Financial development

The continued increase in traffic volume at the Zurich site as well as at the other Group locations led to new records in the reporting year in terms of revenue, operating profit and consolidated profit. The consolidated result increased to CHF 346.5 million (previous year: CHF 326.7 million). Due to the new dividend policy and the pleasing results trend, the distribution to shareholders is to be raised from CHF 5.70 to CHF 8.50 per share.

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 the 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.