Positive 2025 Earnings Report#
Flughafen Zurich AG, the operator of Zurich Airport, announced earnings for 2025 that slightly surpassed analyst expectations. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) was 0.4% higher than anticipated, primarily driven by its aviation segment. Additionally, net income exceeded forecasts by 3.1%, allowing for a dividend that was 3% above expectations.
Challenges Ahead for 2026#
Looking ahead, Flughafen Zurich has provided a cautious outlook for 2026. The company expects EBITDA to remain stable compared to 2025, with passenger traffic projected to exceed 33 million, reflecting a growth of 2% to 3% year-over-year. While aviation revenues are expected to hold steady, non-aviation revenues are anticipated to increase.
Increased Capital Expenditure#
For 2026, Flughafen Zurich plans to increase its capital expenditure to between CHF 450 million and CHF 500 million, higher than the previous consensus estimate of CHF 408 million. Spending at Zurich Airport is expected to rise to CHF 350 million to CHF 400 million, up from CHF 300 million to CHF 350 million in 2025. Conversely, international spending is projected to decrease as the construction of Noida airport winds down.
Noida Airport Developments#
Flughafen Zurich recently announced that Noida airport received its aerodrome license, which is a crucial step for its operations. Commercial activities are expected to commence 30 to 45 days after this license is granted. The company anticipates that Noida will serve up to 4 million passengers in 2026, although it expects a neutral EBITDA contribution and a negative net profit contribution due to depreciation and interest expenses. A public consultation period for tariffs at Noida is currently underway, with final tariff decisions expected in the coming months.