Flughafen Zürich (FHZN) H2 2025 earnings summary

Executive summary

• Achieved record passenger traffic of 32.6 million in 2025, up 4–4.5% year-over-year, with strong local and European market growth.

• Revenue, EBITDA, and consolidated profit reached all-time highs, exceeding guidance due to robust traffic, disciplined cost management, and international expansion.

• Major investments in infrastructure, technology, and sustainability, including the Radisson Blu Hotel acquisition and progress on Dock A and landside expansion.

• International business saw strong growth, especially in Latin America and with Noida Airport in India ready for operations.

• S&P credit rating upgraded to AA- with stable outlook.

Financial highlights

• Total revenue rose to CHF 1.361 billion (+3% YoY); consolidated profit increased 6% to CHF 346.5 million.

• EBITDA reached CHF 762.2 million (+4% YoY), with a margin of 56%.

• Aviation revenue grew 5% to CHF 709.1 million, outpacing passenger growth due to higher local passenger share.

• Non-aviation revenue was stable at CHF 652 million; real estate revenue increased marginally to CHF 198 million, supported by Radisson Blu acquisition.

• Free cash flow was negative at -CHF 28 million due to high investments, including Radisson Blu.

Outlook and guidance

• Zurich passenger growth projected at 2–3% for 2026, exceeding 33 million passengers.

• Aviation revenues expected to remain stable; non-aviation and international revenues to rise, driven by Noida Airport opening.

• EBITDA for 2026 expected to be flat, but consolidated profit to decline due to Noida-related depreciation and interest.

• Investments at Zurich site guided at CHF 350–400 million for 2026; CHF 100 million abroad, mainly for Noida.

• New airport charges at Zurich to be introduced from October 2026, reducing charges by ~10%.