Results trend
Aviation revenue
Due to the increased traffic volume at Zurich Airport, flight operation charges rose by CHF 31.9 million or 6% to CHF 612.0 million in the year under review.
Aviation fees and other aviation revenue amounted to CHF 97.1 million in total in the reporting period, a rise of CHF 4.4 million compared with the previous year.
Total aviation revenue increased slightly more quickly than passenger volume, rising from CHF 672.8 million to CHF 709.1 million (+5%). This is partly because of the stronger growth in the number of local passengers, who pay higher fees than transfer passengers.
Non-aviation revenue
Total commercial and parking revenue at Zurich Airport only increased slightly compared to the previous year and amounted to CHF 277.0 million (+0.2%). The essential factor behind this development was the reduced retail offering in the landside area due to construction work.
Within real estate revenue at the Zurich site, revenue from rental and leasing agreements continued to rise, whereas energy and utility cost allocations were down. The increase in revenue from rental and leasing agreements is also attributable to the acquisition of the Radisson Blu building. The decline in energy and utility cost allocations is mainly due to lower energy costs that are passed on to tenants. At CHF 197.9 million, real estate revenue in the reporting year was around CHF 0.5 million higher than in the previous year.
Revenue from services increased by 7% to CHF 52.3 million in the reporting year, primarily due to higher traffic volumes at Zurich Airport.
The international business continued to grow and benefited in particular from positive business development in Latin America. The airports in Brazil recorded a considerable increase in passenger volumes, and non-aviation activities also presented a pleasing picture. Revenue from international airport concessions rose to CHF 111.6 million (+11%).
A year-on-year reduction in construction activity in Latin America led to a decline in revenue from construction projects ("concession accounting") of 61% to CHF 10.5 million. Overall, revenue in the international airport business fell by 5% to CHF 124.8 million. Adjusted for revenue from construction projects not taken to income, revenue from the international airport business grew by 10% or CHF 10.3 million.
Total non-aviation revenue declined in the reporting year by 0.2% to CHF 652.0 million. Adjusted for revenue from construction projects, this resulted in growth of CHF 14.9 million or 2%.
Operating expenses
Total operating expenses increased by 1% year on year to CHF 598.9 million. Adjusted operating expenses (excluding expenses from construction projects) rose by 4% to CHF 588.4 million.
Personnel expenses increased by 10% to CHF 270.5 million in the reporting year. Besides inflation and volume-related adjustments as well as measures to increase employer attractiveness, this rise also reflected the assumption of services for passengers with reduced mobility (PRM) from 1 January 2025. However, the latter is offset to the same extent by a reduction in "Other operating expenses". When compared with the higher passenger volumes, costs for police and security rose disproportionately by CHF 3.5 million to CHF 133.3 million (+3%). Energy and waste costs declined to CHF 36.0 million (–19%), mainly due to lower electricity procurement costs. The cost block for sales, marketing and administration rose by 8% to CHF 62.9 million. The increase resulted primarily from higher software costs and additional external support.
Operating and consolidated result
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased year on year by CHF 29.2 million to CHF 762.2 million, equivalent to an increase of 4%. The EBITDA margin was at a high 56.0%.
Depreciation and amortisation rose in the reporting year to CHF 311.4 million (+4%). This increase is due, among others, to the acquisition of the Radisson Blu building and new project activations such as the Zone West apron expansion. It also includes an impairment of CHF 6.1 million for the Chilean airport in Iquique. The main reasons for this were the adjusted assumptions regarding the future development of passenger volumes and revenues as well as cost increases in a construction project.
The net finance result improved from CHF –20.1 million to CHF –16.1 million, which is largely attributable to higher interest income at the Brazilian subsidiaries.
The consolidated result for the full year rose by 6% to CHF 346.5 million (previous year: CHF 326.7 million), setting a new record.
Investments
In total, Zurich Airport Ltd. invested CHF 716.5 million (previous year: CHF 570.9 million) in plants and equipment, projects in progress, investment real estate and airport operator projects during the reporting year, of which CHF 503.3 million at the Zurich site (previous year: CHF 292.5 million). This includes the purchase of the Radisson Blu building for CHF 155.0 million.
The single biggest project at the Zurich site was the development of the main airport complex (new Dock A, tower and dock base, etc.). Other significant projects were the refurbishment and expansion of the baggage sorting system, the development of the landside passenger area and the development of the freight infrastructure.
Assets and financial position
At the end of 2025, cash and cash equivalents and fixed deposits (excluding noise-related funds) amounted to CHF 383.9 million, of which slightly more than CHF 280 million was attributable to the Zurich site.
In June 2025, Zurich Airport Ltd. successfully obtained refinancing on the Swiss capital market with a 15-year debenture for CHF 150.0 million (coupon: 1.1775%).
Based on the operating cash flow of CHF 688.4 million and the investments in property, plant and equipment, projects in progress, investment real estate and airport operator projects totalling CHF 716.5 million, the resultant free cash flow for the reporting year was CHF –28.1 million (previous year: CHF 70.7 million).
Dividend for the past financial year 2025
From the 2025 financial year onwards, Zurich Airport Ltd. is pursuing a new dividend policy, which provides for the payment of an ordinary dividend of around 50% of net profit adjusted for one-off effects. In addition, the payout ratio will be increased by around 25% if the ratio of interest-bearing liabilities (net) to EBITDA is below 2.5x.
The ratio of interest-bearing liabilities (net) to EBITDA was 1.8x at the end of 2025. The Board of Directors is therefore proposing to the Annual General Meeting the payment of an ordinary dividend of CHF 8.50 per share.
Allocation to statutory retained earnings
The allocations to statutory retained earnings provided for in the individual stand-alone financial statements were not proposed to the Annual General Meeting from 2023 to 2025. This formal error has not had any impact on the level of equity. Zurich Airport Ltd. always had voluntary retained earnings and sufficient available earnings. Zurich Airport Ltd. regrets this error and has taken measures to prevent such incidents from occurring in future. A formal correction concerning this matter will be presented at the next Annual General Meeting in April.
Financial outlook
At the Zurich site, passenger growth of between 2.0% and 3.0% is expected for 2026, which corresponds to a passenger volume of over 33 million passengers.
On 1 October 2026, a new charge period is expected to come into effect at Zurich Airport, which will reduce the charges for airport users by around 10% in total. Taking into account the forecasted passenger growth and lower charges from 1 October 2026, aviation revenue is expected to remain stable for the current year.
At the Zurich site, commercial revenue is likely to move sideways due to the ongoing closure of commercial spaces as part of the project to develop the landside passenger zone. In addition, rising traffic volumes will have an impact on car park occupancy. Real estate revenue is also expected to rise slightly. Revenue from international business will increase again, with the commissioning of the new airport in Noida, India, also making a positive contribution to the development. Non-aviation revenue is expected to be higher overall.
In the 2026 financial year, the opening of the new Noida Airport in particular will lead to an increase in operating expenses. In contrast, only a very moderate increase in expenses is expected at the Zurich site.
All in all, Zurich Airport Ltd. expects earnings before interest, taxes, depreciation and amortisation (EBITDA) for 2026 to be roughly on the same level as the previous year. Consolidated profit, however, is likely to be lower than in the previous financial year. In addition to the charges reduction in Zurich, depreciation and interest expenses will have an impact on the income statement with the opening of Noida Airport.
Investments at the Zurich site are expected to amount to between CHF 350 and 400 million in 2026. Investments of an estimated CHF 100 million are expected at subsidiaries abroad, with completion of construction of the new airport in Noida accounting for the majority of this.
Changes in the Board of Directors and the Management Board
There will be a change on the Board of Directors of Zurich Airport Ltd., with Guglielmo Brentel resigning at the end of April 2026 after twelve years in his position. The company would like to thank Guglielmo Brentel for his outstanding commitment. Stefan Paul, CEO of Kühne+Nagel International AG will be proposed as his successor to the Annual General Meeting on 17 April.
Within the framework of a realignment of responsibilities, the Management Board of Zurich Airport Ltd. will be reduced from seven to six members in order to meet future challenges more effectively. As a result of this change, Manuela Staub, former Chief People & Communication Officer, is leaving the company at the end of July 2026. The Board of Directors and the Management Board would like to thank Manuela Staub for her outstanding commitment and valuable contribution to the development of Zurich Airport.
The 2025 Annual Report and Investor Presentation of Zurich Airport Ltd. are available under https://report.flughafen-zuerich.ch/2025/ar/en and https://www.flughafen-zuerich.ch/newsroom/en/ir-presentations/.
