Results trend

Aviation revenue

Spurred by the higher traffic volumes at Zurich Airport, revenue from airport charges rose by CHF 14.7 million or 5% to CHF 295.7 million in the first half of the year. 

Aviation fees and other aviation revenue amounted to a total of CHF 49.5 million in the reporting period, equivalent to an increase of CHF 3.3 million over the prior-year period. 

Total aviation revenue developed almost in line with the passenger volume growth rate and increased from CHF 327.3 million to CHF 345.2 million (+5%). 

Non-aviation revenue

Despite the reduced landside retail offering due to construction activity, total commercial and parking revenue increased year on year to a total of CHF 134.4 million (+2%). Higher passenger volumes and higher sales in food & beverage contributed to this positive development.

Within real estate revenue, there were increases in both revenue from rental and leasing agreements (+2%) and energy and utility costs (+4%). Overall, real estate revenue in the first half of 2026 was CHF 100.5 million, up by around 2% on the previous year. 

Revenue from services increased by 7% to CHF 26.9 million in the reporting period, primarily due to higher traffic volumes at Zurich Airport.

The international business benefited from the continued positive momentum in Brazil. Brazilian airports were able to increase passenger volumes significantly, and non-aviation activities also performed well. Revenue from international airport concessions rose to CHF 61.3 million (+12%). Construction activities in Latin America led to slightly higher revenue from construction projects (“concession accounting”) of CHF 4.1 million. Overall, revenue from the international airport business increased by 16% to CHF 66.6 million. Factoring out the income statement-neutral revenue from construction projects, revenue from the international airport business grew by 11% or CHF 6.3 million.

Total non-aviation revenue increased by 5% in the first half of the year to CHF 328.4 million. Adjusted for revenue from construction projects, this results in growth of CHF 12.2 million or 4%.

Operating expenses

Total operating expenses increased by 6% year on year to CHF 299.4 million. Adjusted operating expenses (excluding construction project expenses) increased by 5% to CHF 295.3 million. The increase in operating costs is due in part to the commissioning of Noida Airport.

Personnel expenses rose by 5% in the first half of the year to CHF 137.6 million due to inflation and volume-related adjustments. When compared with the higher passenger volumes, costs for police and security rose disproportionately by CHF 1 million to CHF 66.6 million (+2%). Energy and waste costs increased slightly by 1% to CHF 18.7 million. The cost block for sales, marketing and administration rose by 11% to CHF 30.4 million, primarily due to additional external support.

Operating and consolidated result

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by CHF 15.4 million over the prior-year period to CHF 374.2 million (+4%). The EBITDA margin amounted to 56%. 

Depreciation and amortisation rose in the reporting period, reaching CHF 155.6 million (+4%). This increase is partly due to the commissioning of Noida Airport and new project activations such as the baggage sorting system. 

Additional financial expenses – attributable in part to the commissioning of Noida Airport – caused the financial result to decline by CHF 5.4 million to CHF –12.5 million compared to the first half of 2025. 

On the whole, the consolidated result for the first half of the year rose by 1% to CHF 163.7 million (prior-year period: CHF 161.3 million).

Investments

In the first half of the year, the Zurich Airport Group invested a total of CHF 268.7 million (prior-year period: CHF 422.9 million) in property, plant and equipment, projects in progress, investment property and airport operator projects, of which CHF 202.3 million was at the Zurich site (prior-year period: CHF 307.4 million including the purchase of the Radisson Blu building for CHF 155.0 million). 

The single biggest project at the Zurich site was the development of the main airport complex (new Dock A, tower and dock base). Other key projects included the development of the landside passenger zones and the refurbishment and expansion of the baggage sorting system.

Assets and financial position

As at 30 June 2026, cash and cash equivalents and fixed-term deposits (excluding noise-related funds) were valued at CHF 202.7 million.

Based on the operating cash flow of CHF 324.2 million and investments in property, plant and equipment, projects in progress, investment property and airport operator projects totalling CHF 268.7 million, free cash flow for the first half of the year amounted to CHF 55.5 million (prior-year period: CHF –117.1 million). 

Financial outlook

Zurich Airport Ltd. expects passenger growth of around 3% at the Zurich site in 2026, resulting in a passenger volume of more than 33 million. Growth is slowing compared to the first half of the year, which is due in particular to the stronger comparative basis. 

A new charge period will start at Zurich Airport on 1 October 2026. Despite a total reduction in airport charges of around 10%, aviation revenue is expected to remain stable in the current year due to the expected passenger growth. 

At the Zurich site, commercial revenue is likely to remain roughly on the same level as the previous year due to the ongoing closure of commercial spaces as part of the project to develop the landside passenger zone. In addition, real estate revenue is expected to rise slightly. A further increase in revenue is expected for the international business; the newly commissioned airport in Noida, India, will contribute to this. Non-aviation revenue is expected to be higher overall. 

In the 2026 financial year, the opening of the new Noida Airport in particular will lead to an increase in operating costs. In contrast, only a very moderate increase in costs is expected at the Zurich site. 

All in all, Zurich Airport Ltd. expects earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2026 to be on the same level as the previous year. Consolidated profit, however, is likely to be lower than in the previous financial year. In addition to the fee reduction in Zurich, depreciation and interest expenses will have an impact on the income statement with the opening of Noida Airport. 

Investments at the Zurich site are expected to amount to around CHF 400 million in 2026. Investments of an estimated CHF 100 million are expected at subsidiaries abroad, with completion of construction of the new airport in Noida accounting for the majority of this.

Zurich Airport Group 2040 

Based on Zurich Airport’s purpose, business segments, core values and the 2024 defined strategic target dimensions, the company developed an outlook for Zurich Airport Group that sets out the desired development and strategic orientation through to 2040. 

By 2040, Zurich Airport aims to generate revenues of more than CHF 3 billion, corresponding to a compound annual growth rate of over 5%. The target for the group-wide return on invested capital thereby increases to more than 8%. This targeted growth is expected to be driven primarily by the continued development of the international business. 

The 2026 Interim Report and Investor Presentation of Zurich Airport Ltd. are available under https://report.flughafen-zuerich.ch/2026/hyr/en/ and https://newsroom.flughafen-zuerich.ch/en/ir-presentations/.