Flughafen Zürich AG

For full-year 2025, Zurich Airport reported revenue of CHF 1.36 billion, EBITDA of CHF 762 million, and consolidated result of CHF 346 million. EBITDA increased 4% year over year and the EBITDA margin was 56%; the consolidated result increased 6% year over year. Zurich passenger traffic reached 32.6 million, up 4%, flight movements rose 3%, and freight was up around 1%. Aviation revenue increased to CHF 709 million, non-aviation revenue was CHF 652 million, commercial and parking revenue rose 0.2%, real estate revenue was up 0.2% to CHF 198 million, services revenue grew 7% to CHF 52 million, and international revenues rose 10% to CHF 114 million excluding concession accounting. Operating expenses were CHF 588 million, operating cash flow was CHF 688 million, free cash flow was minus CHF 28 million, net financial debt increased slightly with leverage around 1.8x, and ROIC declined slightly to 7.8%. CapEx totaled approximately CHF 716 million, including CHF 155 million for the Radisson Blu building. For 2026, Zurich passenger growth is expected at 2% to 3% (over 33 million passengers), aviation revenue is expected to remain stable, non-aviation revenue is expected to be higher overall, EBITDA is expected to be roughly the same as 2025, and consolidated profit is expected to be lower because of Noida depreciation and interest. Zurich CapEx is guided at CHF 350 million to CHF 400 million, while subsidiaries abroad are expected to invest about CHF 100 million; Noida is expected to handle up to 4 million passengers in calendar 2026 and to have a neutral EBITDA contribution but negative net profit contribution.

Lukas Brosi emphasized that 2025 was defined by strong traffic, stable airport operations, and major progress on strategic projects, including Dock A, the landside expansion, and Noida. He framed the year as evidence that Zurich Airport can keep service quality high while investing heavily and still outperform initial guidance. His tone in Q&A was cautious on 2026 traffic and Middle East exposure, but confident on the airport’s long-term regulated framework, the Noida launch, and the commercial strength of Zurich’s core asset.

Kevin Fleck said the 2025 outperformance was helped by stronger traffic, the delayed opening of Noida, and more favorable cost discipline. He noted EBITDA of CHF 762 million, a 56% margin, operating expenses of CHF 588 million, operating cash flow of CHF 688 million, and free cash flow of minus CHF 28 million; net debt rose slightly and leverage was around 1.8x. He also quantified Noida’s future earnings drag at roughly CHF 75 million to CHF 80 million annually on a full-year basis, split into about CHF 25 million to CHF 30 million of depreciation/amortization and about CHF 45 million of interest, while confirming Zurich 2026 CapEx at CHF 350 million to CHF 400 million and abroad at about CHF 100 million.

Analysts focused on Noida timing, the 2026 Zurich traffic guide, the capital plan, dividend sustainability, and the impact of the new airport charge period. Management said Noida’s 2026 passenger target of up to 4 million does not change the long-term business plan, only the timing of returns, and that the airport should open within 30 to 45 days once preconditions are met. On Zurich traffic, management defended the 2% to 3% guide as conservative because of uncertainty in the Middle East, which they said represents about 5% of passengers, and on dividends they reiterated they will stick to the new 75% payout policy. They also said the lower Zurich airport charges are offset by a higher WACC of 5.5% and a rollover mechanism for any surplus or shortfall.