Half Year 2025 Zuerich Earnings Call
Speaker #1: Ladies and gentlemen, welcome to the presentation of our company's half-year results for 2025. My name is Lukas Brosi, and I will be hosting this presentation together with Kevin Fleck, our CFO.
Kevin Fleck: Ladies and gentlemen, welcome to the presentation of our company's half-year result 2025. My name is Lukas Brosi, and I will be hosting this presentation together with Kevin Fleck, our CFO. I would like to remind you that the presentation is also available on our website. Today's agenda is as follows. I will begin with a brief business update. Following that, Kevin will provide insights into our financial performance and share our outlook. At the end of the presentation, we will address your questions. Please submit your questions already during the presentation. This helps us organize them more efficiently. Stefan Weber will moderate the Q&A session. Let me start with our milestones for the first half of the year 2025. In the first half of the year, Zurich Airport reached a new record with 15 million passengers.
Speaker #1: I would like to remind you that the presentation is also available on our website. Today's agenda is as follows: I will begin with a brief business update.
Speaker #1: Following that, Kevin will provide insights into our financial performance and share our outlook. At the end of the presentation, we will address your questions.
Speaker #1: Please submit your questions during the presentation. This helps us organize them more efficiently. Stefan Weber will moderate the Q&A session. Let me start with our milestones for the first half of the year 2025.
Speaker #1: In the first half of the year, Zurich Airport reached a new record with 15 million passengers. The network expanded to 206 destinations in the current summer timetable, including new long-haul routes to Seattle and Halifax.
Kevin Fleck: The network expanded to 206 destinations in the current summer timetable, including new long-haul routes to Seattle and Halifax. In spring, we initiated the process to determine future airport charges, and the Federal Office of Civil Aviation approved our revised noise charges, which will become effective in the next charge period. On the commercial side of the business, airside turnover increased, supported by passenger growth and new luxury brands. Landside turnover was lower due to construction works. I will provide more detail on this later in the presentation. Our real estate business has shown a solid performance since the start of the year. Internationally, Noida Airport in India is nearing launch with the anticipated start of commercial operations in the fourth quarter of 2025. In Brazil, Florianópolis saw strong growth and was again named a country's best airport. Macaé inaugurated a new runway.
Speaker #1: In spring, we initiated the process to determine future airport charges, and the Federal Office of Civil Aviation approved our revised noise charges, which will become effective in the next charge period.
Speaker #1: On the commercial side of the business, airside turnover increased, supported by passenger growth and new luxury brands. Landside turnover was lower due to construction works.
Speaker #1: I will provide more detail on this later in the presentation. Our real estate business has shown solid performance since the start of the year.
Speaker #1: Internationally, Neudor Airport in India is nearing launch, with the anticipated start of commercial operations in Q4 2025. In Brazil, Florianópolis saw strong growth and was again named the country's best airport, with Macaé inaugurating a new runway.
Speaker #1: In Zurich, the Dock A replacement project is underway, with preparatory works having started. In June, we also secured long-term financing through a $150 million Swiss franc debenture.
Kevin Fleck: In Zurich, the Dock A replacement project is underway, with preparatory works having started. In June, we have also secured long-term financing through a 150 million Swiss franc debenture. Lastly, we have been active in driving innovation projects and making progress on our ESG goals. Let's take a closer look at some key figures. The continued growth in passenger volume at the Zurich site, as well as in foreign concessions, led to a better overall result in the first half year compared to the prior year period. In the first six months, revenue, EBITDA, and the consolidated result improved. It is the best first half-year result in the company's history. Our CapEx has been substantially higher as well, mainly because of the acquisition of the Radisson Hotel building in Zurich. Let's review our main business segments, beginning with the aviation business.
Speaker #1: Lastly, we have been active in driving innovation projects and making progress on our ESG goals. Let's take a closer look at some key figures.
Speaker #1: The continued growth in passenger volume at the Zurich site, as well as in foreign concessions, led to a better overall result in the first half-year compared to the prior year period.
Speaker #1: In the first six months, revenue, EBITDA, and the consolidated result improved. It is the best first half-year result in the company's history. Our CAPEX has been substantially higher as well, mainly because of the acquisition of the Radisson Hotel building in Zurich.
Speaker #1: Let's review our main business segments, beginning with the aviation business. Some highlights from the traffic development in Zurich were as follows: passenger volume in the first half of 2025 is up 3% compared to the same period of the previous year.
Kevin Fleck: Some highlights from the traffic development in Zurich were as follows: Passenger volume in the first half of 2025 is up 3% on the same period of the previous year. The passenger growth was driven mainly by Europe, with plus 3%, with strong gains also from North America, with plus 4%, and Asia-Pacific showing a strong recovery with plus 9%. Edelweiss and EasyJet led passenger growth through added capacity, with Cassa Pacific and Etihad also contributing. The seat load factor continues to remain on high levels, albeit slightly lower than in the previous year period. Flight movements were also positive and climbed by 3%, in line with the growth in passenger volume. Around 2% more freight was handled in 2025 so far. As already mentioned, a total of 15 million passengers used Zurich Airport as a departure, transfer, or destination airport in the first half of 2025.
Speaker #1: The passenger growth was driven mainly by Europe, with plus 3%, with strong gains also from North America, with plus 4%, and Asia-Pacific showing a strong recovery with plus 9%.
Speaker #1: Edelweiss and EasyJet led passenger growth through added capacity, with Casa Pacific and Etihad also contributing. The seat loss factor continues to remain at high levels, albeit slightly lower than in the previous year period.
Speaker #1: Flight movements were also positive and climbed by 3% in line with the growth in passenger volume. Around 2% more freight was handled in 2025, so far.
Speaker #1: As already mentioned, a total of 15 million passengers used Zurich Airport as a departure, transfer, or destination airport in the first half of 2025.
Speaker #1: On peak days, passenger numbers exceeded 115,000, marking a new all-time high. In March, Edelweiss celebrated a milestone with the landing of the first Swiss-registered Airbus A350 in Zurich.
Kevin Fleck: On peak days, passenger numbers exceeded 115,000, which marks also a new all-time high. In March, Edelweiss celebrated a milestone with the landing of the first Swiss-registered Airbus A350 in Zurich. This occasion marked the beginning of the long-haul fleet modernization at Swiss and Edelweiss, which will help to reduce noise levels at Zurich Airport going forward. An A350 consumes approximately 25% less fuel, produces around 25% fewer carbon dioxide emissions, and generates up to 50% lower noise emissions. Until 2031, Swiss and Edelweiss will introduce 16 of these modern jets to replace older long-haul aircraft. Substantial investment by the Lufthansa Group demonstrates its long-term commitment to the Zurich hub. In the following slides, we will give you an overview of our commercial and real estate business. Passenger growth in the first half of the year led to positive development in the airside sector.
Speaker #1: This occasion marked the beginning of the long-haul fleet modernization at Swiss and Edelweiss, which will help to reduce noise levels at Zurich Airport going forward.
Speaker #1: An A350 consumes approximately 25% less fuel, produces around 25% fewer carbon dioxide emissions, and generates up to 50% lower noise emissions. Until 2031, Swiss and Edelweiss will introduce 16 of these modern jets to replace older long-haul aircraft.
Speaker #1: Substantial investment by the Lufthansa Group demonstrates its long-term commitment to the Zurich hub. In the following slides, we will give you an overview of our commercial and real estate business.
Speaker #1: Passenger growth in the first half of the year led to positive development in the airside sector. The range of attractive products available was expanded with the Bulgari and Chanel beauty brands, as well as a new haute parfumerie.
Kevin Fleck: The range of attractive products available was expanded with the Bulgari and Chanel beauty brands, as well as a new Aude parfumerie. On the landside, there were restrictions caused by construction work as part of the project to develop the landside passenger zone. The real estate business again proved itself to be a solid business segment and an important pillar of business performance in the first half of 2025. The Circle continued to strengthen its position as a successful business hub with the signing of several new contracts in the office and food and beverage segment. An important strategic step was the acquisition of the Radisson Blu building. With this acquisition, Zurich Airport is now the owner of all buildings within the central airport perimeter. Fair market value assessment showed that the property value significantly exceeds the purchase price, confirming a favorable acquisition.
Speaker #1: On the landside, there were restrictions caused by construction work as part of the project to develop the landside passenger zone. The real estate business again proved itself to be a solid business segment and an important pillar of business performance in the first half of 2025.
Speaker #1: The circle continued to strengthen its position as a successful business hub, with the signing of several new contracts in the office and food and beverage segments.
Speaker #1: An important strategic step was the acquisition of the Radisson Blu building. With this acquisition, Zurich Airport is now the owner of all buildings within the central airport perimeter.
Speaker #1: Fair market value assessment showed that the property value significantly exceeds the purchase price, confirming a favorable acquisition. As already mentioned before, the landside commercial business shows lower turnovers due to the restrictions caused by construction work.
Kevin Fleck: As already mentioned before, the landside commercial business shows lower turnovers due to the restrictions caused by construction work. However, with the development of the landside passenger zone, the commercial space will increase by around 7,000 square meters. Overall, commercial turnover fell by 1% compared to the same period last year to 295 million Swiss franc. Last but not least, of the introduction, let's turn our attention to our international business. For our airport in Florianópolis, passenger numbers increased by around 15% compared to the same period last year. Especially strong was the increase in international passengers with a plus of 65%, making Florianópolis the third busiest airport in terms of international traffic in Brazil. Florianópolis faces a tough comparison base as traffic was diverted from Porto Alegre due to the flooding there one year ago.
Speaker #1: However, with the development of the landside passenger zone, the commercial space will increase by around 7,000 square meters. Overall, commercial turnover fell by 1% compared to the same period last year, to CHF 295 million.
Speaker #1: And last but not least, of the introduction, let's turn our attention to our international business. For our airport in Florianópolis, passenger numbers increased by around 15% compared to the same period last year.
Speaker #1: Especially strong was the increase in international passengers, with a plus of 65%, making Florianópolis the third busiest airport in terms of international traffic in Brazil.
Speaker #1: Florianópolis faces a tough comparison base, as traffic was diverted from Porto Alegre due to the flooding there one year ago. The traffic figures in Vitória and Macaé also showed double-digit growth with a plus of 11%, also because there has been a capacity limit last year on flights to Rio Galleão, which has now been eased.
Kevin Fleck: The traffic figures in Vitória and Macaé also showed double-digit growth with plus 11%, also because there has been a capacity limit last year on flights to Rio Galhão, which has now been eased. Passenger numbers for Natal Airport were mostly trading in line with last year. At our airport in Chile, Antofagasta showed a passenger growth of 6%, while passenger numbers at Iquique remained on previous year levels. Let me share some more highlights from our majority-owned airports in Latin America. Florianópolis has expanded its international and domestic network significantly with new seasonal flights or increased frequencies to Córdoba, Buenos Aires, Panama, and Lima. In the domestic market, new direct flights to Brasilia and Porto Alegre are established.
Speaker #1: Passenger numbers for Natal Airport were mostly trading in line with last year. At our airport in Chile, Antofagasta showed passenger growth of 6%, while passenger numbers at the Giga remained at previous year levels.
Speaker #1: Let me share some more highlights from our maturity-oned airports in Latin America. Florianópolis has expanded its international and domestic network significantly, with new seasonal flights or increased frequencies to Córdoba, Buenos Aires, Panama, and Lima.
Speaker #1: In the domestic market, new direct flights to Brasília and Porto Alegre have been established. Vitória and Macaé have achieved Airport Carbon Accreditation Level 4, placing them on the same sustainability level as Florianópolis Airport, which achieved Level 4 at the beginning of the year.
Kevin Fleck: Vitória and Macaé have achieved airport carbon accreditation level four, placing it on the same sustainability level as Florianópolis Airport, which has already achieved level four at the beginning of the year. Real estate development is progressing in Vitória with the opening of a new school and a church to be finalized within the next eight months. In Macaé, a new runway was inaugurated, which upgrades the airport's category as it now allows landing and takeoff of larger aircraft. In Iquique, construction of the northern apron started in June. Also, a new international route to Bolivia was inaugurated. Finally, I would also like to share an update on Noida. The first half of 2025 has seen strong progress across key infrastructure and operational areas. The application for the aerodrome license has been submitted, and civil engineering works on the airside have been completed.
Speaker #1: Real estate development is progressing in Vitória, with the opening of a new school and a church to be finalized within the next eight months.
Speaker #1: In Macaé, a new runway was inaugurated, which upgrades the airport's category as it now allows landing and takeoff of larger aircraft. In Iquique, construction of the northern apron started in June, and a new international route to Bolivia was inaugurated.
Speaker #1: Finally, I would also like to share an update on Neudor. The first half of 2025 has seen strong progress across key infrastructure and operational areas.
Speaker #1: The application for the aerodrome license has been submitted, and civil engineering works on the airside have been completed. Landside access is fully established, and the new tower is ready for operational use.
Kevin Fleck: Landside access is fully established, and the new tower is ready for operational use. Looking ahead, activities for the operational readiness continue at full pace. Regulatory milestones with tariffs and aerodrome licensing are expected within the next few weeks. According to the current planning, the start of commercial operation is anticipated for the fourth quarter of 2025. Thereafter, a ramp-up phase is projected. The investor site visit in early November will be held as planned. Before I hand over to Kevin Fleck for the insights into our financial performance and the outlook, we would like to show you a video about the progress in Noida. Here with this fantastic visual in mind, let's now turn to the financial performance. Good morning, ladies and gentlemen, and welcome. Thank you for joining us. Let me start with a financial overview.
Speaker #1: Looking ahead, activities for operational readiness continue at full pace. Regulatory milestones, including tariffs and aerodrome licensing, are expected within the next few weeks.
Speaker #1: According to the current planning, the start of commercial operations is anticipated for the fourth quarter of 2025. Thereafter, a ramp-up phase is projected. The investors' site visit in early November will be held as planned.
Speaker #1: And before I hand over to Kevin Fleck for insights into our financial performance and the outlook, we would like to show you a video about the progress in Neudor.
Speaker #1: Here we have this fantastic visually mindless now turn to the financial performance: Good morning, ladies and gentlemen. And welcome, thank you for joining us.
Speaker #1: Let me start with a financial overview. Continued growth in passenger volumes in Zurich, as well as in our foreign concessions, has resulted in record-breaking revenue, which is 2% above the previous year’s level.
Kevin Fleck: Continued growth in passenger volumes in Zurich, as well as in our foreign concessions, has resulted in a record-breaking revenue, which is 2% above the previous year level. Aviation revenue grew slightly faster than passenger volume, rising by 4% from 314 million Swiss francs to 327 million Swiss francs. This is primarily due to stronger growth in local passenger numbers, who pay higher fees than transfer passengers. Non-aviation revenue declined in the first half of the year by 1% to 313 million Swiss francs. Adjusted for concession accounting, this reflects an increase of 6 million Swiss francs, or 2%. EBITDA rose by 3% year-on-year to 359 million Swiss francs. The EBITDA margin amounted to 56%. Overall, the consolidated result for the first half of the year rose by 6% to 161 million Swiss francs. Let's take a closer look at the non-aviation figures.
Speaker #1: Aviation revenue grew slightly faster than passenger volume, rising by 4% from 314 million Swiss francs to 327 million Swiss francs. This is primarily due to stronger growth in local passenger numbers, who pay higher fees than transfer passengers.
Speaker #1: Non-aviation revenue declined in the first half of the year by 1% to 313 million Swiss francs. Adjusted for concession accounting, this reflects an increase of 6 million Swiss francs, or 2%.
Speaker #1: EBITDA rose by 3% year-on-year to 359 million Swiss francs. The EBITDA margin amounted to 56%. Overall, the consolidated result for the first half of the year rose by 6% to 161 million Swiss francs.
Speaker #1: Let's take a closer look at the non-aviation figures. Total commercial and parking revenue decreased slightly over the prior year period to 132 million Swiss francs.
Kevin Fleck: Total commercial and parking revenue decreased slightly over the prior year period to 132 million Swiss francs. The main reason for this development was the reduced retail offering in the landside area due to construction work. Within real estate, revenue from rental and leasing agreements continued to rise, whereas energy and utility cost allocations were down. The decline in energy and utility cost allocations is mainly due to lower energy and waste costs that are passed on to tenants. Overall, real estate revenue in the first half of the year was practically at the same level as in the prior year period at 98 million Swiss francs. Revenue from services in the reporting period amounted to 25 million Swiss francs, largely consistent with the prior year figure.
Speaker #1: The main reason for this development was the reduced retail offering in the landside area due to construction work. Within real estate, revenue from rental and leasing agreements continued to rise, whereas energy and utility cost allocations were down.
Speaker #1: The decline in energy and utility cost allocations is mainly due to lower energy and waste costs that are passed on to tenants. Overall, real estate revenue in the first half of the year was practically at the same level as in the prior year period, at 98 million Swiss francs.
Speaker #1: Revenue from services in the reporting period amounted to 25 million Swiss francs, largely consistent with the prior year figure. The slight decline in revenue from the international airport business, from 61 million to 58 million Swiss francs, is due to lower revenue from construction projects.
Kevin Fleck: The slight decline in revenue from the international airport business from 61 million to 58 million Swiss francs is due to lower revenue from construction projects. Factoring out this income statement neutral concession accounting item, revenue in international business climbed by 14%, or 7 million Swiss francs. Following a sharp rise in costs in the first half of 2024, the situation normalized in the course of the current financial year. All in all, operating expenses declined by 1% to 282 million Swiss francs. Adjusted for concession accounting, OpEx was 3% up compared to the first half of the previous year. Personnel expenses rose by 11% in the reporting period to 132 million Swiss francs. Besides inflation and volume-related adjustments, as well as measures to increase employer attractiveness, this rise also reflects the insourcing of services for passengers with reduced mobility.
Speaker #1: Factoring out this income statement neutral concession accounting item, revenue in international business climbed by 14%, or 7 million Swiss francs. Following a sharp rise in costs in the first half of 2024, the situation normalized in the course of the current financial year.
Speaker #1: All in all, operating expenses declined by 1% to 282 million Swiss francs. Adjusted for concession accounting, OPEX were up 3% compared to the first half of the previous year.
Speaker #1: Personnel expenses rose by 11% in the reporting period to 132 million Swiss francs. Besides inflation and volume-related adjustments, as well as measures to increase employer attractiveness, this rise also reflects the insourcing of services for passengers with reduced mobility.
Speaker #1: However, this is offset to the same extent by a reduction in other operating expenses. Costs for police and security increased in line with passenger growth by 3% to 66 million Swiss francs.
Kevin Fleck: However, this is offset to the same extent by a reduction in other operating expenses. Costs for police and security increased in line with passenger growth by 3% to 66 million Swiss francs. As expected at the beginning of the year, energy and waste costs declined by 13% to 19 million Swiss francs, mainly due to lower sourcing costs for electricity. To summarize, the cost situation has improved compared to 2024. However, we have started a project to make a detailed analysis of the cost structure and take measures to further improve our cost efficiency. We have a clear objective to claim back the operating leverage as of 2026. I will now outline some key financial ratios. Net financial debt saw a slight increase. The leverage rate also increased slightly to approximately 1.9 times due to heavy investments.
Speaker #1: As expected, at the beginning of the year, energy and waste costs declined by 13% to 19 million Swiss francs, mainly due to lower sourcing costs for electricity.
Speaker #1: To summarize, the cost situation has improved compared to 2024. However, we have started a project to make a detailed analysis of the cost structure and take measures to further improve our cost efficiency.
Speaker #1: We have a clear objective to claim back the operating leverage as of 2026. I will now outline some key financial ratios. Net financial debt saw a slight increase, and the leverage ratio also increased slightly to approximately 1.9 times due to heavy investments.
Speaker #1: The increased earnings positively influenced our return on investor capital, which rose to 8%. Primarily due to the better consolidated results, operating cash flow increased to 360 million Swiss francs.
Kevin Fleck: The increased earnings positively influenced our return on investor capital, which rose to 8%. Primarily due to the better consolidated results, operating cash flow increased to 306 million Swiss francs. Higher investments, including the purchase of the Radisson Blu building, impacted our free cash flow generation. The next slide shows the largest projects we have been working on over the past six months. Zurich Airport invested a total of 423 million Swiss francs, of which 307 million Swiss francs were invested at the Zurich site. This includes the purchase of the Radisson Blu building for 155 million Swiss francs. The single biggest project at the Zurich site was the development of the main airport complex, including the new Dock A. Other significant projects were the development of the landside passenger area and the refurbishment and expansion of the baggage sorting system.
Speaker #1: Higher investments, including the purchase of the Radisson Blu building, impacted our free cash flow generation. The next slide shows the largest projects we have been working on over the past six months.
Speaker #1: Zurich Airport invested a total of CHF 423 million, of which CHF 370 million were invested at the Zurich site. This includes the purchase of the Radisson Blu building for CHF 155 million.
Speaker #1: The single biggest project at the Zurich site was the development of the main airport complex, including the new Dock A. Other significant projects included the development of the landside passenger area and the refurbishment and expansion of the baggage sorting system.
Speaker #1: Our most significant international project in the first half of 2025 was the development of Neudor Airport. So, let's proceed to the outlook. First, I would like to provide an overview of the next steps regarding chart setting at Zurich Airport.
Kevin Fleck: Our most significant international project in the first half of 2025 was the development of Noida Airport. Let's proceed to the outlook. First, I would like to provide an overview of the next steps regarding charge setting at Zurich Airport. The negotiations for the next charge period are scheduled to begin in October 2025 and are expected to last between four to six months. Depending on the outcome, the new charges will be implemented in 2026 or in 2027. Under the ordinance on airport charges, Zurich Airport is entitled to earn its cost of capital. In line with the 2020 agreement, which aimed to compensate for pandemic-related losses, deregulated business currently generates a return above the cost of capital.
Speaker #1: The negotiations for the next charge period are scheduled to begin in October 2025 and are expected to last between four to six months. Depending on the outcome, the new charges will be implemented in 2026 or in 2027.
Speaker #1: Under the ordinance on airport charges, Zurich Airport is entitled to earn its cost of capital. In line with the 2020 agreement, which aimed to compensate for pandemic-related losses, the regulated business currently generates a return above the cost of capital.
Speaker #1: Looking ahead, substantial investments in aeronautical infrastructure will increase the regulated asset base, with the timing of these investments playing a key role in determining their impact on the next charge period.
Kevin Fleck: Looking ahead, substantial investments in aeronautical infrastructure will increase the regulated asset base, with the timing of these investments playing a key role in determining their impact on the next charge period. Given the current excess return, a moderate reduction in charges can be expected. However, thanks to the rollover mechanism, any over- or under-earning of capital costs will be balanced in future periods. It is important for us to highlight our commitment in process and cost efficiency, as this underpins our ambition to remain one of Europe's most competitive airports. We would also like to give you some more background on key projects we are currently working on in Zurich. The development of the landside passenger zones will create space for the growing number of passengers and eliminate existing bottlenecks. The project will better connect the circle to the airport shopping by an underground passage.
Speaker #1: Given the current access return, a moderate reduction in charges can be expected. However, thanks to the rollover mechanism, any over- or under-earning of capital costs will be balanced in future periods.
Speaker #1: It is important for us to highlight our commitment to process and cost efficiency, as this underpins our ambition to remain one of Europe's most competitive airports.
Speaker #1: We would also like to give you some more background on key projects we are currently working on in Zurich. The development of the landside passenger zones will create space for the growing number of passengers and eliminate existing bottlenecks.
Speaker #1: The project will better connect the circle to the airport shopping via an underground passage. In total, the commercial space on the landside will increase by around 7,000 square meters. Completion is expected towards the end of 2027.
Kevin Fleck: In total, the commercial space on the landside will increase by around 7,000 square meters. Completion is expected towards the end of 2027. The renewal and expansion of the baggage sorting system is at an advanced stage. Key components were replaced, and the system was upgraded to meet the new EU security standards. Completion is expected in 2027. In the western area of the airport, we plan the construction of a new terminal building for business aviation passengers, including the associated infrastructure and apron area. Commissioning of the new infrastructure is scheduled for 2028. The Dock A replacement project is one of the most important infrastructure investments of the upcoming decade. In the first half of 2025, preparatory works began, including temporary bus gates and apron modifications. The investment into Dock A will exceed 1 billion Swiss francs and is essential to maintain Zurich Airport's long-term capacity and quality standards.
Speaker #1: The renewal and expansion of the baggage sorting system is at an advanced stage. Key components were replaced, and the system was upgraded to meet the new EU security standards.
Speaker #1: Completion is expected in 2027. In the western area of the airport, we plan the construction of a new terminal building for business aviation passengers, including the associated infrastructure and apron area.
Speaker #1: Commissioning of the new infrastructure is scheduled for 2028. The Dock A replacement project is one of the most important infrastructure investments of the upcoming decade.
Speaker #1: In the first half of 2025, preparatory works began, including temporary bus gates and apron modifications. The investment into Dock A will exceed 1 billion Swiss francs and is essential to maintain Zurich Airport's long-term capacity and quality standards.
Speaker #1: On top of this, there will be a number of additional projects, such as the construction of the new tower and the dock route. With this, let's move on to the guidance for this year.
Kevin Fleck: On top of this, there will be a number of additional projects, such as the construction of the new tower and the dock route. With this, let's move on to the guidance for this year. Around 32 million passengers are expected at Zurich Airport in the current year, representing an estimated growth of 2.5%. Aviation revenues are expected to move in line with traffic growth, and non-aviation revenue is expected to be slightly higher overall. Commercial revenue, although benefiting from slightly higher revenues from car parking, is likely to fall. This is partly due to the temporary closure of commercial space as part of the project to develop the landside passenger zone. The negative impact amounts to a mid-single-digit million number. Within real estate, revenue from rental and leasing agreements is forecast to rise slightly.
Speaker #1: Around 32 million passengers are expected at Zurich Airport in the current year, representing an estimated growth of 2.5%. Aviation revenues are expected to move in line with traffic growth, and non-aviation revenue is expected to be slightly higher overall.
Speaker #1: Commercial revenue, although benefiting from slightly higher revenues from car parking, is likely to fall. This is partly due to the temporary closure of commercial space as part of the project to develop the landside passenger zone.
Speaker #1: The negative impact amounts to a mid-single-digit million figure. Within real estate, revenue from rental and leasing agreements is forecast to rise slightly. Energy and utility cost allocations will have a dampening effect due to tariff reductions for electricity and district heating.
Kevin Fleck: Energy and utility cost allocations will have a dampening effect due to tariff reductions for electricity and district heating. Revenue from international business will see an increase. Operating costs are expected to be higher, mainly due to inflation-related adjustments, volume-related increases, and measures to enhance employer attractiveness. Personnel expenses will increase more than average as a result of taking on services for passengers with reduced mobility, but this will be offset by lower other operating costs. All in all, we expect EBITDA in 2025 to be slightly above the level of the previous year. Consolidated profit is projected to be on a similar level as in 2024. CapEx at the Zurich site will amount to approximately 500 million Swiss francs in 2025. Investments of an estimated 250 million Swiss francs are expected at subsidiaries abroad, with Noida accounting for the majority of this.
Speaker #1: Revenue from international business will see an increase. Operating costs are expected to be higher, mainly due to inflation-related adjustments, volume-related increases, and measures to enhance employer attractiveness.
Speaker #1: Personnel expenses will increase more than average as a result of taking on services for passengers with reduced mobility; however, this will be offset by lower other operating costs.
Speaker #1: All in all, we expect EBITDA in 2025 to be slightly above the level of the previous year. Consolidated profit is projected to be on a similar level as in 2024.
Speaker #1: CAPEX at the Zurich site will amount to approximately 500 million Swiss francs in 2025. Investments of an estimated 250 million Swiss francs are expected at subsidiaries abroad.
Speaker #1: With Neudor accounting for the majority of this. With this, I am handing back to Lukas. Thank you, Kevin. We have now reached the end of the results presentation, and we'll begin with the Q&A.
Kevin Fleck: With this, I am handing back to Lukas. Thank you, Kevin. We have now reached the end of the result presentation, and we will begin with the Q&A. I will now hand over to Stefan, who will moderate the session. Any questions, Stefan?
Speaker #1: I will now hand over to Stefan, who will moderate the session. Any questions, Stefan?
Speaker #2: Yes, thank you. We have received a number of questions, and we'll directly jump in. The first one is on Neudor. Can you please provide an update on the opening of Neudor, and how do you expect the traffic to ramp up in the next two to three years?
Stefan Weber: Yes, thank you. We have received a number of questions, and we directly jump in. The first one is on Noida. Can you please provide an update on the opening of Noida and how do you expect the traffic to ramp up in the next two to three years?
Speaker #1: What we can say from today's perspective is that the opening will be on a very high likelihood, as a planning base will be in Q4.
Kevin Fleck: What we can say from today's perspective is that the opening will be on a higher likelihood as a planning base will be in Q4 this year. From today's perspective, we aim for an opening around the end of October, beginning of November, but this is not yet confirmed. That is the current planning assumption. The impact on numbers, what we can provide so far, is that we will have about 8 million passengers expected in the first year of operation, so in 2026.
Speaker #1: This year, from today's perspective, we aim for an opening around the end of October or the beginning of November, but this is not yet confirmed. That's the current planning assumption.
Speaker #1: The impact on numbers that we can provide so far is that we will have about 8 million passengers expected in the first year of operation, so in 2026.
Speaker #2: The next one is on the investments that are planned in Zurich. There was an overview on the large-scale projects where we showed that we will invest quite heavily into regulated business as well. Could you please clarify the split between regulated and non-regulated investments for Zurich?
Stefan Weber: The next one is on the investments that are planned in Zurich. There was an overview on the large-scale projects where we show that we will invest quite heavily into regulated business as well. Could you please clarify on the split between regulated and non-regulated investments for Zurich?
Speaker #1: In the past, we heavily invested in the non-regulated business, for instance, the Circle. Now, for the next decade, we will invest more in the regulated sector, so we expect the split to be one-third in non-regulated and two-thirds in the regulated business.
Kevin Fleck: In the past, we heavily invested in the non-regulated business, for instance, the circle. Now, for the next decade, we will invest more in the regulated, so we expect the split of one-third into non-regulated and two-thirds into the regulated business. It will be approximately in total in Zurich, $300 million to $350 million per year as investment in CapEx.
Speaker #1: There will be approximately $350 million per year in total investment in CAPEX in Zurich.
Speaker #2: The next one is again on Neudor. Back in 2023, we had the Capital Markets Day where we showed the business plan, and for 2031, we were projecting an EBITDA contribution from Neudor at approximately $125 million.
Stefan Weber: The next one is again on Noida. Back in 2023, at the Capital Markets Day, we showed the business plan, and for 2031, we were projecting an EBITDA contribution from Noida at approximately 125 million. Is this still the right number, or do we expect this to be lower as the Indian rupee is currently devaluating against the Swiss franc?
Speaker #2: Is this still the right number, or do we expect this to be lower as the Indian rupee is currently devaluing against the Swiss franc?
Speaker #1: But the numbers we presented during the Capital Market Day are still valid. At the moment, it's simply a shift; we are still at 750 million Swiss francs as the total project budget and cost.
Kevin Fleck: The numbers we presented in the Capital Markets Day are still valid. It is at the moment simply a shift. We are still with the 750 million Swiss francs as a total project budget and cost. The depreciation of the Indian rupee was always part of the business plan. The only thing which has changed is that the timeline has a bit shifted into 2026 with EBITDA contribution, which we expect this year to be neutral, and then next year, as Lukas Brosi mentioned, those 8 million passengers.
Speaker #1: And the depreciation of the Indian rupee was always part of the business plan, so the only thing we just changed is that the timeline is a bit shifted into 2026.
Speaker #1: With EBITDA contribution, which we expect this year to be neutral, and then next year, as Lukas mentioned, those 8 million passengers.
Speaker #2: Coming back to Zurich, you were talking about cost efficiency measures. What amount of savings are planned, and are you calculating with extra costs to implement these measures?
Stefan Weber: Coming back to Zurich, you were talking about cost efficiency measures. What amount of savings are planned, and are you calculating with extra costs to implement these measures?
Speaker #1: The purpose of this review of the cost base that we are currently assessing is based on the fact that after COVID, or within the ramp-up of COVID, we had a situation where the costs were disproportionately higher, increasing more than the revenues.
Kevin Fleck: I might start on this. The purpose of this review of the cost base that we are currently assessing is based on the fact that after COVID or within the ramp-up of COVID, we had a situation that the cost was disproportionately higher, increasing than the revenues. That can be argued by the effect of COVID as the volumes were faster than the cost. Then we went to a turning point where we had a flattish development of the revenues or the passenger volumes, but a spillover from the cost from ramping up. This is something that we assess currently, how do we go back to this operating leverage, which is an advantage. We have always been very tight on cost management in the past. Therefore, we cannot give you a precise number, but we are working on that. Do not expect implementing cost for this whole project.
Speaker #1: And that can be argued by the effect of COVID, as the volumes were faster than the costs. Then we reached a turning point where we had a somewhat flat development of the revenues or the passenger volumes, but with a spillover from the costs associated with ramping up.
Speaker #1: And this is something that we assess currently, how do we can we go back to this operating leverage, which is an advantage and we've been always very tight on cost on cost management in the past, and therefore we cannot give you a precise number, but we are working on that.
Speaker #1: Do not expect implementing cost for this whole project. It's rather like finding, again, the right balance between revenue growth and the cost development, rather than additional costs which are linked to that to that.
Kevin Fleck: It is rather finding again the right balance between revenue growth and cost development, rather than additional costs which are linked to that.
Speaker #2: Then we have another two questions, again on Neudor. The first one is on depreciation and financial charges. So the interest costs, what's the expected impact still for this year, but then also for the years to come?
Stefan Weber: We have another two questions again on Noida. The first one is on depreciation and financial charges, so the interest costs. What is the expected impact still for this year, but then also for the years to come?
Speaker #1: Yeah, this year we expect a very small impact on our EBIT and net profit going forward. It will be around CHF 25 to 30 million in depreciation and interest rate costs of CHF 45 million per year.
Kevin Fleck: This year we expect a very small impact on our EBITDA net profit. Going forward, it will be around 25 to 30 million in depreciation and interest rate costs of 45 million Swiss francs per year. That is also the reason why we will see a net profit contribution of Noida in two to three years' time from now.
Speaker #1: So that's also the reason why we will see a net profit contribution of Neudor in two to three years' time from now.
Speaker #2: There have been headlines that the canton of Zurich is actually looking to limit the number of car parking spaces. Is this potentially a threat to our car parking business?
Stefan Weber: There have been headlines that the council of Zurich is actually looking to limit the number of car parking spaces. Is this potentially a threat to our car parking business?
Speaker #1: Not to my knowledge. The car parking development at Zurich Airport is not a cantonal or local issue; it's something that we have to get approval for from the federal government, our regulator, the Federal Office of Civil Aviation, as it's a demand-driven CAPEX linked to that.
Kevin Fleck: Not to my knowledge. Car parking development in Zurich Airport, it's not a cantonal or local issue. That's something that we have to get the approval by the federal government, our regulator, the Federal Office of Civil Aviation, as it's a demand-driven CapEx linked to that. We are planning an additional parking building. I don't get the link between the developments in Zurich, which I don't see an impact to our plans here.
Speaker #1: We are planning an additional parking building so I don't get the link between the developments in Zurich, which I don't see an impact to our plans here.
Speaker #2: Then a question related to the traffic guidance, which looks probably a bit conservative. Are you concerned that airlines will pull back schedules?
Stefan Weber: A question related to the traffic guidance, which looks probably a bit conservative. Are you concerned that airlines pull back schedules?
Speaker #1: Not from today's perspective. We say that our expectation for the year is around 32 million passengers, which means it could be a little bit lower or a little bit higher.
Kevin Fleck: Not from today's perspective. We say that our expectation for the year is around 32 million passengers, which means it could be a little bit lower or a little bit higher. We will see in the second half, as the second half of the year has a tougher comparison base, and given all the uncertainties on the geopolitical topics that we have to deal with, we stick to that guidance for the time being.
Speaker #1: We will see in the second half, as the second half of the year has a tougher comparison base, and given all the uncertainties on the geopolitical topics that we have to deal with, we stick to that guidance for the time being.
Speaker #2: Then one question related to the tariff or trading war. Do you see any negative impact from the U.S. tariffs that were raised for Switzerland's business?
Stefan Weber: One question related to the tariff or trading war. Do you see any negative impact from the U.S. tariffs that were raised for Switzerland's business?
Speaker #1: For our company, Zurich Airport, we do not have a direct impact. We potentially have an indirect impact if the economy itself were to cool off.
Kevin Fleck: For our company, Zurich Airport, we do not have a direct impact. We potentially have an indirect impact if the economy itself would cool off. Right now, we have a share of approximately 9% of U.S. traffic. So there could be a slight dampening, but we do not expect a major impact from U.S. tariffs on our business right now. What I personally expect or what we have seen in the past is even if we might see a slowdown in the demand for the U.S., as we have a large share of leisure travelers, people just go elsewhere, to make it clear. We do not expect a significant volume effect in the main market that we serve in the leisure market.
Speaker #1: Right now, we have a share of approximately 9% of U.S. traffic, so there could be a slight dampening, but we do not expect a major impact from U.S. tariffs on our business right now.
Speaker #2: What I personally expect, or what we have seen in the past, is that even if we might see a slowdown in the demand for the U.S., as we have a large share of leisure travelers, people just go elsewhere.
Speaker #2: To make it clear, we don't expect a significant volume effect in the main market that we serve in the leisure market. Then, there was a slide on new aircraft joining Zurich.
Stefan Weber: Then there was a slide on new aircraft joining Zurich. What percent of the new aircraft are planned as replacement, or is it really about a fleet expansion?
Speaker #2: What percent of the new aircraft are planned as replacements, or is it really about fleet expansion?
Speaker #1: No, it's mostly replacement. To my knowledge, there will be one or two additional aircraft.
Kevin Fleck: No, it's mostly replacement. There will be, to my knowledge, one or two additional aircrafts.
Speaker #2: Then a question related to costs. Other operating costs were down by 19%. What is the driver behind this cost decline?
Stefan Weber: A question related to costs. Other operating costs were down by 19%. What is the driver behind this cost decline?
Speaker #1: In the main driver was the insourcing of the People with Reduced Mobility business. As mentioned, we are doing this ourselves since the beginning of this year.
Kevin Fleck: The main driver was the insourcing of the people with reduced mobility business. As mentioned, we are doing this ourselves since the beginning of this year. That was one of the main drivers why personal costs increased. We have the same effect then on the other operating costs, which are lower at the same extent. So, no P&L effect.
Speaker #1: There was one of the main drivers why personal costs increased, and we have the same effect then on the other operating costs, which are lower at the same extent.
Speaker #1: So no P&L effect.
Speaker #2: Another question related to the charges in Zurich. What is the expected duration in years for the next tariff period, and is there any collar on the expected whack?
Stefan Weber: Another question related to the charges in Zurich. What is the expected duration in years for the next tariff period, and any color on the expected WACC?
Speaker #1: The period will be, we expect that to be four years, so 2027 to close to 2030. Since we are right now in the starting of the negotiations, we unfortunately can't comment on what development.
Kevin Fleck: The period will be, we expect that to be four years, so 2027 to close to 2030. Since we are right now in the starting of the negotiations, we unfortunately cannot comment on WACC development.
Speaker #2: Then a question related to the Circle. How much revenue does the Circle actually generate?
Stefan Weber: Then a question related to the circle. How much revenue does the circle actually generate?
Speaker #1: About $30 to $35 million per annum, as this 51% share that belongs to us.
Kevin Fleck: About 30 to 35 million per annum, as this 51% share that belongs to us.
Speaker #2: Then the next one is on international CAPEX. We previously guided for international investments of around $300 million for 2025. It has now decreased to $250 million.
Stefan Weber: The next one is on international CapEx. We previously guided for international investments of around $300 million for 2025. It has now decreased to $250 million. Is it just a phasing issue, or is it because of the stronger Swiss franc, or have the projects become cheaper?
Speaker #2: Is it just the facing issue, or is it because of the stronger Swiss franc, or have the projects become cheaper?
Speaker #1: It's a facing issue. As mentioned before, project costs are still in line with what we guided. So, it's not becoming cheaper; it's just due to the facing.
Kevin Fleck: is a phasing issue. As mentioned before, project costs are still in line with what we guided, so it is not becoming cheaper. It is just due to the phasing.
Speaker #2: Then we have another question on CAPEX here in Zurich. The number is now higher than initially planned, also because it is including the Radisson acquisition.
Stefan Weber: We have another question on CapEx here in Zurich. The number is now higher than initially planned, also because it is including the Radisson acquisition. What else is currently driving the investments upwards?
Speaker #2: What else is currently driving the investment upwards?
Speaker #1: I mean, as mentioned before, we are investing primarily in the regulated business going forward. When we take the number we expect to invest in Zurich for the whole year, and then discount the Radisson Hotel plus the land acquisition for the parking building Lukas just mentioned before, which we are planning, we are actually in line with what we initially guided.
Kevin Fleck: As mentioned before, we are investing primarily in the regulated business going forward. When we take the number we expect to invest in Zurich for the whole year and then discount the Radisson Hotel, plus we made a land acquisition for the parking building Lukas just mentioned before, which we are planning. We are actually in line with what we initially guided. The majority of investments are right now going into the Dock A project. Some of it is going to the extension of the landside passenger zones. Those are the two main drivers. But apart from that, we have a lot of other projects going on in the company. That is where we currently invest our money.
Speaker #1: So the majority of investments are right now going into the Dock A project; some of it is going to the extension of the landside passenger zones.
Speaker #1: So, those are the two main drivers. Apart from that, we have a lot of other projects ongoing in the company. That’s where we currently invest our money.
Speaker #2: Then, there is one clarification question. Are you now expecting a moderate reduction in charges for the next charges period as a base case? If yes, could you quantify how much that might be?
Stefan Weber: Then there is one clarification question. Are you now expecting a moderate reduction in charges for the next charges period as a base case? If yes, could you quantify how much that might be?
Speaker #1: The answer is yes. There will be a moderate tariff decrease for the next tariff period. For tactical reasons, as we are starting the negotiations, we are not further quantifying.
Kevin Fleck: The answer is yes. A moderate tariff decrease for the next tariff period. For tactical reasons, as we are starting to negotiate, we are not further quantifying the magnitude of the reduction.
Speaker #1: That is the magnitude of the reduction.
Speaker #2: And then a more long-term question. What are your expectations for growth from the main airlines in Zurich over the next few years?
Stefan Weber: What are your expectations of growth from the main airlines in Zurich over the next years?
Speaker #1: What we see is that we have steady growth from Swiss. We have some above-average growth for Edelweiss. Carriers that are growing on a higher scale include EasyJet, for instance, which has improved their offering here in Zurich.
Kevin Fleck: What we see is that we have steady growth from Swiss. We have some above-average growth for Edelweiss. Carriers which are growing on a higher scale are EasyJet, for instance, who improved their offering here in Zurich. Overall, we expect a growth of approximately 2% to 2.3% on a very long-term view here at Zurich Airport.
Speaker #1: Overall, we expect growth of approximately 2% to 2.3% on a very long-term view here at Zurich Airport.
Speaker #2: Then, there is one question linked to the commercial revenues. They are slightly depressed year-over-year. Were there any additional costs linked to the Radisson Blu acquisition that were now charged in H1?
Stefan Weber: There is one question linked to the commercial revenues. They are slightly depressed year-on-year. Were there any additional costs linked to the Radisson Blu acquisition that were now charged in H1?
Speaker #1: Sorry, could you please repeat the question?
Kevin Fleck: Sorry, could you please repeat the question?
Speaker #2: It's about the commercial revenues. They are slightly depressed compared to the previous year. Is there any negative one-off related to the Radisson Blu acquisition? Is that a reason for this?
Stefan Weber: It's about the commercial revenues. They're slightly depressed against the previous year. Is there any negative one-off related to the Radisson Blu acquisition? Is there a reason for this?
Speaker #1: No, it's not. It's actually two effects. One, on the landside, is the shop closure around the construction of the extension of the landside passenger zone. So that's one effect.
Kevin Fleck: No, it is not. It is actually two effects. One on the landside is the shop closure around the construction of the extension of the landside passenger zone. That is one effect. We did some construction work on the airside for the luxury passage with the Cartier shop, which opened now in the end of July. When we look at these bumper packs on the airside, we see good growth in food and beverage. We also see growth in duty-free. Where we had a dampening effect is on the luxury side due to the fact that we had some shops closed on the airside. But now they are open. Dior will open in the second half, so we expect there to be back on track on airside.
Speaker #1: And we did some construction work on the airside for the luxury passage with the Cartier shop, which opened now at the end of July.
Speaker #1: When we look at these bumper packs on the airside, we see good growth in food and beverage. We see also growth in duty-free. Where we had a damping effect, this is on the luxury side.
Speaker #1: Due to the fact that we had some shops closed on the airside, but now they are open, Dior will open in the second half. We expect things to be back on track on the airside, and as soon as the new project, the landside passenger zones, is done, with the addition of 7,000 square meters, we anticipate a little boost there as well.
Kevin Fleck: As soon as the new project, the landside passenger zones, is done with the plus 7,000 square meters, we expect a little boost there as well.
Speaker #2: And then there is another question on regulation. On the slide, we were talking about the investment facing, which will matter for the charges. Could you please elaborate on the scenarios here? And, again, is a moderate decline something in the low to mid-single-digit area?
Stefan Weber: There is another question on regulation. On the slide, we were talking about the investment phasing, which will matter for the charges. Could you please elaborate on the scenarios here? Again, is a moderate decline something in the low to mid-single-digit area?
Speaker #1: I mean, the drivers are as we, as you said, it's traffic growth; it's the investments we do in CAPEX, and there, specifically, the timing when those CAPEX investments will occur.
Kevin Fleck: The drivers are, as you said, traffic growth. It is the investments we do in CapEx, and they are specifically the timing when those CapEx investments will occur. So the question is how moderate the reduction will be. We expect something of a mid-single-digit reduction, but we cannot comment on it any further since we are currently in the process of starting the negotiations. I would like to add an important point on that. The driver for a tariff decrease is mainly the over-earning situation that we are currently in. We currently have about 8% of revenues compared to the allowed return, which I would say is one of the highest regulated returns across Europe.
Speaker #1: So the question is how moderate the reduction will be. We expect something of a mid-single-digit reduction, but we can't comment any further since we are currently in the process of starting the negotiations.
Speaker #2: And I would like to add an important point on that. The driver for a tariff decrease is mainly the overrunning situation that we are currently in.
Speaker #2: We are currently at about 8% of revenues compared to where the allowed return is, which I would say is one of the highest regulated returns across Europe.
Speaker #2: And that's basically the driver of a moderate reduction that we expect for the next tariff period. Which, on the other hand, improves our competitive situation as we see that airports which are not covering their cost of capital have to increase their tariffs. So, that's an advantage in terms of the competitive situation of Zürich.
Kevin Fleck: That is basically the driver of a moderate reduction that we expect for the next tariff period, which on the other hand improves our competitive situation as we see that airports which are not covering their cost of capital have to increase the tariff. So that is an advantage in terms of the competitive situation of Zurich. Last but not least, and really important to understand and to mention, is that from the next tariff period onwards, we have the rollover mechanism. So whatever we end up after this four-year, Kevin Fleck has mentioned, if we are having an over-earning or an under-earning situation, this can be rolled over into the next period. That is really, I would say, unique and an advantage. Therefore, it does not matter in a longer perspective how much this tariff decrease at the end would be on a percentage number.
Speaker #2: And last but not least, and really important to understand and to mention, is that from the next tariff period onwards, we have the rollover mechanism.
Speaker #2: So, whatever we end up with after this four-year period, Kevin has mentioned that if we are facing an overrunning or an underrunning situation, this can be rolled over into the next period.
Speaker #2: And that's really, I would say, unique and an advantage. And therefore, it doesn't matter in a longer perspective how much this tariff decrease at the end would be on a percentage basis.
Speaker #2: Then we have one more question on the investments related to the baggage sorting system. So the refurbishment works should be completed by 2027. Will there be an incremental fee charged after completion, as there has also been an increase back in 2024?
Stefan Weber: We have one more question on the investments related to the baggage sorting system. The refurbishment works should be completed by 2027. Will there be an incremental fee charged after completion, as there has also been an increase back in 2024?
Speaker #1: No, not as a one-off. This goes into the calculation of the new tariff, whatever we invest into the remaining works in the baggage sorting system.
Kevin Fleck: No, not as a one-off. This goes into the calculation of the new tariff, whatever we invest into the remaining works in the baggage sorting system.
Speaker #2: Okay, that was all of the questions. In case we missed any of your questions, please do not hesitate to reach out to the IR team.
Stefan Weber: That was all of the questions. In case we missed any of your questions, then please do not hesitate to reach out to the IR team.
Speaker #1: Thank you. For the question, they were also moderate, in my view. This time, and last but not least, I would like to inform you that there is also a change in our Investor Relations team.
Kevin Fleck: Thank you for the questions. They were also moderate, in my view, this time. Last but not least, I would like to inform you that there is also a change in our investor relations team. As you may know, Marcel Heinze has taken over a new international role within our company as Chief Financial Officer of Zurich Airport in Brazil. Dominique Gisely joined in August, a successor of Marcel Heinze from Edelweiss, and will be responsible for investor relations and treasury matters. She will support Stefan Weber in managing our interactions with the analysts and the investor community from now on. We have reached the end of the conference call. Thank you very much for your trust in our company, your attention, and the attending of the conference call. Have a nice day. Thank you.
Speaker #1: As you may know, Marcel Heinz has taken on a new international role within our company as Chief Financial Officer of Zurich Airport in Brazil.
Speaker #1: Dominique Giseli joined in August as the successor to Marcel Heinz from Edelweiss and will be responsible for investor relations and treasury matters. He will support Stefan Weber in managing our interactions with the analysts and the investor community from now on.
Speaker #1: And so we have reached the end of the conference call. Thank you very much for your trust in our company, your attention, and for attending the conference call.