Earnings release
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28August2026 Zurich Airport Ltd. generates higher profit in the first half of 2026 Demand for air travel remained high in the first half of 2026. Thanks to higher passenger volumes, Zurich Airport Ltd. increased its revenue and earnings. The consolidated result rose slightly despite higher depreciation and financial expenses. At the same time, the company continues to invest in the development of the Zurich site and, in its international airport business, has started operating Noida International Airport in India. In the first half of 2026, revenue amounted to CHF 673.6 million, representing an increase of 5% over the prior-year period. This was due to higher passenger volumes, which benefited both the aviation and non-aviation businesses. Aviation revenue grew by 5% to CHF 345.2 million, while non- aviation revenue increased by 5% to CHF 328.4 million. The 6% increase in operating costs to a total of CHF 299.4 million was also a result of the commissioning of Noida Airport. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 4% over the prior-year period to CHF 374.2 million. The consolidated result amounted to CHF 163.7 million, up 1% year on year, which is the best half-year result in the company’s history. Earnings growth was held back by higher depreciation and financial expenses, particularly in connection with the commissioning of Noida Airport.
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Lukas Brosi, CEO of Zürich Airport Ltd. We have had an intensive first half of the year. Geopolitical uncertainties, a further rise in passenger volumes, numerous ongoing infrastructure projects as well as the commissioning of Noida International Airport have been major challenges for us. I am therefore particularly pleased that we have been able to guarantee stable and secure operations. I would like to thank all employees and partner companies whose extraordinary commitment has made this half-year result possible. Increase in traffic volumes and expansion of the route network 15,793,939 passengers used Zurich Airport in the first half of 2026. This represents an increase of 6% year on year and, in terms of passenger numbers, marks the strongest first half-year in the history of the airport. Despite geopolitical tensions, particularly in the Middle East, demand for air travel remained high overall – particularly in the local Swiss market. Air freight volumes fell to 217,317 tonnes (-1% compared to the first half of 2025), mainly due to lower import volumes. In the 2026 summer flight timetable, 67 airlines are operating flights to a total of 212 destinations from Zurich Airport, marking a slight increase over the prior year’s summer timetable. Slight increase in commercial and parking revenue as well as in the real estate business Commercial and parking revenue increased by 2% to CHF 134.4 million in the first half of the year. Commercial activities continued to grow despite restrictions due to ongoing construction activities affecting the landside Airport Shopping mall. The growth was due in particular to greater passenger volumes and higher sales in food & beverage. Real estate revenue increased slightly to CHF 100.5 million (+2%), once again making an important contribution to the consolidated result. Progress on strategic infrastructure projects In the first half of 2026, Zurich Airport Ltd. invested a total of CHF 268.7 million (prior-year period: CHF 422.9 million) in property, plant and equipment
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and projects, of which CHF 202.3 million was attributable to the Zurich site (prior-year period: CHF 307.4 million including the purchase of the Radisson Blu building for CHF 155.0 million). The largest projects in Zurich include the development of the landside passenger zones, which will be opened in stages from autumn 2027, and the planned replacement of Dock A including the tower and dock base. In addition, important political and regulatory prerequisites for the long-term development of the site were fulfilled during the reporting period. With the rejection of the night-time curfew initiative, the Zurich Cantonal Council committed to Zurich Airport’s existing operating hours from 06:00 to 23:30. In addition, the National Council advocated for legal protection of the current operating hours of national airports within the revision of the Federal Aviation Act. Strong growth and important milestones in international business Revenue from the international airport business increased by 16% to CHF 66.6 million, driven mainly by the continued positive development of the Brazilian airports. In total, the international airports operated by Zurich Airport Ltd. welcomed more than 7 million passengers in the first half of 2026. The Brazilian airports once again recorded strong passenger growth averaging 13.8%. Non-aviation activities in Brazil also performed well, making an important contribution to the consolidated result. With the opening of Noida International Airport, Zurich Airport Ltd. is now operating in India once again. Operations commenced on 15 June 2026. Flight operations will initially be limited to domestic and freight flights, with the route network subsequently expanding step-by-step. The ramp-up of operations is taking place in a challenging geopolitical environment. Airspace closures, higher fuel costs and airline capacity adjustments are affecting the pace at which new connections are being established. Outlook For the year 2026 as a whole, Zurich Airport Ltd. expects passenger numbers at the Zurich site to exceed 33 million, corresponding to growth of around 3% year on year. When the new ordinance on airport charges enters into force on 1 October 2026, airport charges – which will be around 10% lower overall – will have an impact on aviation revenue for the first time in the final quarter. By introducing higher noise charges and a reclassification of noise classes, the new ordinance on airport charges will simultaneously increase the incentives for quieter operations, especially during sensitive night hours. Nevertheless, Zurich Airport Ltd. expects aviation revenue to remain stable in 2026 due to passenger growth. Zurich Airport Ltd. anticipates further growth from its international concessions during the second half of the year. Click here for the interim report