Letter to shareholders

Dear Shareholders,
Dear Sir or Madam

Despite geopolitical challenges, the first half of 2026 was characterised by sustained high demand for mobility in aviation, particularly in the Swiss domestic market. Accordingly, Zurich Airport Ltd. has had a successful start to 2026. In the first half of the year, a total of 15.8 million passengers flew into or out of Zurich Airport, which represents year-on-year growth of 6%. The Group achieved a profit of CHF 163.7 million (+1%).

The first half of the year was characterised not only by continued passenger growth and increasing commercial and real estate revenue, but also important infrastructure projects and approval procedures that were driven forward in Zurich. These are of key importance in securing Zurich Airport’s role as a hub for Switzerland’s economic, social and international connectedness in the long term. Accordingly, we are making targeted investments in the further development of the Zurich site and in securing its long-term performance. At the same time, we reached an important milestone with the opening of Noida International Airport in India. This progress forms the foundation for sustainable business development.

Stable operations and continued high demand

The trend in traffic volume at Zurich Airport was favourable in the first half of 2026. The number of passengers continued to increase year on year despite a slump in traffic to the Middle East.

Operations remained stable and dependable, even when traffic was high and during peaks. The volume of traffic during the World Economic Forum (WEF) at the beginning of the year and the busy travel periods around Easter, Ascension Day and Whitsun were particularly challenging. This was compounded by external factors such as weather-related restrictions and geopolitical tensions, in particular the war in the Middle East. However, the impact of these challenges on operations at Zurich Airport has so far remained limited overall.

The close cooperation between all stakeholders at the airport was once again a decisive success factor for stable operations. Together with the airlines, ground traffic service providers, air traffic control, the authorities and other partners, we succeeded in ensuring that the system continues to function, even in challenging situations.

Investments in infrastructure and future viability

Zurich Airport’s future ability to meet passengers’ rising expectations hinges on its continued development. This is why we are making targeted investments in the quality and efficiency of our infrastructure.

Important progress was made at the Zurich site in the first half of the year with the publication of the amended operating regulations and the requests for planning permission for runway extensions and the replacement of Dock A. These projects are crucial for ensuring the long-term operational performance, safety and quality of the Zurich site.

During the reporting period, Zurich Airport Ltd. invested a total of CHF 202.3 million in infrastructure projects at the Zurich site. Construction during ongoing operations remains a particular challenge. The successful implementation of these projects is only possible thanks to the great commitment and flexibility of our employees and the constructive cooperation with our partners.

International activities gaining relevance

In addition to development in Zurich, our international activities continue to gain relevance. They make an important contribution to the diversification of our business model and open up additional growth opportunities.

The opening of Noida International Airport in India, a wholly owned subsidiary of Zurich Airport Ltd., was particularly positive. Following intensive planning and around four years of construction, a scheduled flight landed for the first time on 15 June. Flight operations have initially commenced with domestic and freight flights, with international flights to follow. The first few weeks of operation were positive, confirming the high potential of the Indian aviation market.

Business continues to develop very successfully in Latin America, particularly in Brazil. The four Brazilian airports recorded strong passenger growth in the first half of the year, both in domestic traffic and in the development of new international connections.

Overall, international activities contributed CHF 37.9 million or 10% to Group EBITDA and remain an important part of our corporate development.

Climate programme and general political conditions at the Zurich site

As part of the 2040 Climate Programme, we are systematically continuing measures to transition the cooling and heating systems to renewable sources, to decarbonise the buildings and to expand in-house electricity production and charging infrastructure for electric vehicles at the airport.

Political and regulatory issues also shaped the first half of the year. Negotiations on future airport charges were concluded. The new ordinance on airport charges enters into force on 1 October 2026 and creates planning certainty for the coming years.

In the political realm, the focus at cantonal and national level was on the operating hours of Zurich Airport. The Zurich Cantonal Council’s clear rejection of the night-time curfew initiative and the National Council’s legal clarification of operating hours in the Federal Aviation Act strengthened the general conditions for the airport and Switzerland’s international connections.

Personnel changes

There were changes to the Board of Directors in the first half of the year. After twelve years, Guglielmo Brentel did not stand for re-election at the Annual General Meeting. Zurich Airport Ltd. would like to thank Guglielmo Brentel for his great commitment. As a well-connected expert in the tourism industry with entrepreneurial foresight, he made a valuable contribution to the airport’s success. Stefan Paul, CEO of Kühne + Nagel International AG, was elected a new member of the Board of Directors and a member of the Nomination & Compensation Committee. With his experience and skills, he is an ideal addition to the Board of Directors.

As part of a realignment of responsibilities, the Management Board of Zurich Airport Ltd. has been reduced from seven to six. Manuela Staub, the previous Chief People & Communication Officer, has left the company due to this change. 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.

Outlook and thanks

For full-year 2026, we expect the trend in traffic volume to continue developing positively in line with consistently high demand for mobility, particularly from the local Swiss market. We remain optimistic about further developments in 2026. At the same time, the environment continues to be characterised by geopolitical uncertainties. Their impact on international aviation, such as rising fuel prices, restricted airspace and disruptions to global supply chains, can only be predicted to a limited extent. However, demand for mobility and international connections remains intact. We are systematically aligning our investments and operational planning with this in mind.

We would like to thank our employees in particular for their day-to-day efforts, our partners for the constructive collaboration and you, our valued shareholders, for your trust. With your support, we are laying the foundation for the successful further development of Zurich Airport Ltd. and strengthening its position as an airport operator in Switzerland and abroad.