Flughafen Zurich Ag · SIX:FHZN
Flughafen Zurich — H1 2025 Earnings Presentation
43 slides from Flughafen Zurich's earnings presentation, Aug 26, 2025
Slide 1: Half Year Results 2025
Half Year Results 2025 Presentation to Investors & Analysts Lukas Brosi, Chief Executive Officer Kevin Fleck, Chief Financial Officer August 26th, 2025
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 2
Slide 3: Milestones
Milestones 3
Slide 4: Milestones Half Year 2025
Milestones Business Update Half Year 2025 ▪ Traffic: 15m passengers in H1 2025, new first half year record in the airport’s history Financial Update Aviation ▪ Network: 206 destinations served by 63 airlines; new long-haul routes to Seattle and Halifax ▪ Charges: Start of the process of determining
Slide 5: Financial Summary
Financial Summary Business Update Best Half Year Result in the Company’s History Revenue (in million CHF) EBITDA (in million CHF) Financial Update 631 641 347 359 Outlook HY2024 HY2025 HY2024 HY2025 Consolidated Results (in million CHF) CAPEX Group1 (in million CHF) Q&A 423 275 International 152 161
Slide 6: Aviation
Aviation 6
Slide 7: Traffic Development ZRH
Traffic Development ZRH Business Update New Record Passenger Volume in First Half of 2025 Passengers (in million) Seat Load Factor Financial Update 2.8 2.8 2.9 82.1% 2.4 79.6% 80.6% 79.1% 2.1 2.0 76.9% 2.6 2.8 2.8 82.0% 2.3 73.6% 79.8% 2.0 2.0 76.9% 75.2% 75.1% 73.0% Outlook Jan Feb Mar Apr May Jun
Slide 8: Aviation Business ZRH
Aviation Business ZRH Business Update Strong Development in First Half of 2025 In the first half of the year, a total of 15 million passengers flew through Zurich Airport. Financial Update This corresponds to growth of 3% compared to the prior-year period and sets a new record for passenger volume i
Slide 9: SWISS & Edelweiss Fleet Renewal
SWISS & Edelweiss Fleet Renewal Business Update First Swiss registered A350 marked Start of Fleet Renewal Background Financial Update ▪ First Airbus A350 with Swiss registration landed in Zurich in March 2025 ▪ SWISS will welcome ten Airbus A350 to its fleet until 2031 to replace older long-haul air
Slide 10: Commercial Business and Real Estate
Commercial Business and Real Estate 10
Slide 11: Commercial Business and Real Estate ZRH
Commercial Business and Real Estate ZRH Business Update Key Pillars of Business Performance CHF 295m turnover in commercial business Financial Update ▪ Passenger volume growth positively impacted airside turnover (+2% vs. H1 2024) ▪ Landside turnover remained behind the previous year (-5% vs. H1 202
Slide 12: Commercial Business ZRH
Commercial Business ZRH Business Update Total Turnover slightly lower than in H1 2024 due to Landside Construction Works Commercial Turnover (in million CHF) Financial Update 282 298 - 1% 295 218 127 90 Outlook HY2020 HY2021 HY2022 HY2023 HY2024 HY2025 Q&A Turnover Airside (CHFm) Turnover Landside (
Slide 13: International
International 13
Slide 14: International Passenger Traffic
International Passenger Traffic Business Update Strong Passenger Growth compared to H1 2024 Florianópolis (in thousands) Vitória / Macaé (in thousands) Financial Update 549 492 458 303 303 316 311 284 383 372 390 252 459 279 265 282 279 368 264 358 362 347 225 313 Outlook Total: 2.3m Total: 2.6m Tot
Slide 15: 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 ▪ Named Brazil’s best airport for the ▪ Achievement of ACA Level 4 ▪ Completion of 400Hz/PCA ▪ Antofagasta: Concession ending at fifth ti
Slide 16: Noida Airport
International Noida Airport Achieved Milestones in H1 2025 ▪ Application for aerodrome license submitted ▪ Civil engineering works on airside completed ▪ Landside access fully established ▪ New tower ready for operational use Further Procedure ▪ Operational Readiness Activation & Transition (ORAT) a
Slide 17: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 17
Slide 18: Half Year 2025 Result: Record Revenues and Profits
Half Year 2025 Result Business Update Record Revenues and Profits Revenue (in million CHF) Revenue Split (in million CHF) Financial Update ▪ Total revenues 2% above 641 ▪ Higher aviation revenues 631 641 H1 2024 631 driven by increased traffic 620 639 volumes 306 312 ▪ Higher revenue numbers mainly
Slide 19: Increase of Non-Aviation Revenues
Half Year 2025 Result Business Update Increase of Non-Aviation Revenues (excl. Concession Accounting) Commercial & Parking (in million CHF) Real Estate (in million CHF) Financial Update ▪ Commercial and parking ▪ Increased revenues from revenue decreased rental agreements, but slightly by -1%, mainl
Slide 20: Increase of Operating Expenses
Half Year 2025 Result Business Update Increase of Operating Expenses (excl. Concession Accounting) Total Operating Expenses (in million CHF) Personnel Expenses (in million CHF) Financial Update ▪ OPEX declined by 1% over ▪ Personnel expenses rose the prior-year period 284 282 by 11% mainly due to ▪
Slide 21: Key Financial Ratios
Half Year 2025 Result Business Update Key Financial Ratios Net Financial Debt / EBITDA1 ROIC (in %) Financial Update ▪ Net Financial Debt is ▪ Higher earnings led to an CHF 1,424m increase in ROIC ▪ Slight increase of leverage ratio due to 1.8x 1.9x 7.8% 8.0% heavy investments Outlook HY2024 HY2025
Slide 22: Group CAPEX
Group CAPEX Business Update Half Year 2025 Financial Update Radisson Blu building CHF 155 million New Dock A, Tower and Base CHF ~38 million Outlook Q&A Appendix Total Group CAPEX1 of CHF 423 million Development landside area CHF ~18 million Noida International Airport CHF ~111 million 1 Cash view;
Slide 23: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 23
Slide 24: ZRH Charges
ZRH Charges Business Update Start of Negotiations in October 2025 Status Update Financial Update ▪ Start of negotiations in October 2025 (duration 4-6 months; introduction depending on outcome of negotiations in 2026/2027) ▪ Ordinance on Airport Charges allows ZRH to earn its cost of capital Outlook
Slide 25: CAPEX projects in Zurich
CAPEX projects in Zurich Business Update Working on all different Fronts to optimize and improve our Infrastructure Financial Update Outlook Development of Landside New Baggage Sorting Zone West New Dock A Passenger Zones System ▪ Extension of airport shopping ▪ Airport-wide commissioning ▪ Construc
Slide 26: 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 ~2.5%) Revenues CHF 1,299 million ▪ Aviation: in line with traffic development (excl. IFRIC12) ▪ Non-Aviation: slightly higher than in 2024 Aviatio
Slide 27: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 27
Slide 28: Corporate Calendar and Contact Information
Corporate Calendar Business Update Contact Information ▪ October 6-8, 2025 Financial Update Santander Eurolatam Conference Kevin Fleck ▪ November 4/5, 2025 Chief Financial Officer Site Visit Noida ▪ November 7, 2025 ZKB Swiss Equities Conference Outlook ▪ March 10, 2026 Publication of full year resu
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 29
Slide 30: 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 31: Tariff Setting for Upcoming ZRH Charges Period
Tariff Setting for Upcoming ZRH Charges Period Business Update Procedure for setting Flight Operations Charges started in April The process of determining flight operations charges in accordance with the Ordinance on Airport Charges (OAC) Financial Update began in April 2025, with negotiations sched
Slide 32: Performance by Segment
Performance by Segment Business Update All Segments with High Contribution Financial Update HY2025 Aviation Commercial Real Estate Services International2 Revenue 51% CHF 327m CHF 132m CHF 98m CHF 25m CHF 58m CHF 641m Outlook 10% Q&A EBITDA1 CHF 149m CHF 173m CHF 36m CHF 359m Appendix Strong contrib
Slide 33: Liquidity and Debt Overview
Liquidity and Debt Overview Business Update As of June 30, 2025 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 9m 200 150 Available short-term credit facilities CHF 291m 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 international area planned in 2025 ▪ Construction of northern ap
Slide 35: International 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 HY25 HY24 Δ HY25 HY24 Δ HY25 HY24 Δ HY25 HY24 Δ HY25 HY24 Δ Passengers (in millions) 2.6
Slide 36: Group Key Figures
Group Key Figures Business Update Income Statement Financial Update in million CHF Jan – Jun 2025 Jan – Jun 2024 Aviation revenue 327.3 313.5 Non-aviation revenue 313.4 317.6 Revenue 640.7 631.1 EBITDA 358.8 346.8 Outlook EBITDA margin (in %) 56.0 54.9 Depreciation and amortization (149.7) (143.8) E
Slide 37: Revenue Breakdown: Aviation Business
Revenue Breakdown Business Update Aviation Business in million CHF Jan – Jun 2025 Jan – Jun 2024 Financial Update Passenger-related operations charges 209.8 200.9 Landing charges 42.4 40.4 Aircraft-related noise charges 7.0 7.4 Emission charges 2.0 1.9 Aircraft parking charges 15.2 14.2 Freight char
Slide 38: Revenue Breakdown: Non-Aviation Business
Revenue Breakdown Business Update Non-Aviation Business in million CHF Jan – Jun 2025 Jan – Jun 2024 Financial Update Retail, tax & duty-free 56.2 58.6 Food & beverage operations 12.3 12.2 Advertising media and promotion 9.3 9.8 Other commercial revenue 9.4 8.4 Revenue from car parks 45.0 44.7 Total
Slide 39: Cost Overview
Cost Overview Business Update Operating Expenses Breakdown Financial Update in million CHF Jan – Jun 2025 Jan – Jun 2024 Personnel expenses1 131.6 118.6 Police and security 65.6 63.7 Energy and waste 18.5 21.2 Maintenance and material 22.7 20.9 Outlook Other operating expenses1 24.1 29.7 Sales, mark
Slide 40: 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 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 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 42: 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 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
Flughafen Zürich AG (Zurich Airport) — H1 2025 Earnings Presentation on 6ix