Financial outlook

Around 32 million passengers are expected at Zurich Airport in the current year, which would be a new record.

Aviation revenues will move in line with traffic growth.

Non-aviation revenue is expected to be slightly higher overall. At the Zurich site, the rising traffic volumes will have a positive impact on parking revenue. Commercial revenue, on the other hand, is likely to fall, partly due to the temporary closure of further commercial space as part of the project to develop the landside passenger zone. Within real estate revenue, revenue from rental agreements is forecast to rise slightly, with energy and utility cost allocations having a dampening effect thanks to tariff reductions for electricity and district heating. All in all, real estate revenue is therefore expected to decline.

Revenue from international business will increase again and for the first time also include contributions from operating the new airport in Noida, India.

Operating costs are also expected to be higher, mainly due to inflation-related adjustments, volume-related increases and measures to increase employer attractiveness. Personnel expenses will increase more than average as a result of taking on services for passengers with reduced mobility (PRM), but this will also be offset by lower other operating costs. The opening of the new Noida airport will also cause an increase in operating costs.

All in all, Zurich Airport Ltd. expects earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2025 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. With the opening of Noida Airport, depreciation and interest expenses will have an impact on the income statement.

Investments at the Zurich site are expected to amount to between CHF 300 and 350 million in 2025. Investments of an estimated CHF 300 million are expected at subsidiaries abroad, with completion of construction of the new airport in Noida accounting for the majority of this.

New dividend policy from financial year 2025 onwards

As the planned additional dividend for the 2024 financial year will have exhausted the capital contribution reserves, a new dividend policy has been set for the coming years.

A new dividend policy will come into effect from financial year 2025. In future, the payout ratio should be around 50% of net profit (consolidated profit) adjusted for one-off effects.

In addition, the payout ratio will be increased by a further 25% if the ratio of Interest-bearing liabilities (net)/EBITDA is below 2.5x.

If debt is low (the leverage ratio at the end of 2024 was 1.6x), the total payout ratio may therefore amount to around 75% in future.