Flughafen Zürich AG

2025 revenue was CHF 1.36 billion, consolidated result was CHF 346 million, and EBITDA was CHF 762 million, up 4% year over year with a 56% margin. Zurich aviation revenue rose to CHF 709 million; non-aviation revenue was CHF 652 million, or up CHF 15 million / 2% adjusted for concession accounting. Operating expenses were CHF 588 million, up 4% excluding concession accounting; operating cash flow was CHF 688 million and free cash flow was minus CHF 28 million. Net financial debt increased slightly, with leverage around 1.8x, and ROIC was 7.8%. For 2026, Zurich passenger growth is guided at 2% to 3% (over 33 million passengers), aviation revenue is expected to be stable, non-aviation revenue higher overall, EBITDA roughly flat, and consolidated profit lower because of Noida. CapEx is expected at CHF 350 million to CHF 400 million at Zurich and about CHF 100 million abroad, while Noida is expected to handle up to 4 million passengers and contribute neutral EBITDA but negative net profit.

Lukas Brosi emphasized that 2025 combined strong traffic, stable operations, and major investment execution, despite construction and busy periods. He framed the tariff reset as a constructive outcome with planning certainty, lower charges for users, and the rollover mechanism preserving long-term cost coverage. His tone on 2026 was cautious but confident: Zurich remains strong, but the outlook is kept conservative because of uncertainty in the Middle East and the early stage of Noida’s ramp-up.

Kevin Fleck highlighted that EBITDA reached CHF 762 million, up 4%, while consolidated profit rose 6% to CHF 346 million despite a CHF 6 million impairment in Iquique. He noted that operating expenses were held to 4% growth, energy and waste costs fell 19% to CHF 36 million, and police/security costs rose only 3% to CHF 133 million. On the balance sheet, operating cash flow was CHF 688 million, free cash flow was minus CHF 28 million due to higher investments including the Radisson Blu building purchase, and net debt/leverage was about 1.8x. For Noida, he quantified annual depreciation/amortization and interest expense at roughly CHF 75 million to CHF 80 million, including CHF 25 million to CHF 30 million of depreciation/amortization and about CHF 45 million of interest.

Analysts pressed on why Zurich traffic guidance of 2% to 3% looks conservative after a strong start to 2026. Management said the Middle East, which represents about 5% of passengers, creates too much near-term uncertainty and that they prefer to guide cautiously early in the year. Questions also focused on Noida timing, tariffs, and dividend policy; management said Noida’s opening delay did not change the long-term business plan, interim tariffs in India should be extended until final tariffs are set in about 2 to 3 months, and the new 75% payout policy is unchanged. They also said the Zurich tariff rollover mechanism will apply to the next charge period, not be spread across multiple periods.