{"id":29332,"date":"2026-03-10T22:37:08","date_gmt":"2026-03-10T22:37:08","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/29332\/"},"modified":"2026-03-10T22:37:08","modified_gmt":"2026-03-10T22:37:08","slug":"flughafen-zuerich-ag-flgzy-full-year-2025-earnings-call-highlights-record-passenger-growth","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/29332\/","title":{"rendered":"Flughafen Zuerich AG (FLGZY) Full Year 2025 Earnings Call Highlights: Record Passenger Growth …"},"content":{"rendered":"\n

This article first appeared on GuruFocus<\/a>.<\/p>\n

Revenue: CHF1.36 billion.<\/p>\n

EBITDA: CHF762 million, with a margin of 56%.<\/p>\n

Consolidated Result: CHF346 million, a 6% increase year-on-year.<\/p>\n

Passenger Traffic: 32.6 million passengers, a 4% increase over the previous year.<\/p>\n

CapEx: CHF716 million, with CHF503 million allocated to the Zurich site.<\/p>\n

Aviation Revenue: CHF709 million.<\/p>\n

Non-Aviation Revenue: CHF652 million, a 0.2% decline.<\/p>\n

International Revenue: Increased by 10% to CHF114 million.<\/p>\n

Operating Expenses: CHF588 million, a 4% increase.<\/p>\n

Net Financial Debt: Leverage ratio of 1.8 times.<\/p>\n

Operating Cash Flow: CHF688 million.<\/p>\n

Free Cash Flow: Minus CHF28 million.<\/p>\n

Passenger Growth in Latin America: Florianopolis Airport 6%, Vitoria\/Macae airports 13%.<\/p>\n

Standard & Poor’s Credit Rating: Upgraded from A+ to AA-.<\/p>\n

Release Date: March 10, 2026<\/p>\n

For the complete transcript of the earnings call, please refer to the full earnings call transcript<\/a>.<\/p>\n

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

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

The acquisition of the Radisson Blu building and the expansion of luxury stores contributed to increased commercial turnover.<\/p>\n

The international business, particularly in Latin America, showed strong growth, with significant passenger increases at Brazilian airports.<\/p>\n

Zurich Airport was awarded the Airport Service Quality Award as the best airport in Europe for the ninth consecutive time.<\/p>\n

Landside commercial turnover decreased due to ongoing construction work.<\/p>\n

The opening of Noida Airport is expected to result in a negative net profit contribution due to depreciation and interest expenses.<\/p>\n

The geopolitical situation in the Middle East introduces uncertainty, potentially impacting passenger growth projections.<\/p>\n

The company’s net financial debt increased, resulting in a leverage ratio of around 1.8 times.<\/p>\n

The Circle’s market valuation declined due to a shift from a shopping to a business center, affecting rental income.<\/p>\n

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<\/p>\n

Story Continues <\/p>\n

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<\/p>\n

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<\/p>\n

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<\/p>\n

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<\/p>\n

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<\/p>\n

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<\/p>\n

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<\/p>\n

For the complete transcript of the earnings call, please refer to the full earnings call transcript<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"This article first appeared on GuruFocus. Revenue: CHF1.36 billion. EBITDA: CHF762 million, with a margin of 56%. Consolidated…\n","protected":false},"author":2,"featured_media":12507,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[1105,17829,17827,193,17828,9164,17830,51,5221],"class_list":{"0":"post-29332","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-zurich","8":"tag-free-cash-flow","9":"tag-international-revenue","10":"tag-kevin-fleck","11":"tag-latin-america","12":"tag-leverage-ratio","13":"tag-operating-cash-flow","14":"tag-passenger-growth","15":"tag-zurich","16":"tag-zurich-airport"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116207278109484774","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/29332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=29332"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/29332\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/12507"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=29332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=29332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=29332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}