Flughafen Zürich AG

For 2025, Zurich Airport reported revenue of CHF 1.36 billion and consolidated result of CHF 346 million; EBITDA rose 4% to CHF 762 million, with a 56% EBITDA margin. Zurich passengers increased 4% to 32.6 million, flight movements rose 3%, and freight was up around 1%. Aviation revenue increased to CHF 709 million, non-aviation revenue was CHF 652 million, operating expenses were CHF 588 million, operating cash flow was CHF 688 million, and free cash flow was minus CHF 28 million. Net financial debt resulted in leverage of around 1.8x and ROIC declined slightly to 7.8%. Management said 2026 Zurich passenger growth is expected at 2% to 3% (over 33 million passengers), aviation revenue should be stable, non-aviation revenue should be higher overall, EBITDA should be roughly the same as 2025, and consolidated profit will likely be lower due to Noida depreciation and interest. 2026 capex is guided at CHF 350 million to CHF 400 million at Zurich and around CHF 100 million abroad, mainly Noida.

Lukas Brosi emphasized that 2025 exceeded initial guidance and reflected reliable operations despite heavy traffic, ongoing construction and significant investment. He highlighted strategic progress including the Noida aerodrome license, the Avolta duty-free extension through 2035, the upgraded S&P rating to AA- with stable outlook, and continued advancement on Dock A, landside expansion, innovation and ESG targets. His tone was confident but cautious on 2026, repeatedly stressing uncertainty around the Middle East and a preference to guide conservatively.

Kevin Fleck said the year delivered record revenue, EBITDA and consolidated profit, with EBITDA up 4% to CHF 762 million and a 56% margin. He noted OpEx growth excluding concession accounting slowed to 4% from 9% the prior year, with total operating expenses at CHF 588 million; energy and waste costs fell 19% to CHF 36 million, while police and security costs rose only 3% to CHF 133 million. He also pointed to operating cash flow of CHF 688 million, free cash flow of minus CHF 28 million after higher investments, leverage of around 1.8x, and 2026 capex guidance of CHF 350 million to CHF 400 million in Zurich and about CHF 100 million abroad. For Noida, he quantified annual depreciation/amortization at CHF 25 million to CHF 30 million and interest expense at roughly CHF 45 million.

Analysts focused on whether Noida’s expected 4 million passengers in 2026 changed the original business plan; management said no, it was mainly a timing shift because returns were expected earlier. Another key topic was the Zurich traffic outlook, where management defended the 2% to 3% growth guide as conservative given Middle East uncertainty, even though the year had started with growth of 7% to 8% in the first months. Questions also covered the lower Zurich charges, the new dividend policy, capex stepping up, and the rollover mechanism; management said they were satisfied with the tariff outcome, would stick to the 75% payout policy, and viewed the rollover as an important safeguard for future cost coverage.