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/.

3,334,827 passengers were handled at Zurich Airport in July (+2.4% vs. previous year). The number of local passengers increased by 1.9% and transfer passengers increased by 3.8%. The transfer rate, which was at 27.0% last July, is at 27.3% in the month under review.

In July, flight movements increased by 4.3% to 26,356 versus previous year.

Commercial Activities Zurich

Total turnover in July was CHF 63.2m (+1.2%). The change divides into +5.9% for airside and -6.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 385,917 at Florianópolis Airport (-1.5% vs. previous year)
• 355,217 at Vitória/Macaé Airports (+3.8% vs. previous year)
• 251,753 at Natal Airport (+15.9% vs. previous year)
• 142,338 at Iquique Airport (-1.8% vs. previous year)
• 76,592 at Noida Airport
   

Upcoming events: Financial calendar

2,924,021 passengers were handled at Zurich Airport in June ( -0.3% vs. previous year). The number of local passengers decreased by -3.9% and transfer passengers increased by 9.8%. The transfer rate, which was at 26.4% last June, is at 29.1% in the month under review. 

In June, flight movements increased by 2.3% to 24,757 versus previous year.

Commercial Activities Zurich

Total turnover in June was CHF 57.0m (at prior-year level). The change divides into +4.8% for airside and -7.4% for landside. 

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 334,281 at Florianópolis Airport (-3.6% vs. previous year)
• 316,368 at Vitória/Macaé Airports (+1.9% vs. previous year)
• 213,590 at Natal Airport (+20.9% vs. previous year)
• 111,768 at Iquique Airport (-5.4% vs. previous year)
• 24,602 at Noida Airport
   

Upcoming events: Financial calendar

3,028,701 passengers were handled at Zurich Airport in May (+9.1% vs. previous year). The number of local passengers increased by 11.0% and transfer passengers increased by 4.5%. The transfer rate, which was at 27.7% last May, is at 26.5% in the month under review.

In May, flight movements increased by 5.1% to 25,318 versus previous year.

Please note that both Ascension Day and Whitsun fell in May this year.

Commercial Activities Zurich

Total turnover in May was CHF 58.8m (+8.8% vs. previous year). The increase divides into +14.2% for airside and +1.2% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 347,006 at Florianópolis Airport (-4.0% vs. previous year)
• 344,024 at Vitória/Macaé Airports (+8.7% vs. previous year)
• 215,570 at Natal Airport (+23.3% vs. previous year)
• 126,610 at Iquique Airport (-1.3% vs. previous year)
   

Upcoming events: Financial calendar

2,948,839 passengers were handled at Zurich Airport in April (+6.1% vs. previous year). The number of local passengers increased by 7.2% and transfer passengers increased by 3.3%. The transfer rate, which was at 27.7% last April, is at 26.9% in the month under review. 

In April, flight movements increased by 5.0% to 23,488 versus previous year. 

Commercial Activities Zurich

Total turnover in April was CHF 54.0m (+2.1% vs. previous year). The increase divides into +7.9% for airside and -5.8% for landside. 

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 382,635 at Florianópolis Airport (-0.1% vs. previous year)
• 335,876 at Vitória/Macaé Airports (+10.8% vs. previous year)
• 218,655 at Natal Airport (+30.3% vs. previous year)
• 120,014 at Iquique Airport (-3.3% vs. previous year)
   

Upcoming events: Financial calendar

2,470,257 passengers were handled at Zurich Airport in March (+4.9% vs. previous year). The number of local passengers increased by 2.3% and transfer passengers increased by 10.6%. The transfer rate, which was at 31.9% last March, is at 33.6% in the month under review.

In March, flight movements increased by 2.7% to 21,492 versus previous year.

Commercial Activities Zurich

Total turnover in March was CHF 47.5m (+2.2% vs. previous year). The increase divides into +6.4% for airside and -3.4% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 524,195 at Florianópolis Airport (+14.6% vs. previous year)
• 335,233 at Vitória/Macaé Airports (+17.9% vs. previous year)
• 225,058 at Natal Airport (+11.6% vs. previous year)
• 129,816 at Iquique Airport (-8.7% vs. previous year)
   

Upcoming events: Financial calendar

2,195,690 passengers were handled at Zurich Airport in February (+7.9% vs. previous year). The number of local passengers increased by 7.2% and transfer passengers increased by 9.5%. The transfer rate, which was at 29.4% last February, is at 29.8% in the month under review.

In February, flight movements increased by 3.8% to 18,784 versus previous year.

Commercial Activities Zurich

Total turnover in February was CHF 43.1m (+4.9% vs. previous year). The increase divides into +10.3% for airside and -2.1% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 584,793 at Florianópolis Airport (+18.8% vs. previous year)
• 301,432 at Vitória/Macaé Airports (+19.7% vs. previous year)
• 234,978 at Natal Airport (+22.1% vs. previous year)
• 220,350 at Antofagasta Airport (-9.2% vs. previous year)
• 135,360 at Iquique Airport (-16.9% vs. previous year)
   

Upcoming events: Financial calendar

Aviation revenue

Due to the increased traffic volume at Zurich Airport, flight operation charges rose by CHF 31.9 million or 6% to CHF 612.0 million in the year under review. 

Aviation fees and other aviation revenue amounted to CHF 97.1 million in total in the reporting period, a rise of CHF 4.4 million compared with the previous year. 

Total aviation revenue increased slightly more quickly than passenger volume, rising from CHF 672.8 million to CHF 709.1 million (+5%). This is partly because of the stronger growth in the number of local passengers, who pay higher fees than transfer passengers. 

Non-aviation revenue

Total commercial and parking revenue at Zurich Airport only increased slightly compared to the previous year and amounted to CHF 277.0 million (+0.2%). The essential factor behind this development was the reduced retail offering in the landside area due to construction work.

Within real estate revenue at the Zurich site, revenue from rental and leasing agreements continued to rise, whereas energy and utility cost allocations were down. The increase in revenue from rental and leasing agreements is also attributable to the acquisition of the Radisson Blu building. The decline in energy and utility cost allocations is mainly due to lower energy costs that are passed on to tenants. At CHF 197.9 million, real estate revenue in the reporting year was around CHF 0.5 million higher than in the previous year.

Revenue from services increased by 7% to CHF 52.3 million in the reporting year, primarily due to higher traffic volumes at Zurich Airport.

The international business continued to grow and benefited in particular from positive business development in Latin America. The airports in Brazil recorded a considerable increase in passenger volumes, and non-aviation activities also presented a pleasing picture. Revenue from international airport concessions rose to CHF 111.6 million (+11%).

A year-on-year reduction in construction activity in Latin America led to a decline in revenue from construction projects ("concession accounting") of 61% to CHF 10.5 million. Overall, revenue in the international airport business fell by 5% to CHF 124.8 million. Adjusted for revenue from construction projects not taken to income, revenue from the international airport business grew by 10% or CHF 10.3 million.

Total non-aviation revenue declined in the reporting year by 0.2% to CHF 652.0 million. Adjusted for revenue from construction projects, this resulted in growth of CHF 14.9 million or 2%.

Operating expenses

Total operating expenses increased by 1% year on year to CHF 598.9 million. Adjusted operating expenses (excluding expenses from construction projects) rose by 4% to CHF 588.4 million.

Personnel expenses increased by 10% to CHF 270.5 million in the reporting year. Besides inflation and volume-related adjustments as well as measures to increase employer attractiveness, this rise also reflected the assumption of services for passengers with reduced mobility (PRM) from 1 January 2025. However, the latter is offset to the same extent by a reduction in “Other operating expenses”. When compared with the higher passenger volumes, costs for police and security rose disproportionately by CHF 3.5 million to CHF 133.3 million (+3%). Energy and waste costs declined to CHF 36.0 million (–19%), mainly due to lower electricity procurement costs. The cost block for sales, marketing and administration rose by 8% to CHF 62.9 million. The increase resulted primarily from higher software costs and additional external support. 

Operating and consolidated result

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased year on year by CHF 29.2 million to CHF 762.2 million, equivalent to an increase of 4%. The EBITDA margin was at a high 56.0%. 

Depreciation and amortisation rose in the reporting year to CHF 311.4 million (+4%). This increase is due, among others, to the acquisition of the Radisson Blu building and new project activations such as the Zone West apron expansion. It also includes an impairment of CHF 6.1 million for the Chilean airport in Iquique. The main reasons for this were the adjusted assumptions regarding the future development of passenger volumes and revenues as well as cost increases in a construction project. 

The net finance result improved from CHF –20.1 million to CHF –16.1 million, which is largely attributable to higher interest income at the Brazilian subsidiaries. 

The consolidated result for the full year rose by 6% to CHF 346.5 million (previous year: CHF 326.7 million), setting a new record.

Investments

In total, Zurich Airport Ltd. invested CHF 716.5 million (previous year: CHF 570.9 million) in plants and equipment, projects in progress, investment real estate and airport operator projects during the reporting year, of which CHF 503.3 million at the Zurich site (previous year: CHF 292.5 million). This includes 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, etc.). Other significant projects were the refurbishment and expansion of the baggage sorting system, the development of the landside passenger area and the development of the freight infrastructure.

Assets and financial position

At the end of 2025, cash and cash equivalents and fixed deposits (excluding noise-related funds) amounted to CHF 383.9 million, of which slightly more than CHF 280 million was attributable to the Zurich site. 

In June 2025, Zurich Airport Ltd. successfully obtained refinancing on the Swiss capital market with a 15-year debenture for CHF 150.0 million (coupon: 1.1775%). 

Based on the operating cash flow of CHF 688.4 million and the investments in property, plant and equipment, projects in progress, investment real estate and airport operator projects totalling CHF 716.5 million, the resultant free cash flow for the reporting year was CHF –28.1 million (previous year: CHF 70.7 million).

Dividend for the past financial year 2025 

From the 2025 financial year onwards, Zurich Airport Ltd. is pursuing a new dividend policy, which provides for the payment of an ordinary dividend of around 50% of net profit adjusted for one-off effects. In addition, the payout ratio will be increased by around 25% if the ratio of interest-bearing liabilities (net) to EBITDA is below 2.5x. 

The ratio of interest-bearing liabilities (net) to EBITDA was 1.8x at the end of 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. 

Financial outlook

At the Zurich site, passenger growth of between 2.0% and 3.0% is expected for 2026, which corresponds to a passenger volume of over 33 million passengers. 

On 1 October 2026, a new charge period is expected to come into effect at Zurich Airport, which will reduce the charges for airport users by around 10% in total. Taking into account the forecasted passenger growth and lower charges from 1 October 2026, aviation revenue is expected to remain stable for the current year. 

At the Zurich site, commercial revenue is likely to move sideways due to the ongoing closure of commercial spaces as part of the project to develop the landside passenger zone. In addition, rising traffic volumes will have an impact on car park occupancy. Real estate revenue is also expected to rise slightly. Revenue from international business will increase again, with the commissioning of the new airport in Noida, India, also making a positive contribution to the development. 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 expenses. In contrast, only a very moderate increase in expenses 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 roughly 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 charges 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 between CHF 350 and 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.

Changes in the Board of Directors and the Management Board

There will 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 position. The company would like to thank Guglielmo Brentel for his outstanding commitment. Stefan Paul, CEO of Kühne+Nagel International AG will be proposed as his successor to the Annual General Meeting on 17 April.

Within the framework of a realignment of responsibilities, the Management Board of Zurich Airport Ltd. will be reduced from seven to six members in order to meet future challenges more effectively. As a result of this change, Manuela Staub, former Chief People & Communication Officer, is leaving the company at the end of July 2026. The Board of Directors and the Management Board would like to thank Manuela Staub for her outstanding commitment and valuable contribution to the development of Zurich Airport.

The 2025 Annual Report and Investor Presentation of Zurich Airport Ltd. are available under https://report.flughafen-zuerich.ch/2025/ar/en and https://www.flughafen-zuerich.ch/newsroom/en/ir-presentations/.

Negotiations began on October 1, 2025 and lasted approximately four months. Participants included Swiss International Air Lines Ltd., easyJet Europe Airline GmbH, a representative of the commercial airlines, a representative of the business aviation airlines, a representative of light aviation and air sport, as well as a representative of freight forwarders. The Federal Office of Civil Aviation (FOCA) accompanied the negotiations as an observer.

The new charge period is expected to start on October 1, 2026, enabling Zurich Airport Ltd. to almost entirely cover reasonable capital interest within the current 10-year charge period. The next proceedings for adjusting flight operations charges in accordance with the Ordinance on Airport Charges (OAC) are expected to be initiated four years after the new charges regulation comes into force. The reasonable return on the capital invested (WACC_s) applied to determine the cumulative result will be increased from 5.0% to 5.5% as of October 1, 2026. Due to the rollover mechanism (Article 18 OAC), any surplus or shortfall from a charge period will be considered in the future when setting charges for the subsequent charge period, thereby ensuring sustainable coverage of capital costs for Zurich Airport Ltd.

With the introduction of the new airport charges, passengers and airlines will benefit from lower costs. Thanks to the positive passenger traffic development and Zurich Airport’s disciplined approach to costs and investments, cost coverage in the regulated sector can be maintained despite the reduction in charges. This will further strengthen both the competitiveness and the development capability of Zurich Airport. Overall, charges for users of Zurich Airport will be reduced by approximately 10%. The key changes in the new charges regulation are as follows:

Passenger-related charges
For the next charge period, passenger-related charges will amount to CHF 30.40 per departing local passenger and CHF 14.00 per departing transfer passenger. This represents an average reduction of 13% compared with the current charge period.

Other Charges
Regarding movement-related charges, the user fee for the baggage sorting system will in the future be integrated into the landing charges, thereby reducing complexity and enabling simplified invoicing. As a result, landing charges will increase. The new noise charges, which include additional noise surcharges and a reclassification of noise categories, and which were already ordered by the Federal Office of Civil Aviation (FOCA) in April 2025, will also come into force together with the new charges regulation.

Next Steps
If no applications for amendments are received, the new charges regulation will come into force as agreed on October 1, 2026.

2,226,608 passengers were handled at Zurich Airport in January (+6.8% vs. previous year). The number of local passengers increased by 6.6% and transfer passengers increased by 7.4%. The transfer rate, which was at 30.3% last January, is at 30.5% in the month under review.

In January, flight movements increased by 2.7% to 20,006 versus previous year.

Commercial Activities Zurich

Total turnover in January was CHF 46.9m (+6.4% vs. previous year). The increase divides into +12.1% for airside and -0.6% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 671,736 at Florianópolis Airport (+22.4% vs. previous year)
• 350,272 at Vitória/Macaé Airports (+15.5% vs. previous year)
• 283,212 at Natal Airport (+12.9% vs. previous year)
• 238,252 at Antofagasta Airport (-8.1% vs. previous year)
• 143,864 at Iquique Airport (-13.4% vs. previous year)
   

Upcoming events: Financial calendar

2,545,889 passengers were handled at Zurich Airport in December (+7.3% vs. previous year). The number of local passengers increased by 7.7% and transfer passengers increased by 6.4%. The transfer rate, which was at 29.6% last December, is at 29.4% in the month under review.

In December, flight movements increased by 5.8% to 21,203 versus previous year.

Commercial Activities Zurich

Total turnover in December was CHF 57.4m (+4.1% vs. previous year). The increase divides into +11.2% for airside and -4.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 539,931 at Florianópolis Airport (+16.8% vs. previous year)
• 358,143 at Vitória/Macaé Airports (+19.9% vs. previous year)
• 236,744 at Natal Airport (+4.1% vs. previous year)
• 256,330 at Antofagasta Airport (+11.2% vs. previous year)
• 131,466 at Iquique Airport (-4.6% vs. previous year)
   

Upcoming events: Financial calendar

2,350,041 passengers were handled at Zurich Airport in November (+7.1% vs. previous year). The number of local passengers increased by 7.8% and transfer passengers increased by 5.8%. The transfer rate, which was at 31.7% last November, is at 31.3% in the month under review.

In November, flight movements increased by 5.3% to 20,168 versus previous year.

Commercial Activities Zurich

Total turnover in November was CHF 47.8m (+4.2% vs. previous year). The increase divides into +7.5% for airside and +0.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 428,378 at Florianópolis Airport (+16.0% vs. previous year)
• 338,905 at Vitória/Macaé Airports (+11.8% vs. previous year)
• 207,153 at Natal Airport (+1.5% vs. previous year)
• 234,498 at Antofagasta Airport (+3.1% vs. previous year)
• 122,306 at Iquique Airport (-16.2% vs. previous year) 
   

Upcoming events: Financial calendar

3,168,118 passengers were handled at Zurich Airport in October (+6.7% vs. previous year). The number of local passengers increased by 7.6% and transfer passengers increased by 4.2%. The transfer rate, which was at 27.9% last October, is at 27.2% in the month under review.

In October, flight movements increased by 3.4% to 24,625 versus previous year.

Commercial Activities Zurich

Total turnover in October was CHF 58.3m (+4.8% vs. previous year). The increase divides into +7.8% for airside and +0.5% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 431,058 at Florianópolis Airport (-1.5% vs. previous year)
• 360,735 at Vitória/Macaé Airports (+17.9% vs. previous year)
• 201,393 at Natal Airport (-4.1% vs. previous year)
• 250,212 at Antofagasta Airport (+4.5% vs. previous year)
• 140,008 at Iquique Airport (-4.6% vs. previous year)

Upcoming events: Financial calendar

3,047,028 passengers were handled at Zurich Airport in September (+3.4% vs. previous year). The number of local passengers increased by 4.8% and transfer passengers decreased by -0.1%. The transfer rate, which was at 28.6% last September, is at 27.6% in the month under review.

In September, flight movements increased by 2.6% to 24,401 versus previous year.

Commercial Activities Zurich

Total turnover in September was CHF 56.7m (-0.8% vs. previous year). The decrease divides into +2.4% for airside and -5.6% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 405,209 at Florianópolis Airport (-5.5% vs. previous year)
• 343,869 at Vitória/Macaé Airports (+16.1% vs. previous year)
• 184,056 at Natal Airport (-7.9% vs. previous year)
• 232,416 at Antofagasta Airport (+6.7% vs. previous year)
• 131,940 at Iquique Airport (-7.0% vs. previous year)
   

Upcoming events: Financial calendar

3,266,710 passengers were handled at Zurich Airport in August (+5.5% vs. previous year). The number of local passengers increased by 7.0% and transfer passengers increased by 2.0%. The transfer rate, which was at 30.7% last August, is at 29.7% in the month under review.

In August, flight movements increased by 4.8% to 25,279 versus previous year.

Commercial Activities Zurich

Total turnover in August was CHF 57.7m (+3.4% vs. previous year). The increase divides into +4.7% for airside and +1.6% for landside. 

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review:

• 392,469 at Florianópolis Airport (-10.8% vs. previous year) 
• 343,702 at Vitória/Macaé Airports (+14.2% vs. previous year) 
• 201,129 at Natal Airport (-0.3% vs. previous year) 
• 235,120 at Antofagasta Airport (+10.1% vs. previous year) 
• 123,106 at Iquique Airport (-4.4% vs. previous year) 
   

Upcoming events: Financial calendar

Aviation revenue

Spurred by the higher traffic volumes at Zurich Airport, revenue from flight operation charges rose by CHF 11.7 million or 4% to CHF 281.0 million in the first half of the year.

Aviation fees and other aviation revenue amounted to a total of CHF 46.2 million in the reporting period, equivalent to an increase of CHF 2.0 million over the prior-year period.

Total aviation revenue increased slightly more quickly than passenger volume, rising from CHF 313.5 million to CHF 327.3 million (+4%). This is partly because of the stronger growth in local passenger numbers, who pay higher fees than transfer passengers.

Non-aviation revenue

Total commercial and parking revenue decreased slightly over the prior-year period to CHF 132.2 million (-1%). The main reason for this development was the reduced retail offering in the landside area due to construction work.

Within real estate revenue, revenue from rental and leasing agreements continued to rise, whereas energy and utility cost allocations were down. The decline in energy and utility cost allocations, which had been expected, is mainly due to lower energy and waste costs that are passed on to tenants. Overall, real estate revenue in the first half of the year was practically at the same level as in the prior-year period at CHF 98.4 million.

Revenue from services in the reporting period amounted to CHF 25.2 million, approximately corresponding to the prior-year figure.

The slight decline in revenue from the international airport business from CHF 60.6 million to CHF 57.6 million in the reporting period is due mainly to lower revenue from construction projects. Factoring out this income statement-neutral item (“concession accounting”), revenue in international business climbed by 14% or CHF 7.1 million.

Total non-aviation revenue declined in the first half of the year by 1% to CHF 313.4 million. Adjusted for revenue from construction projects, this results in growth of CHF 5.9 million or 2%.

Operating expenses

Following a sharp rise in costs in the first half of 2024, the situation normalised in the course of the current financial year. All in all, operating expenses declined by 1% over the prior-year period to CHF 281.8 million. Adjusted operating expenses (excluding expenses from construction projects) were 3% up on the first half of the previous year.

Personnel expenses rose by 11% in the reporting period to CHF 131.6 million. Besides inflation and volume-related adjustments as well as measures to increase employer attractiveness, this rise also reflects the takeover of control over services for passengers with reduced mobility (PRM) from 1 January 2025. However, this is offset to the same extent by a reduction in “Other operating expenses”. Costs for police and security increased in line with passenger growth by 3% to CHF 65.6 million. As expected at the beginning of the year, energy and waste costs declined to CHF 18.5 million (-13% compared to the first half of 2024), mainly due to lower sourcing costs for electricity.

Operating and consolidated result

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by CHF 12.0 million over the prior-year period to CHF 358.8 million (+3%). The EBITDA margin amounted to 56%.

Depreciation and amortisation rose in the reporting period, reaching CHF 149.7 million (+4%). Compared to the first half of 2024, the finance result improved by CHF 1.5 million to CHF -7.1 million thanks to an increase in interest income.

On the whole, the consolidated result for the first half of the year rose by 6% to CHF 161.3 million (prior-year period: CHF 151.8 million).

Investments

In the first half of the year, the Zurich Airport Group invested a total of CHF 422.9 million (prior-year period: CHF 275.4 million) in property, plant and equipment, projects in progress and airport operator projects, of which CHF 307.4 million at the Zurich site (prior-year period: CHF 117.0 million). This includes 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, etc.). Other significant projects were the refurbishment and expansion of the baggage sorting system and the development of the landside passenger area.

Assets and financial position

In June 2025, Zurich Airport Ltd. successfully obtained refinancing on the Swiss capital market with a 15-year debenture for CHF 150 million (coupon: 1.1775%). As at mid-2025, cash and cash equivalents (excluding noise-related funds) were valued at CHF 250.3 million.

Based on the operating cash flow of CHF 305.8 million and investments in property, plant and equipment, projects in progress and airport operator projects totalling CHF 422.9 million, the resultant free cash flow for the first half of the year was CHF –117.1 million (prior-year period: CHF -1.5 million).

Financial outlook

Around 32 million passengers are expected at Zurich Airport in the current year, corresponding to growth of 2.5%. Relative to the first half of the year, growth is slowing down slightly; this is in particular due to the stronger comparative basis.

Aviation revenue will move in line with traffic growth.

Non-aviation revenue is expected to be slightly higher overall. At the Zurich site, the rising traffic volumes will have a positive impact on revenue from multi-storey car parks. Commercial revenue, on the other hand, is likely to fall, partly due to the temporary closure of commercial space as part of the project to develop the landside passenger zone. Within real estate revenue, revenue from rental and leasing agreements is forecast to rise slightly, with energy and utility cost allocations having a dampening effect due to tariff reductions for electricity and district heating.

Revenue from international business will increase again.

Operating costs are also expected to be higher, mainly due to inflation-related adjustments, volume-related increases and measures to enhance employer attractiveness. Personnel expenses will increase more than average as a result of taking on services for passengers with reduced mobility (PRM), but this will be offset by lower “Other operating expenses”.

All in all, the Zurich Airport Group expects earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2025 to be slightly above the level of the previous year. Consolidated profit is likely to be similar to the previous financial year. With the opening of Noida Airport, depreciation and interest expenses will have an impact on the income statement.

Investment at the Zurich site will amount to approximately CHF 500 million in 2025, including the purchase of the Radisson Blu building for CHF 155 million. Investments of an estimated CHF 250 million are expected at subsidiaries abroad, with completion of construction of the new airport in Noida accounting for the majority of this.

The 2025 Interim Report and Investor Presentation of Zurich Airport Ltd. are available under https://report.flughafen-zuerich.ch/2025/hyr/en/ and https://newsroom.flughafen-zuerich.ch/en/ir-presentations/.

3,256,328 passengers were handled at Zurich Airport in July (+4.8% vs. previous year). The number of local passengers increased by 6.2% and transfer passengers increased by 1.5%. The transfer rate, which was at 27.8% last July, is at 27.0% in the month under review.

In July, flight movements increased by 2.6% to 25,264 versus previous year.

Commercial Activities Zurich

Total turnover in July was CHF 62.4m (+0.4% vs. previous year). The increase divides into +2.1% for airside and -2.3% for landside. 

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 391,928 at Florianópolis Airport (-18.5% vs. previous year)
• 342,128 at Vitória/Macaé Airports (+11.4% vs. previous year)
• 217,302 at Natal Airport (-3.5% vs. previous year)
• 261,096 at Antofagasta Airport (+15.4% vs. previous year)
• 145,014 at Iquique Airport (-2.4% vs. previous year)
  
   

Upcoming events: Financial calendar

2,933,434 passengers were handled at Zurich Airport in June (+4.5% vs. previous year). The number of local passengers increased by 10.1% and transfer passengers decreased by -8.2%. The transfer rate, which was at 30.1% last June, is at 26.4% in the month under review.

In the first half of 2025, a total of 14.96 million passengers flew through Zurich Airport, surpassing the pre-crisis level for the first time on a year to date basis.

In June, flight movements increased by 2.6% to 24,205 versus previous year.

Commercial Activities Zurich

Total turnover in June was CHF 56.5m (-1.2% vs. previous year). The decrease divides into +0.2% for airside and -3.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 346,883 at Florianópolis Airport (-11.1% vs. previous year)
• 310,518 at Vitória/Macaé Airports (+11.3% vs. previous year)
• 176,730 at Natal Airport (-0.7% vs. previous year)
• 224,992 at Antofagasta Airport (+3.6% vs. previous year)
• 118,146 at Iquique Airport (+6.1% vs. previous year)
  
   

Upcoming events: Financial calendar

2,775,275 passengers were handled at Zurich Airport in May (+0.1% vs. previous year). The number of local passengers increased by 1.4% and transfer passengers decreased by -3.0%. The transfer rate, which was at 28.6% last May, is at 27.7% in the month under review.

In May, flight movements increased by 1.4% to 24,092 versus previous year.

Commercial Activities Zurich

Total turnover in May was CHF 53.9m (-3.1% vs. previous year). The decrease divides into -2.1% for airside and -4.6% for landside. 

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 361,631 at Florianópolis Airport (-2.8% vs. previous year)
• 316,493 at Vitória/Macaé Airports (+12.2% vs. previous year)
• 174,837 at Natal Airport (+2.7% vs. previous year)
• 228,592 at Antofagasta Airport (+5.8% vs. previous year)
• 128,334 at Iquique Airport (+0.4% vs. previous year) 
  
   

Upcoming events: Financial calendar

2,778,265 passengers were handled at Zurich Airport in April (+6.0% vs. previous year). The number of local passengers increased by 7.8% and transfer passengers increased by 1.8%. The transfer rate, which was at 28.8% last April, is at 27.7% in the month under review.

In April, flight movements increased by 1.8% to 22,360 versus previous year.

Commercial Activities Zurich

Total turnover in April was CHF 52.8m (+2.9% vs. previous year). The increase divides into +4.0% for airside and +1.4% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 383,122 at Florianópolis Airport (+22.2% vs. previous year)
• 303,013 at Vitória/Macaé Airports (+14.4% vs. previous year)
• 167,764 at Natal Airport (+1.1% vs. previous year)
• 225,706 at Antofagasta Airport (+5.5% vs. previous year)
• 124,140 at Iquique Airport (-1.6% vs. previous year)
   

Upcoming events: Financial calendar

The building spans twelve floors and is directly connected to parking facility P1 via a walkway on the eighth floor. Most of the space is dedicated to Radisson’s hotel operations, including conference and meeting centers. In 2023 and 2024, the hotel underwent extensive renovations to update the rooms and lobby to meet current guest needs. The existing rental agreement with Radisson Blu for hotel operations runs until 2033.

By prematurely terminating the building right and securing the reversion of the hotel building, Zurich Airport Ltd. now holds full ownership rights.

This strategic move allows for greater development potential within the central airport perimeter, optimizing infrastructure use and accommodating future user requirements.

Financial Conditions
An external market value assessment was conducted to determine the purchase price of around CHF 155 million.

The transaction is expected to result in an annual increase in earnings before interest, taxes, depreciation and amortisation (EBITDA) in the high single-digit million Swiss Franc range.

2,353,808 passengers were handled at Zurich Airport in March (+0.6% vs. previous year). The number of local passengers increased by 3.2% and transfer passengers decreased by -4.4%. The transfer rate, which was at 33.6% last March, is at 31.9% in the month under review.

In March, flight movements increased by 4.4% to 20,930 versus previous year.

Commercial Activities Zurich

Total turnover in March was CHF 46.5m (-5.4% vs. previous year). The increase divides into -1.8% for airside and -9.8% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 457,532 at Florianópolis Airport (+27.6% vs. previous year)
• 284,224 at Vitória/Macaé Airports (+7.8% vs. previous year)
• 201,687 at Natal Airport (+13.6% vs. previous year)
• 225,192 at Antofagasta Airport (+9.7% vs. previous year)
• 142,192 at Iquique Airport (+7.2% vs. previous year)
   

Upcoming events: Financial calendar

2,034,948 passengers were handled at Zurich Airport in February (+0.9% vs. previous year). The number of local passengers increased by 4.9% and transfer passengers decreased by -7.5%. The transfer rate, which was at 32.1% last February, is at 29.4% in the month under review.

In February, flight movements increased by 1.9% to 18,105 versus previous year.

Commercial Activities Zurich

Total turnover in February was CHF 41.1m (-2.0% vs. previous year). The increase divides into +2.4% for airside and -7.2% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 492,144 at Florianópolis Airport (+33.7% vs. previous year)
• 251,816 at Vitória/Macaé Airports (+11.9% vs. previous year)
• 192,370 at Natal Airport
• 242,628 at Antofagasta Airport (+6.1% vs. previous year)
• 162,952 at Iquique Airport (-1.5% vs. previous year)
   

Upcoming events: Financial calendar

Aviation revenue

Due to the increased traffic volume at Zurich Airport, flight operations charges rose by CHF 40.8 million or 8% to CHF 580.1 million in the year under review.

Aviation fees and other aviation revenue amounted to CHF 92.7 million in the year under review, which is a rise of CHF 21.9 million over the previous year. This disproportionately high increase of 31% is largely because of the increase in usage fees at the start of 2024 in connection with the refurbishment of the baggage sorting and handling system.

Overall, aviation revenue outperformed the growth rate in passenger numbers due to the increase in aviation fees mentioned above and rose from CHF 610.1 million to CHF 672.8 million (+10%). Aviation revenue was equivalent to 102% of the level seen in 2019.

Non-aviation revenue

Non-aviation revenue rose by 4% to CHF 653.5 million in the year under review, equivalent to around 119% of 2019 revenues.

Total commercial and parking revenue increased year-on-year to a total of CHF 276.5 million (+5%). Advertising media and promotion posted the highest relative growth, partly caused by higher passenger volumes.

Real estate revenue also saw a positive performance, rising CHF 0.9 million in the year under review to reach a new record high of CHF 197.4 million. The CHF –4.3 million decline in energy and utility cost allocation was offset by higher revenue from rental agreements of CHF 5.1 million. The expected decrease in energy and utility cost allocation is mainly due to lower energy and waste costs, which can be passed on to tenants.

Revenue from services increased by 3% to CHF 48.7 million in the reporting year, primarily due to higher passenger volumes.

The international business continued to grow and benefited, among other things, from the operational takeover of the airport in Natal, Brazil in February 2024. The airport in Florianópolis, Brazil, recorded a significant increase in passenger numbers due to the temporary closure of the nearby airport in Porto Alegre. Revenue from international airport concessions rose to CHF 100.9 million.

A year-on-year reduction in construction activity in Latin America led to a decline in revenue from construction projects (“concession accounting”) of 30% to CHF 26.9 million. Overall, revenue in the international airport business rose by 11% to CHF 130.9 million. Factoring out the income statement-neutral revenue from construction projects, revenue from the international airport business grew by 31% or CHF 24.9 million.

Operating expenses

Total operating costs increased by 6% year-on-year to CHF 593.3 million. Adjusted operating costs (excluding expenses from construction projects) increased by 9% to CHF 566.5 million. Adjusted operating costs were 17% higher than in 2019.

Personnel expenses in the reporting year rose by 11% to CHF 244.9 million, largely thanks to the increase in headcount and the inflation adjustment. This also includes a valuation adjustment of CHF 3.3 million to pension fund liabilities due to the increase in the conversion rate. Costs for police and security also rose by CHF 13.3 million to CHF 129.9 million (+11%) due to higher passenger volumes and inflation adjustment.

As expected, energy and waste costs fell CHF –4.5 million (–9%) to CHF 44.4 million due to reductions in electricity and district heating tariffs.

The cost block for sales, marketing and administration rose by 18% to CHF 58.0 million This increase was mainly due to additional external support, price increases for IT software and various administrative costs.

Operating and consolidated result

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased year-on-year by CHF 56.3 million to CHF 733.0 million, equivalent to an increase of 8% and a new record. The EBITDA margin remained high at 55.3%. Compared with 2019, EBITDA was up by 14%.

Depreciation and amortisation rose in the reporting year to CHF 299.5 million (+4%). Amongst other things, this increase was due to new project activations for the baggage sorting system and the commissioning of the extension to the Zone West apron. Also included is an impairment loss of CHF 7.8 million for the airport in Iquique, Chile. The main reasons for this were the delay in commissioning and cost increases for the new terminal as well as adjusted assumptions concerning future revenue and cost performance.

The finance result moved from CHF –12.2 million to CHF –20.1 million. At the Zurich site, interest expenses fell due to a reduction in debt. By contrast, the debt at the international companies increased, which led to higher financial expenses overall.

The consolidated result for the year under review rose by 7% to CHF 326.7 million (previous year: CHF 304.2 million), setting a new record.

Investments

In total, Zurich Airport Ltd. invested CHF 570.9 million (previous year: CHF 437.7 million) in property, plant and equipment, projects in progress and airport operator projects, of which CHF 292.5 million at the Zurich site (previous year: CHF 234.4 million).

The single biggest project at the Zurich site was the refurbishment and expansion of the baggage sorting system. Other key projects included developing the landside passenger areas, preparatory work for the development of the main airport complex (new Dock A, tower and dock base, etc.) and the Zone West apron extension.

Assets and financial position

At the end of 2024, cash and cash equivalents and fixed deposits (excluding noise-related funds) amounted to CHF 308.9 million, of which slightly more than CHF 200 million was attributable to the Zurich site.

In May 2024 the maturing debenture of CHF 300 million was repaid without taking out any long-term funding.

Based on the operating cash flow of CHF 641.6 million and investments in property, plant and equipment, projects in progress and airport operator projects totalling CHF 570.9 million, the resultant free cash flow for the reporting year was CHF 70.7 million (previous year: CHF 242.8 million).

Financial outlook

Around 32 million passengers are expected at Zurich Airport in the current year, which would be a new record.

Aviation revenues will move in line with traffic growth.

Non-aviation revenue is expected to be slightly higher overall. At the Zurich site, the rising traffic volumes will have a positive impact on parking revenue. Commercial revenue, on the other hand, is likely to fall, partly due to the temporary closure of further commercial space as part of the project to develop the landside passenger zone. Within real estate revenue, revenue from rental agreements is forecast to rise slightly, with energy and utility cost allocations having a dampening effect thanks to tariff reductions for electricity and district heating. All in all, real estate revenue is therefore expected to decline.

Revenue from international business will increase again and for the first time also include contributions from operating the new airport in Noida, India.

Operating costs are also expected to be higher, mainly due to inflation-related adjustments, volume-related increases and measures to increase employer attractiveness. Personnel expenses will increase more than average as a result of taking on services for passengers with reduced mobility (PRM), but this will also be offset by lower other operating costs. The opening of the new Noida airport will also cause an increase in operating costs.

All in all, Zurich Airport Ltd. expects earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2025 to be roughly on the same level as the previous year. Consolidated profit, however, is likely to be lower than in the previous financial year. With the opening of Noida Airport, depreciation and interest expenses will have an impact on the income statement.

Investments at the Zurich site are expected to amount to between CHF 300 and 350 million in 2025. Investments of an estimated CHF 300 million are expected at subsidiaries abroad, with completion of construction of the new airport in Noida accounting for the majority of this.

Dividend for the past financial year 2024

The existing payout ratio of around 40% of net profit after adjustment for one-off effects will be retained and distributed in the form of an ordinary dividend. As in previous years, an additional dividend will be distributed from the capital contribution reserves in addition to the ordinary dividend.

The Board of Directors is therefore proposing to the Annual General Meeting the payment of an ordinary dividend of CHF 4.30 per share and an additional dividend of CHF 1.40 per share.

New dividend policy from financial year 2025 onwards

As the planned additional dividend for the 2024 financial year will have exhausted the capital contribution reserves, a new dividend policy has been set for the coming years.

A new dividend policy will come into effect from financial year 2025. In future, the payout ratio should be around 50% of net profit (consolidated profit) adjusted for one-off effects.

In addition, the payout ratio will be increased by a further 25% if the ratio of Interest-bearing liabilities (net)/EBITDA is below 2.5x.

If debt is low (the leverage ratio at the end of 2024 was 1.6x), the total payout ratio may therefore amount to around 75% in future.

The 2024 Annual Report and Investor Presentation of Zurich Airport Ltd. are available under https://report.flughafen-zuerich.ch/2024/ar/en/ and https://www.flughafen-zuerich.ch/newsroom/en/ir-presentations/.

2,084,181 passengers were handled at Zurich Airport in January (+6.4% vs. previous year). The number of local passengers increased by 9.0% and transfer passengers increased by 0.8%. The transfer rate, which was at 32.0% last January, is at 30.3% in the month under review.

In January, flight movements increased by 5.7% to 19,491 versus previous year.

Commercial Activities Zurich

Total turnover in January was CHF 44.2m (+2.7% vs. previous year). The increase divides into 8.4% for airside and -3.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 549,012 at Florianópolis Airport (+19.6% vs. previous year)
• 303,157 at Vitória/Macaé Airports (+8.5% vs. previous year)
• 250,879 at Natal Airport
• 259,258 at Antofagasta Airport (+7.1% vs. previous year)
• 166,124 at Iquique Airport (-6.5% vs. previous year)
   

Upcoming events: Financial calendar

2,372,643 passengers were handled at Zurich Airport in December (+8.1% vs. previous year). The number of local passengers increased by 10.6% and transfer passengers increased by 3.0%. The transfer rate, which was at 31.1% last December, is at 29.6% in the month under review. Passenger numbers were 101.7% of the 2019 level.

In December, flight movements increased by 6.1% to 20,048 versus previous year. Flight movements were 99.3% of the 2019 level.

Commercial Activities Zurich

Total turnover in December was CHF 55.1m (+0.4% vs. previous year). The increase divides into 4.3% for airside and -3.7% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 462,123 at Florianópolis Airport (+17.9% vs. previous year)
• 298,809 at Vitória/Macaé Airports (+6.1% vs. previous year)
• 227,356 at Natal Airport
• 230,540 at Antofagasta Airport (+6.0% vs. previous year)
• 137,756 at Iquique Airport (-1.6% vs. previous year)
   

Upcoming events: Financial calendar

2,194,464 passengers were handled at Zurich Airport in November (+7.3% vs. previous year). The number of local passengers increased by 8.0% and transfer passengers increased by 5.8%. The transfer rate, which was at 32.1% last November, is at 31.7% in the month under review. Passenger numbers were 98.4% of the 2019 level.

In November, flight movements increased by 5.0% to 19,158 versus previous year. Flight movements were 96.6% of the 2019 level.

Commercial Activities Zurich

Total turnover in November was CHF 45.8m (+0.6% vs. previous year). The increase divides into 3.5% for airside and -2.7% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 369,392 at Florianópolis Airport (+6.9% vs. previous year)
• 303,112 at Vitória/Macaé Airports (+10.2% vs. previous year)
• 204,156 at Natal Airport
• 227,444 at Antofagasta Airport (+6.1% vs. previous year)
• 145,992 at Iquique Airport (+5.9% vs. previous year)
   

Upcoming events: Financial calendar

If there are any excess returns or shortfalls in a current period, it will be carried forward to the subsequent charge period via roll-over mechanism. This increases the prospects of a mutual negotiation result.
 

Next steps

The adjusted provisions will come into force on January 1, 2025. However, for the current charge period, which began in 2016, the roll-over mechanism according to the OAC revision does not yet apply in the event of any excess returns or shortfalls.

As already communicated in the past, the next procedure for adjusting the flight operations charges will start in April 2025. The actual charge negotiations will then begin in the fourth quarter of 2025. It is currently planned to inform the capital market accordingly at the latest when the charge negotiations are concluded.
 

2,969,639 passengers were handled at Zurich Airport in October (+3.6% vs. previous year). The number of local passengers increased by 2.5% and transfer passengers increased by 6.5%. The transfer rate, which was at 27.1% last October, is at 27.9% in the month under review. Passenger numbers were 103.5% of the 2019 level.

In October, flight movements increased by 1.7% to 23,808 versus previous year. Flight movements were 99.0% of the 2019 level.

Commercial Activities Zurich

Total turnover in October was CHF 55.4m (-0.3% vs. previous year). The decrease divides into 0.5% for airside and -1.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 437,459 at Florianópolis Airport (+33.5% vs. previous year)
• 305,942 at Vitória/Macaé Airports (7.4% vs. previous year)
• 209,959 at Natal Airport
• 239,442 at Antofagasta Airport (+16.0% vs. previous year)
• 146,702 at Iquique Airport (1.3% vs. previous year)
   

Upcoming events: Financial calendar

2,947,964 passengers were handled at Zurich Airport in September (+4.6% vs. previous year). The number of local passengers increased by 7.4% and transfer passengers decreased by -1.8%. The transfer rate, which was at 30.4% last September, is at 28.6% in the month under review. Passenger numbers were 102.0% of the 2019 level.

In September, flight movements increased by 2.0% to 23,778 versus previous year. Flight movements were 97.6% of the 2019 level.

Commercial Activities Zurich

Total turnover in September was CHF 57.1m (+2.3% vs. previous year). The increase divides into 4.8% for airside and -1.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 428,834 at Florianópolis Airport (+33.4% vs. previous year)
• 296,065 at Vitória/Macaé Airports (-2.4% vs. previous year)
• 199,881 at Natal Airport
• 217,764 at Antofagasta Airport (+11.8% vs. previous year)
• 141,900 at Iquique Airport (-3.7% vs. previous year)
   

Upcoming events: Financial calendar

3,096,971 passengers were handled at Zurich Airport in August (+6.0% vs. previous year). The number of local passengers increased by 5.6% and transfer passengers increased by 6.8%. The transfer rate, which was at 30.5% last August, is at 30.7% in the month under review. Passenger numbers were 99.5% of the 2019 level.

In August, flight movements increased by 3.9% to 24,132 versus previous year. Flight movements were 95.5% of the 2019 level.

Commercial Activities Zurich

Total turnover in August was CHF 55.7m (+2.0% vs. previous year). The increase divides into 5.0% for airside and -2.0% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 440,090 at Florianópolis Airport (+35.5% vs. previous year)
• 300,880 at Vitória/Macaé Airports (-11.0% vs. previous year)
• 201,768 at Natal Airport
• 213,612 at Antofagasta Airport (+8.1% vs. previous year)
• 128,836 at Iquique Airport (-16.1% vs. previous year)
   

Upcoming events: Financial calendar

Aviation revenue

Spurred by the higher traffic volumes at Zurich Airport, flight operations charges rose by CHF 23.8 million or 10% to CHF 269.3 million in the first half of the year.

Aviation fees and other aviation revenue amounted to a total of CHF 44.2 million in the reporting period, equivalent to an increase of CHF 11.1 million over the prior-year period. The higher aviation fees are particularly attributable to the increase in user fees at the beginning of the year in connection with the refurbishment of the baggage sorting and handling system.

Total aviation revenue increased slightly more quickly than passenger numbers, rising from CHF 278.6 million to CHF 313.5 million (+13%). Among other things, this is due to the higher aviation fees. Aviation revenue was 99% of the figure reported in the first half of 2019.

Non-aviation revenue

Non-aviation revenue climbed by 7% to CHF 317.6 million in the reporting period, equivalent to around 117% of the figure achieved in the first half of 2019.

Total commercial and parking revenue increased over the prior-year period to CHF 133.8 million (+5%). The greatest growth was achieved with advertising media and promotion, reflecting passenger volumes, among other things.

Within real estate revenue, revenue from rental agreements continued to rise, accompanied by lower energy and utility cost allocations. The decline in energy and utility cost allocations, which had been expected, is mainly due to lower energy and waste costs that are passed on to tenants. Despite this, real estate revenue rose by a total of 1% to CHF 98.2 million in the first half of this year.

Revenue from services climbed by 14% to CHF 25.0 million in the reporting period, primarily as a result of higher passenger volumes.

The substantial increase in revenue from international business from CHF 51.5 million to CHF 60.6 million in the reporting period is due mainly to higher revenue from international airport concessions. For the most part, this reflects the integration of the new airport in Natal, Brazil, as well as the above-average development of Florianópolis Airport in Brazil. Factoring out the income statement-neutral revenue from construction projects (“concession accounting”), revenue in international business climbed by 20% or CHF 8.2 million.

Operating expenses

There was substantial cost pressure in the first half of 2024. All in all, operating expenses rose by 12% over the prior-year period to CHF 284.4 million. Adjusted operating expenses (excluding expenses from construction projects) were 14% up on the first half of 2019.

Personnel expenses increased by 15% to CHF 118.6 million in the reporting period, reflecting the increase in headcount and the inflation adjustment. Costs for police and security climbed by CHF 7.2 million over the prior-year period to CHF 63.7 million (+13%) due to higher passenger volumes. As expected at the beginning of the year, energy and waste costs declined to CHF 21.2 million (–11% compared to the first half of 2023), mainly due to lower heating, ventilation and air-conditioning costs.

Operating and consolidated result

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by CHF 23 million over the prior-year period to CHF 346.8 million (+7%). The EBITDA margin came to 55%. Compared with the first half of 2019, EBITDA was up by 14%.

Depreciation and amortisation rose slightly in the reporting period, reaching CHF 143.8 million (+1%). At CHF –8.6 million, the finance result remained at the same level as in the prior-year period.

The consolidated result for the first half of the year rose by 10% to CHF 151.8 million (prior-year period: CHF 138.1 million). This is roughly 6% higher than the previous record achieved in the first half of 2019.

Investments

In the reporting period, Zurich Airport Ltd. invested a total of CHF 275.4 million (prior-year period: CHF 162.9 million) in property, plant and equipment, projects in progress and airport operator projects, including CHF 117.0 million at the Zurich site (prior-year period: CHF 84.2 million).

The single biggest project at the Zurich site was the refurbishment and expansion of the baggage sorting system. Other major projects included work on preparing for the development of the main airport complex (new Dock A, tower and dock base etc.), the development of the landside passenger zones and the extension of the Zone West apron.

Assets and financial position

A large part of the high liquidity position held at the end of 2023 was used to repay the CHF 300 million debenture, which matured in May 2024, as well as for the dividend. As at mid-2024, cash and cash equivalents and fixed-term deposits (excluding noise-related funds) were valued at CHF 196.4 million.

Starting from cash flow from operating activities of CHF 273.9 million and investments in property, plant and equipment, projects in progress and airport operator projects totalling CHF 275.4 million, free cash flow for the reporting period came to CHF –1.5 million (prior-year period: CHF 153.4 million).

Financial outlook

The development of traffic volumes to date at the Zurich site is slightly above the expectations expressed at the beginning of this year. For this reason, around 31 million passengers are now expected, virtually equal to the number reached in 2019.

Aviation revenue will slightly outperform traffic volumes. This is due especially to the increase in user fees at the beginning of the year in connection with the refurbishment of the baggage sorting and handling system.

Non-aviation revenue is also expected to be higher. At the Zurich site, rising traffic volumes will have a positive impact on parking revenue, whereas the remaining commercial revenue will grow at a slower pace due in part to accounting effects (IFRS 16). Real estate revenue will be roughly in line with the prior-year figure. Revenue from international business will show above-average growth thanks to the integration of the newly acquired airport in Natal, Brazil, and the general momentum in the growth of international business.

Operating expenses, particularly personnel and security-related expenses, are expected to be driven higher by inflation and volumes in financial year 2024.

Overall, Zurich Airport Ltd. expects to post both higher earnings before interest, tax, depreciation and amortisation (EBITDA) and a larger consolidated profit for full-year 2024 than in the past financial year.

Investment at the Zurich site will amount to between CHF 250 and 300 million in 2024. Investment at subsidiaries abroad should come to CHF 350 million, with the construction of the new airport in Noida accounting for most of this.

The 2024 Interim Report and Investor Presentation of Zurich Airport Ltd. are available under https://report.flughafen-zuerich.ch/2024/hyr/en/ and https://newsroom.flughafen-zuerich.ch/en/ir-presentations/.

3,105,953 passengers were handled at Zurich Airport in July (+6.5% vs. previous year). The number of local passengers increased by 5.4% and transfer passengers increased by 9.7%. The transfer rate, which was at 27.1% last July, is at 27.8% in the month under review. Passenger numbers were 98.6% of the 2019 level.

In July, flight movements increased by 3.7% to 24,617 versus previous year. Flight movements were 95.6% of the 2019 level.

Commercial Activities Zurich

Total turnover in July was CHF 62.0m (+1.3% vs. previous year). The increase divides into 3.1% for airside and -1.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 480,777 at Florianópolis Airport (+50.2% vs. previous year)
• 307,199 at Vitória/Macaé Airports (-6.8% vs. previous year)
• 225,274 at Natal Airport
• 226,332 at Antofagasta Airport (+5.8% vs. previous year)
• 148,540 at Iquique Airport (-13.6% vs. previous year)
   

Upcoming events: Financial calendar

2,808,339 passengers were handled at Zurich Airport in June (+8.1% vs. previous year). The number of local passengers increased by 7.6% and transfer passengers increased by 9.3%. The transfer rate, which was at 29.7% last June, is at 30.1% in the month under review. Passenger numbers were 97.2% of the 2019 level.

In June, flight movements increased by 4.3% to 23,590 versus previous year. Flight movements were 95.4% of the 2019 level.

Commercial Activities Zurich

Total turnover in June was CHF 57.0m (+6.9% vs. previous year). The increase divides into 7.2% for airside and 6.4% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 390,393 at Florianópolis Airport (+34.5% vs. previous year)
• 279,020 at Vitória/Macaé Airports (-4.1% vs. previous year)
• 177,941 at Natal Airport
• 217,238 at Antofagasta Airport (+17.8% vs. previous year)
• 111,344 at Iquique Airport (-22.0% vs. previous year)
   

Upcoming events: Financial calendar

2,772,182 passengers were handled at Zurich Airport in May (+9.4% vs. previous year). The number of local passengers increased by 9.1% and transfer passengers increased by 10.5%. The transfer rate, which was at 28.3% last May, is at 28.6% in the month under review. Passenger numbers were 102.0% of the 2019 level.

In May, flight movements increased by 7.5% to 23,762 versus previous year. Flight movements were 97.2% of the 2019 level.

Please note that in 2019 both Whitsun and Corpus Christi were in June.

Commercial Activities Zurich

Total turnover in May was CHF 55.4m (+3.5% vs. previous year). The increase divides into 6.1% for airside and 0.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 372,068 at Florianópolis Airport (+26.7% vs. previous year)
• 282,040 at Vitória/Macaé Airports (-4.2% vs. previous year)
• 170,299 at Natal Airport
• 216,048 at Antofagasta Airport (+15.5% vs. previous year)
• 127,812 at Iquique Airport (-16.6% vs. previous year)
   

Upcoming events: Financial calendar

2,620,051 passengers were handled at Zurich Airport in April (+6.9% vs. previous year). The number of local passengers increased by 6.6% and transfer passengers increased by 7.8%. The transfer rate, which was at 28.6% last April, is at 28.8% in the month under review. Passenger numbers were 96.1% of the 2019 level. 

In April, flight movements increased by 7.0% to 21,967 versus previous year. Flight movements were 94.4% of the 2019 level.

Commercial Activities Zurich

Total turnover in April was CHF 51.3m (+0.7% vs. previous year). The increase divides into 5.8% for airside and -5.5% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 313,487 at Florianópolis Airport (+3.2% vs. previous year)
• 264,856 at Vitória/Macaé Airports (-4.3% vs. previous year)
• 165,966 at Natal Airport
• 213,922 at Antofagasta Airport (+19.2% vs. previous year)
• 126,158 at Iquique Airport (-11.8% vs. previous year)
   

Upcoming events: Financial calendar

2,339,195 passengers were handled at Zurich Airport in March (+12.4% vs. previous year). The number of local passengers increased by 12.1% and transfer passengers increased by 13.3%. The transfer rate, which was at 33.3% last March, is at 33.6% in the month under review. Passenger numbers were 96.6% of the 2019 level. 

In March, flight movements increased by 8.0% to 20,039 versus previous year. Flight movements were 90.8% of the 2019 level.

Please note the early Easter holidays this year vs. previous year.

Commercial Activities Zurich

Total turnover in March was CHF 49.1m (+9.1% vs. previous year). The increase divides into 10.9% for airside and 7.0% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 358,443 at Florianópolis Airport (+6.5% vs. previous year) 
• 263,606 at Vitória/Macaé Airports (-2.1% vs. previous year) 
• 177,536 at Natal Airport
• 205,330 at Antofagasta Airport (+13.2% vs. previous year) 
• 132,608 at Iquique Airport (-18.0% vs. previous year)
   

Upcoming events: Financial calendar

Key adjustments

The planned selective revision of the Ordinance on Airport Charges should state that, in principle, any excess returns or shortfalls actually achieved in a charge period will be taken into account in the subsequent charge period. This corresponds to a roll-over mechanism and allows deviations from the allowed return to be taken into account in a subsequent charge period. 

In case of unforeseeable events with significant impact, the airport operator or airport users still have the option to request an earlier change to the flight operations charges.
 

Effects of the OAC revision

The introduction of a roll-over mechanism can simplify charge negotiations, as deviations (for example from initially assumed traffic or cost developments) can be corrected over the following charge periods. This increases the prospects of a mutual negotiation result and makes complex interventions by FOCA unnecessary during the charge period due to a violation of the cost recovery principle.
 

Next steps

After the stakeholder involvement will have been completed, the intended revision will go through the usual legislative process. 

The final decision on the revision of the OAC rests with the Swiss Federal Council and a decision is expected in Q4 2024. The capital market will be informed of the Swiss Federal Council's decision accordingly. 

The adjusted regulations shall come into force on January 1, 2025. However, for the current charge period, which started in 2016, the roll-over mechanism according to the OAC revision does not yet apply in the event of any excess returns or shortfalls. 

As communicated in the past, the next procedure for adjusting flight operations charges will begin in April 2025, followed by the start of charge negotiations.

2,017,326 passengers were handled at Zurich Airport in February (+16.4% vs. previous year). The number of local passengers increased by 14.0% and transfer passengers increased by 21.8%. The transfer rate, which was at 30.6% last February, is at 32.1% in the month under review. Passenger numbers were 99.2% of the 2019 level.

In February, flight movements increased by 12.4% to 17,764 versus previous year. Flight movements were 90.2% of the 2019 level.

Please note there was an additional business day in February 2024 (leap year).

Commercial Activities Zurich

Total turnover in February was CHF 41.9m (+9.9% vs. previous year). The increase divides into 13.8% for airside and 5.6% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 368,191 at Florianópolis Airport (+15.5% vs. previous year) 
• 224,974 at Vitória/Macaé Airports (-2.5% vs. previous year) 
• 228,710 at Antofagasta Airport (+30.0 % vs. previous year) 
• 165,462 at Iquique Airport (+13.4% vs. previous year)
   

Upcoming events: Financial calendar

Aviation revenue

Due to the higher traffic volumes at Zurich Airport, revenue from flight operations charges increased by CHF 106.8 million or 25% to CHF 539.3 million in the reporting period.

Aviation fees and other aviation revenue amounted to CHF 70.8 million in total in the reporting period, a rise of CHF 12.1 million compared with the previous year.

Total aviation revenue grew at a slightly slower pace than passenger numbers, rising from CHF 491.1 million to CHF 610.1 million (+24%) against the background of the smaller rise in flight movements. Compared with 2019, aviation revenue stood at 92%.

Non-aviation revenue

Non-aviation revenue climbed by 18 % to CHF 626.2 million in the reporting period, around 114% of the revenue achieved in 2019.

Total commercial and parking revenue increased by 10% year on year to CHF 264.5 million, with parking revenue showing the highest growth due in part to better product differentiation.

Real estate revenue reached a new all-time high, rising by 17% to CHF 196.5 million in the reporting period. This rise is due, among other factors, to the restructuring of agreements from the real estate portfolio purchased from Priora Suisse AG in 2019, higher energy and utility cost allocations and inflation adjustments.

Primarily as a result of higher passenger volumes, revenue from services rose by 9% to CHF 47.5 million in the reporting period.

The sharp rise in revenue from international airport business from CHF 80.6 million to CHF 117.8 million in the reporting period is due mainly to higher revenue from construction projects (concession accounting). Factoring out the income statement-neutral revenue from construction projects, revenue in international airport business climbed by 24% or CHF 15.5 million.

Operating expenses

Despite cost pressures, operating expenses rose at a slower pace than revenue. Overall, operating expenses increased by 20% year on year to CHF 559.5 million. Adjusted operating expenses (excluding expenses from construction projects) were around 7% up on 2019.

Personnel expenses were up by 12% to CHF 220.0 million in the reporting period and reflect the increase in headcount and the inflation adjustment. Costs for police and security rose by CHF 11.3 million year on year to CHF 116.6 million (+11%) due to higher passenger volumes. As expected at the beginning of the reporting period, energy and waste costs once again showed a sharp rise, of CHF 14.8 million (+43%) to CHF 48.9 million, due mainly to higher electricity prices.

Operating and consolidated result

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by CHF 121.2 million year on year to CHF 676.7 million (+22%), setting a new record. The EBITDA margin was at a high 55%. Compared with 2019, EBITDA was up by 5%.

Depreciation and amortisation fell slightly to CHF 286.8 million (−3%) in the reporting period. The decline is due, among other factors, to an impairment charge in the previous year.

The net finance result improved from CHF –20.0 million to CHF –12.2 million. Factoring out one-off effects, this is attributable mainly to lower debt and higher interest income.

The consolidated result for the past year rose by 47% to CHF 304.2 million (previous year: CHF 207.0 million), which is almost as high as the record profit achieved in 2019.

Investments

In the reporting period, Zurich Airport Ltd.’s investment in property, plant and equipment, projects in progress and airport operator projects totalled CHF 437.7 million (previous year: CHF 235.3 million), of which CHF 226.6 million (previous year: CHF 208.3 million) was invested at the Zurich site.

The single biggest project at the Zurich site was the refurbishment and expansion of the baggage sorting system. Other major projects included the development of the landside passenger zones, the work in preparation for the development of the main airport complex (new Dock A, tower and dock base, etc.) and the extension of the Zone West apron.

Assets and financial position

As at the 2023 year-end, cash and cash equivalents and fixed-term deposits (excluding noise-related funds) amounted to CHF 483.2 million, with the Zurich site accounting for slightly less than CHF 400 million.

Among other things, this liquidity will be used to repay the CHF 300 million debenture maturing in May 2024 and to distribute the dividend.

Starting from cash flow from operating activities of CHF 680.6 million and investments in property, plant and equipment, projects in progress and airport operator projects totalling CHF 437.7 million, free cash flow for the reporting period came to CHF 242.8 million (previous year: CHF 253.3 million).

Financial outlook

Traffic volumes at the Zurich site are predicted to rise this year. Around 30 million passengers are expected, roughly 95% of the number reached in 2019.

Aviation revenue will slightly outperform traffic volumes. This is due especially to the increase in user fees introduced at the beginning of the year in connection with the refurbishment of the baggage sorting and handling system.

Non-aviation revenue is also expected to be higher. At the Zurich site, rising passenger numbers will have a positive impact on parking revenue, whereas the remaining commercial revenue will grow at a slower pace due in part to accounting effects (IFRS 16). Real estate revenue will be roughly in line with the prior-year figure. Revenue from international business will show above-average growth thanks to the integration of the newly acquired airport in Natal, Brazil and the general growth momentum in international business.

Operating expenses, particularly personnel and security-related expenses, are expected to be driven higher by inflation and volumes in financial year 2024.

Overall, Zurich Airport Ltd. expects to post both higher earnings before interest, tax, depreciation and amortisation (EBITDA) and a larger consolidated profit for full-year 2024 than in the past financial year.

Investment at the Zurich site will amount to between CHF 250 and 300 million in 2024. Investment at subsidiaries abroad is likely to be around the CHF 400 million mark, with the construction of the new airport in Noida making up the majority.

Dividend

The existing payout ratio of around 40% of net profit after adjustment for one-off effects will be retained and distributed in the form of an ordinary dividend. As in the previous year, an additional dividend will be distributed from capital contribution reserves along with the ordinary dividend.

The Board of Directors is proposing to the Annual General Meeting the payment of an ordinary dividend of CHF 4.00 per share as well as an additional dividend of CHF 1.30 per share.

The 2023 Annual Report and Investor Presentation of Zurich Airport Ltd. are available under https://report.flughafen-zuerich.ch/2023/ar/en/ and https://www.flughafen-zuerich.ch/newsroom/en/ir-presentations/.

1,959,580 passengers were handled at Zurich Airport in January (+13.4% vs. previous year). The number of local passengers increased by 11.5% and transfer passengers increased by 17.6%. The transfer rate, which was at 30.8% last January, is at 32.0% in the month under review. Passenger numbers were 91.8% of the 2019 level.

In January, flight movements increased by 8.4% to 18’439 versus previous year. Flight movements were 85.1% of the 2019 level.

Commercial Activities Zurich

Total turnover in January was CHF 42.7m (+4.3% vs. previous year). The increase divides into 6.7% for airside and 1.9% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 459,031 at Florianópolis Airport (+10.1% vs. previous year)
• 279,305 at Vitória/Macaé Airports (-4.0% vs. previous year)
• 242,068 at Antofagasta Airport (+21.4 % vs. previous year)
• 177,750 at Iquique Airport (+8.3% vs. previous year)
   

Upcoming events: Financial calendar

2,194,072 passengers were handled at Zurich Airport in December (+15.2% vs. previous year). The number of local passengers increased by 16.9% and transfer passengers increased by 11.7%. The transfer rate, which was at 32.1% last December, is at 31.1% in the month under review. Passenger numbers were 94.1% of the 2019 level.

In December, flight movements increased by 7.4% to 18,888 versus previous year. Flight movements were 93.5% of the 2019 level.

Commercial Activities Zurich

Total turnover in December was CHF 54.9m (+10.9% vs. previous year). The increase divides into 12.0% for airside and 9.6% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 392,126 at Florianópolis Airport (+8.5% vs. previous year)
• 281,634 at Vitória/Macaé Airports (+3.4% vs. previous year) 
• 217,406 at Antofagasta Airport (+16.3% vs. previous year)
• 139,984 at Iquique Airport (-5.6% vs. previous year)
   

Upcoming events: Financial calendar

2,045,158 passengers were handled at Zurich Airport in November (+13.8% vs. previous year). The number of local passengers increased by 17.3% and transfer passengers increased by 7.0%. The transfer rate, which was at 34.2% last November, is at 32.1% in the month under review. Passenger numbers were 91.7% of the 2019 level. 

In November, flight movements increased by 6.6% to 18,242 versus previous year. Flight movements were 92.0% of the 2019 level.

Commercial Activities Zurich

Total turnover in November was CHF 45.7m (+10.4% vs. previous year). The increase divides into 14.1% for airside and 6.5% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 345,408 at Florianópolis Airport (+10.8% vs. previous year) 
• 275,124 at Vitória/Macaé Airports (+7.9% vs. previous year) 
• 214,352 at Antofagasta Airport (+20.1% vs. previous year) 
• 137,820 at Iquique Airport (+0.2% vs. previous year)
   

Upcoming events: Financial calendar

2,867,694 passengers were handled at Zurich Airport in October (+18.6% vs. previous year). The number of local passengers increased by 18.0% and transfer passengers increased by 21.0%. The transfer rate, which was at 26.6% last October, is at 27.1% in the month under review. Passenger numbers were 99.9% of the 2019 level. 

In October, flight movements increased by 11.5% to 23,400 versus previous year. Flight movements were 97.3% of the 2019 level.

Commercial Activities Zurich

Total turnover in October was CHF 55.5m (+11.3% vs. previous year). The increase divides into 17.7% for airside and 3.0% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 327,706 at Florianópolis Airport (+14.4% vs. previous year)
• 284,826 at Vitória/Macaé Airports (+8.2% vs. previous year)
• 206,334 at Antofagasta Airport (+19.2% vs. previous year)
• 144,840 at Iquique Airport (+2.3% vs. previous year)
   

Upcoming events: Financial calendar

2,818,696 passengers were handled at Zurich Airport in September (+21.3% vs. previous year). The number of local passengers increased by 19.3% and transfer passengers increased by 26.3%. The transfer rate, which was at 29.2% last September, is at 30.4% in the month under review. Passenger numbers were 97.6% of the 2019 level. 

In September, flight movements increased by 12.5% to 23,310 versus previous year. Flight movements were 95.7% of the 2019 level.

Commercial Activities Zurich

Total turnover in September was CHF 55.9m (+14.0% vs. previous year). The increase divides into 18.8% for airside and 7.7% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 321,474 at Florianópolis Airport (+24.8% vs. previous year)
• 303,212 at Vitória/Macaé Airports (+17.3% vs. previous year)
• 194,776 at Antofagasta Airport (+17.5% vs. previous year)
• 147,302 at Iquique Airport (+2.9% vs. previous year) 
   

Upcoming events: Financial calendar

2,921,620 passengers were handled at Zurich Airport in August (+18.3% vs. previous year). The number of local passengers increased by 18.0% and transfer passengers increased by 19.2%. The transfer rate, which was at 30.3% last August, is at 30.5% in the month under review. Passenger numbers were 93.9% of the 2019 level.

In August, flight movements increased by 8.5% to 23,234 versus previous year. Flight movements were 92.0% of the 2019 level.

Commercial Activities Zurich

Total turnover in August was CHF 54.5m (+11.6% vs. previous year). The increase divides into 15.8% for airside and 6.3% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 324,753 at Florianópolis Airport (+20.8% vs. previous year)
• 337,982 at Vitória/Macaé Airports (+25.9% vs. previous year)
• 197,628 at Antofagasta Airport (+24.1% vs. previous year)
• 153,630 at Iquique Airport (+3.3% vs. previous year)

Upcoming events: Financial calendar

• Confirmation of the long-term strategy that Zurich Airport continues to be one of the best airports in Europe and offers the highest quality of stay.
• Confirmation of medium-term financial targets with an incremental EBITDA contribution of CHF 100 million compared to 2019 as soon as traffic will have fully recovered at the Zurich site.
• Financial outlook for the new Noida International Airport in India.
• Solid cash flows enable continued investments in innovation and position the company for long-term growth.

Confirmation of the long-term strategy

Zurich Airport Ltd.'s long-term strategy has paid off and does not require any major adjustments. A central pillar of the strategy is that Zurich Airport continues to be one of the best airports in Europe in terms of quality. Not only the physical experience of the travelers is important, but also the positioning in the digital area. Therefore, all projects in the physical and digital world must contribute to quality, value creation and the sustainability goals to further develop the airports belonging to Zurich Airport Ltd. for customers and future generations.

The Circle is in its third year of operation and has largely developed very successfully. Modules such as gastronomy, hotels, the congress centre, health or office space have become very well established and well-known national and international companies choose the Circle as a location for their employees. To further increase the quality of stay, a few small adjustments – in particular the creation of additional gastronomy units and office space – are planned.

Medium-term financial goals

The previous medium-term financial goal – an incremental EBITDA contribution of CHF 100 million compared to 2019 as soon as traffic at the Zurich site will have fully recovered – is confirmed. This incremental EBITDA contribution comes primarily from the broader diversification of the business model. This includes the acquisition of the Priora properties at the end of 2019, the opening of the Circle in November 2020 and the acquisition of new airport concessions abroad, including the new airport in Noida in the south of the Indian metropolis of Delhi.

It is still expected that the traffic figures at the Zurich site will reach the level of 2019 again in 2025.

Financial outlook Noida International Airport

In 2019, Zurich Airport Ltd. was selected as the preferred bidder to develop, build and operate the new Noida International Airport in India. Despite the pandemic, the project has been developing according to plan since then. Milestones such as the signing of the concession agreement, securing local bank financing, the signing of the construction contract and the award of several sub-concessions (including freight handling, hotel and catering) were realised. Current planning continues to expect that Noida International Airport will open at the end of 2024.

Compared to the assumptions from 2019, the traffic estimates after the inauguration of the new airport are significantly higher and around 6.5 million passengers are expected in the first full year of operation. From the first year of operation, an EBITDA contribution in the double-digit million range in Swiss francs is expected, which is then forecast to increase to the three-digit million range in Swiss francs within less than five years.

Capital allocation

Due to the strong recovery, part of the additional debt incurred during the pandemic years has already been repaid this year. The solid cash flows make it possible to finance the investments to a large extent from own resources and allow a targeted further development of the business segments. In addition, Zurich Airport Ltd. aims to maintain an attractive dividend policy.

Presentation

The presentations for the Capital Markets Day are available on the Investor Relations website (https://www.flughafen-zuerich.ch/newsroom/en/ir-presentations/) of Zurich Airport Ltd. The recordings of the presentations can be requested from Investor Relations (investor.relations@zurich-airport.com).

Aviation revenue

Flight operations charges increased by around 36% to CHF 245.5 million thanks to higher traffic volumes. Aviation fees and other aviation revenue amounted to CHF 33.1 million in total, a rise of 28%.

Total aviation revenue rose by CHF 72.7 million (+35%) to CHF 278.6 million, equivalent to 88% of the aviation revenue posted for the first half of 2019. 

Non-aviation revenue

Non-aviation revenue climbed by 18% to CHF 298.1 million, an increase of almost 10% on the first half of 2019.

Total commercial and parking revenue increased by 14% year on year to CHF 127.0 million thanks in particular to higher passenger numbers.

Real estate revenue remained on an upward trajectory, rising by 18% to CHF 97.6 million. This rise is attributable primarily to additional rental income in connection with the reorganisation of the south site (hangar buildings), which was acquired from Priora Suisse AG at the end of 2019, as well as to higher energy and utility cost allocations.

Revenue from services rose by 11% to CHF 22.0 million.

The increase in revenue from international business to CHF 51.5 million is due to the sustained strong recovery at foreign airport holdings and higher revenue from construction projects (concession accounting). Factoring out the income statement-neutral revenue from construction projects, revenue from international business climbed by 31%.

Operating expenses

Rising at a slower pace than revenue, operating expenses increased by 15% year on year to CHF 252.9 million. After adjustment for expenses for construction projects (concession accounting), operating expenses were 1% higher than in the first half of 2019.

Personnel expenses increased by CHF 8.8 million compared with the prior-year period to CHF 103.2 million (+9%). In addition, costs for police and security rose by CHF 6.0 million year on year (+12%) due to higher passenger volumes.

Energy and waste costs showed a rise of CHF 6.6 million (+38%) to CHF 23.8 million, mainly reflecting higher electricity prices.

Operating and consolidated result

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by CHF 85.6 million year on year to CHF 323.8 million (+36%). Compared with the first half of 2019, EBITDA was up by 7%.

Depreciation and amortisation were almost unchanged compared with the prior-year period at CHF 142.6 million.

The net finance result improved from CHF –26.9 million to CHF –8.6 million. At the Zurich site, the redemption of a CHF 400 million debenture in April 2023 reduced interest payments and the end of the period of negative interest rates means that it is now possible again to generate positive interest income. Lower inflation figures in Brazil compared with the first half of the previous year likewise had a positive impact on the interest payments made by the local subsidiary. In addition, fair value changes at the Airport Zurich Noise Fund generated income in the first half of 2023 after resulting in expenses in the prior-year period.

Consequently, the consolidated result for the past six-month period increased markedly to a profit of CHF 138.1 million (previous year: CHF 55.4 million). 

Investments

In the reporting period, Zurich Airport Ltd.’s investment in property, plant and equipment, projects in progress and airport operator projects totalled CHF 162.9 million (previous year: CHF 105.6 million), of which CHF 84.2 million (previous year: CHF 92.4 million) was invested at the Zurich site.

The single biggest project at the Zurich site was the refurbishment and expansion of the baggage sorting system. Other major projects included the development of the landside passenger zones, the work in preparation for the development of the main airport complex (new Dock A, tower and dock base, etc.) and the extension of the Zone West apron.

Assets and financial position

The high liquidity held at the end of 2022 was used, among other things, to fully repay the maturing CHF 400 million debenture in April 2023 without refinancing and to resume dividend payments. The next debenture – for CHF 300 million – will mature in May 2024.

As at mid-2023, cash and cash equivalents and fixed-term deposits (excluding noise-related funds) amounted to CHF 337.8 million, with the Zurich site accounting for roughly CHF 300 million.

Starting from cash flow from operating activities of CHF 316.3 million and investments in property, plant and equipment, projects in progress and airport operator projects totalling CHF 162.9 million, free cash flow for the reporting period came to CHF 153.4 million (previous year: CHF 129.0 million). 

Financial outlook

This current year has turned out better than initially expected, and international travel continues to recover. Passenger numbers at the Zurich site are expected to rise to around 28 million in 2023.

Aviation revenue will mirror traffic volumes. Non-aviation revenue is also expected to be on a positive trend. Rising passenger numbers at the Zurich site will lead to higher commercial and parking revenue. A further increase in revenue from rental agreements and from international business activities is also anticipated.

Operating expenses, in particular personnel and security-related expenses, are expected to be driven higher by inflation in financial year 2023. The growth in traffic volumes will also have the effect of pushing up expenses. Significantly higher energy costs are likewise to be expected again.

Overall, Zurich Airport Ltd. expects to post a much higher consolidated profit for full-year 2023 than in the past financial year.

Investment at the Zurich site will amount to approximately CHF 200 million in 2023. Investment at subsidiaries abroad is likely to be around the CHF 300 million mark, with the construction of the new airport in Noida in particular set to pick up pace. 

The 2023 Interim Report of Zurich Airport Ltd. is available under https://report.flughafen-zuerich.ch/2023/hyr/en/.

2,915,279 passengers were handled at Zurich Airport in July (+15.7% vs. previous year). The number of local passengers increased by 17.9% and transfer passengers increased by 10.4%. The transfer rate, which was at 28.4% last July, is at 27.1% in the month under review. Passenger numbers were 92.6% of the 2019 level.

In July, flight movements increased by 9.7% to 23,748 versus previous year. Flight movements were 92.2% of the 2019 level.

Commercial Activities Zurich

Total turnover in July was CHF 61.1m (+12.6% vs. previous year). The increase divides into 17.8% for airside and 5.5% for landside.

Traffic Figures International

At the international airports, the passenger count was as follows for the month under review: 

• 320,082 at Florianópolis Airport (+12.4% vs. previous year)
• 329,766 at Vitória/Macaé Airports (+21.9% vs. previous year)
• 214,020 at Antofagasta Airport (+22.5% vs. previous year)
• 171,838 at Iquique Airport (+10.6% vs. previous year)

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