Letter to shareholders

Dear Shareholders, Dear Sir or Madam

2025 was an anniversary year: Zurich Airport Ltd. can look back on 25 years as a listed company. During this time, it has been able to grow sustainably and overcome crises under its own steam. Long-term added value was created for shareholders and the public sector. From the privatisation in 2000 up to and including 2024, Zurich Airport Ltd. paid dividends in the amount of CHF 647 million to the public sector and paid direct taxes (to federal, cantonal, city and local authorities) in the amount of an additional CHF 963 million.

Strong together in a challenging environment

In 2025, with almost 32.6 million passengers, Zurich Airport welcomed more travellers than ever before. A new daily record was achieved on 5 October with 122,668 passengers, while August was the busiest month in the history of the airport with 3,266,710 passengers. This development, and especially the strong demand in the local market, reflects population and economic growth as well as what continues to be a high need for mobility. Year-on-year passenger growth amounted to 4%. At the same time, the number of flight movements increased by 3% compared to 2024. During the busiest months for travelling in particular, the airport was characterised by stable and high-quality operations, which could be handled reliably even under peak loads in summer and autumn thanks to highly committed employees and the close cooperation of partner companies. This achievement was once again recognised with international awards in the reporting year. Freight also increased by 1% year-on-year in 2025.

With regard to the current financial year, it is not yet possible to assess the impact of the conflict in Iran. In the current flight schedule, the Middle East region is served with up to 12 connections per day by around 10 different airlines. Last year, passenger volumes to this region amounted to around 5%.

High value creation and excellent accessibility

Zurich Airport is thus consolidating its role as an international hub with a dense network of direct connections and a consistent focus on the needs of travellers. However, it is much more than just a transport hub. The airport site is home to more than 300 companies, providing a total of around 35,000 jobs. As Switzerland’s most important air freight hub, Zurich Airport handles a significant proportion of Swiss exports, thereby making a substantial contribution to the international competitiveness of the Swiss economy. The study “Economic significance of civil aviation in Switzerland” published by the Federal Office of Civil Aviation (FOCA) in January 2026 has also provided new data. According to this study, civil aviation in Switzerland created total value of almost CHF 20 billion, thus contributing around 2.4% to Switzerland’s gross domestic product. Among Swiss national airports, Zurich Airport accounts for more than 70% of direct value creation. The study also shows that, thanks to the airport, the Zurich region achieves top scores in terms of international accessibility. Of the 284 European regions examined, Zurich is the most accessible.

Regulatory developments and political discussions

The political debate concerning Zurich Airport’s operating hours continued in 2025. The Airport Nighttime Peace Initiative, which calls for a reduction in operating hours, is unanimously recommended for rejection by the Zurich Cantonal Council’s Commission for Energy, Transport and the Environment (CETE). This is an important signal for stable framework conditions and for securing Switzerland’s international connections. The Commission proposes to meet the initiative with a counterproposal, provided that the initiative is retracted. As a next step, the initiative and the counterproposal will be discussed by the Cantonal Parliament.

Progress was also made at the regulatory level. An important milestone was reached with the approval of the Sectoral Aviation Infrastructure Plan (SAIP), in particular by confirming and specifying the applicable operating times. The revision of the Federal Aviation Act (FAA) will continue to be a relevant issue in 2026.

On 16 February 2026, Zurich Airport Ltd. concluded negotiations on the flight operation charges and reached an agreement with the largest airlines and interest groups. If no amendment requests are received, the new charge regulations will apply from 1 October 2026.

Solid development in the retail and real estate business

The retail and real estate business at the Zurich site once again made an important contribution to the stability and resilience of our business model in the reporting year.

Despite restrictions due to ongoing construction projects, retail revenue, food & beverage and services developed positively. The alignment of the Circle as a business and service center is proving itself. More than 50 companies with a total of more than 5,000 employees are currently operating in the Circle and additional attractive tenants have been secured. The acquisition of the building with the Radisson Blu Hotel in the reporting year further bolstered the real estate portfolio. Overall, the real estate business contributes significantly to long-term value creation and diversification.

International sites as growth drivers

Our international holdings and subsidiaries are making an increasingly important contribution to the overall success of the company. In Brazil, we had our most successful year since we started investing in this focus market. 16 million passengers used the airports we operate with a majority shareholding abroad, which corresponds to growth of 6% compared to the previous year. In India, Noida International Airport in the Greater Delhi area is about to enter operation. Our largest airport project abroad to date underscores the importance of our international commitment and creates the basis for increasing the value of the company in the long term. By investing in one of the fastest growing aviation markets in the world, we are strengthening our international presence, diversifying our earnings profile and laying an additional foundation for sustainable growth.

Sustainability as an integral part of the corporate strategy

Sustainability is one of the five strategic target dimensions of Zurich Airport Ltd. and influences corporate decisions at all levels. Throughout the Group, we strive to be one of the leading airport operators in the area of sustainability.

Further progress was made in Zurich within the framework of the “Net Zero 2040” roadmap. In particular, this includes the ongoing decarbonisation of infrastructure, the electrification of the vehicle fleet and the commitment to the circular economy. Geothermal exploration on the use of a glacial channel as a seasonal thermal storage system was driven forward in the reporting year with a second test well. At the same time, construction began on a new energy facility, which forms the link between the seasonal subterranean reservoir and the consumers adapted to the low-temperature grid.

Our sites are also making strides in this area at the international level. In Brazil, several airports have been accredited at level four according to the Airport Carbon Accreditation (ACA) standard, the globally recognised programme of Airports Council International (ACI) to reduce greenhouse gas emissions. We are also pursuing the same ambitions in Noida, where more than half of our energy will come from renewable sources. In addition, complaint channels are now also available across the Group, making it possible to report suspected breaches of the Code of Conduct.

Investments in future-proof infrastructure

2025 was a year of visible progress on key infrastructure projects at Zurich Airport. Work on the extension of the passport control hall, the new Rächtenwisen cargo building and the baggage sorting system proceeded according to plan. Further steps were also taken in the challenging “Development of landside passenger zones” project. Important milestones were likewise reached in the planning and preparation of the “Dock A replacement” project: construction on the temporary module is well advanced and planning permission for the new tower has been granted. These investments are necessary to ensure safe, efficient and high-quality operations in the future and to sustainably reinforce Zurich Airport’s role as an international hub.

Alongside the structural investments, targeted investments were also made in new technologies during ongoing operations. These include the gradual introduction of state-of-the-art CT scanners in security checks, which enable higher throughput and improved travel convenience, as well as the use of customer feedback systems in sanitary facilities for needs-based and sustainable cleaning. Moreover, 26 autonomous cleaning robots were implemented for extensive building cleaning, which support the high cleanliness standards and reduce employees’ workloads.

Under the leadership of the ZRH Innovation Hub, trial operations began with two autonomous buses for the transport of employees on airport grounds. The pilot project aims to test new technological solutions for use in airport operations and is intended to create a framework for Zurich Airport Ltd. and its system partners for the future introduction of automated driving.

Barrier-free services and strong employer position

In addition, we implemented targeted measures to promote accessibility and inclusion at the Zurich site. With the introduction of the Sunflower Lanyard System for people with invisible disabilities, we made yet another contribution toward improving the customer experience and the quality of our offering for all travellers. Furthermore, the PRM service (services for passengers with reduced mobility at Zurich Airport) was integrated into Zurich Airport Ltd. at the start of 2025.

Besides investments in infrastructure and technology, the future viability of Zurich Airport depends to a large extent on competent and committed employees. Various measures were therefore implemented in the reporting year to increase employer attractiveness, particularly in shift work. A leadership programme was also rolled out. The ongoing education and upskilling of employees continues to be a central element of the corporate strategy to respond successfully to future challenges.

Changes in the Board of Directors and Management Board

After 12 years, Guglielmo Brentel will not stand for election to the Board of Directors of Zurich Airport Ltd. for another term of office. The company would like to thank Guglielmo Brentel for his outstanding commitment. During his term of office, he served as a member of the Audit & Finance Committee and also sat on both the Nomination & Compensation Committee and the Investment Committee during the final years of his term. The Board of Directors will propose Stefan Paul for election as a member of the Board of Directors and as a member of the Nomination & Compensation Committee at the 2026 Annual General Meeting. Stefan Paul is CEO at Kühne + Nagel International AG, a listed provider of international logistics services. He will ideally complement the Board of Directors with his experience and skill.

Within the framework of a realignment of responsibilities, the Management Board of Zurich Airport Ltd. will be reduced from seven to six persons 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 Ltd.

Thanks and acknowledgement

Special thanks go to our employees, whose day-to-day efforts made a major contribution to the positive results of the financial year. We would also like to express our gratitude to our partner companies for the positive cooperation. Finally, we would like to offer our sincere thanks to you, our shareholders, for the trust you have placed in us.

We look forward to continuing on our chosen path together with you in 2026.