Flughafen Zurich Ag · SIX:FHZN
Flughafen Zurich — H1 2026 Earnings Presentation
43 slides from Flughafen Zurich's earnings presentation, Aug 28, 2026
Slide 1: Half Year Results 2026
Half Year Results 2026 Presentation to Investors & Analysts Lukas Brosi, Chief Executive Officer Kevin Fleck, Chief Financial Officer August 28th, 2026
Slide 2: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix
Slide 3: Milestones
Milestones 3
Slide 4: Milestones
Milestones Business Update Half year 2026 Financial Update ▪ Traffic: 15.8 million passengers in HY2026, representing 6% growth versus the prior-year period; Aviation ZRH continued strong demand despite Middle East conflict ▪ Charges: New airport charges from 1 October 2026 Commercial/ ▪ Airside: Hi
Slide 5: Financial Summary
Financial Summary Business Update Strongest first-half performance in the company’s history Revenue (in million CHF) EBITDA (in million CHF) Financial Update 641 674 359 374 Outlook HY2025 HY2026 HY2025 HY2026 Consolidated Result (in million CHF) CAPEX Group1 (in million CHF) Q&A 423 International 2
Slide 6: Aviation Zurich Airport
Aviation 5 Zurich Airport
Slide 7: Traffic Development ZRH
Traffic Development ZRH Business Update High demand despite Middle East conflict Passengers (in million) Seat Load Factor Financial Update 2.9 3.0 82% 82% 2.9 80% 2.5 75% 77% 77% 2.2 2.2 2.9 81% 80% 2.8 2.8 77% 2.4 73% 75% 75% 2.1 2.0 Total: 15.0 Total: 15.8 Total: 77% Total: 79% Outlook Jan Feb Mar
Slide 8: Aviation Business
Aviation Business Business Update Stable operations with high quality ensured Financial Update Stable and reliable flight operations despite the high volume of traffic and ongoing construction Outlook 3 new airlines welcomed to Zurich: Norwegian, Kuwait Airways and China Eastern Airlines In the curr
Slide 9: Commercial Business and Real Estate
Commercial Business and Real Estate 9
Slide 10: Commercial Business ZRH
Commercial Business ZRH Business Update Higher turnover despite landside construction works Commercial Turnover (in million CHF) Financial Update 298 295 307 282 +3.9 % 218 127 90 Outlook HY2020 HY2021 HY2022 HY2023 HY2024 HY2025 HY2026 Turnover Airside (CHFm) Turnover Landside (CHFm) Q&A Total Airs
Slide 11: Commercial Business ZRH
Commercial Business ZRH Business Update Update Commercial Projects Landside Passenger Zones New Dock A Financial Update ▪ Construction of new Dock A will require the closure of commercial spaces in the Airside Center from 2029 until the end of 2035. ▪ Commercial revenue impacts are Outlook expected.
Slide 12: Real Estate ZRH
Real Estate ZRH Business Update Higher revenues and energy & utility cost allocations Financial Update CHF 100m Real Estate Revenue ▪ Revenue from rental and leasing agreements continued to rise (+2%) ▪ Higher energy and utility cost allocations (+4%) ▪ Total real estate revenues increased by 2% to
Slide 13: International
International 13 Zurich Airport S 2
Slide 14: International Passenger Traffic
International Passenger Traffic Business Update 10% traffic growth in Latin America versus HY2025 Florianópolis (in thousands) Vitória / Macaé (in thousands) Financial Update 672 585 350 524 335 336 344 316 301 383 362 347 549 492 458 303 303 316 311 284 383 347 252 334 Outlook Total: 2.6m Total: 2.
Slide 15: International
International Business Update Strong performance in Brazil Financial Update Florianópolis Vitória/Macaé Natal Iquique Brazil Brazil Brazil Chile Outlook ▪ Start of expansion of ▪ Construction of additional ▪ Achieved the second-highest ▪ Construction of northern apron commercial space in the lounge
Slide 16: Divestment of minority stake in Belo Horizonte International Airport
International Business Update Divestment of minority stake in Belo Horizonte International Airport Transaction Background and Overview Financial Update ▪ Agreement was reached to divest 12.75% minority stake in Belo Horizonte International Airport to Grupo Aeroportuario del Sureste (ASUR). ▪ The tra
Slide 17: Noida International Airport commenced operations on 15 June 2026
International Business Update Noida International Airport commenced operations on 15 June 2026 Financial Update Milestones Traffic Development Outlook ▪ After 4 years of construction, operations have 1’044 ▪ Slower ramp-up expected due to challenging commenced on 15 June 2026, establishing a geopoli
Slide 18: International Strategy
International Strategy Business Update Our vision for the international business Financial Update Vision 2040 ▪ In 2040, our international business is a financially self-sufficient business unit that can fund its capital requirements from its own resources. We operate the best airports in our focus
Slide 19: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 19
Slide 20: Half Year 2026 Result
Half Year 2026 Result Business Update Higher revenues, EBITDA and consolidated result Revenue (in million CHF) Revenue Split (in million CHF) Financial Update ▪ Total revenues 5% above 641 674 ▪ Higher aviation revenues 641 674 HY2025 (+5%) driven by increased 639 669 traffic volumes in Zurich 312 3
Slide 21: Half Year 2026 Result
Half Year 2026 Result Business Update Increase in non-aviation revenues Commercial & Parking (in million CHF) Real Estate (in million CHF) Financial Update ▪ Commercial and parking ▪ Increased revenues from revenue increased slightly rental agreements (+2%) by 2%, mainly driven by and energy and uti
Slide 22: Half Year 2026 Result
Half Year 2026 Result Business Update OPEX rose by 5% (excl. concession accounting), impacted by opening of Noida Total Operating Expenses (in million CHF) Personnel Expenses (in million CHF) Financial Update ▪ OPEX increased by 6% ▪ Personnel expenses rose over the prior-year period 282 299 by 5% m
Slide 23: Half Year 2026 Result: Key financial ratios
Half Year 2026 Result Business Update Key financial ratios Net Financial Debt / EBITDA1 ROIC (in %) Financial Update ▪ Net Financial Debt is ▪ Stable development of the CHF 1,617m ROIC compared to HY2025 8.0% 7.9% ▪ Slight increase of leverage ratio due to 1.9x 2.1x higher dividend payment Outlook i
Slide 24: Group CAPEX
Half Year 2026 Result Business Update Group CAPEX Total Group CAPEX1 (in million CHF) Financial Update 423 4 111 Outlook 269 6 New Dock A, Tower and Base CHF ~72 million Development Landside Area CHF ~22 million 60 307 Q&A 202 Appendix HY2025 HY2026 ZRH India Latin America New Baggage Sorting System
Slide 25: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 25
Slide 26: Outlook: Guidance 2026
Outlook Business Update Guidance 2026 2025 Actual 2026 Guidance Financial Update Passengers ZRH 32.6 million ▪ Over 33 million passengers (growth rate ~3%) (previously "2-3%") Revenues1 CHF 1,351 million ▪ Aviation: stable, introduction of the new airport charges in ZRH from 1 October 2026, offset b
Slide 27: Group strategy
Outlook Business Update Group strategy Purpose Business segments Values and culture Target dimensions Financial Update Business development Strengthening the business segments Mobility Five values that we share hubs Economics C Collaborative Outlook Efficient capital allocation We connect people and
Slide 28: Zurich Airport Group 2040
Outlook Business Update Zurich Airport Group 2040 Target dimensions Goals 2040 Financial Update Business development > CHF 3 billion revenues (> 5% CAGR) Strengthening the business segments Economics > 8% ROIC Outlook Efficient capital allocation Innovation and efficiency > 55% EBITDA margin New ide
Slide 29: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix
Slide 30: Corporate Calendar
Corporate Calendar Business Update Contact information ▪ 3 September 2026 Roadshow ZKB, Zurich Financial Update ▪ 9 September 2026 Kevin Fleck UBS Transport Conference, London Chief Financial Officer ▪ 21 September 2026 Baader Investment Conference, Munich Outlook ▪ 23 September 2026 UBS Best of Swi
Slide 31: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 31
Slide 32: Performance by Segment
Performance by Segment Business Update All segments with strong contribution Financial Update HY2026 Aviation Commercial Real Estate Services International2 Revenue 51% CHF 345m CHF 134m CHF 100m CHF 27m CHF 67m CHF 674m Outlook 10% Q&A EBITDA1 CHF 158m CHF 179m CHF 38m CHF 374m Appendix 1 Incl. Noi
Slide 33: Liquidity and Debt Overview
Liquidity and Debt Overview Business Update As of 30 June 2026 Liquidity (in million CHF) Bond Maturity Profile (in million CHF) 1 Financial Update 350 365 Committed credit facilities CHF 300m Total utilization (incl. guarantees) CHF 38m 200 150 Available short-term credit facilities CHF 262m Cash b
Slide 34: International Portfolio
International Portfolio Business Update Focus on Brazil and India Florianópolis International Airport Switzerland Iquique Airport Financial Update ▪ New terminal completed in October 2019 Curaçao ▪ New terminal completed ▪ Expansion of Northern Apron underway Delhi Noida Airports in Vitória/Macaé Be
Slide 35: Portfolio overview – majority owned airports
International Business Update Portfolio overview – majority owned airports Florianópolis, Vitória/Macaé, Natal, Aport (Antofagasta1 Noida Delhi, Financial Update Brazil Brazil Brazil and Iquique), Chile2 India3/4 HY26 HY25 Δ HY26 HY25 Δ HY26 HY25 Δ HY26 HY25 Δ HY26 HY25 Δ Passengers (in millions) 2.
Slide 36: Group Key Figures
Group Key Figures Business Update Income statement Financial Update in million CHF Jan – Jun 2026 Jan – Jun 2025 Aviation revenue 345.2 327.3 Non-aviation revenue 328.4 313.4 Revenue 673.6 640.7 EBITDA 374.2 358.8 Outlook EBITDA margin (in %) 55.5 56.0 Depreciation and amortization (155.6) (149.7) E
Slide 37: Revenue Breakdown
Revenue Breakdown Business Update Aviation business in million CHF Jan – Jun 2026 Jan – Jun 2025 Financial Update Passenger-related flight operations charges 221.0 209.8 Landing charges 43.9 42.4 Aircraft-related noise charges 7.0 7.0 Emission charges 2.0 2.0 Aircraft parking charges 17.4 15.2 Freig
Slide 38: Revenue Breakdown
Revenue Breakdown Business Update Non-aviation business in million CHF Jan – Jun 2026 Jan – Jun 2025 Financial Update Retail, tax & duty-free 55.8 56.2 Food & beverage 13.7 12.3 Advertising media and promotion 9.4 9.3 Revenue from car parks 45.8 45.0 Other commercial revenue 9.6 9.4 Total commercial
Slide 39: Cost Overview
Cost Overview Business Update Operating expenses breakdown Financial Update in million CHF Jan – Jun 2026 Jan – Jun 2025 Personnel expenses 137.6 131.6 Police and security 66.6 65.6 Energy and waste 18.7 18.5 Maintenance and material 24.1 22.7 Outlook Other operating expenses 27.6 24.1 Sales, market
Slide 40: Passengers and Movements Development
Passengers and Movements Development Business Update Since ZRH privatization Historical Traffic Numbers Financial Update 35 32.6 31.1 31.5 31.2 450,000 29.4 28.9 30 27.7 26.3 400,000 25.5 24.3 24.8 24.9 Total Passengers (in millions) 25 22.6 22.9 22.6 22.1 21.9 350,000 Outlook 21.0 20.7 Flight movem
Slide 41: Traffic Data ZRH
Traffic Data ZRH Business Update Top 5 airlines, alliances, destinations and aircraft types at ZRH Airlines ZRH (% of passengers) Alliance Share ZRH (% of passengers) Financial Update 50.2% Lufthansa Group 65.9% SWISS 51.9% 67.2% 10.2% Star Alliance 61.1% Edelweiss 9.7% 63.9% 3.4% Oneworld 5.8% Easy
Slide 42: Passenger Development
Passenger Development Business Update Global market figures (2025 vs. 2024) Financial Update Worldwide 2025 From/to ZRH +5% Europe 2025 Global market +4% Share ZRH 75.0% From/to ZRH +4% Global market +6% Middle East 2025 Outlook Share ZRH 5.1% From/to ZRH +9% North America 2025 Global market +5% Sha
Slide 43: Disclaimer
Disclaimer Business Update Forward-looking statements This document has been prepared by Zurich Airport Ltd. for use in this presentation. Financial Update The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is