Slides
Page 1
Half Year Results 2026 Presentation to Investors & Analysts Lukas Brosi, Chief Executive Officer Kevin Fleck, Chief Financial Officer August 28th, 2026
Page 2
Content Business Update01 Financial Update02 Outlook03 Q&A04 Appendix05 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 3
3 Milestones
Page 4
Milestones Half year 2026 Aviation ZRH Commercial/ Real Estate ZRH International Key Developments Innovation & Sustainability ▪ Traffic: 15.8 million passengers in HY2026, representing 6% growth versus the prior-year period; continued strong demand despite Middle East conflict ▪ Charges: New airport charges from 1 October 2026 ▪ Airside: Higher commercial revenues through increased passenger volumes and F&B spend ▪ Landside: Construction works and closed spaces impact turnover ▪ Real Estate: Higher revenues and energy & utility cost allocations ▪ India: Operations at Noida International Airport commenced on 15 June 2026; slower ramp-up due to challenging geopolitical environment; long-term view and potential remain unchanged ▪ Latin America: Strong performance of Brazilian airports with over 10% traffic growth versus HY2025 ▪ Operating Hours: Strong political support for Zurich Airport’s existing operating hours ▪ Zone West: Start of construction for new general aviation infrastructure ▪ Strategy: 2040 targets for the international business and the group have been refined ▪ Innovation: Enhanced passenger experience through new CT scanners, expanded self-service offerings and data-driven airport operations ▪ Sustainability: Continued progress in the implementation of the Climate Programme 2040 Business UpdateFinancial UpdateOutlookQ&AAppendix 4
Page 5
ZRH ZRH International International 423 269 HY2025 HY2026 5 Financial Summary Strongest first-half performance in the company’s history Business UpdateFinancial UpdateOutlookQ&AAppendix 641 674 HY2025 HY2026 161 164 HY2025 HY2026 359 374 HY2025 HY2026 Consolidated Result (in million CHF) CAPEX Group1 (in million CHF) Revenue (in million CHF) EBITDA (in million CHF) 1 Cash view
Page 6
6 Aviation
Page 7
7 Traffic Development ZRH High demand despite Middle East conflict Business UpdateFinancial UpdateOutlookQ&AAppendix 2.1 2.0 2.4 2.8 2.8 2.9 2.2 2.2 2.5 2.9 3.0 2.9 Jan Feb Mar Apr May Jun HY2025 HY2026 19 18 21 22 24 24 20 19 21 23 25 25 Jan Feb Mar Apr May Jun HY2025 HY2026 73% 75% 75% 81% 77% 82% 75% 77% 77% 82% 80% 80% Jan Feb Mar Apr May Jun HY2025 HY2026 33 35 42 37 37 36 33 35 40 37 37 35 Jan Feb Mar Apr May Jun HY2025 HY2026 Seat Load Factor Freight (in thousand tons)Flight Movements (in thousands) Passengers (in million) Total: 15.8 Total: 79% Total: 217Total: 134 Total: 15.0 Total: 77% Total: 219Total: 129
Page 8
Aviation Business Stable operations with high quality ensured Business UpdateFinancial UpdateOutlookQ&AAppendix In the current summer timetable, a total of 212 destinations are served by 67 airlines from Zurich Airport 3 new airlines welcomed to Zurich: Norwegian, Kuwait Airways and China Eastern Airlines Stable and reliable flight operations despite the high volume of traffic and ongoing construction “Best airport in Europe” in the 25 to 40 million passenger category of the ASQ Customer Experience Awards
Page 9
9 Commercial Business and Real Estate
Page 10
▪ Increased passenger volumes and reopening of luxury stores led to higher airside turnover (+9%) ▪ Landside commercial turnover decreased (-3%) due to construction works and closed spaces ▪ HY2026 generated around CHF 70m in retail, tax & duty free, F&B revenues 10 Commercial Business ZRH Higher turnover despite landside construction works 127 90 218 282 298 295 307 HY2020 HY2021 HY2022 HY2023 HY2024 HY2025 HY2026 Turnover Airside (CHFm) Turnover Landside (CHFm) Business UpdateFinancial UpdateOutlookQ&AAppendix Commercial Turnover (in million CHF) Total Airside Commercial Area ~14,200m2 Total Landside Commercial Area (incl. The Circle) ~28,000m2 +3.9 %
Page 11
▪ Construction of new Dock A will require the closure of commercial spaces in the Airside Center from 2029 until the end of 2035. ▪ Commercial revenue impacts are expected. Temporary relocation measures are being pursued to minimize the impact. ▪ Completion of Dock A will add more than 10,000m² of commercial and lounge space. Commercial Business ZRH Update Commercial Projects 11 ▪ Comprehensive development of the landside Airport Shopping to accommodate growing passenger, shopper and commuter demand, including the construction of a new food hall. ▪ Addition of approximately 6,000m² of new landside commercial space. ▪ Phased opening of the enhanced retail and F&B offering is starting in autumn 2027. Landside Passenger Zones Airside Center (Level 1) Construction perimeter Commercial area Service area Business UpdateFinancial UpdateOutlookQ&AAppendix New Dock A
Page 12
12 Business UpdateFinancial UpdateOutlookQ&AAppendix Real Estate ZRH Higher revenues and energy & utility cost allocations CHF 100m Real Estate Revenue ▪ Revenue from rental and leasing agreements continued to rise (+2%) ▪ Higher energy and utility cost allocations (+4%) ▪ Total real estate revenues increased by 2% to CHF 100m Highlights ▪ Continued progress on the development of the landside passenger zones ▪ Request for planning permission for the detailed project was submitted for the new Dock A ▪ Key construction works for the baggage sorting system were finalized; project is approaching completion ▪ Start of construction for new general aviation infrastructure in the Zone West ▪ Redesign of security check with new CT scanners completed ▪ Completion of the first phase of the Skymetro modernization
Page 13
13 International
Page 14
14 International Passenger Traffic 10% traffic growth in Latin America versus HY2025 Business UpdateFinancial UpdateOutlookQ&AAppendix 549 492 458 383 362 347 672 585 524 383 347 334 Jan Feb Mar Apr May Jun HY2025 HY2026 166 163 142 124 128 118 144 135 130 120 127 112 Jan Feb Mar Apr May Jun HY2025 HY2026 303 252 284 303 316 311 350 301 335 336 344 316 Jan Feb Mar Apr May Jun HY2025 HY2026 251 192 202 168 175 177 283 235 225 219 216 214 Jan Feb Mar Apr May Jun HY2025 HY2026 Total: 1.2m Total: 2.8m Total: 1.8m Total: 2.0m Total: 0.8m Total: 0.8m Iquique (in thousands) Vitória / Macaé (in thousands) Natal (in thousands) Florianópolis (in thousands) Total: 1.4m Total: 2.6m
Page 15
15 International Strong performance in Brazil Business UpdateFinancial UpdateOutlookQ&AAppendix ▪ Start of expansion of commercial space in the international terminal area. ▪ Fully covered premium parking facility completed and opened in early 2026. ▪ Construction of additional lounges started. ▪ Named Brazil’s best airport for the sixth consecutive year. ▪ Agreement signed for new Hilton hotel at the airport. Florianópolis Brazil ▪ Construction of additional lounge in Vitória. ▪ Vitória was named Brazil’s second-best airport for the fourth time in a row. ▪ Inauguration of the new solar power plant in Macaé, making the terminal Brazil’s first energy self-sufficient airport powered by clean energy. Vitória/Macaé Brazil ▪ Construction of northern apron restarted in June and should be completed by the end of 2026. ▪ Traffic impacted by currency effects and increased oil prices. ▪ Antofagasta concession ended in February 2026, with operations subsequently handed over to the new concessionaire. Iquique Chile ▪ Achieved the second-highest passenger growth among airports in Brazil in the first half of the year. ▪ International traffic doubled versus the prior year, with connections to four international destinations. ▪ Redesign of commercial concept completed. ▪ Ongoing construction of solar power plant. Natal Brazil
Page 16
International Divestment of minority stake in Belo Horizonte International Airport 16 ▪ Agreement was reached to divest 12.75% minority stake in Belo Horizonte International Airport to Grupo Aeroportuario del Sureste (ASUR). ▪ The transaction remains subject to customary closing conditions, including the required regulatory approvals, and is expected to be completed within the next few months. ▪ The transaction is expected to result in a non- recurring net gain of approximately CHF 17m at group level upon closing. Transaction Background and Overview Divestment fully aligns with our international strategy to focus on majority shareholdings with operational responsibility. Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 17
International Noida International Airport commenced operations on 15 June 2026 17 Business UpdateFinancial UpdateOutlookQ&AAppendix ▪ Slower ramp-up expected due to challenging geopolitical environment, with near-term performance remaining subject to elevated uncertainty. ▪ Route network will continue to expand, with international services expected to follow. ▪ Strong confidence in the long-term growth potential and attractive fundamentals of the Indian aviation market. Outlook ▪ After 4 years of construction, operations have commenced on 15 June 2026, establishing a new aviation gateway for North India. ▪ Successful operational launch with IndiGo and Akasa Air currently serving 17 domestic routes. ▪ Final tariff order was published in May 2026. ▪ Changes to the leadership structure with start of commercial operations. Milestones Traffic Development 25 77 204 1’044 June July Passengers (in thousands) Flight Movements
Page 18
International Strategy Our vision for the international business 18 Business UpdateFinancial UpdateOutlookQ&AAppendix Vision 2040 ▪ In 2040, our international business is a financially self-sufficient business unit that can fund its capital requirements from its own resources. We operate the best airports in our focus markets and generate higher returns than in Zurich. Role of Zurich Airport ▪ Planning, construction and operation of airports ▪ Operational excellence and commercializing in non-regulated business ▪ Long-term investor Focus Markets ▪ Focus on India and Brazil with existing presence and synergy potential ▪ Emerging markets and selected opportunities in developed countries Selected Investment Criteria ▪ Majority investments ▪ Long concession periods ▪ Zurich Airport Group ESG-standards and Code of Conduct
Page 19
19 Content Business Update01 Financial Update02 Outlook03 Q&A04 Appendix05 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 20
Half Year 2026 Result Higher revenues, EBITDA and consolidated result 20 Business UpdateFinancial UpdateOutlookQ&AAppendix 639 669 641 674 HY2025 HY2026 ▪ Total revenues 5% above HY2025 ▪ Higher revenue numbers mainly as a result of passenger growth in Zurich and positive development in Brazil 359 374 HY2025 HY2026 ▪ Increase by 4% compared to HY2025 ▪ EBITDA margin broadly unchanged at 56% 161 164 HY2025 HY2026 327 345 312 324 641 674 HY2025 HY2026 ▪ Higher aviation revenues (+5%) driven by increased traffic volumes in Zurich ▪ Non-aviation revenues excl. concession accounting increased by 4% Aviation Non-Aviation ▪ D&A rose by 4%, finance result declined due to higher interest expenses, also in relation with opening of Noida ▪ Consolidated result increased by 1% Revenue (in million CHF) Revenue Split (in million CHF) EBITDA (in million CHF) Consolidated Result (in million CHF) Concession Accounting
Page 21
Half Year 2026 Result Increase in non-aviation revenues 21 Business UpdateFinancial UpdateOutlookQ&AAppendix 132 134 HY2025 HY2026 ▪ Commercial and parking revenue increased slightly by 2%, mainly driven by higher passenger volumes and increasing F&B revenues 56 63 58 67 HY2025 HY2026 25 27 HY2025 HY2026 ▪ Increase mainly due to strong performance of Brazilian concessions ▪ International revenue excl. construction projects increased by 11% Commercial & Parking (in million CHF) 98 100 HY2025 HY2026 Real Estate (in million CHF) Revenue from Services (in million CHF) International Revenues (in million CHF) ▪ Increased revenues from rental agreements (+2%) and energy and utility cost allocations (+4%) ▪ Overall real estate revenue exceeded the previous half year's level by 2% ▪ Revenue from Services has surpassed the prior half-year figure by 7% Concession Accounting
Page 22
280 295 282 299 HY2025 HY2026 ▪ OPEX increased by 6% over the prior-year period ▪ Adjusted for concession accounting, total OPEX were 5% higher compared to the previous year Total Operating Expenses (in million CHF) Half Year 2026 Result OPEX rose by 5% (excl. concession accounting), impacted by opening of Noida 22 Business UpdateFinancial UpdateOutlookQ&AAppendix 132 138 HY2025 HY2026 ▪ Personnel expenses rose by 5% mainly due to inflation- and volume- based adjustments Personnel Expenses (in million CHF) 66 67 HY2025 HY2026 ▪ Police and security expenses increased below the rate of passenger growth by 2% Police & Security (in million CHF) 19 19 HY2025 HY2026 ▪ Energy and waste costs showed stable development and correspond broadly to the previous half-year figure Energy & Waste (in million CHF) Concession Accounting
Page 23
-117 56 HY2025 HY2026 ▪ Higher Free Cash Flow mainly due to acquisition of the Radisson Blu building in the same period last year Half Year 2026 Result Key financial ratios 23 Business UpdateFinancial UpdateOutlookQ&AAppendix 1.9x 2.1x HY2025 HY2026 ▪ Net Financial Debt is CHF 1,617m ▪ Slight increase of leverage ratio due to higher dividend payment in the second quarter of 2026 306 324 HY2025 HY2026 8.0% 7.9% HY2025 HY2026 ▪ Stable development of the ROIC compared to HY2025 Net Financial Debt / EBITDA1 ROIC (in %) Operating Cash Flow (in million CHF) Free Cash Flow2 (in million CHF) 1 Based on the result for the 12-month period preceding the reporting date 2 Free Cash Flow: cash flow from operating activities less investments in PPE, investment property, airport operator projects a nd other intangible assets ▪ Operating cash flow increased by CHF 18m, mainly due to changes in working capital
Page 24
24 Half Year 2026 Result Group CAPEX Business UpdateFinancial UpdateOutlookQ&AAppendix Development Landside Area CHF ~22 millionNew Dock A, Tower and Base CHF ~72 million New Baggage Sorting System CHF ~13 million Noida International Airport CHF ~60 million 1 Cash view 307 202 111 60 4 6 423 269 HY2025 HY2026 ZRH India Latin America Total Group CAPEX1 (in million CHF)
Page 25
25 Content Business Update01 Financial Update02 Outlook03 Q&A04 Appendix05 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 26
Outlook Guidance 2026 26 2025 Actual 2026 Guidance Passengers ZRH 32.6 million ▪ Over 33 million passengers (growth rate ~3%) (previously "2-3%") Revenues1 Aviation revenues Non-Aviation revenues1 CHF 1,351 million CHF 709 million CHF 642 million ▪ Aviation: stable, introduction of the new airport charges in ZRH from 1 October 2026, offset by higher PAX volumes ▪ Non-Aviation: higher than in 2025 − Commercial revenues: stable, influenced by ongoing construction projects − Real estate: slightly higher − International: higher due to opening of Noida Airport and growth in Brazil Operating expenses1 CHF 588 million ▪ Higher due to opening of Noida Airport EBITDA CHF 762 million ▪ Stable D&A CHF 311 million ▪ Higher, due to start of operations in Noida which will trigger D&A Consolidated Result CHF 346 million ▪ Lower, also due to higher finance expenses with start of operations in Noida CAPEX2 CHF 716 million ▪ CHF ~400m in Zurich, CHF ~100m International (previously "CHF 350-400m in Zurich, CHF ~100m International") Business UpdateFinancial UpdateOutlookQ&AAppendix 1 excl. IFRIC12 2 Cash view
Page 27
Outlook Group strategy 27 Business UpdateFinancial UpdateOutlookQ&AAppendix Target dimensions Business development Strengthening the business segments Economics Efficient capital allocation Innovation and efficiency New ideas for better processes Quality and customer experience High-quality physical and digital experience ESG A leader in sustainability Mobility hubs Commercial centers Real estate We connect people and places, creating positive experiences. Five values that we share Purpose Business segments Values and culture Collaborative Open Agile Committed HumanH C A O C
Page 28
Outlook Zurich Airport Group 2040 28 Business UpdateFinancial UpdateOutlookQ&AAppendix Goals 2040 > CHF 3 billion revenues (> 5% CAGR) > 8% ROIC > 55% EBITDA margin Among the best airports in terms of quality and customer experience Net zero own greenhouse gas emissions Target dimensions Business development Strengthening the business segments Economics Efficient capital allocation Innovation and efficiency New ideas for better processes Quality and customer experience High-quality physical and digital experience ESG A leader in sustainability
Page 29
Content Business Update01 Financial Update02 Outlook03 Q&A04 Appendix05 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 30
Corporate Calendar Contact information 30 ▪ 3 September 2026 Roadshow ZKB, Zurich ▪ 9 September 2026 UBS Transport Conference, London ▪ 21 September 2026 Baader Investment Conference, Munich ▪ 23 September 2026 UBS Best of Switzerland Conference, Ermatingen ▪ 29-30 September 2026 Santander Eurolatam Conference, New York ▪ 6 November 2026 ZKB Swiss Equities Conference, Zurich ▪ 9 March 2027 Publication of Full Year Results 2026 Business UpdateFinancial UpdateOutlookQ&AAppendix +41 (0)43 816 71 61 investor.relations@zurich-airport.com Investor Relations Team Kevin Fleck Chief Financial Officer Stefan Weber Head Strategy & Capital Markets Dominic Iseli Senior Manager IR & Treasury
Page 31
31 Content Business Update01 Financial Update02 Outlook03 Q&A04 Appendix05 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 32
1 Incl. Noise 2 Incl. Concession Accounting Performance by Segment All segments with strong contribution 32 Business UpdateFinancial UpdateOutlookQ&AAppendix Aviation Commercial Real Estate Services International2HY2026 Revenue CHF 674m CHF 345m 51% EBITDA1 CHF 374m CHF 67mCHF 134m CHF 100m CHF 27m CHF 158m CHF 179m 10% CHF 38m
Page 33
1 Only shows bonds denominated in CHF 2 Incl. lease liabilities Liquidity and Debt Overview As of 30 June 2026 33 Liquidity (in million CHF) Bond Maturity Profile (in million CHF)1 Debt Composition (in million CHF)2 Net Debt / LTM EBITDA (excl. noise) 200 350 365 150 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Committed credit facilities CHF 300m Total utilization (incl. guarantees) CHF 38m Available short-term credit facilities CHF 262m Cash balance (excl. noise fund) at 30 June 2026 CHF 203m Total liquidity (excl. AZNF) at 30 June 2026 CHF 465m by maturity by currency by category 98% Short-term Long-term 65% 23% 10% CHF INR BRL Other 58%30% 12% Bonds Bank Loans Other 2.3x 1.6x 1.6x 1.8x 2.1x FY2022 FY2023 FY2024 FY2025 HY2026 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 34
34 International Portfolio Focus on Brazil and India Florianópolis International Airport ▪ New terminal completed in October 2019 Airports in Vitória/Macaé ▪ Portfolio includes two airports ▪ New runway at Macaé inaugurated in 2025 Natal Airport ▪ Successful operational takeover in Feb 2024 ▪ Minor replacement investments and selective improvements needed Delhi Noida Florianópolis Belo Horizonte Curaçao Iquique Switzerland Vitória/Macaé Natal Airport(s) Location(s) Passenger Development (in million) Concession Period Stake 2022 2023 2024 2025 Florianópolis International Airport Florianópolis 3.4 4.0 4.9 5.2 2017 – 2047 100% Eurico de Aguiar Salles / Benedito Lacerda Airport Vitória / Macaé 2.9 3.5 3.4 3.9 2019 – 2049 100% Natal International Airport São Gonçalo do Amarante n/a n/a 2.01 2.4 2024 – 2054 100% Belo Horizonte International Airport Belo Horizonte 9.5 10.5 12.4 13.3 2014 – 2044 12.75% Diego Aracena International Airport Iquique 1.7 1.8 1.7 1.6 2018 – 20422 100% Curaçao International Airport Curaçao 1.5 1.7 2.1 2.5 2003 – 2033 9.69% Noida International Airport New Delhi n/a n/a n/a n/a 2021 – 2061 100% 1 Only March to December 2 Expected Iquique Airport ▪ New terminal completed ▪ Expansion of Northern Apron underway Noida International Airport ▪ Initial capacity of 12m passengers p.a. ▪ Phase I investments approx. CHF 750m Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 35
International Portfolio overview – majority owned airports 35 Florianópolis, Brazil Vitória/Macaé, Brazil Natal, Brazil Aport (Antofagasta1 and Iquique), Chile2 Noida Delhi, India3/4 HY26 HY25 Δ HY26 HY25 Δ HY26 HY25 Δ HY26 HY25 Δ HY26 HY25 Δ Passengers (in millions) 2.8 2.6 10% 2.0 1.8 12% 1.4 1.2 19% 1.2 2.2 (45%) 0.0 n/a n/a Revenues (in million CHF) 27.6 22.7 22% 20.5 16.2 27% 9.3 7.9 18% 6.8 8.4 (19%) 2.5 2.6 (4%) of which concession accounting 0.7 0.1 590% 2.4 0.4 456% 0.3 0.5 (43%) 0.6 0.3 138% - - n/a OPEX (in million CHF) (7.2) (6.0) 19% (7.8) (5.6) 39% (4.0) (3.6) 12% (3.5) (3.7) (6%) (4.9) (1.8) 176% of which concession accounting (0.7) (0.1) 590% (2.4) (0.4) 456% (0.3) (0.5) (43%) (0.6) (0.3) 138% - - n/a EBITDA (in CHF millions) 20.4 16.6 22% 12.7 10.5 21% 5.3 4.3 23% 3.3 4.6 (29%) (2.4) 0.8 n/a EBITDA margin 74% 73% 1%p 62% 65% (3%p) 57% 55% 2%p 49% 56% (7%p) n/a 32% n/a Ownership 100% 100% 100% 100% 100% 1 Concession ended in February 2026 2 Including Santiago office and revenues/costs associated with consulting activities in Bogotá and Curaçao 3 Start of operations took place in June 2026 4 Concession Accounting not applicable for Noida Delhi Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 36
Group Key Figures Income statement 36 in million CHF Jan – Jun 2026 Jan – Jun 2025 Aviation revenue 345.2 327.3 Non-aviation revenue 328.4 313.4 Revenue 673.6 640.7 EBITDA 374.2 358.8 EBITDA margin (in %) 55.5 56.0 Depreciation and amortization (155.6) (149.7) EBIT 218.6 209.1 EBIT margin (in %) 32.5 32.6 Finance result (net) (12.5) (7.1) Associated companies 0.0 0.0 Income taxes (42.4) (40.7) Consolidated result 163.7 161.3 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 37
Revenue Breakdown Aviation business 37 in million CHF Jan – Jun 2026 Jan – Jun 2025 Passenger-related flight operations charges 221.0 209.8 Landing charges 43.9 42.4 Aircraft-related noise charges 7.0 7.0 Emission charges 2.0 2.0 Aircraft parking charges 17.4 15.2 Freight charges 4.4 4.7 Total flight operations charges 295.7 281.0 Baggage sorting and handling system 32.8 31.6 De-icing 5.4 4.5 Check-In 2.7 2.6 Aircraft energy supply system 2.7 2.4 Other fees 3.1 2.7 Total aviation fees 46.7 43.7 Total other aviation revenue 2.8 2.5 Total aviation revenue 345.2 327.3 Avg. landing charge / movement (in CHF) 655.6 656.3 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 38
Revenue Breakdown Non-aviation business 38 in million CHF Jan – Jun 2026 Jan – Jun 2025 Retail, tax & duty-free 55.8 56.2 Food & beverage 13.7 12.3 Advertising media and promotion 9.4 9.3 Revenue from car parks 45.8 45.0 Other commercial revenue 9.6 9.4 Total commercial and parking revenue 134.4 132.2 Revenue from rental and leasing agreements 78.2 76.7 Energy and utility cost allocation 19.8 19.1 Cleaning and other real estate revenue 2.5 2.6 Total real estate revenue 100.5 98.4 Total revenue from services 26.9 25.2 Revenue from international airport concessions and consulting activities 62.6 56.3 Revenue from construction projects as part of concession agreements 4.1 1.3 Total revenue from international business 66.6 57.6 Total non-aviation revenue 328.4 313.4 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 39
Cost Overview Operating expenses breakdown 39 in million CHF Jan – Jun 2026 Jan – Jun 2025 Personnel expenses 137.6 131.6 Police and security 66.6 65.6 Energy and waste 18.7 18.5 Maintenance and material 24.1 22.7 Other operating expenses 27.6 24.1 Sales, marketing and administration 30.4 27.4 Expenses for construction projects as part of concession arrangements 4.1 1.3 Capitalized expenditure & other income/expenses (9.9) (9.4) Total operating expenses 299.4 281.8 Whereof ZRH 269.2 260.3 Whereof international 30.2 21.5 Business UpdateFinancial UpdateOutlookQ&AAppendix
Page 40
Passengers and Movements Development Since ZRH privatization 40 22.6 21.0 17.9 17.0 17.3 17.9 19.2 20.7 22.1 21.9 22.9 24.3 24.8 24.9 25.5 26.3 27.7 29.4 31.1 31.5 8.3 10.2 22.6 28.9 31.2 32.6 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 0 5 10 15 20 25 30 35 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Flight movements Total Passengers (in millions) Local passengers Transfer passengers Transit passengers Total flight movements Business UpdateFinancial UpdateOutlookQ&AAppendix Historical Traffic Numbers
Page 41
Traffic Data ZRH Top 5 airlines, alliances, destinations and aircraft types at ZRH 41 Source: ZRH data warehouse, 2026 Business UpdateFinancial UpdateOutlookQ&AAppendix 3.6% 4.7% 5.6% 63.9% 67.2% 3.8% 5.3% 5.8% 61.1% 65.9% Middle East Carrier Skyteam Oneworld Star Alliance Lufthansa Group FY2025 FY20241.9% 2.0% 2.2% 9.7% 51.9% 1.8% 2.1% 3.4% 10.2% 50.2% Chair Eurowings EasyJet Edelweiss SWISS FY2025 FY2024 Alliance Share ZRH (% of passengers)Airlines ZRH (% of passengers) Destinations (% of passengers) Aircraft Types (% of flight movements) 2.4% 2.6% 2.6% 2.8% 5.7% 2.5% 2.6% 2.7% 2.8% 5.6% Madrid Amsterdam Istanbul Berlin London FY2025 FY2024 4.8% 9.8% 14.5% 20.5% 32.2% 4.9% 10.6% 15.7% 17.4% 31.8% Airbus A319 Airbus A321 Embraer E190/195 Airbus A220 Airbus A320 FY2025 FY2024
Page 42
Passenger Development Global market figures (2025 vs. 2024) 42 Business UpdateFinancial UpdateOutlookQ&AAppendix North America 2025 Share ZRH 9.3% From/to ZRH +4% Global market +2% Source: ACI & ZRH data warehouse, 2026 Latin America 2025 Share ZRH 1.5% From/to ZRH -1% Global market +2% Europe 2025 Share ZRH 75.0% From/to ZRH +4% Global market +6% Africa 2025 Share ZRH 2.9% From/to ZRH +7% Global market +9% Middle East 2025 Share ZRH 5.1% From/to ZRH +9% Global market +5% Far East 2025 Share ZRH 6.2% From/to ZRH +6% Global market +5% Worldwide 2025 From/to ZRH +5% Global market +4%
Page 43
Disclaimer Forward-looking statements 43 This document has been prepared by Zurich Airport Ltd. for use in this presentation. The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained therein. Neither the company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its content or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither this document nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document contains forward-looking statements that are based on current estimates and assumptions made by the management of Zurich Airport Ltd. to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the non- occurrence or occurrence of which could cause the actual results – including the financial condition and profitability of Zurich Airport Ltd. – to differ materially from or be more negative than those expressed or implied by such forward-looking statements. This also applies to the forward-looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor its management can give any assurance regarding the future accuracy of the opinions set forth in this document or the actual occurrence of the predicted developments. By accepting this document, you agree with foregoing. Business UpdateFinancial UpdateOutlookQ&AAppendix