Financial development

The further growth in traffic volumes drove revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) to new record levels in the reporting period. Consolidated profit came to CHF 304.2 million (previous year: CHF 207.0 million), almost matching the 2019 figure. The distribution to shareholders is to be increased from CHF 3.50 per share to CHF 5.30 per share.

Results trend

Aviation revenue

Due to the higher traffic volumes at Zurich Airport, revenue from flight operations charges increased by CHF 106.8 million or 25% to CHF 539.3 million in the reporting period.

Aviation fees and other aviation revenue amounted to CHF 70.8 million in total in the reporting period, a rise of CHF 12.1 million compared with the previous year.

Total aviation revenue grew at a slightly slower pace than passenger numbers, rising from CHF 491.1 million to CHF 610.1 million (+24%) against the background of the smaller rise in flight movements. Compared with 2019, aviation revenue stood at 92%.

Non-aviation revenue

Non-aviation revenue climbed by 18% to CHF 626.2 million in the reporting period, around 114% of the revenue achieved in 2019.

Total commercial and parking revenue increased by 10% year on year to CHF 264.5 million, with parking revenue showing the highest growth due in part to better product differentiation.

Real estate revenue reached a new all-time high, rising by 17% to CHF 196.5 million in the reporting period. This rise is due, among other factors, to the restructuring of agreements from the real estate portfolio purchased from Priora Suisse AG in 2019, higher energy and utility cost allocations and inflation adjustments.

Primarily as a result of higher passenger volumes, revenue from services rose by 9% to CHF 47.5 million in the reporting period.

The sharp rise in revenue from international airport business from CHF 80.6 million to CHF 117.8 million in the reporting period is due mainly to higher revenue from construction projects (concession accounting). Factoring out the income statement-neutral revenue from construction projects, revenue in international airport business climbed by 24% or CHF 15.5 million.

Operating expenses

Despite cost pressures, operating expenses rose at a slower pace than revenue. Overall, operating expenses increased by 20% year on year to CHF 559.5 million. Adjusted operating expenses (excluding expenses from construction projects) were around 7% up on 2019.

Personnel expenses were up by 12% to CHF 220.0 million in the reporting period and reflect the increase in headcount and the inflation adjustment. Costs for police and security rose by CHF 11.3 million year on year to CHF 116.6 million (+11%) due to higher passenger volumes. As expected at the beginning of the reporting period, energy and waste costs once again showed a sharp rise, of CHF 14.8 million (+43%) to CHF 48.9 million, due mainly to higher electricity prices.

Operating and consolidated result

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by CHF 121.2 million year on year to CHF 676.7 million (+22%), setting a new record. The EBITDA margin was at a high 55%. Compared with 2019, EBITDA was up by 5%.

Depreciation and amortisation fell slightly to CHF 286.8 million (−3%) in the reporting period. The decline is due, among other factors, to an impairment charge in the previous year.

The net finance result improved from CHF –20.0 million to CHF –12.2 million. Factoring out one-off effects, this is attributable mainly to lower debt and higher interest income.

The consolidated result for the past year rose by 47% to CHF 304.2 million (previous year: CHF 207.0 million), which is almost as high as the record profit achieved in 2019.


In the reporting period, Zurich Airport Ltd.’s investment in property, plant and equipment, projects in progress and airport operator projects totalled CHF 437.7 million (previous year: CHF 235.3 million), of which CHF 226.6 million (previous year: CHF 208.3 million) was invested at the Zurich site.

The single biggest project at the Zurich site was the refurbishment and expansion of the baggage sorting system. Other major projects included the development of the landside passenger zones, the work in preparation for the development of the main airport complex (new Dock A, tower and dock base, etc.) and the extension of the Zone West apron.

Assets and financial position

As at the 2023 year-end, cash and cash equivalents and fixed-term deposits (excluding noise-related funds) amounted to CHF 483.2 million, with the Zurich site accounting for slightly less than CHF 400 million.

Among other things, this liquidity will be used to repay the CHF 300 million debenture maturing in May 2024 and to distribute the dividend.

Starting from cash flow from operating activities of CHF 680.6 million and investments in property, plant and equipment, projects in progress and airport operator projects totalling CHF 437.7 million, free cash flow for the reporting period came to CHF 242.8 million (previous year: CHF 253.3 million).


The existing payout ratio of around 40% of net profit after adjustment for one-off effects will be retained and distributed in the form of an ordinary dividend. As in the previous year, an additional dividend will be distributed from capital contribution reserves along with the ordinary dividend.

The Board of Directors is proposing to the Annual General Meeting the payment of an ordinary dividend of CHF 4.00 per share as well as an additional dividend of CHF 1.30 per share.