Zurich Airport Ltd.: a successful year in a demanding environment
During the reporting year 2024, Zurich Airport Ltd. achieved new record figures in the company’s history not only for revenue but also the operating result and the consolidated result. The consolidated result increased to CHF 327 million (previous year CHF 304 million). At the same time, investments also rose.
31.2 million passengers flew through Zurich Airport in 2024. This represents an 8% increase on the previous year and is 99% of the figure recorded in 2019, the last year before the crisis.
Demand for air travel increased last year once again. This had a positive effect on all of our business divisions. There were a large number of pleasant developments in 2024. It was also possible to improve punctuality compared to the previous year. However, considering the bottlenecks in European airspace, the geopolitical situation and the pressure on the existing framework, the environment is still a demanding one.
Revenue of CHF 1,326 million was earned in 2024 (+7% compared to 2023). Revenue from aviation business increased compared to the previous year by 10% to CHF 673 million, while revenue from non-aviation business was up by 4% to CHF 653 million. Operating costs rose by 6% compared to the previous year to CHF 593 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose compared to the previous year by 8% to a record high of CHF 733 million. This led to a consolidated result in financial year 2024 of CHF 327 million (2023: CHF 304 million), the highest consolidated result in the company’s history.
During this financially successful year, international business also grew further in significance – amongst other things with the acquisition of the airport in Natal, Brazil. We have a very sound balance sheet, reflected by the low level of debt. This will make it possible to invest further in the expansion of our strategic business segments.
Positive development of commercial and real estate revenue
Commercial and parking revenue rose in 2024 by 5% to CHF 276 million, underpinned by the strong demand for air travel, although also thanks to the airport’s attractive location for visitors. Real estate business continued to grow in 2024, remaining a stable and important business mainstay for Zurich Airport Ltd. Thanks to higher revenue from rental and leasing agreements, real estate revenue reached a new record high of CHF 197 million. With an occupancy rate of more than 90%, the Circle proved its worth as a popular business and service centre for national and international companies.
International airport business
Revenue from international activities grew in 2024 by 11% to CHF 131 million. The largest foreign project of Zurich Airport Ltd. at the present time is the construction of a new airport in Noida, near Delhi in India. Following the successful installation of key infrastructure, calibration flights were successfully completed in December with the first landing of a scheduled-service aircraft. The airport is due to be inaugurated in 2025. In 2024, Zurich Airport Group welcomed more than 14 million passengers at its airports in Latin America in which it holds a majority interest. With a capacity of up to 6.5 million passengers per year, the international airport in Natal, Brazil, was taken over in February. A new runway was completed in Macaé. The terminal extension at Iquique Airport in Chile was also finished.
Investments and major projects
In total, Zurich Airport Ltd. invested CHF 571 million during the reporting year (previous year: CHF 438 million) in property, plant and equipment and projects, of which CHF 293 million at the Zurich site (previous year: CHF 234 million). The most important construction projects include the “Development of landside passenger zones”, for which it was possible to start the next construction phase. Construction work, along with the related new retail outlets and hospitality facilities, is expected to be completed in the autumn of 2027. In addition, the overhaul of the baggage sorting system – while it remains in operation – is also proceeding according to plan, while important progress was achieved on the preliminary project for the construction of the new Dock A, together with the tower and dock base.
One milestone achieved last year was the receipt of the planning permission that had been applied for at the end of 2019 for the taxiway around runway 28. This crucial safety project will enable around 100,000 runway crossings per year to be avoided, thus enhancing safety even further at Zurich Airport.
Outlook
Passenger volumes of around 32 million travellers are expected at the Zurich site in 2025, which would be a new record high. Due to the positive consolidated result, the Board of Directors is proposing to the Annual General Meeting the payment of an ordinary dividend of CHF 4.30 per share as well as an additional dividend of CHF 1.40 per share.
Once again, this year Zurich Airport Ltd. will be investing in future-proof infrastructure, new technologies and measures to ensure safe and efficient flight operations. In doing so, it is fulfilling the terms of its operating licence by ensuring the best possible direct connections in Europe and with the most important global destinations, operating competitively and enabling hub operations.
Vincent Albers, the delegate appointed by the Canton, has resigned from the Board of Directors of Zurich Airport Ltd. after ten years in post. The company would like to thank Vincent Albers for his major commitment. Dr. Beat Schwab will take up his appointment as a member of the Board of Directors on 1 May 2025 as the representative of the Canton. Dr. Beat Schwab will be proposed to the Annual General Meeting for election as a member of the Nomination & Compensation Committee. He has many years of experience in the field of operational and strategic management.