Flughafen Zürich AG

Revenue increased 5% to CHF 674 million in H1 2026, EBITDA rose 4% to CHF 374 million, and net profit increased 1% to CHF 164 million. Aviation revenue rose from CHF 327 million to CHF 345 million, non-aviation revenue increased to CHF 328 million, and the EBITDA margin remained at 56%. Group CapEx was CHF 269 million in the half, and operating cash flow reached CHF 324 million with free cash flow of CHF 56 million. For 2026, management expects passenger growth in Zurich of approximately 3%, EBITDA roughly in line with 2025, consolidated profit below 2025, Zurich-site investments around CHF 400 million, and subsidiary CapEx abroad of about CHF 100 million. They also flagged Noida as adding about CHF 80 million of annual depreciation and financing expenses, with 2026 Noida EBITDA expected to be negative and 2027 breakeven.

Lukas Brosi emphasized that demand in Zurich remained strong and stable operations held up despite peak travel periods, construction, and geopolitical disruption. He framed the business as executing on both the core Zurich platform and international growth, highlighting Noida’s opening as a major milestone, Brazil’s strong performance, and progress on strategic infrastructure and regulatory certainty at Zurich. His tone was confident but cautious, repeatedly noting uncertainty around the Middle East and Noida’s slower-than-expected ramp-up.

Kevin Fleck said the financials were driven by passenger growth at Zurich and stronger Brazil performance, with aviation revenue up to CHF 345 million and International revenue up to CHF 67 million. He noted operating expenses rose 6% to CHF 299 million, including CHF 138 million of personnel costs, while leverage was about 2.1x and ROIC was nearly 8%. He also said operating cash flow improved to CHF 324 million, free cash flow was CHF 56 million, and the company expects lower consolidated profit in 2026 and continued profit pressure in 2027 because of Noida’s depreciation and interest costs.

Analysts focused on Noida’s traffic ramp, EBITDA contribution, tariff framework, and whether the company still expects the longer-term growth and EBITDA targets to hold despite a weaker rupee and softer start. Management said Noida should see around 1 million passengers in 2026, with a negative EBITDA contribution this year and breakeven in 2027; they also said the tariff outcome was at the lower end of their range but included about a 10% yield increase and a true-up mechanism. On the 2040 revenue target, management said the current portfolio alone would get them to roughly CHF 2.4 billion, implying about CHF 600 million of additional international revenue would be needed, and they reiterated that Noida’s medium- to long-term thesis remains intact.