Letter to shareholders

Dear Shareholders, Dear Sir or Madam

The first half of 2025 was positive for Zurich Airport. The demand for air travel continued to rise and passenger volume was 3% above the value for the prior-year period. As a result, the airport achieved a new record on a half-year basis. This development is supported by a stable economic situation, continued population growth and strong demand for both personal and business travel. Flight operations were stable over the Easter, spring and especially the summer holidays. On 28 July, a new daily record was reached with more than 115,000 passengers departing, transferring or arriving at the airport.

Flight operations and operating hours

Punctuality at Zurich Airport developed positively in the first half of 2025. It was possible to reduce the number of take-offs after 23:00 thanks to joint operational measures taken by Zurich Airport Ltd., Skyguide and SWISS. Raising the time-dependent noise charges is an additional measure to reduce take-offs after 23:00 that can be implemented in the medium term. On 31 March 2025, the Federal Office of Civil Aviation (FOCA) approved the application of Zurich Airport Ltd. to adjust the noise charges. These changes will become effective in the next charge period, no later than on 1 January 2027. Further measures with far greater scope to improve punctuality, such as eliminating bottlenecks in European air traffic control, lie beyond the influence of Zurich Airport Ltd. Moreover, the proposals of the airport operator for amending the operating regulations continue to be blocked, and it first remains to be seen what amendments the federal government will make to the Sectoral Aviation Infrastructure Plan (SAIP).

Despite the progress in punctuality, political pressure on operating hours continues to be high. We firmly reject any calls for a reduction in operating hours, such as in the cantonal “night-time curfew initiative”. Zurich Airport already operates with the shortest operating hours of all the comparable European airports: from 6:00 to 23:30, including a time window for delays between 23:00 and 23:30. Additional restrictions would significantly weaken Switzerland’s intercontinental connections and competitiveness.

Investments in quality and sustainability

Once again, Zurich Airport received a number of awards. At the same time, we are investing in key infrastructure projects to preserve the high quality standards at Zurich Airport as we move forwards. The refurbishment of the baggage sorting system is at an advanced stage. The development of the landside passenger zones with new retail spaces and the TREATS food hall is likewise proceeding apace. The first major stages in connection with the Dock A replacement project have also begun.

In terms of sustainability, Zurich Airport Ltd. is consistently pursuing its goal of reducing its own greenhouse gas emissions to net zero by 2040. These efforts include the decarbonisation of infrastructure with the use of innovative systems such as seasonal energy storage in an ice-age channel or via earth probe fields supplemented by a low-temperature grid. Further photovoltaic solar panels are also being installed. For instance, a solar fence was put into operation for the first time in the first half of the year as a test unit for further vertical systems.

Setting the course for the future

An important step for the future development in the central airport perimeter is the acquisition of the Radisson Blu building by Zurich Airport Ltd. This opens up new possibilities for the targeted further development and optimised use of the airport site.

At the same time, preparations have begun for negotiating future airport charges. The negotiations themselves will start in October of this year. The charges provide the foundation for the financing of current and future aviation infrastructure by its users.

International successes

In Noida, our largest international project, the opening of the airport is approaching, representing a milestone for our international activity and aviation in one of India’s fastest-growing regions. In Brazil, our locations are recording substantial growth in traffic. Moreover, the Florianópolis and Vitoria Airports have once again been honoured as the best airports in their category by the Brazilian aviation ministry.

Outlook and thanks

Zurich Airport remains a central hub connecting Switzerland to Europe and the world and is a key business driver for the entire country. Given the current geopolitical uncertainties, it is particularly important to ensure competitiveness. To meet this responsibility, Zurich Airport Ltd. is continuing to make targeted investments in safe, efficient and high-quality flight operations, future-fit infrastructure and modern technologies.

After ten years on the Board of Directors, the mandate of Vincent Albers as the delegate appointed by the Canton of Zurich came to an end at the end of April 2025. We would like to thank him sincerely for his dedication. Dr. Beat Schwab succeeded him on 1 May 2025 and was elected as a member of the Nomination & Compensation Committee by the Annual General Meeting.

We thank you sincerely for your trust and support.