida expected to reach break-even in 2027 after a negative EBITDA in 2026.

• Dividend expected to decrease in line with lower net income.