This article first appeared on GuruFocus.

Revenue: CHF1.36 billion.

EBITDA: CHF762 million, with a margin of 56%.

Consolidated Result: CHF346 million, a 6% increase year-on-year.

Passenger Traffic: 32.6 million passengers, a 4% increase over the previous year.

CapEx: CHF716 million, with CHF503 million allocated to the Zurich site.

Aviation Revenue: CHF709 million.

Non-Aviation Revenue: CHF652 million, a 0.2% decline.

International Revenue: Increased by 10% to CHF114 million.

Operating Expenses: CHF588 million, a 4% increase.

Net Financial Debt: Leverage ratio of 1.8 times.

Operating Cash Flow: CHF688 million.

Free Cash Flow: Minus CHF28 million.

Passenger Growth in Latin America: Florianopolis Airport 6%, Vitoria/Macae airports 13%.

Standard & Poor’s Credit Rating: Upgraded from A+ to AA-.

Release Date: March 10, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Flughafen Zuerich AG (FLGZY) achieved a new record with 32.6 million passengers in 2025, marking a 4% growth over the previous year.

The company received an upgrade in its Standard & Poor’s credit rating from A+ to AA- with a stable outlook.

The acquisition of the Radisson Blu building and the expansion of luxury stores contributed to increased commercial turnover.

The international business, particularly in Latin America, showed strong growth, with significant passenger increases at Brazilian airports.

Zurich Airport was awarded the Airport Service Quality Award as the best airport in Europe for the ninth consecutive time.

Landside commercial turnover decreased due to ongoing construction work.

The opening of Noida Airport is expected to result in a negative net profit contribution due to depreciation and interest expenses.

The geopolitical situation in the Middle East introduces uncertainty, potentially impacting passenger growth projections.

The company’s net financial debt increased, resulting in a leverage ratio of around 1.8 times.

The Circle’s market valuation declined due to a shift from a shopping to a business center, affecting rental income.

Q: Does the expectation of handling around 4 million passengers at Noida in 2026 imply any change to previous business plans? A: No, there are no significant updates to the business plan presented at the Capital Market Day in 2023. It’s simply a shift in timing, with returns and profits expected later than initially planned. – Kevin Fleck, CFO

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Q: What are the assumptions behind the 2% to 3% passenger growth guidance for Zurich, given the strong start to 2026? A: Despite a strong start with passenger numbers 7-8% above last year’s levels, uncertainty due to the Middle East situation, which affects about 5% of our passengers, leads us to maintain a cautious guidance. – Lukas Brosi, CEO

Q: Could you share more thoughts on the investments in Zurich, India, and Latin America? A: The largest investments will be in Zurich, focusing on projects like the new dock A tower. Approximately CHF100 million will be invested in Noida, with limited CapEx expected in Latin America. – Kevin Fleck, CFO

Q: Is there any chance that the dividend payment for 2026 might be flat compared to this year? A: We introduced a new dividend policy with a 75% payout ratio. We do not expect to change this policy going forward, despite the expected decline in net income. – Kevin Fleck, CFO

Q: What is the reason for the increase in the CapEx guidance for Zurich to CHF350 million to CHF400 million? A: The increase reflects progress on projects like dock A and surrounding developments. The upper end of this range can be seen as a cap for the next few years due to construction and staffing limits. – Kevin Fleck, CFO

Q: How do you expect easyJet’s capacity in Zurich to evolve in 2026? A: EasyJet has become our second-largest carrier, showing positive development. They operate without overnight parking in Zurich, flying in from other cities, and are on a positive trend. – Lukas Brosi, CEO

Q: Could you elaborate on the reasons for the delay in Noida’s opening? A: Delays were due to COVID-19 disruptions, procurement issues, and underestimating the security clearance process involving multiple government entities. – Lukas Brosi, CEO

Q: What are the expected impacts on depreciation and financial expenses from Noida’s commissioning in 2026? A: We expect CHF25 million to CHF30 million in depreciation and amortization, and approximately CHF45 million in interest expenses on a full-year scale. – Kevin Fleck, CFO

For the complete transcript of the earnings call, please refer to the full earnings call transcript.