Zurich Airport Ltd.: good annual result with increasing investments
In the 2025 reporting year, Zurich Airport Ltd. generated a consolidated result of CHF 346 million (previous year: CHF 327 million). This represents a new high in the company’s history. At the same time, investment activity increased significantly due to major infrastructure projects.
A total of 32.6 million passengers flew through Zurich Airport in 2025. This corresponds to an increase of 4.5% over the previous year. The number of travellers reached over 120,000 for the first time on high-traffic days during the summer and autumn holidays.
Demand for air travel increased again last year and had a positive impact on all of our divisions. We have never been able to serve as many passengers in a year as we did in 2025. At the same time, we are renewing our infrastructure in order to provide future generations with a well-functioning airport that has the best possible range of attractive direct connections to the world.
Solid results trend
In 2025, Zurich Airport Ltd. generated revenue of CHF 1,361 million (+3% compared to 2024). Revenue from aviation business increased by 5% to CHF 709 million, while revenue from non-aviation business of CHF 652 million was slightly down on the previous year (-0.2%). Adjusted for revenue from construction projects, revenue from non-aviation business grew by 2% to CHF 642 million. Operating costs rose by 1% to CHF 599 million. Adjusted operating costs (excluding expenses from construction projects) increased by 4% to CHF 588 million.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 4% to CHF 762 million. This led to a consolidated result of CHF 346 million (2024: CHF 327 million).
The solid balance sheet with low debt gives us financial flexibility. It means we can make targeted investments in our infrastructure and expand our strategic business areas, such as international business or infrastructure development in Zurich, while also remaining an attractive employer.
Positive development of commercial and real estate revenue
Commercial and parking revenue rose slightly by 0.2% to CHF 277 million in 2025, underpinned by the strong demand for air travel, although also thanks to the airport’s attractive location for visitors. This is despite the currently reduced retail offering due to the construction project to develop the landside passenger areas. The real estate business also continued to perform well. With real estate revenue of CHF 198 million, a new record was reached. The Circle has established itself as an attractive business and service centre for national and international companies.
International airport business
International business also grew in 2025. Excluding revenue from construction projects that does not affect the income statement, revenue from the international airport business grew by 10% to CHF 114 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, which is due to be opened shortly.
The development of the five sites in Brazil was successful. Florianópolis Airport (FLN) recorded a new all-time high with over 1 million international passengers, consolidating its position as the country’s third-largest international airport. In Chile, the focus was on the planned completion of the concession for Antofagasta Airport as well as targeted infrastructure measures at the Iquique site.
At the foreign airports in which it holds a majority interest, the Zurich Airport Group welcomed a total of 16.0 million passengers in 2025 (2024: 14.6 million).
Further development of airport infrastructure
Investments increased significantly during the reporting year. Zurich Airport Ltd. invested a total of CHF 716 million in property, plant and equipment and projects (previous year: CHF 571 million), of which CHF 503 million at the Zurich site (previous year: CHF 293 million). The largest single project was the replacement of Dock A, including the tower and dock base, along with related projects.
In addition, the Radisson Blu Hotel, the last building in the central airport perimeter that was not yet owned by Zurich Airport Ltd., was taken over. Other focal points were the refurbishment of the baggage sorting system, the development of the landside passenger area and the construction of the Rächtenwisen cargo building.
Changes in the membership of the Board of Directors
There will soon be a change on the Board of Directors of Zurich Airport Ltd., with Guglielmo Brentel resigning at the end of April 2026 after twelve years in his post. The company would like to thank Guglielmo Brentel for his outstanding commitment. Kühne+Nagel International AG CEO Stefan Paul will be proposed as his successor to the Annual General Meeting on 17 April.
Outlook
Traffic volumes at the Zurich site are predicted to rise further this year. More than 33 million passengers are expected, a new record high. In the future, Zurich Airport Ltd. will continue to invest in future-proof infrastructure, new technologies as well as efficient and safe flight operations. In doing so, it is fulfilling the terms of its operating licence by ensuring the best possible network of direct connections in Europe and the most important global destinations, operating competitively and enabling hub operations.
Airport charges are expected to fall by around 10% from 1 October 2026. Airport charges are subject to the cost recovery principle. Accordingly, the charges have been reduced because more passengers are expected in the coming years, over whom aviation costs can be spread, and the airport is planning investments carefully.
In view of the positive consolidated result and the new dividend policy applicable since 2025, the Board of Directors is therefore proposing to the Annual General Meeting the payment of an ordinary dividend of CHF 8.50 per share.
Allocation to statutory retained earnings
The allocations to statutory retained earnings provided for in the individual stand-alone financial statements were not proposed to the Annual General Meeting from 2023 to 2025. This formal error has not had any impact on the level of equity. Zurich Airport Ltd. always had voluntary retained earnings and sufficient available earnings. Zurich Airport Ltd. regrets this error and has taken measures to prevent such incidents from occurring in future. A formal correction concerning this matter will be presented at the next Annual General Meeting in April.
The Integrated Report 2025 of Zurich Airport Ltd. is available online:
Up-to-date images can be found here: