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, with consolidated profit up 6% to CHF 346.5 million, exceeding initial guidance due to robust traffic and cost discipline.

• Major infrastructure investments included CHF 760 million in CapEx, notably the acquisition of the Radisson Blu Hotel and progress on Dock A and landside expansions.

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

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

Financial highlights

• Total revenue grew to CHF 1.36 billion (+3% YoY); consolidated profit rose 6% to CHF 346 million.

• EBITDA increased 4% to CHF 762 million, with a 56% margin; operating cash flow reached CHF 688 million.

• Free cash flow was -CHF 28 million due to high investments.

• Aviation revenue rose 5% to CHF 709 million, outpacing passenger growth; non-aviation revenue stable at CHF 652 million.

• International revenue (ex-concession accounting) up 10% to CHF 114 million; international airport concessions revenue up 11% to CHF 111.6 million.

Outlook and guidance

• 2026 passenger growth at Zurich projected at 2–3% (over 33 million), with stable aviation and commercial revenue expected.

• EBITDA for 2026 expected to be similar to 2025; consolidated profit likely lower due to Noida's ramp-up and related depreciation/interest.

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

• New airport charges in Zurich from October 2026 will reduce user fees by ~10% but maintain cost coverage.

• Noida Airport expected to contribute up to 4 million passengers in 2026, with neutral EBITDA but negative net profit due to ramp-up costs.