Financial development

The continued growth in passenger volume at the Zurich site as well as in foreign concessions led to a better overall result in the first half-year compared to the prior-year period. In the first six months, revenue, EBITDA and the consolidated result improved over the prior-year period. It is the best half-year result in the company’s history.

Results trend

Aviation revenue

Spurred by the higher traffic volumes at Zurich Airport, revenue from flight operation charges rose by CHF 11.7 million or 4% to CHF 281.0 million in the first half of the year.

Aviation fees and other aviation revenue amounted to a total of CHF 46.2 million in the reporting period, equivalent to an increase of CHF 2.0 million over the prior-year period.

Total aviation revenue increased slightly more quickly than passenger volume, rising from CHF 313.5 million to CHF 327.3 million (+4%). This is partly because of the stronger growth in local passenger numbers, who pay higher fees than transfer passengers.

Non-aviation revenue

Total commercial and parking revenue decreased slightly over the prior-year period to CHF 132.2 million (-1%). The main reason for this development was the reduced retail offering in the landside area due to construction work.

Within real estate revenue, revenue from rental and leasing agreements continued to rise, whereas energy and utility cost allocations were down. The decline in energy and utility cost allocations, which had been expected, is mainly due to lower energy and waste costs that are passed on to tenants. Overall, real estate revenue in the first half of the year was practically at the same level as in the prior-year period at CHF 98.4 million.

Revenue from services in the reporting period amounted to CHF 25.2 million, approximately corresponding to the prior-year figure.

The slight decline in revenue from the international airport business from CHF 60.6 million to CHF 57.6 million in the reporting period is due mainly to lower revenue from construction projects. Factoring out this income statement-neutral item (“concession accounting”), revenue in international business climbed by 14% or CHF 7.1 million.

Total non-aviation revenue declined in the first half of the year by 1% to CHF 313.4 million. Adjusted for revenue from construction projects, this results in growth of CHF 5.9 million or 2%.

Operating expenses

Following a sharp rise in costs in the first half of 2024, the situation normalised in the course of the current financial year. All in all, operating expenses declined by 1% over the prior-year period to CHF 281.8 million. Adjusted operating expenses (excluding expenses from construction projects) were 3% up on the first half of the previous year.

Personnel expenses rose by 11% in the reporting period to CHF 131.6 million. Besides inflation and volume-related adjustments as well as measures to increase employer attractiveness, this rise also reflects the takeover of control over services for passengers with reduced mobility (PRM) from 1 January 2025. However, this is offset to the same extent by a reduction in “Other operating expenses”. Costs for police and security increased in line with passenger growth by 3% to CHF 65.6 million. As expected at the beginning of the year, energy and waste costs declined to CHF 18.5 million (-13% compared to the first half of 2024), mainly due to lower sourcing costs for electricity.

Operating and consolidated result

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by CHF 12.0 million over the prior-year period to CHF 358.8 million (+3%). The EBITDA margin amounted to 56%.

Depreciation and amortisation rose in the reporting period, reaching CHF 149.7 million (+4%). Compared to the first half of 2024, the finance result improved by CHF 1.5 million to CHF -7.1 million thanks to an increase in interest income.

On the whole, the consolidated result for the first half of the year rose by 6% to CHF 161.3 million (prior-year period: CHF 151.8 million).

Investments

In the first half of the year, the Zurich Airport Group invested a total of CHF 422.9 million (prior-year period: CHF 275.4 million) in property, plant and equipment, projects in progress and airport operator projects, of which CHF 307.4 million at the Zurich site (prior-year period: CHF 117.0 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 and the development of the landside passenger area.

Assets and financial position

In June 2025, Zurich Airport Ltd. successfully obtained refinancing on the Swiss capital market with a 15-year debenture for CHF 150 million (coupon: 1.1775%). As at mid-2025, cash and cash equivalents (excluding noise-related funds) were valued at CHF 250.3 million.

Based on the operating cash flow of CHF 305.8 million and investments in property, plant and equipment, projects in progress and airport operator projects totalling CHF 422.9 million, the resultant free cash flow for the first half of the year was CHF –117.1 million (prior-year period: CHF -1.5 million).