Flughafen Zurich Ag · SIX:FHZN
Flughafen Zurich — FY2024 Earnings Presentation
45 slides from Flughafen Zurich's earnings presentation, Mar 7, 2025
Slide 1: Full Year Results 2024
Full Year Results 2024 Presentation to Investors & Analysts Lukas Brosi, Chief Executive Officer Kevin Fleck, Chief Financial Officer March 7th, 2025
Slide 2: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 2
Slide 3: Milestones
Milestones 3
Slide 4: Milestones Full Year 2024
Milestones Business Update Full Year 2024 Financial Update ▪ Traffic: Passenger levels at Zurich reached 31.2 million, nearly matching pre-crisis levels (99%) Aviation ▪ Network: After 25 years, Air India has returned to Zurich Airport, operating four weekly flights ▪ Charges: Swiss Federal Council
Slide 5: Financial Summary
Financial Summery Business Update Financial Figures setting new record Levels Revenue (in million CHF) EBITDA (in million CHF) Financial Update 1,236 1,326 677 733 Outlook FY2023 FY2024 FY2023 FY2024 Consolidated Results1 (in million CHF) CAPEX Group2 (in million CHF) Q&A 571 438 International Inter
Slide 6: Strategy Map
Strategy Map Business Update Sharpened Strategy with clear KPI’s Financial Update Business Economics Innovation & Quality & ESG Values & performance Efficiency Customer Exp. Culture Strengthening the business Efficient capital New ideas for High-quality physical A leader in sustainability Five value
Slide 7: Sustainability & Innovation
Sustainability & Innovation Business Update New Initiatives launched First Electric Truck Offtake Agreement Solar Fuel Test of self-driving Shuttle Bus Financial Update Outlook ▪ In December 2024, the first electric ▪ In December 2024, Zurich Airport Ltd. ▪ Zurich Airport Ltd. will test automated wa
Slide 8: Aviation
Aviation 8
Slide 9: Traffic Development ZRH
Traffic Development ZRH Business Update Traffic figures almost completely recovered (passenger figures at 99% of 2019 level) Passengers (in million) Seat Load Factor Financial Update 3.1 3.1 2.9 3.0 85.0% 85.2% 2.8 2.8 83.6% 82.9% 2.6 82.2% 2.3 2.2 2.4 79.9% 81.1% 80.0% 2.0 2.0 2.9 2.9 2.8 2.9 77.5%
Slide 10: Aviation Business
Aviation Business Business Update Second-highest passenger volume in 2024 In the reporting year, a total of 31.2 million passengers flew through Zurich Airport, Financial Update representing a level of 99% compared to 2019. 2024 was the second-busiest year in the airport's history on an annual basis
Slide 11: Passenger Development at Zurich Airport
Passenger Development at Zurich Airport Business Update Top countries in 2024 vs. 2019 Europe North America Financial Update >105% 95% < x ≤ 105% Canada ≤ 95% (116%) United Highlights USA Kingdom (107%) Denmark (96%) (87%) Germany Outlook Netherlands (72%) (83%) Highlights Austria Asia (80%) France
Slide 12: Commercial Business and Real Estate
Commercial Business and Real Estate 12
Slide 13: Strong Segment Results
Commercial Business and Real Estate ZRH Business Update Strong Segment Results CHF 630m turnover in commercial business Financial Update ▪ Landside turnover at 109% of 2019 ▪ Airside turnover at 102% of 2019 ▪ Generated around CHF 145m in retail, tax & duty free, F&B revenues The high passenger volu
Slide 14: Development of Landside Passenger Zones
Development of Landside Passenger Zones Business Update Comprehensive Renovation of the Landside Airport Shopping Project Update Project visualization Financial Update ▪ The development of landside passenger zones aims to create space for passenger flows and eliminate bottlenecks ▪ The redesign will
Slide 15: Commercial Turnover on record levels
Commercial Business ZRH Business Update Commercial Turnover on record levels Commercial Turnover (in million CHF) Financial Update 601 609 630 511 237 295 Outlook FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Q&A Turnover Airside (CHFm) Turnover Landside (CHFm) Total Airside Commercial Area ~14,200m2 To
Slide 16: International
International 16
Slide 17: International Passenger Traffic
International Passenger Traffic Business Update Integration of Natal Airport and special effect at Florianópolis Florianópolis (in thousands) Vitória / Macaé (in thousands) Financial Update 459 481 462 440 429 437 368 358 372 390 369 330 338 303 306 303 313 291 269 277 294 291 282 417 392 231 319 33
Slide 18: Majority Owned Airports in Latin America
International Business Update Majority owned Airports in Latin America Brazil Chile Financial Update Outlook Florianópolis Vitória/Macaé Natal Iquique/Antofagasta ▪ Florianópolis Airport benefited ▪ Vitória: Real estate development ▪ Successfully took over operations ▪ Antofagasta: Concession ending
Slide 19: Noida Airport
International Noida Airport Achieved Milestones in 2024 ▪ Successfully conducted validation flights in December 2024, marking a critical step in the aerodrome licensing process ▪ Completed construction of the runway and air traffic control tower ▪ Finalized two power purchase agreements with Tata Po
Slide 20: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 20
Slide 21: Rising Revenues and Profits
Rising Revenues and Profits Business Update Full Year 2024 Revenue (in million CHF) Revenue Split (in million CHF) Financial Update 1,236 1,326 ▪ All business segments ▪ Higher aviation revenues contributed to the 1,326 driven by increased traffic 653 1,236 626 increase in revenues volumes and user
Slide 22: Non-Aviation Figures
Non-Aviation Figures Business Update Full Year 2024 Commercial & Parking (in million CHF) Real Estate (in million CHF) Financial Update ▪ Retail, tax & duty-free and ▪ Increased revenues from F&B revenues increased rental agreements, but by 4% reduced energy and utility ▪ Advertising media and 264 2
Slide 23: Operating Expenses
Operating Expenses Business Update Full Year 2024 Total Operating Expenses (in million CHF) Personnel Expenses (in million CHF) Financial Update ▪ In 2024, OPEX increased by 560 593 ▪ Personnel expenses rose 6% due to volume effects and by 11% mainly due to 521 566 additional hiring and inflation ▪
Slide 24: Key Financial Ratios
Key Financial Ratios Business Update Full Year 2024 Net Financial Debt / EBITDA ROIC (in %) Financial Update ▪ Net Financial Debt is ▪ Higher profits more than CHF 1,201m offset the impact of increased invested capital, 7.9% ▪ Leverage ratio remains 7.0% almost unchanged resulting in an improved 1.6
Slide 25: Group CAPEX
Group CAPEX Business Update Full Year 2024 Financial Update New Baggage Sorting System ~CHF 47 million New Dock A, Tower and Base ~CHF 47 million Outlook Q&A Appendix Total Group CAPEX1 of CHF 571 million Development landside area ~CHF 33 million Noida International Airport ~CHF 195 million 1 Cash v
Slide 26: Tariff Setting for Upcoming ZRH Charges Period
Tariff Setting for Upcoming ZRH Charges Period Business Update Procedure for Setting Flight Operations Charges starts in April 2025 The process of determining flight operations charges in accordance with the Ordinance on Airport Charges (OAC) Financial Update is set to commence in April 2025, with n
Slide 27: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 27
Slide 28: Outlook: Guidance 2025
Outlook Business Update Guidance 2025 2024 Actual 2025 Guidance Financial Update Passengers ZRH 31.2 million ▪ Around 32 million passengers (growth rate 2-3%) Revenues CHF 1,299 million ▪ Aviation: in line with traffic development (excl. IFRIC12) ▪ Non-Aviation: slightly higher than in 2024 Aviation
Slide 29: Dividend Policy
Dividend Policy Business Update Updated Dividend Policy following Depletion of Capital Contribution Reserves After suspending dividend payments during the pandemic, dividend distribution resumed for FY2022. However, Financial Update with the depletion of capital contribution reserves, a new dividend
Slide 30: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 30
Slide 31: Corporate Calendar and Contact Information
Corporate Calendar Business Update Contact Information ▪ Financial Update March 19, 2025 Kepler Swiss Seminar, Zurich Kevin Fleck ▪ March 25, 2025 Chief Financial Officer Bank of America Infrastructure Conference, London ▪ April 14, 2025 Annual General Meeting Outlook ▪ August 27, 2025 Publication o
Slide 32: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 32
Slide 33: Zurich Airport at a Glance
Zurich Airport at a Glance Business Update Diversified Airport Operator Aviation Non-Aviation / unregulated Financial Update 2024 revenue of CHF 673 million Commercial & Parking ▪ “To satisfy the demand for direct connections to 2024 revenue of CHF 276 million the world’s major cities” ▪ Premier com
Slide 34: Performance by Segment
Performance by Segment Business Update All Segments with high Contribution Financial Update FY2024 Aviation Commercial Real Estate Services International2 Revenue 51% CHF 673m CHF 276m CHF 197m CHF 49m CHF 131m CHF 1,326m Outlook 8% Q&A EBITDA1 CHF 318m CHF 356m CHF 59m CHF 733m Appendix The Aviatio
Slide 35: Liquidity and Debt Overview
Liquidity and Debt Overview Business Update As of December 31, 2024 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 11m 200 Available short-term credit facilities CHF 289m Cash
Slide 36: 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 international area planned in 2025 ▪ No major investments expect
Slide 37: Portfolio Overview – Majority Owned Airports
International Business Update Portfolio Overview – Majority Owned Airports Florianópolis, Vitória/Macaé, Natal, Aport (Antofagasta Noida Delhi, Financial Update Brazil Brazil Brazil1 and Iquique), Chile2 India3 FY24 FY23 Δ FY24 FY23 Δ FY24 FY23 Δ FY24 FY23 Δ FY24 FY23 Δ Passengers (in millions) 4.9
Slide 38: Group Key Figures
Group Key Figures Business Update Income Statement in million CHF Jan – Dec 2024 Jan – Dec 2023 Financial Update Aviation revenue 672.8 610.1 Non-aviation revenue 653.5 626.2 Revenue 1,326.3 1,236.3 EBITDA 733.0 676.7 EBITDA margin (in %) 55.3 54.7 Outlook Depreciation and amortization (299.5) (286.
Slide 39: Revenue Breakdown: Aviation Business
Revenue Breakdown Business Update Aviation Business in million CHF Jan – Dec 2024 Jan – Dec 2023 Financial Update Passenger-related operations charges 437.7 406.4 Landing charges 84.3 78.4 Aircraft-related noise charges 16.0 15.4 Emission charges 4.0 3.6 Aircraft parking charges 28.7 28.2 Outlook Fr
Slide 40: Revenue Breakdown: Non-Aviation Business
Revenue Breakdown Business Update Non-Aviation Business in million CHF Jan – Dec 2024 Jan – Dec 2023 Financial Update Retail, tax & duty-free 118.7 114.4 Food & beverage operations 26.5 25.0 Advertising media and promotion 19.2 17.8 Other commercial revenue 18.6 17.5 Revenue from multi-story car par
Slide 41: Cost Overview
Cost Overview Business Update Operating Expenses Breakdown in million CHF Jan – Dec 2024 Jan – Dec 2023 Financial Update Personnel expenses 244.9 220.0 Police and security 129.9 116.6 Energy and waste 44.4 48.9 Maintenance and material 47.3 41.7 Other operating expenses 60.5 57.2 Outlook Sales, mark
Slide 42: Passengers and Movements Development
Passengers and Movements Development Business Update Since ZRH Privatization Historical Traffic Numbers Financial Update 35 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 movements
Slide 43: 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 51.9% Lufthansa Group 67.2% SWISS 51.3% 66.8% 9.7% Star Alliance 63.9% Edelweiss 9.5% 64.9% 2.2% Oneworld 5.6% EasyJ
Slide 44: Passenger Development: Global Market Figures
Passenger Development Business Update Global Market Figures (2024 vs. 2023) Financial Update Worldwide 2024 From/to ZRH +8% Global market +9% Europe 2024 Share ZRH 75.3% From/to ZRH +8% Global market +9% Middle East 2024 Outlook Share ZRH 4.9% From/to ZRH -3% North America 2024 Global market +7% Sha
Slide 45: 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
Flughafen Zürich AG (Zurich Airport) — FY2024 Earnings Presentation on 6ix