Flughafen Zurich Ag · SIX:FHZN
Flughafen Zurich — FY2025 Earnings Presentation
42 slides from Flughafen Zurich's earnings presentation, Mar 10, 2026
Slide 1: Full Year Results 2025
Full Year Results 2025 Presentation to Investors & Analysts Lukas Brosi, Chief Executive Officer Kevin Fleck, Chief Financial Officer March 10th, 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 Full year 2025 ▪ Traffic: 32.6 million passengers in Zurich, marking a new full-year record Financial Update Aviation ▪ Operations: Reliable, high-quality operations in Zurich despite demanding conditions ▪ Charges: Agreement reached with airport users, new airport charges
Slide 5: Financial Summary
Financial Summary Business Update Best full year result in the company’s history Revenue (in million CHF) EBITDA (in million CHF) Financial Update 1,326 1,361 733 762 Outlook FY2024 FY2025 FY2024 FY2025 Consolidated Results1 (in million CHF) CAPEX Group2 (in million CHF) Q&A 716 571 International In
Slide 6: Aviation
Aviation 6
Slide 7: Traffic Development ZRH
Traffic Development ZRH Business Update New passenger record Passengers (in million) Seat Load Factor Financial Update 3.3 3.3 3.0 3.2 85% 85% 84% 83% 2.8 2.8 2.9 82% 2.5 80% 81% 79% 2.4 2.4 77% 84% 85% 83% 83% 77% 78% 2.1 2.0 3.1 3.1 2.8 2.8 2.9 3.0 74% 82% 2.6 80% 78% 2.3 2.2 2.4 77% 76% 2.0 2.0 7
Slide 8: Aviation Business
Aviation Business Business Update Stable, high-volume operations with ongoing construction In the reporting year, a total of 32.6 million passengers flew through Zurich Airport, which Financial Update corresponds to 4% growth compared to the prior-year. 2025 was the busiest year in the airport's his
Slide 9: Airport Charges ZRH
Airport Charges ZRH Business Update Agreement reached with airport users Airport Charges Negotiations Financial Update Key Points of Agreement ▪ Negotiations on flight operations charges with the airport ▪ Airport charges will be reduced by approximately 10%, driven users have been concluded by achi
Slide 10: Commercial Business and Real Estate
Commercial Business and Real Estate 10
Slide 11: Commercial Business ZRH
Commercial Business ZRH Business Update Commercial turnover impacted by landside construction works Commercial Turnover (in million CHF) Financial Update 601 609 630 636 511 +0.9 % 295 237 Outlook FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Q&A Turnover Airside (CHFm) Turnover Landside (CHFm) T
Slide 12: Real Estate ZRH
Real Estate ZRH Business Update Higher revenues from rental agreements Financial Update CHF 198m Real Estate Revenue ▪ Revenue from rental and leasing agreements continued to rise (+5%) ▪ Lower energy and utility cost allocations (-15%) because of lower electricity cost Outlook ▪ Total real estate r
Slide 13: International
International 13
Slide 14: International Passenger Traffic
International Passenger Traffic Business Update Strong passenger growth compared to 2024 Florianópolis (in thousands) Vitória / Macaé (in thousands) Financial Update 549 540 492 458 481 440 429 437 428 361 339 358 383 372 390 303 303 316 311 342 344 344 284 459 462 252 405 431 368 358 362 347 392 39
Slide 15: International: Brazilian concessions with record figures
International Business Update Brazilian concessions with record figures Brazil Chile Financial Update Outlook Florianópolis Vitória/Macaé Natal Iquique/Antofagasta ▪ Ranks third among Brazilian ▪ ACA Level 4 and "Green Airport ▪ Successful fundamental redesign ▪ Iquique: Construction of northern air
Slide 16: Noida International Airport is ready for operations
International Business Update Noida International Airport is ready for operations Entrance Check-in Security Financial Update Outlook Departure Gates Arrival Q&A Appendix Major terminal construction works and ORAT trials have been completed – Noida is ready to open 16
Slide 17: Aerodrome licence for Noida received
International Business Update Aerodrome licence for Noida received Next Milestones Guidance for 2026: Noida Financial Update Aerodrome licence ▪ Ramp-up phase of 3-4 months Received on 6 March 2026 Public consultation for tariffs ▪ Up to 4 million passengers in calendar year 2026 Outlook Expected du
Slide 18: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 18
Slide 19: Full Year 2025 Result
Full Year 2025 Result Business Update Record revenues and profits Revenue (in million CHF) Revenue Split (in million CHF) Financial Update ▪ Revenues grew 3% from ▪ Higher aviation revenues 1,326 1,361 the previous year 1,326 1,361 driven by increased traffic volumes 627 642 ▪ Higher revenue numbers
Slide 20: Full Year 2025 Result: Non-aviation revenues
Full 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 revenues increased only rental agreements (+5%), slightly by 0.
Slide 21: Full Year 2025 Result: Operating expenses
Full Year 2025 Result Business Update Turning point in OPEX development reached Total Operating Expenses (in million CHF) Personnel Expenses (in million CHF) Financial Update ▪ OPEX increased by 1% 593 599 ▪ Personnel expenses rose over the prior year (+4% 588 by 10% due to PRM 566 insourcing, other
Slide 22: Key financial ratios
Full Year 2025 Result Business Update Key financial ratios Net Financial Debt / EBITDA ROIC (in %) Financial Update ▪ Net Financial Debt is ▪ Higher invested capital CHF 1,336m resulting in a slightly lower ROIC 7.9% 7.8% ▪ Slight increase of leverage ratio due to 1.8x ▪ Surpassing the group 1.6x he
Slide 23: Group CAPEX
Group CAPEX Business Update Full year 2025 Total Group CAPEX1 (in million CHF) Financial Update 716 18 571 195 Outlook 91 Radisson Blu building CHF 155 million New Dock A, Tower and Base CHF ~99 million 188 Q&A 503 293 Appendix FY2024 FY2025 ZRH India Latin America Development landside area CHF ~36
Slide 24: Content
Content Business Update 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 24
Slide 25: 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 2-3%) Revenues CHF 1,351 million ▪ Aviation: stable, introduction of the new airport charges in ZRH from (excl. IFRIC12) 1 October 2026, offset by hi
Slide 26: Changes at Board of Directors and Management Board
Changes at Board of Directors and Management Board Business Update Financial Update Outlook Guglielmo Brentel Stefan Paul Manuela Staub Member of the Board of Directors Proposed new Member of the Board Member of the Management Board Q&A until April 2026 of Directors1 Chief People & Communication Off
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
Corporate Calendar Business Update Contact information ▪ March 25, 2026 Bank of America Infrastructure Conference, London Financial Update ▪ April 17, 2026 Kevin Fleck Annual General Meeting Chief Financial Officer ▪ May 12, 2026 Kepler Swiss Seminar, Zurich Outlook ▪ June 09, 2026 ODDO Swiss Equiti
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 / regulated Non-Aviation / unregulated Financial Update 2025 revenue of CHF 709 million Commercial & Parking ▪ “To satisfy the demand for direct connections to 2025 revenue of CHF 277 million the world’s major cities” ▪
Slide 31: Performance by Segment
Performance by Segment Business Update All segments with high contribution Financial Update FY2025 Aviation Commercial Real Estate Services International2 Revenue 52% CHF 709m CHF 277m CHF 198m CHF 52m CHF 125m CHF 1,361m Outlook 9% Q&A EBITDA1 CHF 340m CHF 354m CHF 68m CHF 762m Appendix Strong cont
Slide 32: Liquidity and Debt Overview
Liquidity and Debt Overview Business Update As of December 31, 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 Ca
Slide 33: 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 34: 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 FY25 FY24 Δ FY25 FY24 Δ FY25 FY24 Δ FY25 FY24 Δ FY25 FY24 Δ Passengers (in millions) 5.2
Slide 35: Group Key Figures
Group Key Figures Business Update Income statement in million CHF Jan – Dec 2025 Jan – Dec 2024 Financial Update Aviation revenue 709.1 672.8 Non-aviation revenue 652.0 653.5 Revenue 1’361.1 1,326.3 EBITDA 762.2 733.0 EBITDA margin (in %) 56.0 55.3 Depreciation and amortization (311.4) (299.5) Outlo
Slide 36: Revenue Breakdown: Aviation business
Revenue Breakdown Business Update Aviation business in million CHF Jan – Dec 2025 Jan – Dec 2024 Financial Update Passenger-related operations charges 461.9 437.7 Landing charges 89.1 84.3 Aircraft-related noise charges 15.3 16.0 Emission charges 4.2 4.0 Aircraft parking charges 32.1 28.7 Freight ch
Slide 37: Revenue Breakdown: Non-aviation business
Revenue Breakdown Business Update Non-aviation business in million CHF Jan – Dec 2025 Jan – Dec 2024 Financial Update Retail, tax & duty-free 116.2 118.7 Food & beverage operations 26.8 26.5 Advertising media and promotion 18.5 19.2 Revenue from multi-story car parks 95.3 93.6 Other commercial reven
Slide 38: Cost Overview
Cost Overview Business Update Operating expenses breakdown in million CHF Jan – Dec 2025 Jan – Dec 2024 Financial Update Personnel expenses 270.5 244.9 Police and security 133.3 129.9 Energy and waste 36.0 44.4 Maintenance and material 50.4 47.3 Other operating expenses 49.5 60.5 Sales, marketing, a
Slide 39: 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 40: 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 41: 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 42: 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) — FY2025 Earnings Presentation on 6ix