Financial outlook

The start of 2022 was characterised by the Omicron virus variant, and the outbreak of the war in Ukraine generated additional uncertainty. Whereas the impact of the war in Ukraine on the aviation industry is still unclear, we assume that the pandemic-related travel restrictions will be eased further. We assume that passenger numbers at the Zurich site will rise to around 20 million passengers this year, corresponding to roughly two-thirds of the 2019 level.

Aviation revenue will mirror traffic volumes. Non-aviation revenue is also expected to be on a positive trend, firstly due to additional revenue at the Circle and secondly thanks to international business activities, where growth momentum is expected to be stronger.

Whilst the company continues to focus on cost discipline, it anticipates a year-on-year rise in costs in 2022. Firstly, the short-time working that protected the company from extensive personnel adjustments during the crisis was discontinued at the end of February. Secondly, the expected growth in passenger numbers will result in higher security and infrastructure costs. Overall, however, operating expenses – excluding expenses from construction projects – can be kept well below the 2019 level.

Due to the continuing recovery, Flughafen Zürich AG expects to return to profit this year.

Investment at the Zurich site will amount to approximately CHF 250 million in 2022. This includes the company’s share of the final payment for the Circle. Investment at the subsidiaries abroad is likely to amount to around CHF 200 million, driven in particular by the start of construction work in Noida, India.