Financial outlook

Around 32 million passengers are expected at Zurich Airport in the current year, corresponding to growth of 2.5%. Relative to the first half of the year, growth is slowing down slightly; this is in particular due to the stronger comparative basis.

Aviation revenue 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 revenue from multi-storey car parks. Commercial revenue, on the other hand, is likely to fall, partly due to the temporary closure of commercial space as part of the project to develop the landside passenger zone. Within real estate revenue, revenue from rental and leasing agreements is forecast to rise slightly, with energy and utility cost allocations having a dampening effect due to tariff reductions for electricity and district heating.

Revenue from international business will increase again.

Operating costs are also expected to be higher, mainly due to inflation-related adjustments, volume-related increases and measures to enhance 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 be offset by lower “Other operating expenses”.

All in all, the Zurich Airport Group expects earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2025 to be slightly above the level of the previous year. Consolidated profit is likely to be similar to the previous financial year. With the opening of Noida Airport, depreciation and interest expenses will have an impact on the income statement.

Investment at the Zurich site will amount to approximately CHF 500 million in 2025, including the purchase of the Radisson Blu building for CHF 155 million. Investments of an estimated CHF 250 million are expected at subsidiaries abroad, with completion of construction of the new airport in Noida accounting for the majority of this.