Flughafen Zürich (FHZN) H2 2024 earnings summary

Executive summary

• Passenger traffic at Zurich Airport reached 31.2 million in 2024, nearly matching pre-crisis levels, with record turnover in commercial and real estate segments and strong international expansion, notably with the Noida and Natal airports.

• Regulatory changes introduced a rollover mechanism for airport charges, improving long-term planning reliability.

• Sustainability and innovation initiatives advanced, including electric vehicles, renewable diesel agreements, and solar fuel offtake.

Financial highlights

• Revenue reached CHF 1,326 million (+7% year-over-year), EBITDA rose 8% to CHF 733 million, and consolidated result increased to CHF 327 million, all surpassing pre-crisis levels.

• Aviation revenue grew 10% above passenger growth, reaching 102% of 2019 levels; non-aviation revenue up 4% to 119% of 2019.

• International business revenue rose 11% to CHF 131 million, driven by Natal and Florianópolis airports.

• Operating expenses increased 6% to CHF 566 million, mainly due to volume effects and inflation.

• CapEx totaled CHF 571 million, including major investments in Noida and Natal airports.

Outlook and guidance

• 2025 passenger forecast at Zurich Airport is 32 million, a new record.

• Aviation revenue expected to align with traffic growth; non-aviation and real estate revenues may dip slightly due to construction and lower energy allocations.

• International business revenue to increase, with Noida Airport contributing for the first time; consolidated result expected to be lower due to Noida ramp-up.

• Operating expenses projected to rise, mainly from Noida startup and personnel costs; EBITDA expected to be flat.

• CapEx guidance for 2025: CHF 300–350 million at Zurich, CHF 300 million abroad (mainly Noida).

• New dividend policy: ordinary payout increased to 50% of net income, with up to 75% if leverage remains low.