Flughafen Zurich AG reported results for 2025 that slightly exceeded market forecasts, but its guidance for 2026 signals tighter cash generation and lower group net income as investment ramps and Noida airport-related costs take effect.
For the year 2025, the Swiss airport operator delivered EBITDA that was 0.4% above analyst consensus, with strength coming principally from its aviation business. Net income outperformed expectations by 3.1%, and the company declared a dividend that beat forecasts by 3%.
Free cash flow for 2025 came in at negative CHF28 million, missing the CHF54 million consensus, a swing the company attributed to higher capital expenditure during the period.
Outlook for 2026
Looking ahead to 2026, Flughafen Zurich expects EBITDA to be broadly stable relative to 2025. The operator provided a passenger traffic target of in excess of 33 million travelers, implying annual growth of roughly 2% to 3% year-over-year.
Revenue line guidance for 2026 calls for aviation revenues to be stable while non-aviation revenues are expected to increase. Within the non-aviation mix, commercial revenues are forecast to remain stable, real estate revenues to be slightly higher, and international revenues to rise reflecting the opening of the Noida airport.
At the group level, management anticipates a decline in net income in 2026. The company attributes this to higher finance costs and increased depreciation tied to the Noida project.
Capital spending and project-specific plans
Flughafen Zurich has set capital expenditure guidance for 2026 in the range of CHF450 million to CHF500 million, above a consensus estimate of CHF408 million. Spending at Zurich airport itself is expected to increase to CHF350 million to CHF400 million, up from CHF300 million to CHF350 million in 2025. International spending is projected to fall to CHF100 million as construction activity at Noida winds down.
The company announced that Noida airport received its DGCA Aerodrome licence on March 6. Commercial operations are anticipated to commence 30 to 45 days after that licence was granted. Flughafen Zurich expects Noida to handle up to 4 million passengers in 2026, with the airport delivering a neutral EBITDA contribution but a negative contribution to net profit because of depreciation and interest expenses.
Noida has entered a public consultation period on tariffs lasting two to three months, after which a final tariff order is expected at the end of that period.