Full Year 2025 Flughafen Zurich ADR Earnings Call

March 10, 2026

Speaker #1: Ladies and gentlemen, welcome to the presentation of Zurich Airport's full-year results for 2025. My name is Lukas Brosi, and I will be hosting this presentation together with Kevin Fleck, our CFO.

Lukas Brosi: Ladies and gentlemen, welcome to the presentation of Zurich Airport's full year result for 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 for 2026. 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 begin by highlighting our milestones for the full year 2025. The financial year 2025 was characterized by continued high levels of traffic, stable operations, and significant investments in infrastructure, technology, and sustainability.

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 for 2026. At the end of the presentation, we will address your questions.

Speaker #1: 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 begin by highlighting our milestones for the full year 2025.

Speaker #1: The financial year 2025 was characterized by continued high levels of traffic, stable operations, and significant investments in infrastructure, technology, and sustainability. In 2025, Zurich Airport reached a new record with 32.6 million passengers.

Lukas Brosi: In 2025, Zurich Airport reached a new record with 32.6 million passengers. Under challenging conditions with ongoing construction and during periods of heavy traffic, we were able to ensure reliable and high-quality operations. Zurich Airport has concluded negotiations on flight operation charges with the airport users. The new charge period is expected to commence in October 2026. I will provide more details on this later in the presentation. On the commercial business, airside turnover increased, supported by passenger growth and the opening of new luxury stores. Landside turnover was lower due to construction works. The international business continued to grow and benefited in particular from a positive development in Latin America. In India, we have received the Aerodrome License for Noida on 6 March. The airport is now ready for operations.

Speaker #1: On the challenging conditions with ongoing construction and during periods of heavy traffic, we were able to ensure reliable and high-quality operations. Zuerich Airport has concluded negotiations on flight operation charges with the airport users.

Speaker #1: The new charge period is expected to commence in October 2026. I will provide more details on this later in the presentation. On the commercial business, airside turnover increased, supported by passenger growth and the opening of new luxury stores.

Speaker #1: Landside turnover was lower due to construction works. The international business continued to grow and benefited in particular from positive developments in Latin America.

Speaker #1: In India, we have received the aerodrome license for Noida on the 6th of March. The airport is now ready for operations. Progress was made in key development projects such as the preparatory construction of the new Dock A or the expansion of the landside passenger and commercial area.

Lukas Brosi: Progress was made in key development projects, such as the preparatory construction of the new Dock A or the expansion of the land side passenger and commercial area. Furthermore, we have also prematurely extended the contract with our long-standing duty-free partner, Avolta, until 2035. Also worth to mention from a financing perspective is the recent upgrade of our Standard & Poor's credit rating from A plus to double A minus with outlook stable. Lastly, we have been active in driving innovation projects, and we're making progress on our ESG goals according to our targets and plans. Let's take a closer look at some key figures. The 2025 result exceeded our initial guidance, mainly driven by stronger than expected traffic development, the later opening of Noida International Airport, and the more favorable cost discipline. Our results reached new record levels in terms of revenue, EBITDA, and consolidated result.

Speaker #1: Furthermore, we have also prematurely extended the contract with our long-standing duty-free partner, Avolta, until 2035. Also, worth to mention, from a financing perspective, is the recent upgrade of our Standard & Poor's credit rating from A+ to AA-, with outlook stable.

Speaker #1: Lastly, we have been active in driving innovation projects, and we are making progress on our ESG goals according to our targets and plans. Let's take a closer look at some key figures.

Speaker #1: The 2025 result exceeded our initial guidance, mainly driven by stronger than expected traffic development. The later opening of Noida Airport and the more favorable cost discipline.

Speaker #1: Our results reached new record levels in terms of revenue, EBITDA, and consolidated result. Our revenues grew to CHF 1.36 billion, with the consolidated result increased to CHF 346 million.

Lukas Brosi: Our revenues grew to CHF 1.36 billion, with the consolidated result increased to CHF 346 million. Our CapEx has been substantially higher as well, also because of the acquisition of the Radisson Blu Hotel building in Zürich. In total, we invested approximately CHF 760 million, with around CHF 503 million allocated to the Zürich site. Let's review our main business segments, beginning with the aviation business. Some highlights from the traffic development in Zürich were as follows: In 2025, 32.6 million passengers traveled via Zurich Airport, representing a 4% growth over the previous year. The local market performed particularly well, growing by around 6% year-over-year. Europe, the most important market with a passengers share of 75%, grew by 4%.

Speaker #1: Our capex has been substantially higher as well, also because of the acquisition of the Radisson Hotel building in Zurich. In total, we invested approximately 760 million Swiss francs, with around 503 million Swiss francs allocated to the Zurich site.

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: In 2025, 32.6 million passengers traveled via Zuerich Airport, representing a 4% growth over the previous year.

Speaker #1: The local market performed particularly well, growing by around 6% year on year. Europe, the most important market with a passenger share of 75%, grew by 4%.

Speaker #1: In Europe, the amount was especially high for southern destinations in Spain, Italy, Turkey, and Portugal. Edelweiss and easyJet led passenger growth through added capacity.

Lukas Brosi: In Europe, demand was especially high for southern destinations in Spain, Italy, Turkey, and Portugal. Edelweiss and easyJet saw passenger growth through added capacity. The intercontinental market saw a year-on-year passenger growth of 6% and accounted for a quarter of the passenger volume, with the biggest markets, North America, and Asia Pacific, showing growth rates of 4% and 6% respectively. At 80%, the average seat load factor remained at a high level. Flight movements were also positive and climbed by 3%. Around 1% more freight was handled in 2025 compared to 2024. Flight operations in 2025 were characterized by persistently high volumes and stable quality during busy periods such as Easter and summer, and autumn holidays. On certain peak days, the number of travelers exceeded the 120,000 mark for the first time.

Speaker #1: The intercontinental market saw a year-on-year passenger growth of 6% and accounted for a quarter of the passenger volume, with the biggest markets, North America and Asia-Pacific, showing growth rates of 4% and 6%, respectively.

Speaker #1: At 80%, the average seat load factor remained at a high level. Flight movements were also positive and climbed by 3%. Around 1% more freight was handled in 2025 compared to 2024.

Speaker #1: Flight operations in 2025 were characterized by persistently high volumes and stable quality. During busy periods, such as Easter and summer, and on peak days, the number of travelers exceeded the 120,000 mark for the first time.

Speaker #1: With the summer and subsequent winter flights scheduled, the routes offered were further expanded, thereby reinforcing the international connectivity and competitiveness of Zurich Airport. In the reporting year, Zurich Airport was connected directly to 220 destinations in 75 countries, served by 70 airlines.

Lukas Brosi: With the summer and subsequent winter flight schedule, the routes offered were further expanded, thereby reinforcing the international connectivity and competitiveness of Zurich Airport. In the reporting year, Zurich Airport was connected directly to 220 destinations in 75 countries, served by 70 airlines. As a relatively small country and economy, Switzerland and Zurich have exceptionally good direct connections with the world. While several new destinations were launched in Europe, two new long-haul routes to Seattle and Halifax were launched by Edelweiss. In addition, capacities were further expanded on various established routes. In Europe, the busiest destinations were London, Berlin, and Istanbul. New York, Dubai, and Bangkok continued to be the busiest destinations at the intercontinental level.

Speaker #1: As a relatively small country and economy, Switzerland and Zurich have exceptionally good direct connections with the world. While several new destinations were launched in Europe, two new long-haul routes to Seattle and Halifax were launched by Edelweiss.

Speaker #1: In addition, capacities were further expanded on various established routes. In Europe, the busiest destinations were London, Berlin, and Istanbul. New York, Dubai, and Bangkok continue to be the busiest destinations at the intercontinental level.

Speaker #1: Our high service level was also recognized externally, with Zurich Airport once again having received the Airport Service Quality Award as the best airport in Europe, marking the ninth consecutive time to receive this distinction.

Lukas Brosi: Our high service level was also recognized externally, with Zurich Airport once again having received the Airport Service Quality Award as the best airport in Europe, marking the ninth consecutive time to receive this distinction. In February 2026, Zurich Airport has concluded negotiations on flight operations charges with the airport users for the next regulatory period. The new charge period is expected to commence in October 2026. Airport charges for users of Zurich Airport will be reduced by approximately 10%. Thanks to the positive passenger traffic development and Zurich Airport's disciplined approach to cost and investment, cost coverage in the regulated sector can be maintained despite the reduction in charges. The reasonable return on the capital invested, also known as the WACC, will be increased from 5.0% to 5.5%.

Speaker #1: In February 2026, Zuerich Airport has concluded negotiations on flight operations charges with the Airport users. For the next regulatory period, the new charge period is expected to commence in October 2026.

Speaker #1: Airport charges for users of Zuerich Airport will be reduced by approximately 10%. Thanks to the positive passenger traffic development and Zuerich Airport's disciplined approach to cost and investments, cost coverage in the regulated sector can be maintained despite the reduction in charges.

Speaker #1: The reasonable return on the capital invested also known as the WACC will be increased from 5.0 to 5.5%. With the new rollover mechanism, any surplus or shortfall from a charge period will be considered in the future when setting charges for the subsequent charge periods.

Lukas Brosi: With the new rollover mechanism, any surplus or shortfall from a charge period will be considered in the future when setting charges for the subsequent charge periods. This ensures sustainable cost coverage, cost coverage of capital cost for Zurich Airport. The agreement provides planning certainty for all parties involved and represents a strong partnership-based outcome for airport users at Zurich Airport. In the following slides, I'll give you an overview of our commercial and real estate business. Let's start with the commercial business. In addition to the growing passenger numbers, new luxury openings such as a Cartier boutique, the expansion of Bulgari, as well as the exclusive beauty formats of Chanel and Dior, led to a positive development in the Airside Center with increasing commercial turnover.

Speaker #1: This ensures sustainable cost coverage of capital cost for Zuerich Airport. The agreement provides planning certainty for all parties involved and represents a strong partnership-based outcome for airport users at Zuerich Airport.

Speaker #1: In the following slides, I'll give you an overview of our commercial and real estate business. Let's start with the commercial business. In addition to the growth in passenger numbers, new luxury openings such as a Cartier, boutique, the expansion of Bulgari, as well as the exclusive beauty formats of Chanel and Dior, led to a positive development in the airside center, with increasing commercial turnover.

Speaker #1: On the land side, commercial turnover decreased due to construction work as part of the project to develop the land side passenger zone. In March 2026, Zurich Airport has prematurely extended the duty-free contract with its long-standing partner, Avolta.

Lukas Brosi: On the landside, commercial turnover decreased due to construction work as part of the project to develop the landside passenger zone. In March 2026, Zurich Airport has prematurely extended the duty-free contract with its long-standing partner, Avolta. The existing contract will be extended from 2029 by 7 years, running until the end of 2035, matching the expected completion of the construction work for the new Dock A. The real estate business again proved itself to be a solid segment and an important pillar of our business performance in 2025. Revenues from rental and leasing agreements increased while there were lower energy and utility cost allocations, mainly because of lower electricity cost. An important strategic step in 2025 was the acquisition of the Radisson Blu building. With this acquisition, Zurich Airport is now the owner of all land and buildings within the central airport perimeter.

Speaker #1: The existing contract will be extended from 2029 by seven years, running until the end of 2035, matching the expected completion of the construction work for the new Dock A.

Speaker #1: The real estate business again proved itself to be a solid segment and an important pillar of our business performance in 2025. Revenues from rental and leasing agreements increased, while there were lower energy and utility cost allocations, mainly because of lower electricity cost.

Speaker #1: An important strategic step in 2025 was the acquisition of the Radisson Blu building. With this acquisition, Zuerich Airport is now the owner of all land and buildings within the central airport perimeter.

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.

Lukas Brosi: 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. Last but not least, let's turn our attention to our international business. Let's take a look at the passenger numbers at our airports in Latin America. Passenger volumes at Florianópolis Airport increased by around 6% year-on-year, reaching a new high with a total of 5.2 million passengers. This record is primarily due to strong growth in the international segment. Passenger volumes at the Vitória and Macaé airports recorded a significant year-on-year increase of 13%. The main reason for this strong growth was the lifting of the previous restrictions on flight between Vitória and Santos Dumont Airport in Rio de Janeiro. Passenger numbers for Natal Airport in northeastern Brazil were mostly trading in line with last year.

Speaker #1: Last but not least, let's turn our attention to our international business. Let's take a look at the passenger numbers at our airports in Latin America.

Speaker #1: Passenger volumes at Florianópolis Airport increased by around 6% year-on-year, reaching a new high with a total of 5.2 million passengers. This record is primarily due to a strong growth in the international segment.

Speaker #1: Passenger volumes at the Vittoria and Marche airports recorded a significant year-on-year increase of 13%. The main reason for this strong growth was the lifting of the previous restrictions on flight between Vittoria and Santo Steamond Airport in Rio de Janeiro.

Speaker #1: Passenger numbers for Natal Airport in northeastern Brazil were mostly trading in line with last year. At our airport in Chile, Antofagasta showed passenger growth of 7%, while passenger numbers in Iquique declined due to weaker domestic demand and capacity restrictions.

Lukas Brosi: At our airport in Chile, Antofagasta showed passenger growth of 7%, while passenger numbers in Iquique declined due to weaker domestic demand and capacity reductions. Let me share some highlights from our majority-owned airports in Latin America. Our concessions in Latin America have seen a very positive year 2025, with our Brazilian airports showing record figures for revenue, EBITDA, and net profit as well. Our airports in Latin America are among the best and most advanced in the country in terms of quality, passenger satisfaction, and sustainability. In October 2025, Florianópolis reached a historic milestone. For the first time, over 1 million international passengers were recorded in a single year. Florianópolis is now the third largest airport in terms of international passenger after São Paulo and Rio de Janeiro.

Speaker #1: Let me share some highlights from our majority-owned airports in Latin America. Our concessions in Latin America have seen a very positive year 2025, with our Brazilian airports showing record figures for revenue EBITDA and net profit as well.

Speaker #1: Our airports in Latin America are among the best and most advanced in the country in terms of quality, passenger satisfaction, and sustainability. In October 2025, Florianópolis reached a historic milestone for the first time over 1 million international passengers were recorded in a single year.

Speaker #1: Florianópolis is now the third largest airport in terms of international passengers, after São Paulo and Rio de Janeiro. Vittoria and Marche have achieved airport carbon accreditation level four, placing them on the same sustainability level as Florianópolis.

Lukas Brosi: Vitória and Macaé have achieved airport carbon accreditation level 4, placing them on the same sustainability level as Florianópolis, which has already achieved level 4 at the beginning of the year. In Macaé, recently, a new solar power plant was inaugurated and the construction of hangars has started, which will be completed in 2026. Natal has seen a successful fundamental redesign of its commercial concept with various new tenants. Also in Natal, we are constructing a new solar plant supporting our sustainability goals on group level. In Iquique, construction of the northern apron started in June, but was delayed due to works on the electrical substation. Works are planned to restart in March 2026, with an estimated 6 months completion period. In Antofagasta, the concession ended in February 2026. The hand back progressed smoothly and as planned.

Speaker #1: Which has already achieved Level Four at the beginning of the year. In Marche, recently a new solar power plant was inaugurated, and the construction of hangars has started, which should be completed in 2026.

Speaker #1: Natal has seen a successful fundamental redesign of its commercial concept, with various new tenants. Also in Natal, we are constructing a new solar plant supporting our sustainability goals on group level.

Speaker #1: In Iquique, construction of the northern apron started in June, but was delayed due to works on the electrical substation. Works are planned to restart in March 2026, with an estimated six-month completion period.

Speaker #1: And in Antofagasta, the concession ended in February 2026. The handback progressed smoothly and as planned. Finally, we would like to share the latest update on Noida with you.

Lukas Brosi: Finally, we would like to share the latest update on Noida with you. To start with, we are happy to report that Noida International Airport is ready for operations, which represents a major milestones for the project and a significant step for our international business. All major terminal construction works have been completed, and the operational trials have been successfully concluded. We have also received the aerodrome license from the Indian regulator on 6 March, which paves the way for the start of operations at Noida. Based on today's assumption, we expect it will now take approximately 30 to 45 days before commercial operations can commence. After opening, we assume a ramp-up phase of around 3 to 4 months. For the calendar year 2026, we expect up to 4 million passengers. At the EBITDA level, we currently expect a neutral contribution for 2026.

Speaker #1: The start to start with, we are happy to report that Noida International Airport is ready for operations. Which represents a major milestone for step for our international business.

Speaker #1: All major terminal construction works have been completed, and the operational trials have been successfully concluded. We have also received the aerodrome license from the Indian regulator on the 6th of March, which paves the way for the start of operations at Noida.

Speaker #1: Based on today's assumption, we expect it will now take approximately 30 to 45 days before commercial operations can commence. After opening, we assume a ramp-up phase of around three to four months.

Speaker #1: For the calendar year 2026, we expect up to 4 million passengers. At the EBITDA level, we currently expect a neutral contribution for 2026. Due to depreciation and interest expenses, Noida's net profit contribution will likely be negative.

Lukas Brosi: Due to depreciation and interest expenses, Noida's net profit contribution will likely be negative. With that, I hand over to Kevin.

Speaker #1: With that, I hand over to Kevin. Thank you, Lukas. Good afternoon, ladies and gentlemen. Welcome and thank you for joining us. I will now provide an overview of the company's financial performance.

Kevin Fleck: Thank you, Lukas. Good afternoon, ladies and gentlemen. Welcome, and thank you for joining us. I will now provide an overview of the company's financial performance. Let me start with a financial overview. Sustained growth in traffic volumes in Zurich and across our foreign concessions led to new records in terms of revenue, EBITDA, and consolidated results. Total aviation revenue increased slightly faster than passenger volumes, rising to CHF 709 million. This is primarily because of the stronger growth in local passengers who pay higher fees than transfer passengers. Non-aviation revenue declined by 0.2% to CHF 652 million. Adjusted for concession accounting, this reflects an increase of CHF 15 million, or +2% compared to 2024.

Speaker #1: Let me start with a financial overview. Sustained growth in traffic volumes in Zurich and across our foreign concessions led to new records in terms of revenue, EBITDA, and consolidated results.

Speaker #1: Total aviation revenue, increased slightly faster than passenger volumes, rising to 709 million Swiss francs. This is primarily because of the stronger growth in local passengers, who pay higher fees than transfer passengers.

Speaker #1: Non-aviation revenue declined by 0.2% to 652 million Swiss francs. Adjusted for concession accounting, this reflects an increase of 15 million Swiss francs, or plus 2%, compared to 2024.

Kevin Fleck: EBITDA increased year-on-year by 4% to CHF 762 million, setting a new record high while maintaining a strong EBITDA margin of 56%. The consolidated result rose by 6% to CHF 346 million. This includes an impairment of around CHF 6 million for our airport in Iquique, Chile. Let's take a closer look at the non-aviation figures. Total commercial and parking revenue increased only slightly by 0.2% compared to the previous year. This is due to the reduced landside retail offering as a result of the ongoing construction work. Real estate revenue saw a marginal increase of 0.2% to CHF 198 million. While revenue from rental and leasing agreements increased, energy and utility cost allocations declined because of lower energy costs.

Speaker #1: EBITDA increased year-on-year by 4% to CHF 762 million, setting a new record high while maintaining a strong EBITDA margin of 56%. The consolidated result rose by 6% to CHF 346 million.

Speaker #1: This includes an impairment of around CHF 6 million for our airport in Iquique, Chile. So, let's take a closer look at the non-aviation figures.

Speaker #1: Total commercial and parking revenue increased only slightly by 0.2% compared to the previous year. This is due to the reduced land side retail offering, as a result of the ongoing construction work.

Speaker #1: Real estate revenue saw a marginal increase of 0.2% to 198 million Swiss francs. While revenue from rental and leasing agreements increased, energy, and utility costs allocations declined because of lower energy costs.

Kevin Fleck: Revenue from services grew by 7% to CHF 52 million, primarily driven by increased traffic. The international business experienced ongoing growth, largely driven by positive developments at Brazilian airports, where passenger numbers rose significantly and non-aviation results remained solid. Overall, international revenues rose by 10% to CHF 114 million, excluding concession accounting. Last year was a turning point regarding our cost development. Excluding concession accounting, we managed to slow down OpEx growth from 9% in the previous year to 4% in 2025, reaching total operating expenses of CHF 588 million. Personnel expenses saw a 10% increase, mainly due to the insourcing of services for passengers with reduced mobility, which is offset by an equivalent reduction in other operating expenses.

Speaker #1: Revenue from services grew by 7% to 52 million Swiss francs, primarily driven by increased traffic. The international business experienced ongoing growth, largely driven by positive development at Brazilian airports, where passenger numbers rose significantly, and non-aviation results remained solid.

Speaker #1: Overall, international revenues rose by 10% to 114 million Swiss francs, excluding concession accounting. Last year was a turning point regarding our cost development. Excluding concession accounting, we managed to slow down OPEX growth from 9% in the previous year to 4% in 2025, reaching total operating expenses of 588 million Swiss francs.

Speaker #1: Personnel expenses saw a 10% increase, mainly due to the insourcing of services for passengers with reduced mobility. Which is offset by an equivalent reduction in other operating expenses.

Kevin Fleck: The increase was also driven by other volume-related effects and inflation adjustments, as well as measures to increase employer attractiveness. When compared with the higher passenger volumes, costs for police and security disproportionately went up by only 3%, amounting to CHF 133 million. Energy and waste costs declined by 19% to CHF 36 million, thanks to lower electricity costs. In summary, we have effectively managed cost growth, resulting in a significant improvement, supporting a positive outlook. I will now outline some key financial ratios. Net financial debt saw a slight increase, resulting in a leverage ratio of around 1.8 times. Higher investor capital influenced our return on investor capital, which declined slightly to 7.8%. Operating cash flow increased to CHF 688 million, reflecting the strong consolidated result and changes in working capital.

Speaker #1: The increase was also driven by other volume-related effects and inflation adjustments, as well as measures to increase employer attractiveness. When compared with the higher passenger volumes, costs for police and security disproportionately went up by only 3%, amounting to 133 million Swiss francs.

Speaker #1: Energy and waste costs declined by 19% to 36 million Swiss francs, thanks to lower electricity costs. In summary, we have effectively managed cost growth, resulting in a significant improvement, supporting a positive outlook.

Speaker #1: I will now outline some key financial ratios. Net financial debt saw a slight increase, resulting in a leverage ratio of around 1.8 times. Higher investor capital influenced our return on investor capital, which declined slightly to 7.8%.

Speaker #1: Operating cash flow increased to CHF 688 million, reflecting the strong consolidated result and changes in working capital. Higher investments, including the purchase of the Radisson Blu building, impacted our free cash flow generation, which stood at minus CHF 28 million.

Kevin Fleck: Higher investments, including the purchase of the Radisson Blu building, impacted our free cash flow generation, which stood at -CHF 28 million. The next slide shows the largest projects we have been working on in 2025. Zurich Airport invested a total of CHF 760 million, of which CHF 503 million were invested at the Zurich site. This includes the purchase of the Radisson Blu building for CHF 155 million. 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 land side passenger area, the refurbishment and expansion of the baggage sorting system, and the development of the freight infrastructure. Our most significant international project in 2025 was the development of Noida Airport.

Speaker #1: The next slide shows the largest projects we have been working on in 2025. Zurich Airport invested a total of 760 million Swiss francs, of which 503 million Swiss francs were invested at the Zurich site.

Speaker #1: 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.

Speaker #1: Other significant projects were the development of the land side passenger area, the refurbishment and expansion of the baggage sorting system, and the development of the freight infrastructure.

Speaker #1: Our most significant international project in 2025 was the development of Noida Airport. So let's proceed to the outlook. Given the current geopolitical situation in the Middle East, it is challenging to give guidance for the ongoing financial year.

Kevin Fleck: Let's proceed to the outlook. Given the current geopolitical situation in the Middle East, it is challenging to give guidance for the ongoing financial year, especially since no one knows how the situation will evolve. In Zürich, passenger growth is projected to range from 2 to 3% in 2026, which corresponds to a passenger volume of over 33 million passengers. We had a strong start to the year with encouraging passenger numbers, which helps us to manage the increased uncertainties. As mentioned by Lukas, a new charge period with lower airport charges will come into effect in October 2026 in Zürich. Taking into account the forecasted passenger growth and lower airport charges from October, aviation revenue is expected to remain stable.

Speaker #1: Especially since no one knows how the situation will evolve. In Zurich, passenger growth is projected to range from 2% to 3% in 2026, which corresponds to a passenger volume of over 33 million passengers.

Speaker #1: We had a strong start to the year with encouraging passenger numbers, which helps us to manage the increased uncertainties. As mentioned by Lukas, a new charge period with lower airport charges will come into effect in October 2026 in Zurich.

Speaker #1: Taking into account the forecasted passenger growth and lower airport charges from October, aviation revenue is expected to remain stable. At the Zurich site, commercial revenue is likely to remain stable as well compared to last year, due to the ongoing closure of commercial spaces as part of the project to develop the landside passenger zone.

Kevin Fleck: At the Zurich site, commercial revenue is likely to remain stable as well compared to the last year, due to the ongoing closure of commercial spaces as part of the project to develop the landside passenger zone. Real estate revenue is expected to rise slightly, mainly due to inflation adjustments. Revenue from international business will see an increase again, primarily driven by the opening of the new airport in Noida. In total, non-aviation revenue is expected to be higher overall. In 2026 financial year, the opening of Noida will lead to an increase in operating costs, while only a very moderate increase in costs is expected at the Zurich site. In summary, we expect EBITDA in 2026 to be roughly the same as the previous year. However, consolidated profit is likely to be lower.

Speaker #1: Real estate revenue is expected to rise slightly, mainly due to inflation adjustments. Revenue from international business will see an increase again, primarily driven by the opening of the new airport in Noida.

Speaker #1: In total, non-aviation revenue is expected to be higher overall. In 2026, financial year, the opening of Noida will lead to an increase in operating costs, while only a very moderate increase in costs is expected at the Zurich site.

Speaker #1: In summary, we expect ABTA in 2026 to be roughly the same as the previous year. However, consolidated profit is likely to be lower. With the opening of Noida Airport, depreciation and interest expenses will impact the income statement.

Kevin Fleck: With the opening of Noida Airport, depreciation and interest expenses will impact the income statement. It is important to note that we expect another strong financial performance from our main asset, Zurich Airport, in 2026. The projected decrease in the group's net profit is attributable to Noida Airport. Investments at the Zurich site are expected to be between CHF 350 and 400 million in 2026. Subsidiaries abroad will invest an estimated CHF 100 million, with the completion of construction of the new airport in Noida accounting for the majority. With this, I'm handing back to you, Lukas.

Speaker #1: It is important to note that we expect another strong financial performance from our main asset, Zurich Airport, in 2026. The projected decrease in the group's net profit is attributable to Noida Airport.

Speaker #1: Investments at the Zurich site are expected to be between 350 million and 400 million Swiss francs in 2026. Subsidiaries abroad will invest an estimated 100 million Swiss francs, with the completion of construction of the new airport in Noida accounting for the majority.

Speaker #1: With this, I'm handing back to you, Lukas.

Lukas Brosi: Thank you, Kevin. Lastly, I would also like to inform you about changes at our board of directors and the management board. After 12 years, Guglielmo Brentel will step down from the board of directors of Zurich Airport with effect from April 2026. The company would like to thank Guglielmo Brentel for his great commitment. Stefan Paul will be proposed as new member of the board of directors to the annual general meeting in April 2026. He is Chief Executive Officer of Kuehne + Nagel International AG. His experience and expertise will be an ideal addition to our board of directors. Furthermore, the management board of Zurich Airport will be reduced from 7 to 6 members. This change is part of a realignment of responsibilities to enable the company to respond more effectively to future challenges and further strengthen the dialogue with our key stakeholders.

Speaker #2: Thank you, Kevin. Lastly, I would also like to inform you about changes at our Board of Directors and the Management Board. After 12 years, Guglielmo Brentel will step down from the Board of Flughafen Zurich with effect from April 2026.

Speaker #2: The company would like to thank Guglielmo Brentel for his great commitment. Stefan Paul will be proposed as a new member of the Board of Directors to the Annual General Meeting in April 2026.

Speaker #2: He is Chief Executive Officer of Kühne + Nagel International. His experience and expertise will be an ideal addition to our Board of Directors of Zurich Directors.

Speaker #2: Furthermore, the Management Board of Zurich Airport will be reduced from seven to six members. This change is part of a realignment of responsibilities to enable the company to respond more effectively to future challenges, and further strengthens the dialogue with our key stakeholders.

Lukas Brosi: Manuela Staub, the current Chief People and Communication Officer, will leave the company at the end of July 2026 as a result of this change. The board of directors and the management board would like to thank Manuela for her great commitment and valuable contribution to the development of Zurich Airport during the last few years. We have now reached the end of our result presentation, and we'll begin the Q&A sessions. I will now hand over to Stefan Weber, who will moderate the sessions. Stefan.

Speaker #2: Manuela Staub, the current chief people and communication officer will leave the company at the end of July 2026 as a result of this change.

Speaker #2: The board of directors and the management board would like to thank Manuela for her great commitment and valuable contribution to the development of Zurich Airport during the last few years.

Speaker #2: We have now reached the end of our result presentation, and we'll begin the Q&A sessions. I will now hand over to Stefan Weber, who will moderate the sessions.

Speaker #2: Stefan.

Stefan Weber: Thank you, Lukas. We have received quite a number of different questions. Let's kick it directly off with the first question on Noida. In the outlook, we were mentioning that we expect to handle around 4 million passengers in the calendar year 2026. Does this imply any change to our previous expectations or the business plan that we have presented at the CMD back in 2023?

Speaker #3: Thank you, Lukas. We have received quite a number of different questions. Let's kick it directly off with the first question on Noida. In the outlook, we were mentioning that we expect to handle around 4 million passengers in the calendar year 2026.

Speaker #3: So, does this imply any change to our previous expectations or the business plan that we presented at the CMD back in 2023?

Kevin Fleck: No, there is no significant update to the business plan we have presented at the Capital Markets Day in 2023. It's simply a shift. We initially expected those returns and profits earlier.

Speaker #4: No, there is no significant update to the business plan. We have presented that at Capital Market Day in 2023. It's simply a shift—we initially expected those returns and profits earlier.

Stefan Weber: The next one is again on traffic, but for the Zurich site. What are the assumptions behind the 2 to 3% guidance? It is perceived rather conservative, as we have seen a very strong start into the year 2026.

Speaker #3: The next one is again on traffic, but for the Zurich site. What are the assumptions behind the 2% to 3% guidance? It is perceived as rather conservative, as we have seen a very strong start into the year 2026.

Lukas Brosi: If I may start to answer these questions and Kevin can take over. Where we are today in a situation and the level of uncertainty that is different to, like, what we have assumed two weeks ago. It's true that we had a very good, almost a brilliant start in this year with the passenger numbers 7-8% above previous years' levels. Nevertheless, we already see in the numbers of March that Middle East will have an effect on short term on the demand. Today, I consider it as too early to have, like a better view on the medium- to long-term effect of the situation in the Middle East on the demand side, on the capacity side, et cetera. We now see on a daily basis that operation is coming back.

Speaker #2: If I may start to answer this question and Kevin can take over. Where we are today, in a situation and a level of uncertainty that is different to what we have assumed two weeks ago.

Speaker #2: It's true that we had a very good, almost a brilliant start in this year with passenger numbers 7, 8% above previous year's levels. Nevertheless, we already see in the numbers of March that Middle East will have an effect on short term, on the demand.

Speaker #2: Today, I consider it as too early to have a better view on the medium- to long-term effects of the situation in the Middle East.

Speaker #2: On the demand side, on the capacity side, etc. We now see on a daily base that operation is coming back. We have today three flights to the Middle East, but it can change tomorrow, and given this on one hand a good and solid start into the year, but having a high level on uncertainty around the Middle East, which represents about 5% of our passengers, nonetheless.

Lukas Brosi: We have today 3 flights to the Middle East, but it can change tomorrow. Given this, on one hand a good and solid start into the year, but having a high level uncertainty around the Middle East, which represents about 5% of our passengers, nonetheless. We stick to the guidance we have given that we assume volume growth despite the impact of Middle East this year, as we can expect it from today's perspective, but remain on the cautious side with our guidance. Maybe it's also part of our company's history, rather guiding on the conservative side at the beginning of the year, but being happy to update when we have more visibility in the course of the year. I have nothing to add. Excellent.

Speaker #2: So we stick to the guidance we have given that we assume a volume growth despite the impact of Middle East this year. As we can expect it from today's perspective, but remain on the cautious side with our guidance.

Speaker #2: And maybe it's also part of our company's history, rather guiding on the conservative side at the beginning of the year, but being happy to update when we have more visibility in the course of the year.

Stefan Weber: Okay, let's continue with a rather financial question on the investments. We are guiding for CHF 350 to 400 million investments at the Zurich site and around CHF 100 million abroad. Could you share some more thoughts on the investments, Switzerland, India, but also Latin America?

Speaker #4: I have nothing to add.

Speaker #2: Excellent.

Speaker #3: Okay, let's continue with a rather financial question on the investments. We are guiding for CHF 350 to 400 million in investments at the Zurich site, and around CHF 100 million abroad.

Speaker #3: Could you share some more thoughts on the investments in Switzerland, India, but also Latin America?

Lukas Brosi: In this year, we will primarily invest in Zuerich. The largest projects are the new Dock A tower and dock base, land side passenger zones, as we also mentioned before in our presentation, the Zone West. We expect approximately CHF 100 million of remaining investments in Noida. This is also due to invoices which we are expecting during this year, which is quite a normal process for such a large scale project. In LATAM, we expect very little and limited CapEx investments in this financial year.

Speaker #4: In this year, we will primarily invest in Zurich. The largest projects are the new dock A tower and dock base, land side passenger zones, as we also mentioned before in our presentation.

Speaker #4: The zone west, we expect approximately $100 million of remaining investments in Noida. This is also due to invoices which we are expecting during this year, which is quite a normal process for such a large-scale project.

Speaker #4: And in Latham, we expect very little and limited CapEx investments in this financial year.

Stefan Weber: Next one is on the dividend going forward. Net income is expected to decline. Is there any chance that the dividend payment for the financial year 2026 might be flat compared to this year?

Speaker #3: Next one is on the dividend going forward. Net income is expected to decline? Is there any chance that the dividend payment for the financial year 26 might be flat compared to this year?

Lukas Brosi: Maybe I start off and, you could then add, Lukas. Like, we introduced a new dividend policy, as of the financial year 2025. To be honest, we are lucky, with respect that we had a bit of a delay in Noida because that was one of the reasons why we had quite a decent net profit where we can first time use those 75% of payout ratio. Going forward, we stick to this dividend policy we have decided on, and we, as of today, do not expect to change anything, going forward. I have nothing to add, but just maybe as this is an important topic for our shareholders, maybe to repeat in my own words.

Speaker #2: Maybe I start off, and you could then add, Lukas. We introduced a new dividend policy as of the financial year 2025. And to be honest, we are lucky with this respect that we had a bit of a delay in Noida because that was one of the reasons why we had quite a decent net profit.

Speaker #2: Where we can first time use those 75% of payout ratio. So, going forward, we stick to this dividend policy we have decided on, and we as of today do not expect to change anything going forward.

Speaker #4: I have nothing to add, but just maybe, as this is an important topic for our shareholders, I'd like to repeat it in my own words. When we introduced the new dividend policy, we came from a history of having both an ordinary dividend and an extraordinary dividend.

Lukas Brosi: When we have introduced the new dividend policy, we came from like the history of having an ordinary dividend and an extraordinary dividend. We, at that time, assumed that the impact of the opening of Noida, which will be negative for net profit in the first years, as we have heard, will also impacting the 2025 financial numbers. Therefore, because of the delay, 2025 result was better than initially expected. Therefore, I would rather say that our shareholders profit from a higher base in 2025 and the new dividend policy of 75% of payout. This new dividend policy is also attributable to the, let's say, new balanced net profits, including the cost of Noida, including the tariff effect, etc., onwards.

Speaker #4: And we at that time assumed that the impact of the opening of Noida which will be negative on net profit in the first years that we have heard will also impact the 2025 financial numbers.

Speaker #4: And therefore, because of the delay, 2025 result was better than initially, expected, and therefore I would rather say that our shareholders' profit from a higher base in 2025 and the new dividend policy of 75% of payout and this new dividend policy is also attributable to the, let's say, new balanced net profits including the cost of Noida, including the tariff effects, etc.

Stefan Weber: One more question on the Zurich investments. The guidance provided, the CHF 350 to 400 million, is now slightly higher than the previous run rate we indicated of CHF 300 to 350. What's the reason for this slight increase in the guidance? And is the peak CapEx still expected at around CHF 400 million in the early 2030s?

Speaker #4: Onwards.

Speaker #3: One more question on the Zurich investments. The guidance provided—the 350 to 400 million—is now slightly higher than the previous run rate we indicated of 300 to 350.

Speaker #3: So what's the reason for this slight increase in the guidance? And is the peak CapEx still expected at around 400 million in the early 2030s?

Lukas Brosi: That we also in 2025 invested a bit more than we initially guided and that we adjusted the guidance for 2026 is that we are making good progress on one hand, and having the largest project in mind, the Dock A. There we initially started with the architectural competition. There we had kind of a number in mind. We already communicated in the half year result that we expect for the main project, the core project, something roughly a bit more than CHF 1 billion. If we take into consideration all other projects surrounding, it will be a higher number, and this is also reflected in the CHF 350 to 400 million CapEx guidance we give for 2026.

Speaker #2: Yeah, we also in 2025 invested a bit more than we initially guided, and that we adjusted the guidance for 2026 is that we are making good progress on one hand.

Speaker #2: And having the largest project in mind, the Dock A, there we initially started with the architectural competition. So there, we had kind of a number in mind.

Speaker #2: We already communicated in the half year result that we expect for the main project, the core project, something roughly a bit more than 1 billion if we take into consideration all other projects surrounding, it will be a higher number.

Speaker #2: And this is also reflected in the 350, 400 million CapEx guidance. We give for 2026, and we expect that we will be there as you have asked the 400 million and the peak investment in the 30s.

Lukas Brosi: We expect that we will be there, as you have asked, CHF 400 million, and the peak investment in the 30s. This is unchanged. If I may add on this, I think the upper end of this range, CHF 350 to 400 million, can really also be seen as a cap for the next years, just from a couple of also like technical arguments. For example, we have ongoing construction on several construction sites, which is something that also is limited in terms of the passenger flows, et cetera. Also just simply because of our own staff, engineers, technicians, et cetera, there is like a natural limit of CapEx that can be absorbed by the company in a single year.

Speaker #2: So this is unchanged.

Speaker #4: And if I may add on this thing, the upper end of this range 350 to 400 million can really also be seen as a cap for the next years.

Speaker #4: Just from a couple of also technical arguments, for example, we have ongoing construction on several construction sites. Which is something that also is limited in terms of the passenger flows, etc.

Speaker #4: And also, just simply because of our own staff—engineers, technicians, etc.—there is a natural limit of CapEx that can be absorbed by the company in a single year.

Lukas Brosi: The upper end of this range, I would say is also a valid number for the next couple of years as a maximum.

Speaker #4: So the upper end of this range I would say is also valid number for the next couple of years. As a maximum.

Stefan Weber: A question on real estate revenues. If we compare H2 to H1, the revenues are unchanged. Shouldn't there be any positive contribution coming from the Radisson Blu acquisition?

Speaker #3: And a question on real estate revenues. If we compare H2 to H1, the revenues are unchanged. Shouldn't be any positive contribution coming from the Radisson Blu acquisition.

Lukas Brosi: Like from the Radisson Blu, we have guided high single-digit contribution. We have two effects in the last financial year. On one hand, the ancillary costs were lower due to lower energy costs, so that caused a decline initially, and then we were able to compensate it with higher rental revenues, including the revenues from the Radisson Blu acquisition, which we did in May 2025.

Speaker #2: Like from the Radisson, we have guided high single digit contribution. We have two effects in the last financial year on one hand, the ancillary costs were lowered due to lower energy costs.

Speaker #2: So that caused a decline initially, and then we were able to compensate for it with higher rental revenues, including the revenues from the Radisson Blu acquisition, which we did in May 2025.

Stefan Weber: Now changing to the commercial revenues. There the guidance goes for stable revenues. Now taking into account that passenger numbers are increasing, this suggests that the revenue per passenger is actually going down. January was rather good, so what's the reason for this conservative stance?

Speaker #3: the commercial revenues. There the guidance goes for stable revenues. Now taking into account that passenger numbers are increasing, this suggests that the revenue per passenger is actually going down.

Speaker #3: January was rather good. So what's the reason for this conservative stance?

Lukas Brosi: I think it's a combination of airside and landside, and whatever is volume driven is applicable to airside mainly. On landside, we have now at the end of last year, in addition, closed several shops for the construction. We are now in the phase where the construction perimeter is large. This impacts, because of closures of the shops, the landside turnover, so the guidance can be seen as an overall assumption of commercial business. On airside, it's true more volume generally generates higher revenues.

Speaker #4: I think it's a combination of airside and landside. And whatever is volume driven is applicable to airside mainly. On landside, we have now, at the end of last year, in addition, closed several shops for the construction.

Speaker #4: So, we are now in the phase where the construction pyramid is large. This impacts, because of closures of the shops, the landside turnover.

Speaker #4: So the guidance can be seen as an overall assumption of commercial business. But on airside, it's true more volume generally generates higher revenues.

Stefan Weber: A question related to the costs in the aviation segment. 2025 shows PRM costs of CHF 12 million, whereas in 2024 it was zero. What's the reason?

Speaker #3: Then a question related to the costs in the aviation segment. 2025 shows PRM costs of 12 million whereas in 2024 it was zero. What's the reason?

Lukas Brosi: We have in-sourced the store services, so we are doing those services on our own. In 2024, we had a partner who was responsible for the PRM services here at Zurich Airport, so that's the reason why we have an increase. At the same time, we have, at the same extent, lower other operating costs in 2025. I would say that's a shift within the P&L and just a general remark on PRM. This is in the medium around the pass-through. We have a passenger fee for this service, which at the end covers the cost.

Speaker #2: Yes, we have insourced those services, so we are now providing those services ourselves. In 2024, we had a partner who was responsible for the PRM services here at Zurich Airport.

Speaker #2: So that's the reason why we have an increase. But at the same time, we have at the same extent lower other operating costs in 2025.

Speaker #4: I would say that the shift within the P&L, and just a general remark on PRM, this is, in the medium run, a pass-through. So, we have a passenger fee for this service.

Stefan Weber: Next one is on The Circle performance. Could you share some more insights on the financials that The Circle contributed in 2025?

Speaker #4: Which, at the end, covers the cost.

Speaker #3: Next one is on the circle performance. Could you share some more insights on the financials that the circle contributed in 2025?

Lukas Brosi: Maybe I start and Kevin can take over. I think in terms of numbers, about CHF 70 million of revenues from The Circle. As 100 percent we are owner of 51 percent with sustainable EBITDA margin of roughly 70 percent. I'm also very happy that the progress in terms of new rental agreement, especially on the ground level, which was kind of an issue in terms of at the beginning or the ramp-up of The Circle, has had a very positive development. We have now 50 tenants in The Circle with about 5,000 employees. We always have assumed a certain ramp-up for The Circle in our business plan, but this has now been also I would say a success story.

Speaker #4: Maybe I'll start and Kevin can take over. I think in terms of numbers, about 70 million of revenues from the circle as a 100%.

Speaker #4: We are owner of 51%. With sustainable EBITDA margin of roughly 70%. I'm also very happy that the progress in terms of new rental agreement, especially on the ground level, which was kind of an issue in terms of at the beginning or the ramp up of the circle.

Speaker #4: There has been very positive development, and we now have 50 tenants in the Circle with about 5,000 employees. We have always assumed a certain ramp-up for the Circle in our business plan.

Lukas Brosi: We had to make certain adaptations on the ground level, which is basically done, and The Circle is up and running. Maybe only to add there. For us, it's an important piece with respect to resilience and diversification. We have, as Lukas mentioned, EBITDA margin of 70%. It's also decent cash flows we have from our tenants at The Circle, and there is still plenty of headroom. If you look at the valuation, we run it at book, but there is a valuation we do twice a year. There it shows that it has a true value in our books.

Speaker #4: But this has now been also, I would say, a success story. We had to make we had to make a certain adoptions on the ground level.

Speaker #4: Which is basically done. running.

Speaker #2: Maybe just to add here for us, it's an important piece with respect to resilience and diversification. So we have, as Lukas mentioned, an EBITDA margin of 70%.

Speaker #2: So, also, decent cash flows we have from our tenants at The Circle. And there is still plenty of headroom if you look at evaluation.

Speaker #2: We run it at book, but there is evaluation we do twice a year. And there it shows that it has a true value in our books.

Stefan Weber: Some more questions related to the international business. Can you quantify the impact in 2026 on depreciation and financial expenses from the commissioning of Noida?

Speaker #3: Then some more questions related to the international business. Can you quantify the impact in 2026 on depreciation and financial expenses from the commissioning of NOIDA?

Lukas Brosi: The question for the CFO. On an annual basis, we expect roughly CHF 75 to 80 million. Twenty-five to thirty million in depreciation amortization and approximately 45 million in interest rate expenses on a full year scale.

Speaker #4: It's a question for the CFO.

Speaker #2: On an annual basis, we expect roughly 75 to 80 million Swiss francs. So 25 to 30 million in depreciation amortization. And approximately 45 million in interest rate expenses on a full year scale.

Stefan Weber: In Latin America, just a few days back, we've handed back the concession out of Augusta. How much was the contribution to EBITDA in 2025?

Speaker #3: Then in Latin America, just a few days back, we've handed back the concession in Antofagasta. How much was the contribution to EBITDA in 2025?

Lukas Brosi: It was a single-digit million CHF figure, roughly.

Speaker #4: It was a single digit million figure. Roughly.

Stefan Weber: Again, back to India. When do you expect the next phase of Noida expansion to begin, and how do you expect it to be financed? Would you participate in any equity injections?

Speaker #3: Again, back to India. When do you expect the next phase of NOIDA expansion to begin? And how do you expect it to be financed?

Lukas Brosi: Not from today's perspective. We assume that phase two can be financed locally by additional debt, obviously, but also with the cash flow of phase one. In terms of guiding, when we do achieve the full utilization of the capacity for phase one, which will be about 12 million passengers, I would say that there is a trigger of about 80% of that number when we have to start planning for phase two. I personally believe that this will be in about 3 to 5 years from the inauguration.

Speaker #3: Would you participate in any equity injections?

Speaker #4: Not from today's perspective. We assume that phase two can be financed locally. By additional debt, obviously, but also with the cash flow of phase one.

Speaker #4: In terms of guiding when we do achieve the full utilization of the capacity for phase one, which will be about 12 million passengers. I would say that we will be that there is a trigger of about 80% of that number when we have to start planning for phase two.

Speaker #4: I personally believe that this will be in about three to five years from the inauguration.

Stefan Weber: Back to Zürich. The Circle valuation. In the notes, there is the market value of The Circle. What drove the decline in this valuation in 2025?

Speaker #3: Back to Zurich. The circle valuation in the notes, there is the market value. Of the circle. What drove the decline in this valuation in 2025?

Lukas Brosi: We decided to shift it, let's say, from a shopping to a business center, and that also caused that we changed specifically on the ground floor, our tenants. Those tenants are, on average, paying a lower rent. That was one of the drivers, which caused a slight devaluation of the asset. As mentioned before, it doesn't have any impact on our P&L, since we are having The Circle at cost in our books.

Speaker #2: Let's say, from a shopping to a business center. And that also caused us to specifically change our tenants on the ground floor. And those tenants are, on average, paying a lower rent.

Speaker #2: And there was one of the drivers which caused a slight devaluation of the asset. But, as mentioned before, it doesn't have any impact on our P&L.

Speaker #2: Since we are having the circle at costs in our books.

Stefan Weber: Back to a very popular topic at the moment. Is the ongoing war in the Middle East expected to have any impact on traffic, and how was it factored into the 2026 guidance?

Lukas Brosi: Well, that's basically what I said before in terms of setting this guidance. As we are aware, it might look a little bit conservative, given the solid start into the year. The guidance of 2 to 3% compared to the roughly 7% of volume growth in the first month. As mentioned before, I can't go into more details. It's really too early to have, like, a full assessment on the full year impact 2026. Maybe one word to add is that also we are now coming in a phase of a tougher comparison base compared to maybe the previous two months.

Speaker #3: the 2026 guidance?

Speaker #4: Well, it's basically what I said before in terms of setting this guidance as we are aware it might look a little bit conservative. Given the solid start into the year.

Speaker #4: So the guidance of two to three percent compared to the roughly seven percent of volume growing the first month. As mentioned before, I can't go into more details.

Speaker #4: It's really too early to have like a full assessment on a full year impact 2026. Maybe one word to add is that also we are now coming in a phase of a tougher comparison base compared to maybe the previous two months.

Lukas Brosi: This overall, given our nature of maybe tend to be on the conservative side at the beginning of the year, ended up in the 2 to 3% guidance.

Speaker #4: And this overall, and given our nature of maybe 10%—to be on the conservative side—at the beginning of the year, ended up in the 2% to 3% guidance.

Stefan Weber: Another one on traffic. How do you expect easyJet capacity in Zurich to evolve in 2026?

Speaker #3: Then another one on traffic. How do you expect EasyJet capacity in Zurich to evolve in 2026?

Lukas Brosi: Also positive. easyJet has developed to our second largest carrier out of Zurich. It's the largest carrier out of Zurich, except the Lufthansa Group, to say it in that way. easyJet had a very positive development over the last years, and it's also worth to mention as easyJet has not placed a single aircraft in Zurich. They do not have, like, an overnight parking. That's because of the slot situation in the morning. They are basically flying in from other cities to Zurich and do the operations during the day and fly out. With this business model, they managed to get, like, the second largest carrier here in Zurich and on a positive trend.

Speaker #4: Also positive. EasyJet has developed to our second largest carrier out of the Lufthansa. So it's the largest carrier out of the Lufthansa except the Lufthansa group to say it in that word.

Speaker #4: And EasyJet had a very positive development over the last years. And it's also worth to mention as EasyJet has not placed a single aircraft in Zurich.

Speaker #4: So they do not have, like, an overnight parking. That's because of the slot situation in the morning. So they are basically flying in from other cities to Zurich.

Speaker #4: And do the operations during the day and fly out. And with this business model, they are managed to get like the second largest carrier here in Zurich.

Speaker #4: And on a positive trend.

Stefan Weber: What's the reason, in your view, for the very strong performance during the current winter timetable?

Speaker #3: What's the reason in your view for the very strong performance during the current winter timetable?

Lukas Brosi: Might be just a general answer to this. It's strong demand out of the local market we have seen. But we also observe in general is that, I mean, couple of years ago, we had really strong seasonal peaks, and this has also a little bit developed to a single peak from, let's say, April, beginning of Easter, Whitsun holidays, et cetera, almost to the end of autumn. Same is true also for the winter timetable. It's based on a strong local demand.

Speaker #4: Might be just a general answer to this. It's a strong demand out of the local market we have seen. And what we also observe in general is that I mean a couple of years ago we had really strong seasonal peaks.

Speaker #4: And this has also a little bit developed to a single peak from let's say April beginning of Easter with some holidays, et cetera. Almost to the end of autumn.

Speaker #4: And the same is true also for the winter timetable. It's based on strong local demand.

Stefan Weber: Another one on Noida. Could you please elaborate on the reasons for the delay in the opening?

Speaker #3: Another one on NOIDA. Could you please elaborate on the reasons for the delay in the opening?

Kevin Fleck: Well, there are several. Looking back 5 years, we've been awarded with the concession at the end of 2019, really shortly before COVID hit the whole industry. I would rather say it's probably the only capital airport in the world that has planned remotely as this was the situation we have started the planning. We had, like, the disruption in,

Speaker #4: Well, there are several. Looking back five years, we've been awarded with the concession at the end of 2019. Really shortly before COVID hit the whole industry.

Speaker #4: I would rather say it's probably the only capital airport in the world that has planned remotely as this was the situation. We have started the planning.

Speaker #4: Then we had like the disruption in procurement in the procurement process after COVID. And then finally now on the latest stage, we have maybe also a little bit underestimated the award of the security clearance as this has been dealt with multiple government entities, et cetera.

Lukas Brosi: Procurement.

Kevin Fleck: In the procurement process after COVID. Then finally, now on the latest stage, we have maybe also a little bit underestimated the award of the security clearance as this has been dealt with the multiple government entities, et cetera. Nevertheless, we made it, and we're now looking forward to a great growth in the operation in Noida.

Speaker #4: But nevertheless, we made it. And we're now looking forward to great growth in the operation in NOIDA.

Stefan Weber: Still on Noida, the budget for the construction is CHF 750 million. So far you have not invested all the money. What's the reason that there is still some investments left, or could it be even lower at the end?

Speaker #3: Still on NOIDA. The budget for the construction is 750 million. So far, you have not invested all the money. So what's the reason that there is still some investment left?

Kevin Fleck: We still expect CHF 750 million as the final costs. In fact why we have at year-end a lower number is on one hand there is some minor things we have to finish that doesn't have an impact on the opening of the airport, and some of the invoices have not yet been sent. That's not an unusual situation, that those will then be sent in during the year or even at a later stage. We have seen similar effects when we were constructing The Circle or did other large scale project.

Speaker #3: Or could it be even lower at the end?

Speaker #2: No, we're still expect the 750 million Swiss francs as the final costs. In fact, why we have at year end a lower number is on one hand there is some minor things we have to finish.

Speaker #2: That doesn't have an impact on the opening of the airport. And some of the invoices have not yet been sent. That's not an unusual situation.

Speaker #2: That those will then be sent in during the year or even at a later stage we have seen similar effect when we were constructing the circle or did other large scale project.

Stefan Weber: Now we have a question on the charges negotiations. What's the rationale of seeing a 13% cut in passenger charges and a much lower cut in landing charges or the other aviation charges? Was this your request to the airlines?

Speaker #3: Now we have a question on the charges negotiations. What's the rationale of seeing a 13% cut in passenger charges and a much lower cut in landing charges or the other aviation charges?

Kevin Fleck: There are basically two effects. On one hand, we included the costs for the baggage sorting systems, or those charges are charged the same way as the landing charges, so that's integrated. That reduces complexity. Since we just invested heavily in the baggage sorting system, we decided that it makes sense to include it in there, so that had a compensating effect. The second is the higher noise charges, which will come into effect together with the new charges and which also have a compensating effect.

Speaker #3: Was this your request to the airlines?

Speaker #2: There are basically two effects. On one hand, we included the costs for the baggage sorting system. So those charges are charged the same way as the landing charges.

Speaker #2: So that's integrated. That reduces complexity. And since we just invested heavily in the baggage sorting system, we decided that it makes sense to include it in there.

Speaker #2: So that had a compensating effect. And the second is the higher noise charges, which will come into effect together with the new charges, and which also have a compensating effect.

Stefan Weber: Another renegotiation that just happened recently is on the duty-free contract. Shall the market expect any significant changes to the P&L once the new contract comes into force?

Speaker #3: Another renegotiation that just happened recently is on the duty-free contract. Shall the market expect any significant changes to the P&L once the new contract comes into force?

Kevin Fleck: Overall, the concession fees of the agreement remains unchanged. For us, it was important that we can find a solution with our long-standing partner, specifically for also the situation where we had a lot of construction work going on around the Dock A tower and Dock Base. We have not disclosed, in agreement with Avolta, further components of the contract, but on a commercial side, we can confirm that the concession fee of the agreement is unchanged.

Speaker #2: Overall, the concession fees of the agreement remained unchanged. For us, it was important that we can find a solution with our longstanding partner specifically for also the situation where we had a lot of construction work going on around the dock A, tower, and dock base.

Speaker #2: We have not disclosed in agreement with Avulta further components of the contract. But on a commercial side, we can confirm that the concession fee of the agreement is unchanged.

Lukas Brosi: It's the same model of contract than the current contract, so it's basically a pure turnover-based concession. This is also unchanged in terms of the structure of the contract.

Speaker #4: And it's the same model of contract than the current contract. So it's basically a pure turnover-based concession. This is also unchanged in terms of the structure of the contract.

Stefan Weber: Another one on tariffs, but this time for Noida. What's the latest on the tariff-setting process?

Speaker #3: Another one on tariffs. But this time for NOIDA. What's the latest on the tariff setting process?

Kevin Fleck: Yeah. The interim tariffs were released in August last year. They should last until 31 March. Now, given the current timeline, it is expected that those interim tariffs will be extended beyond 31 March. The consultation paper was published last Friday by AERA. This is a draft proposal on the airport charges, which is published by the regulator to invite comments from stakeholders before the tariffs will be finalized. Now we are in the process of analyzing this document, and right now we cannot make any further comments. It's 250-page long, and we are analyzing it, and we'll give feedback as soon as we have a clear view about the next steps we go there.

Speaker #2: Yeah, the interim tariffs were released in August. Last year, they should last until the 31st of March. Now, given the current timeline, it is expected that those interim tariffs will be extended beyond the 31st of March.

Speaker #2: The consultation paper was published last Friday by AERA. So this is a draft proposal on the airport charges. Which is published by the regulator to invite comments from stakeholders before the tariffs will be finalized.

Speaker #2: And now we are in the process of analyzing this document and right now we cannot make any further comments. It's 250 pages long. And we are analyzing it.

Speaker #2: And we'll give feedback as soon as we have a clear view about the next steps we go there. We expect that we will have final tariffs in place approximately in two to three months.

Kevin Fleck: We expect that we will have final tariffs in place approximately in 2 to 3 months.

Stefan Weber: One more on the charges. Again, back to Zürich. Are you satisfied with the rates you negotiated with the airlines?

Speaker #3: One more on the charges. Again, back to Zurich. Are you satisfied with the rates you negotiated with the airlines?

Kevin Fleck: I would say yes, definitely. I do understand that it came maybe with a bit of surprise that the reduction was a bit larger than initially guided. That's also a positive sign. Specifically in the last quarter of 2025, we had a very strong traffic growth. There were other parameters within the model which developed more favorably, and this caused to a large reduction. That's all covered within the rollover mechanism. At the end, important for us is the increase we could achieve on the WACC with 50 basis points. I would say overall, I'm happy, but maybe you as my boss could also comment if you are happy too.

Speaker #2: say yes. Definitely. I do understand that it came maybe with a bit of a surprise that the reduction was a bit larger than initially guided.

Speaker #2: But that's also a positive sign. Specifically in the last quarter of 2025, we had a very strong traffic growth. There were other parameters within the model which developed more favorably.

Speaker #2: And this caused a larger reduction. But that's all covered within the rollover mechanism. At the end, important for us is the increase we could achieve on the WAC with 50 basis points.

Speaker #2: So I would say overall, I'm happy. But maybe you as my boss could also comment if you are happy too.

Lukas Brosi: Same here. I would really say that we have a favorable regulation framework in Switzerland in terms of the tariff as it's mainly on a partner negotiation-based first step, and it's always good to find an agreement amongst partner rather than a fallback solution by the regulator. The most important point is what Kevin has mentioned, is the rollover mechanism, which is also kind of unique to us, and it's now applicable for the tariff period that have been negotiated. Which basically also means that any surplus shortfall of this tariff period can be brought forward or will be brought forward to the next tariff period.

Speaker #4: Same here. I would really say that we have a favorable regulatory framework in Switzerland in terms of the tariff, as it's mainly based on partner negotiation as a first step.

Speaker #4: And it's always good to find an agreement amongst partner. Rather than a fallback solution by the regulator. And the most important point is what Kevin has mentioned is the rollover mechanism which is also kind of unique to us.

Speaker #4: And it's now applicable for the tariff period that has been negotiated. And which basically also means that any surplus or shortfall of this tariff period can be brought forward, or will be brought forward, to the next tariff period.

Lukas Brosi: Basically, in the regulated business, we are entitled to cover our operating costs and the cost of capital, and I think with all that has been achieved in terms of the rollover, et cetera, there is. I see a high, very high certainty that this on the basis that we have will be applicable for the future. I'm very happy with the outcome, yes.

Speaker #4: So basically, in the regulated business, we are entitled to cover our operating costs and the cost of capital. And I think with all what has been achieved in terms of the rollover, et cetera, this I see a high, very high certainty that this on the base that we have will be applicable for the future.

Stefan Weber: One more on the Noida CapEx. Previously, you were saying that there have been already some kind of pre-investments into phase two. Could you let the market know how much this actually is?

Speaker #4: So I'm very happy with the outcome, yes.

Speaker #3: One more on the NOIDA capex. Previously, you were saying that there have been already some kind of pre-investments into phase two. Could you let the market know how much this actually is?

Lukas Brosi: I don't have the number, but the pre-investments into phase two are mainly aircraft stands that we have seen that given the demand for Noida, that the aircraft stands are too low, what has been like the minimum defined for phase one. We are constructing certain additional aircraft stands which were only foreseen for phase two.

Speaker #2: I don't have the number. But the pre-investments into phase two are mainly aircraft stands. We have seen that, given the demand for Noida, the aircraft stands are too low.

Speaker #2: What has been like the minimum defined for phase one? So we are constructing certain additional aircraft stands which were only foreseen for phase two.

Kevin Fleck: The amount is a low single-digit million CHF amount we will pre-invest in phase two.

Speaker #4: Yeah, the amount is a low single-digit million Swiss franc amount. We will pre-invest in phase two.

Stefan Weber: Still on Noida, how are the network plans evolving and which airlines are expected to operate this year?

Speaker #3: Then still on NOIDA. How are the network plans evolving? And which airlines are expected to operate this year?

Lukas Brosi: I think the first customers, as we have all already communicated, first customer will be IndiGo, Akasa Air, and probably Air India Express. The three largest local airlines. This will be like the start and after the ramp-up, we also expect certain international carriers to join Noida International Airport.

Speaker #4: I think the first customers, as we have all already communicated, will be IndiGo, CASA, and probably Air India Express—so the three largest local airlines.

Speaker #4: And this will be like the start. And after the ramp-up, we also expect certain international carriers to join NOIDA.

Stefan Weber: We have one question related to the costs. What does your guidance assume in terms of energy costs and general inflation?

Speaker #3: Then we have one question related to the costs. What does your guidance assume in terms of energy costs and general

Kevin Fleck: If you look at the energy costs in Zurich, that's approximately 4% of our OpEx. One percent is fossil energy, whereas the majority of this fossil energy is gas. The exposure is not that huge. I think the question is most probably referring to the situation we see in Iran and all the consequences. The majority of energy we need here is electricity. There we procured the complete volume we expect for 2026, and we already procured some of the volumes in 2027. We do not see a direct influence, at least for this year's results, out of increasing energy costs.

Speaker #2: If you look at the energy costs in Zurich, that's approximately 4% of our OPEX. One percent is fossil energy, whereas the majority of this fossil energy is gas.

Speaker #2: So the exposure is not that huge. I think the question is most probably referring to the situation we see in Iran and all the consequences.

Speaker #2: The majority of energy we need here is electricity. So there we procured almost the complete volume we expect for 2026. And we already procured some of the volumes in 2027.

Speaker #2: So we do not see a direct influence, at least for this year's results, out of increasing energy costs.

Lukas Brosi: As a rule of thumb, about 50% of energy costs are passed through to our tenants, and about 50% is our own cost for the airport infrastructure. There's also certain costs protection as a pass-through of 50%.

Speaker #4: And as a rule of thumb, about 50% of energy costs are passed through to our tenants. And about 50% is our own cost for the airport infrastructure.

Speaker #4: There's also certain cost protection as a pass-through of 50%.

Stefan Weber: One more question related to the Middle East. How much do the passengers from Middle East contribute to retail revenues for Zurich?

Speaker #3: And one more question related to the Middle East. How much do the passengers from the Middle East contribute to retail revenues for Zurich?

Lukas Brosi: As of today, I cannot give you precise guidance of this. As mentioned, about 5% of our passengers belong to the Middle East destination.

Speaker #2: As per today, I cannot give you a precise guidance. Of this, as mentioned, about 5% of our passengers belong to the Middle East destination.

Kevin Fleck: Also within those 5%, the majority is transfer, so it's not per se local passengers to the Middle East. Overall, like a rule of thumb, the commercial spending are basically correlated with the increasing passenger numbers.

Speaker #4: But also within those 5%, the majority is transfer. So it's not per se local passengers to the Middle East. But overall, like a rule of thumb, the commercial spending are basically correlated with the increasing passenger numbers.

Stefan Weber: Again, on Noida, what makes you confident that the airport will open within the next 30 to 45 days?

Speaker #3: And again, on NOIDA, what makes you confident that the airport will open within the next 30 to 45 days?

Lukas Brosi: As all preconditions are met, today, and we also have like an order from the state government to plan for an inauguration ceremony at the end of March. This gives us certain confidence that this is going to happen as we assume from today's perspective.

Speaker #2: As all preconditions are met today, and we also have like an order from the state government to plan for an inauguration ceremony at the end of March this gives us a certain confidence that this is going to happen as we assume from today's perspective.

Stefan Weber: Back to a project here in Zurich. What's your current estimate when the landside commercial area will start to increase? Or when will the construction project be finished?

Speaker #3: Then back to a project here in Zurich. What's your current estimate when the land side commercial area will start to increase? Or when will the construction project be finished?

Lukas Brosi: We assume that first openings, not the full opening, but first openings will be in autumn 2027. After this, there will be several months for the full opening for the project.

Speaker #4: We assume that first openings—not the full opening, but first openings—will be in autumn 2027. And after this, there will be several months before the full opening for the project.

Stefan Weber: Another one on the Noida tariffs. The interim tariffs are supposed to be in place until end of March. Now, the consultation period will likely take longer. Can you confirm that despite this interim tariffs will be maintained?

Speaker #3: Another one on the NOIDA tariffs. The interim tariffs are supposed to be in place until the end of March. Now the consultation period will likely take longer.

Speaker #3: Can you confirm that despite this interim tariffs will be maintained?

Lukas Brosi: As mentioned before, we expect that those interim tariffs will be extended beyond 31 March until we have the final tariffs in place. That's what I mentioned before, is in the range of 2 to 3, maybe 4 months from now.

Speaker #2: Yeah, as mentioned before, we expect that those interim tariffs will be extended. Beyond the 31st of March, until we have the final tariffs in place and that's what I mentioned before is in the range of 2% to 3%, maybe four months.

Speaker #2: From now.

Stefan Weber: Could you please provide some medium-term assumptions for the upcoming tariff period. The main assumptions for traffic growth cost increase over the next 40 years.

Speaker #3: Then could you please provide some medium-term assumptions considering the sorry? that's for the upcoming tariff period. So the main assumptions for traffic growth, cost increase over the next four years.

Lukas Brosi: We mean that will be quite a long-term guidance, to be honest. We do not share that. It's fair to say that we on average expect that our traffic here in Zurich grows with population and GDP growth. I also mentioned that we do expect only very moderate growth in costs. We should be able to generate economies of scale going forward, which was not always the case when we look back over the last two years. I can't give you more midterm assumption and guidance on that. When we look at the next charge period, it also depends on the investments we do in the regulated business over the next four years.

Speaker #2: We mean that would be quite a long-term guidance, to be honest. We do not share that. But it's fair to say that we, on average, expect that our traffic here in Zurich grows with population and GDP growth.

Speaker #2: I also mentioned that we do expect only very moderate growth in costs. So we should have we should be able to generate economies of scales going forward, which was not always the case when we look back over the last two years.

Speaker #2: So I can't give you more mid-term assumption and guidance on that. When we look at the next charge period, it also depends on the investments we do in the regulated business over the next four years.

Stefan Weber: Another more medium to longer term question relates to the construction of the new Dock A. What's the expected impact on the commercial revenues during these construction works?

Speaker #3: Another, more medium- to longer-term question relates to the construction of the new Pier A. And what's the expected impact on the commercial revenues during these construction works?

Lukas Brosi: There will be an impact, of course, because of the construction work, but it's too early to give a guidance on that. Maybe we can just overall say that we are doing everything we can to keep the major brands and keep the volume and the offering we have also during the construction period. As Lukas just mentioned, it's too early to give a clear guidance what the effect will be financially.

Speaker #2: There will be an impact, of course. Because of the construction work. But it's too early to give a guidance on that.

Speaker #4: Maybe we can just overall say that we are doing everything we can to keep the major brands and keep the volume and the offering we have also during the construction period.

Speaker #4: But as Lukas just mentioned, it's too early to give a clear guidance what the effect will be financially.

Stefan Weber: One question related to the rollover mechanism. Does this mechanism force Zurich Airport to revert any over or underperformance in the very next regulatory period, or could it potentially be split over several periods in the future?

Speaker #3: Then one question related to the rollover mechanism. Does this mechanism force Zurich Airport to revert any over- or underperformance in the very next regulatory period?

Speaker #3: Or could it potentially be split over several periods in the future?

Lukas Brosi: I'm not sure if I understood the question correctly. If we should have a surplus or shortfall during now the upcoming period of four years, this will then be part of the next negotiation round, to come, which will potentially also be a period over four years. We do not expect that we would use a surplus or shortfall and then just use it over multiple periods. The goal or the mechanism behind the rollover is that this will be then taken into consideration for the next charge period.

Speaker #2: I'm not sure if I understood the question correctly. If we should have a surplus or shortfall during the upcoming period of four years, this will then be part of the next negotiation round to come, which will potentially also be a period of four years.

Speaker #2: So we do not expect that we would use a surplus or shortfall and then just use it over multiple periods. The goal or the mechanism behind the rollover is that this will be then taken into consideration for the next charge

Stefan Weber: One question related to a political discussion here in Switzerland. There will be a referendum on a potential cap on population growth. Would you expect this to have an impact on traffic?

Speaker #3: And then one question related to a political discussion here in Switzerland. There will be a referendum on a potential cap on population growth. Would you expect this to have an impact on traffic?

Lukas Brosi: Hard to say. There will be a public vote, I think it will be this year if I'm not mistaken, which is basically kind of capping the population at 10 million inhabitants. Hard to predict from today's perspective if this really has an impact on the long-term growth of the airport.

Speaker #2: Hard to say. There will be a public vote I think it will be this year if I'm not mistaken. Which is basically kind of a cap of or capping the population at 10 million inhabitants.

Speaker #2: It's hard to predict from today's perspective if this really has an impact on the long-term growth of the airport.

Stefan Weber: Okay. I think that's it with all the questions. If there are any more questions from the participants, then please do not hesitate to reach out to the IR team. Thanks.

Speaker #3: OK, I think that's it with all the questions. If there are any more questions from the participants, then please do not hesitate to reach out to the IR team.

Lukas Brosi: Thank you. Those were a lot of questions. I take this as a high interest in our company. Thank you very much for the trust, in our company. I wish you all a wonderful day. Thank you.

Speaker #3: Thanks.

Speaker #2: Thank you. Those were a lot of questions. I take this as a high interest in our company. Thank you very much for the trust in our company.

Kevin Fleck: Thank you. Bye-bye.

Speaker #2: I wish you all a wonderful day. Thank you.

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