Half Year Flughafen Zurich AG Earnings Call

August 28, 2026

Speaker #1: Good morning, ladies and gentlemen. Welcome to the presentation of Zurich Airport's half-year results for 2026. My name is Lukas Brosi, and I will be hosting this presentation together with Kevin Fleck, our CFO.

Lukas Brosi: Good morning, ladies and gentlemen. Welcome to the presentation of Zurich Airport's H1 results for 2026. 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 guidance for 2026, as well as an update on our long-term targets and goals. At the end of the presentation, we will address your questions. Please already submit your questions during the presentation. This helps us organize them more efficiently. Stefan Weber will moderate the Q&A session. Let me begin by highlighting our milestone for the H1 of 2026.

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, and following that, Kevin will provide insights into our financial performance and share our guidance for 2026, as well as an update on our long-term targets and goals.

Lukas Brosi: Following that, Kevin will provide insights into our financial performance and share our guidance for 2026, as well as an update on our long-term targets and goals. At the end of the presentation, we will address your questions. Please already submit your questions during the presentation. This helps us organize them more efficiently. Stefan Weber will moderate the Q&A session. Let me begin by highlighting our milestone for the H1 of 2026.

Speaker #1: At the end of the presentation, we will address your questions. Please submit your questions during the presentation. This helps us organize them more efficiently.

Speaker #1: Stefan Weber will moderate the Q&A session. Let me begin with the highlights by highlighting our milestone for the first half of 2026. The first half of the year was characterized by continued strong demand in Zurich and the positive development of our business activities in Brazil.

Lukas Brosi: The H1 of the year was characterized by continued strong demand in Zurich and the positive development of our business activities in Brazil. At Zurich Airport, passenger volumes increased by 6% to 15.8 million passengers, despite the challenging geopolitical environment and the temporary weakness in traffic to and from the Middle East. Operations remained stable and reliable throughout peak travel periods and despite ongoing construction work on several sites. On the commercial side, higher passenger volumes supported air side revenues while land side activities continued to be affected by construction works associated with the development of the land side passenger zones. The real estate business continued its positive development, supported by higher rental income as well as energy and utility revenues. Internationally, we achieved an important milestone with the opening of Noida International Airport on 15 June.

Speaker #1: At Zurich Airport, passenger volumes increased by 6% to 15.8 million passengers, despite the challenging geopolitical environment and the temporary weakness in traffic to and from the Middle East.

Speaker #1: Operations remained stable and reliable throughout peak travel periods, despite ongoing construction work at several sites. On the commercial side, higher passenger volumes supported airside revenues, while landside activities continued to be affected by construction works associated with the development of the landside passenger zones.

Lukas Brosi: On the commercial side, higher passenger volumes supported air side revenues while land side activities continued to be affected by construction works associated with the development of the land side passenger zones. The real estate business continued its positive development, supported by higher rental income as well as energy and utility revenues. Internationally, we achieved an important milestone with the opening of Noida International Airport on 15 June.

Speaker #1: The real estate business continued its positive development, supported by higher rental income as well as energy and utility revenues. Internationally, we achieved an important milestone with the opening of Noida International Airport on June 15.

Speaker #1: While operations commenced successfully, the current geopolitical environment in the region has resulted in a more gradual ramp-up than originally anticipated. Nevertheless, our long-term view remains unchanged for the Indian market and for the development of Noida in particular.

Lukas Brosi: While operations commenced successfully, the current geopolitical environment in the region has resulted in a more gradual ramp-up than originally anticipated. Nevertheless, our long-term view remains unchanged for the Indian market and for the development of Noida in particular. In Latin America, our Brazilian airports delivered another strong performance with passenger growth of over 10% compared to the H1 of 2025. Furthermore, we achieved important progress regarding the regulatory framework at the Zurich site. Political backing for Zurich Airport's existing operating hours was strengthened through decisions at both cantonal and federal level, further supporting planning certainty and the long-term connectivity of Switzerland. We also made progress on several strategic infrastructure projects, for example, with the start of construction works for the new general aviation infrastructure in the western area of the airport.

Speaker #1: In Latin America, our Brazilian airports delivered another strong performance, with passenger growth of over 10% compared to the first half of 2025. Furthermore, we achieved important progress regarding the regulatory framework at the Zurich site.

Lukas Brosi: Furthermore, we achieved important progress regarding the regulatory framework at the Zurich site. Political backing for Zurich Airport's existing operating hours was strengthened through decisions at both cantonal and federal level, further supporting planning certainty and the long-term connectivity of Switzerland. We also made progress on several strategic infrastructure projects, for example, with the start of construction works for the new general aviation infrastructure in the western area of the airport.

Speaker #1: Political backing for Zurich Airport's existing operating hours was strengthened through decisions at both cantonal and federal level, further supporting planning certainty and the long-term connectivity of Switzerland.

Speaker #1: We also made progress on several strategic infrastructure projects, for example, with the start of construction works for the new general aviation infrastructure in the western area of the airport.

Speaker #1: Based on our purpose, business segments, core values, and the defined strategic target dimensions, we further refined our 2040 targets for the international business and the Group.

Lukas Brosi: Based on our purpose, business segments, core values, and the defined strategic target dimensions, we further refined our 2040 targets for the international business and the group. At the same time, we continued to invest in innovation and sustainability through the rollout of new passenger technologies and progress in the implementation of our 2040 Climate Programme. Let's take a closer look at some key figures. The H1 of 2026 delivered the strongest half year result in the company's history. Revenues increased by 5% to CHF 674 million, while EBITDA rose to CHF 374 million. Net profit increased slightly to CHF 164 million. Group CapEx amounted to CHF 269 million for the H1 of 2026. Please note that CapEx in the prior year period included the acquisition of the Radisson Blu building in the amount of CHF 155 million.

Speaker #1: At the same time, we continued to invest in innovation and sustainability through the rollout of new passenger technologies and progress in the implementation of our Climate Program 2040.

Speaker #1: Let's take a closer look at some key figures. The first half of 2026 delivered the strongest half-year result in the company's history. Revenues increased by 5% to CHF 674 million, while EBITDA rose to CHF 374 million.

Lukas Brosi: Let's take a closer look at some key figures. The H1 of 2026 delivered the strongest half year result in the company's history. Revenues increased by 5% to CHF 674 million, while EBITDA rose to CHF 374 million. Net profit increased slightly to CHF 164 million. Group CapEx amounted to CHF 269 million for the H1 of 2026. Please note that CapEx in the prior year period included the acquisition of the Radisson Blu building in the amount of CHF 155 million.

Speaker #1: Net profit increased slightly to 164 million Swiss francs. Group capex amounted to 269 million Swiss francs for the first half of 2026. Please note that capex in the prior-year period included the acquisition of the Radisson Blu building for 155 million Swiss francs.

Speaker #1: Let's review our main business segments, beginning with the aviation business. Passenger volume in Zurich is up 6% for the first half of 2026 compared to the prior year period.

Lukas Brosi: Let's review our main business segments beginning with the aviation business. The passenger volume in Zurich is up 6% for H1 2026 compared to the prior year period. During spring, several airlines temporarily reduced services to the Middle East following the escalation of geopolitical tensions in the region. Passenger numbers to and from the Middle East therefore declined by around 30% compared to H1 2025. However, this impact was more than compensated by continued strong demand from the Swiss local market, as well as additional growth in Europe and Asia Pacific. As a result, the impact of the Middle East conflict was limited overall. The airlines showing the strongest growth rates were Edelweiss and Austrian Airlines, with Condor, EasyJet, and Vueling also contributing strongly. The seat load factor increased by 2 percentage points to 79%, and flight movements also climbed by 4%.

Speaker #1: During spring, several airlines temporarily reduced services to the Middle East following the escalation of geopolitical tensions in the region. Passenger numbers to and from the Middle East therefore declined by around 30% compared to the first half of 2025.

Speaker #1: However, this impact was more than compensated by continued strong demand from the Swiss local market, as well as additional growth in Europe and Asia-Pacific.

Lukas Brosi: However, this impact was more than compensated by continued strong demand from the Swiss local market, as well as additional growth in Europe and Asia Pacific. As a result, the impact of the Middle East conflict was limited overall. The airlines showing the strongest growth rates were Edelweiss and Austrian Airlines, with Condor, EasyJet, and Vueling also contributing strongly. The seat load factor increased by 2 percentage points to 79%, and flight movements also climbed by 4%.

Speaker #1: As a result, the impact of the Middle East conflict was limited overall. The airlines showing the strongest growth rates were Edelweiss and Austrian Airlines, with Condor, easyJet, and Vueling also contributing strongly.

Speaker #1: The seat load factor increased by 2 percentage points to 79%, and flight movements also climbed by 4%. Freight volumes decreased slightly by 1% compared to the prior-year period, primarily driven by a decline in imports.

Lukas Brosi: Freight volumes decreased slightly by 1% compared to the prior year period, primarily driven by a decline in imports. Despite the high volume of traffic, flight operations were managed in a stable and reliable manner, thanks to the close cooperation between all partner companies. The route network was expanded in H1 2026. Three new airlines, Norwegian Air Shuttle, Kuwait Airways, and China Eastern Airlines, are now flying to Zurich. At the same time, existing routes were expanded, and new destinations were added to the route network. According to the current 2026 summer timetable, 67 airlines are offering flights from Zurich to a total of 212 destinations. Our high service level was recognized externally with Zurich Airport having received the Airport Service Quality Award as the best airport in Europe in the 25 to 40 million passenger category.

Speaker #1: Despite the high volume of traffic, flight operations were managed in a stable and reliable manner, thanks to the close cooperation between all partner companies.

Speaker #1: The route network was expanded in the first half of 2026. Three new airlines—Norwegian, Kuwait Airways, and China Eastern Airlines—are now flying to Zurich.

Speaker #1: At the same time, existing routes were expanded, and new destinations were added to the route network. According to the current 2026 summer flight timetable, 67 airlines are offering flights from Zurich to a total of 212 destinations.

Lukas Brosi: At the same time, existing routes were expanded, and new destinations were added to the route network. According to the current 2026 summer timetable, 67 airlines are offering flights from Zurich to a total of 212 destinations. Our high service level was recognized externally with Zurich Airport having received the Airport Service Quality Award as the best airport in Europe in the 25 to 40 million passenger category.

Speaker #1: Our high service level was recognized externally, with Zurich Airport having received the Airport Service Quality Award as the best airport in Europe in the 25 to 40 million passenger category.

Speaker #1: Zurich Airport continued to make targeted investments in the digitalization and automation of passenger processes in the first half of the year. This can be seen, for example, in the modernization of the security checks, which was advanced with the introduction of new CT scanners.

Lukas Brosi: Zurich Airport continued to make targeted investments in the digitalization and automation of passenger processes in H1. This can be seen, for example, in the modernization of the security checks, which was advanced with the introduction of new CT scanners. The introduction of the European Entry/Exit System was completed together with the Kantonspolizei Zürich. Zurich Airport has met the infrastructural and operational requirements and continuously supports the authorities in implementing the new border clearance processes. The collection of biometric data of non-EU EFTA citizens sometimes led to longer waiting times at border control. In the following slides, we'll give you an overview of our commercial and real estate business. Commercial turnover developed positively overall, despite the ongoing construction works on the land side. Air side turnover increased by 9%, driven by higher passenger volumes and the reopening of luxury stores.

Speaker #1: The introduction of the European Entry-Exit System was completed. Together with the Zurich Cantonal Police, Zurich Airport has met the infrastructural and operational requirements and continuously supports the authorities in implementing the new border clearance processes.

Speaker #1: The collection of biometric data of non-EU EFTA citizens sometimes led to long waiting times at border control. In the following slides, we'll give you an overview of our commercial and real estate business.

Lukas Brosi: The collection of biometric data of non-EU EFTA citizens sometimes led to longer waiting times at border control. In the following slides, we'll give you an overview of our commercial and real estate business. Commercial turnover developed positively overall, despite the ongoing construction works on the land side. Air side turnover increased by 9%, driven by higher passenger volumes and the reopening of luxury stores.

Speaker #1: Commercial turnover developed positively overall, despite the ongoing construction works on the land side. Airside turnover increased by 9%, driven by higher passenger volumes and the reopening of luxury stores.

Speaker #1: On the landside, turnover declined by 3% because of construction works and temporary closures required for the development of the landside passenger zones. Combined, airside and landside turnover increased by almost 4% and exceeded CHF 300 million.

Lukas Brosi: On the land side, turnover declined by 3% because of construction works and temporary closures required for the development of the land side passenger zones. Combined air side and land side turnover increased by almost 4% and exceeded CHF 300 million. Let me provide you with an update on the two most important commercial projects currently underway at Zurich Airport. The first is the development of the land side passenger zones. This project will significantly enhance the retail and food beverage offerings. It will add approximately 6,000 square meters of new commercial space on the land side. Construction is already well advanced, and first openings are expected from autumn 2027 onwards in a phased approach. The second major project is the replacement of Dock A.

Speaker #1: Let me provide you with an update on the two most important commercial projects currently underway in the development of the landside passenger zones. This project will significantly enhance the retail and food and beverage offerings; it will add approximately 6,000 square meters of new commercial space on the landside.

Lukas Brosi: The first is the development of the land side passenger zones. This project will significantly enhance the retail and food beverage offerings. It will add approximately 6,000 square meters of new commercial space on the land side. Construction is already well advanced, and first openings are expected from autumn 2027 onwards in a phased approach. The second major project is the replacement of Dock A.

Speaker #1: Construction is already well advanced, and first openings are expected from autumn 2027 onwards in a phased approach. The second major project is the replacement of Dock A, while the project will require the temporary closure of commercial space within the Airside Center from 2029 onwards.

Lukas Brosi: While the project will require the temporary closure of commercial space within the air side center from 2029 onwards, relocation measures are being pursued in order to mitigate the impact wherever possible. Upon completion, the project will provide substantial additional lounges and commercial space, and significantly strengthen the commercial attractiveness of Zurich Airport. The real estate business remained a stable and important contributor to group earnings. Rental income continued to grow while energy and utility cost allocation also increased. Several strategic infrastructure projects made good progress. For example, the request for planning permission was submitted for the new Dock A. Construction also started for the new general aviation infrastructure, while the first phase of the Skymetro modernization was also successfully completed. Last but not least, let's turn our attention to our international business. Let's take a closer look at the passenger numbers at our airports in Latin America first.

Speaker #1: Relocation measures are being pursued in order to mitigate the impact wherever possible. Upon completion, the project will provide substantial additional lounges and commercial space, and significantly strengthen the commercial attractiveness of Zurich Airport.

Speaker #1: The real estate business remained stable and an important contributor to group earnings. Rental income continued to grow, while energy and utility cost allocations also increased.

Lukas Brosi: Rental income continued to grow while energy and utility cost allocation also increased. Several strategic infrastructure projects made good progress. For example, the request for planning permission was submitted for the new Dock A. Construction also started for the new general aviation infrastructure, while the first phase of the Skymetro modernization was also successfully completed. Last but not least, let's turn our attention to our international business. Let's take a closer look at the passenger numbers at our airports in Latin America first.

Speaker #1: Several strategic infrastructure projects made good progress. For example, the request for planning permission was submitted for the new Dock A. Construction also started for the new general aviation infrastructure, while the first phase of the SkyMetro modernization was also successfully completed.

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

Speaker #1: Passenger traffic grew by 10% across our majority-owned airports in Latin America, compared to the first half of 2025. In Brazil, Florianópolis increased passenger numbers by around 10%, with Dorian and Marco A by approximately 12%, and Natal by approximately 19%.

Lukas Brosi: Passenger traffic grew by 10% across our majority-owned airports in Latin America compared to H1 2025. In Brazil, Florianopolis increased passenger numbers by around 10%, Vitoria and Macaé by approximately 12%, and Natal by approximately 19%. At our airport in Iquique in Chile, passenger volumes declined by 9% compared to the same period last year. Demand was impacted by macroeconomic factors, notably adverse foreign exchange movements and higher oil prices. Let me share some more highlights from our majority-owned airports in Latin America. Overall, our Brazilian airports continued to perform very strongly, combining solid traffic growth with continued investments into quality, commercial development, and sustainability. In Florianopolis, work has started on the expansion of commercial space in the international terminal area. A new fully covered premium parking facility opened early this year, and construction of additional lounges is on the way.

Speaker #1: At our airport in Iquique, Chile, passenger volumes declined by 9% compared to the same period last year. Demand was impacted by macroeconomic factors, notably adverse foreign exchange movements and higher oil prices.

Speaker #1: Let me share some more highlights from our majority-owned airports in Latin America. Overall, our Brazilian airports continued to perform very strongly, combining solid traffic growth with continued investments in quality commercial development and sustainability.

Lukas Brosi: Let me share some more highlights from our majority-owned airports in Latin America. Overall, our Brazilian airports continued to perform very strongly, combining solid traffic growth with continued investments into quality, commercial development, and sustainability. In Florianopolis, work has started on the expansion of commercial space in the international terminal area. A new fully covered premium parking facility opened early this year, and construction of additional lounges is on the way.

Speaker #1: In Florianópolis, work has started on the expansion of commercial space in the international terminal area. A new fully covered premium parking facility opened earlier this year, and construction of additional lounges is underway.

Speaker #1: The airport also was named Brazil's best airport for the sixth consecutive year. The construction of an additional lounge is also underway in Vitoria, which was recognized as Brazil's second-best airport for the fourth consecutive year.

Lukas Brosi: The airport also was named Brazil's best airport for the sixth consecutive year. Construction of an additional lounge is also on the way in Vitoria, which was recognized as Brazil's second-best airport for the fourth consecutive year. In Macaé, the inauguration of the new solar power plant marks an important sustainability milestone, making the airport Brazil's first energy self-sufficient airport powered by clean energy. Natal achieved the second highest passenger growth among Brazilian airports during H1 of the year. International traffic more than doubled compared to last year. In addition, the redesign of the commercial concept was completed. In Chile, the concession for Antofagasta Airport ended in February 2026, and operations were successfully handed over to the new concessionaire. Zurich Airport remains active in Chile through its participation in Iquique Airport, where the construction of the northern apron restarted in June.

Speaker #1: In Marco A, the inauguration of the new solar power plant marks an important sustainability milestone, making the airport Brazil's first energy self-sufficient airport powered by clean energy.

Speaker #1: Natal achieved the second-highest passenger growth among Brazilian airports during the first half of the year. International traffic more than doubled compared to last year.

Lukas Brosi: Natal achieved the second highest passenger growth among Brazilian airports during H1 of the year. International traffic more than doubled compared to last year. In addition, the redesign of the commercial concept was completed. In Chile, the concession for Antofagasta Airport ended in February 2026, and operations were successfully handed over to the new concessionaire. Zurich Airport remains active in Chile through its participation in Iquique Airport, where the construction of the northern apron restarted in June.

Speaker #1: In addition, the redesign of the commercial concept was completed. In Chile, the concession for Antofagasta Airport ended in February 2026, and operations were successfully handed over to the new concessionaire.

Speaker #1: Zurich Airport remains active in Chile through its participation in Iquique Airport, where the construction of the northern apron restarted in June. A few days ago, Zurich Airport entered into an agreement to divest its indirectly held 12.75% minority stake in Belo Horizonte International Airport in Brazil.

Lukas Brosi: A few days ago, Zurich Airport has entered into an agreement to divest its indirectly held 12.75% minority stake in Belo Horizonte International Airport in Brazil. The buyer is ASUR, an international airport operator headquartered in Mexico. The sale of the shareholding is expected to result in a non-recurring net gain of approximately CHF 17 million before taxes at group level upon closing. The transaction remains subject to customary closing conditions, including the required regulatory approvals, and is expected to be completed within the next few months. Zurich Airport initially joined the project as a minority investor in 2013 as part of Brazil's third round of airport privatization. The divestment is fully aligned with our international strategy to focus on majority shareholdings with operational responsibility. I would also like to provide an update on Noida International Airport.

Speaker #1: The buyer is Azur, an international airport operator headquartered in Mexico. The sale of the shareholding is expected to result in a non-recurring net gain of approximately CHF 17 million before taxes at Group level upon closing.

Speaker #1: The transaction remains subject to customary closing conditions, including the required regulatory approvals, and is expected to be completed within the next few months. Zurich Airport initially joined the project as a minority investor in 2013, as part of Brazil's third round of airport privatization.

Lukas Brosi: The transaction remains subject to customary closing conditions, including the required regulatory approvals, and is expected to be completed within the next few months. Zurich Airport initially joined the project as a minority investor in 2013 as part of Brazil's third round of airport privatization. The divestment is fully aligned with our international strategy to focus on majority shareholdings with operational responsibility. I would also like to provide an update on Noida International Airport.

Speaker #1: The divestment is fully aligned with our international strategy to focus on majority shareholdings with operational responsibility. I would also like to provide an update on Noida International Airport.

Speaker #1: On June 15th, the airport successfully started commercial operations, establishing a new aviation gateway to the National Capital Region of Delhi and North India. The operational launch follows a construction period of approximately four years and represents a major milestone for the international business of Zurich Airport.

Lukas Brosi: On 15 June, the airport successfully started commercial operations, establishing a new aviation gateway to the National Capital Region of Delhi and North India. The operational launch follows a construction period of approximately 4 years and represents a major milestone for the international business of Flughafen Zürich AG. The airport started operations smoothly with IndiGo and Akasa Air currently serving 17 domestic destinations. Looking ahead, the route network will continue to expand and international services are expected to be added. However, the Indian aviation market is more affected by the conflict in the Middle East than other markets. Airspace closures, elevated fuel costs, and capacity adjustment have resulted in a more volatile operating environment for Indian airlines and a slower ramp-up in Noida than originally anticipated. The short-term outlook remains subject to increased uncertainties. Nevertheless, our assessment of the mid to long-term opportunities remains unchanged.

Speaker #1: The airport started operations smoothly, with IndiGo and Akasa Air currently serving 17 domestic destinations. Looking ahead, the route network will continue to expand, and international services are expected to be added.

Lukas Brosi: Looking ahead, the route network will continue to expand and international services are expected to be added. However, the Indian aviation market is more affected by the conflict in the Middle East than other markets. Airspace closures, elevated fuel costs, and capacity adjustment have resulted in a more volatile operating environment for Indian airlines and a slower ramp-up in Noida than originally anticipated. The short-term outlook remains subject to increased uncertainties. Nevertheless, our assessment of the mid to long-term opportunities remains unchanged.

Speaker #1: However, the Indian aviation market is more affected by the conflict in the Middle East than other markets. Airspace closures, elevated fuel costs, and capacity adjustments have resulted in a more volatile operating environment for Indian airlines and a slower ramp-up in Noida than originally anticipated.

Speaker #1: The short-term outlook remains subject to increased uncertainties. Nevertheless, our assessment of the mid- to long-term opportunities remains unchanged. Noida serves one of the fastest-growing aviation markets globally, benefits from a strong catchment area in the National Capital Region, and represents a strategically important growth platform for Zurich Airport over the coming decades.

Lukas Brosi: Noida serves one of the fastest growing aviation markets globally, benefits from a strong catchment area in the national capital region, and represents a strategically important growth platform for Flughafen Zürich AG over the coming decades. The opening of Noida marks a key milestone in the development of our international business. At the same time, we continue to see attractive opportunities to further develop and strengthen our portfolio. We have therefore defined a clear vision how we want to develop our international business until 2040. Our ambition is today to develop the international business into a financially self-sufficient business unit that can fund the capital requirements of new airport concession from its own resources. We will maintain a disciplined approach to capital allocation, focusing on investments that generate excess returns compared to Zurich.

Speaker #1: The opening of Noida marks a key milestone in the development of our international business. At the same time, we continue to see attractive opportunities to further develop and strengthen our portfolio.

Speaker #1: We have therefore defined a clear vision for how we want to develop our international business until 2040. Our ambition is to develop the international business into a financially self-sufficient business unit that can fund the capital requirements of new airport concessions from its own resources.

Lukas Brosi: We have therefore defined a clear vision how we want to develop our international business until 2040. Our ambition is today to develop the international business into a financially self-sufficient business unit that can fund the capital requirements of new airport concession from its own resources. We will maintain a disciplined approach to capital allocation, focusing on investments that generate excess returns compared to Zurich.

Speaker #1: We will maintain a disciplined approach to capital allocation, focusing on investments that generate excess returns compared to Zurich. Our focus is on majority holdings, where we can assume operational responsibility and actively shape the development of the airport.

Lukas Brosi: Our focus is on majority holdings, where we can assume operational responsibility and actively shape the development of the airport. At the same time, we aim to build a balanced portfolio across selected focus markets. Wherever we operate, our ambition is to be among the best airports in terms of quality, customer satisfaction, and sustainability. By 2040, the international business should make a significant contribution to Group's revenue and EBITDA, as well as to attractive dividend payments of Flughafen Zürich AG. I am now handing over to Kevin.

Speaker #1: At the same time, we aim to build a balanced portfolio across selected focus markets. Wherever we operate, our ambition is to be among the best airports in terms of quality, customer satisfaction, and sustainability.

Speaker #1: By 2040, the international business should make a significant contribution to the Group's revenue and EBITDA, as well as to attractive dividend payments by Zurich Airport.

Speaker #1: I'm now handing over to Kevin.

Speaker #2: Thank you, Lucas. Good morning, 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 morning, 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. Our revenues increased by 5% compared to the previous H1. This was driven by continued passenger growth at Zurich Airport and the positive development of our international business in Brazil. Aviation revenue increased broadly in line with passenger volume growth, rising by 5% from CHF 327 million to CHF 345 million. Non-aviation revenue increased by 5% in the H1 to CHF 328 million. Adjusted for concession accounting, this reflects a growth of 4% to CHF 324 million. EBITDA rose by 4% year-on-year to CHF 374 million. The EBITDA margin remains largely unchanged at 56%.

Speaker #2: Let me start with a financial overview. Our revenues increased by 5% compared to the previous half-year. This was driven by continued passenger growth at Zurich Airport and the positive development of our international business in Brazil.

Speaker #2: Aviation revenue increased broadly in line with passenger volume growth, rising by 5%, from 327 million to 345 million Swiss francs. Non-aviation revenue increased by 5% in the first half of the year to 328 million Swiss francs.

Kevin Fleck: Aviation revenue increased broadly in line with passenger volume growth, rising by 5% from CHF 327 million to CHF 345 million. Non-aviation revenue increased by 5% in the H1 to CHF 328 million. Adjusted for concession accounting, this reflects a growth of 4% to CHF 324 million. EBITDA rose by 4% year-on-year to CHF 374 million. The EBITDA margin remains largely unchanged at 56%.

Speaker #2: Adjusted for concession accounting, this reflects a growth of 4% to 324 million Swiss francs. EBITDA rose by 4% year-on-year to 374 million Swiss francs.

Speaker #2: The EBITDA margin remains largely unchanged at 56%. Overall, the consolidated result for the first half of the year grew by 1% to CHF 164 million.

Kevin Fleck: Overall, the consolidated result for the H1 of the year grew by 1% to CHF 164 million. Let's take a closer look at the non-aviation figures. Despite the reduced landside retail offering due to construction activity, total commercial and parking revenue increased to CHF 134 million. Higher passenger volumes and higher revenues from food and beverage contributed to this positive development. Within real estate, both revenue from rental and leasing agreements, as well as energy and utility cost allocations increased. This resulted in an overall real estate revenue of CHF 100 million, an increase of 2% compared to last year. Revenue from services amounted to CHF 27 million in the reporting period, primarily due to higher traffic volumes at Zurich Airport. The international business benefited from the continued positive momentum in Brazil, both in terms of passenger volumes and non-aviation activities.

Speaker #2: So let's take a closer look at the non-aviation figures. Despite the reduced landside retail offering due to construction activity, total commercial and parking revenue increased to 134 million Swiss francs.

Speaker #2: Higher passenger volumes and higher revenues from food and beverage contributed to this positive development. In real estate, both revenue from rental and leasing agreements, as well as energy and utility cost allocations, increased.

Kevin Fleck: Within real estate, both revenue from rental and leasing agreements, as well as energy and utility cost allocations increased. This resulted in an overall real estate revenue of CHF 100 million, an increase of 2% compared to last year. Revenue from services amounted to CHF 27 million in the reporting period, primarily due to higher traffic volumes at Zurich Airport. The international business benefited from the continued positive momentum in Brazil, both in terms of passenger volumes and non-aviation activities.

Speaker #2: This resulted in an overall real estate revenue of 100 million Swiss francs, an increase of 2% compared to last year. Revenue from services amounted to 27 million Swiss francs in the reporting period, primarily due to higher traffic volumes at Zurich Airport.

Speaker #2: The international business benefited from the continued positive momentum in Brazil, both in terms of passenger volumes and non-aviation activities. Total revenue from the international business rose from 58 million to 67 million Swiss francs.

Kevin Fleck: Total revenue from the international business rose from CHF 58 million to CHF 67 million. Factoring out the income statement, neutral revenue from construction projects, revenue in international business grew by 11% or CHF 6 million. Operating expenses increased by 6% to CHF 299 million, partly due to the commissioning of Noida International Airport. Adjusted for concession accounting, OpEx were 5% up compared to the H1 of the previous year. Personnel expenses grew by 5% in the reporting period to CHF 138 million, mainly due to the opening of Noida International Airport, some volume-based adjustments in Zurich, and salary adjustments in line with inflation. With staffing requirements at Zurich Airport largely fulfilled, we expect growth in personal expenses in Zurich to noticeably slow down in the H2 of 2026.

Speaker #2: Factoring out the income statement-neutral revenue from construction projects, revenue in international business grew by 11%, or CHF 6 million. Operating expenses increased by 6% to CHF 299 million, partly due to the commissioning of Noida International Airport.

Speaker #2: Adjusted for concession accounting, OPEX was up 5% compared to the first half of the previous year. Personnel expenses grew by 5% in the reporting period to CHF 138 million, mainly due to the opening of Noida International Airport.

Kevin Fleck: Personnel expenses grew by 5% in the reporting period to CHF 138 million, mainly due to the opening of Noida International Airport, some volume-based adjustments in Zurich, and salary adjustments in line with inflation. With staffing requirements at Zurich Airport largely fulfilled, we expect growth in personal expenses in Zurich to noticeably slow down in the H2 of 2026.

Speaker #2: Some volume-based adjustments in Zurich and salary adjustments in line with inflation. With staffing requirements at Zurich Airport largely fulfilled, we expect growth in personnel expenses in Zurich to noticeably slow down in the second half of 2026.

Speaker #2: Costs for police and security rose by 2% to CHF 67 million, growing at a slower rate than passenger volumes. Energy and waste costs remained broadly stable and stood at CHF 19 million.

Kevin Fleck: Costs for police and security rose by 2% to CHF 67 million, growing at the slower rate than passenger volumes. Energy and waste costs remained broadly stable and stood at CHF 19 million. In summary, we continue to manage our OpEx development effectively, balancing investments in future growth with a disciplined approach to cost management. I will now outline some key financial ratios. Net financial debt saw a slight increase due to the dividend payments in the Q2 of 2026. The leverage ratio now stands at approximately 2.1 times. Our return on invested capital remains broadly unchanged at nearly 8%. Primarily due to changes in working capital, operating cash flow increased to CHF 324 million. Free cash flow for the H1 of the year amounted to CHF 56 million.

Speaker #2: In summary, we continue to manage our OPEX development effectively, balancing investments in future growth with a disciplined approach to cost management. I will now outline some key financial ratios.

Kevin Fleck: I will now outline some key financial ratios. Net financial debt saw a slight increase due to the dividend payments in the Q2 of 2026. The leverage ratio now stands at approximately 2.1 times. Our return on invested capital remains broadly unchanged at nearly 8%. Primarily due to changes in working capital, operating cash flow increased to CHF 324 million. Free cash flow for the H1 of the year amounted to CHF 56 million.

Speaker #2: Net financial debt saw a slight increase due to the dividend payments in the second quarter of 2026. The leverage ratio now stands at approximately 2.1 times.

Speaker #2: Our return on invested capital is nearly 8%. Primarily due to changes in working capital, operating cash flow increased to 324 million Swiss francs. Free cash flow for the first half of the year amounted to 56 million Swiss francs.

Speaker #2: The increase should be assessed in the context of the acquisition of the Radisson Blu building during the corresponding period of the previous year. This next slide shows the largest projects we have been working on in the first half of 2026.

Kevin Fleck: The increase should be assessed in the context of the acquisition of the Radisson Blu building during the corresponding period of the previous year. This next slide shows the largest projects we have been working on in the H1 of 2026. Zurich Airport invested a total of CHF 269 million, of which CHF 202 million were invested at the Zurich site. Please note that the prior CapEx at the Zurich site included the purchase of the Radisson Blu building in the amount of CHF 155 million. The single biggest project at the Zurich site was the development of the main airport complex, including the new Dock A, tower, and base. Other key projects included the development of the landside passenger zones and the refurbishment and expansion of the baggage sorting system.

Speaker #2: Zurich Airport invested a total of 269 million Swiss francs, of which 202 million Swiss francs were invested at the Zurich site. Please note that the prior year CAPEX at the Zurich site included the purchase of the Radisson Blu building in the amount of 155 million Swiss francs.

Kevin Fleck: Please note that the prior CapEx at the Zurich site included the purchase of the Radisson Blu building in the amount of CHF 155 million. The single biggest project at the Zurich site was the development of the main airport complex, including the new Dock A, tower, and base. Other key projects included the development of the landside passenger zones and the refurbishment and expansion of the baggage sorting system.

Speaker #2: The single biggest project at the Zurich site was the development of the main airport complex, including the new Dock A, tower, and base. Other key projects included the development of the landside passenger zones and the refurbishment and expansion of the baggage sorting system.

Speaker #2: Our most significant international project in the first half of the year was the completion and commissioning of Noida International Airport. So, let's proceed to the outlook.

Kevin Fleck: Our most significant international project in the H1 of the year was the completion and commissioning of Noida International Airport. Let's proceed to the outlook. Before looking at our guidance for 2026, I would like to highlight that the current geopolitical environment still remains a source of uncertainty. Given the situation in the Middle East, there is limited visibility regarding how events may evolve over the coming months. We currently expect passenger growth in Zurich of approximately 3%. A slowdown in growth is anticipated compared to the H1 of the year, which is mainly due to the stronger comparison base. A new charge period will start at Zurich Airport on 1 October 2026. Despite the total reduction in airport charges of around 10%, aviation revenue is expected to remain stable in the current year due to the expected passenger growth.

Speaker #2: Before looking at our guidance for 2026, I would like to highlight that the current geopolitical environment still remains a source of uncertainty. Given the situation in the Middle East, there is limited visibility regarding how events may evolve over the coming months.

Speaker #2: We currently expect passenger growth in Zurich of approximately 3%. A slowdown in growth is anticipated compared to the first half of the year, which is mainly due to the stronger comparison base.

Kevin Fleck: We currently expect passenger growth in Zurich of approximately 3%. A slowdown in growth is anticipated compared to the H1 of the year, which is mainly due to the stronger comparison base. A new charge period will start at Zurich Airport on 1 October 2026. Despite the total reduction in airport charges of around 10%, aviation revenue is expected to remain stable in the current year due to the expected passenger growth.

Speaker #2: A new charge period will start at Zurich Airport on the 1st of October, 2026. Despite the total reduction in airport charges of around 10%, aviation revenue is expected to remain stable in the current year, due to the expected passenger growth.

Speaker #2: At the Zurich site, commercial revenue is likely to move sideways due to the ongoing closure of commercial spaces as part of the project to develop the landside passenger zones.

Kevin Fleck: At the Zurich site, commercial revenue is likely to move sideways due to the ongoing closure of commercial spaces as part of the project to develop the landside passenger zones. Real estate revenue is expected to rise slightly. A further increase in revenue is expected for the international business, with the opening of Noida contributing to this. Overall, non-aviation revenue is expected to be higher. The opening of Noida will lead to an increase in operating costs. In contrast, only a very moderate increase in costs is expected at the Zurich site. All in all, Zurich Airport expects EBITDA for 2026 to be roughly on the same level as the previous year. Consolidated profit is expected to be lower than in 2025.

Speaker #2: Real estate revenue is expected to rise slightly. A further increase in revenue is expected for the international business, with the opening of Noida contributing to this.

Speaker #2: Overall, non-aviation revenue is expected to be higher. The opening of Noida will lead to an increase in operating costs; in contrast, only a very moderate increase in costs is expected at the Zurich site.

Kevin Fleck: Overall, non-aviation revenue is expected to be higher. The opening of Noida will lead to an increase in operating costs. In contrast, only a very moderate increase in costs is expected at the Zurich site. All in all, Zurich Airport expects EBITDA for 2026 to be roughly on the same level as the previous year. Consolidated profit is expected to be lower than in 2025.

Speaker #2: All in all, Zurich Airport expects earnings before interest, taxes, depreciation, and amortization for 2026 to be roughly on the same level as the previous year.

Speaker #2: Consolidated profit is expected to be lower than in 2025. Besides the reduction in airport charges in Zurich, depreciation and interest expenses will have an impact on the income statement with the opening of Noida.

Kevin Fleck: Besides the reduction in airport charges in Zurich, depreciation and interest expenses will have an impact on the income statement with the opening of Noida. Investments at the Zurich site are expected to amount to around CHF 400 million in 2026. Investments of an estimated CHF 100 million are expected at subsidiaries abroad, with the completion of construction of the new airport in Noida accounting for the majority of this. Looking beyond 2026, there are several factors that will influence the group's financial development. First, the full year impact of the new airport charges in Zurich will be reflected in 2027. Second, Noida International Airport has now started commercial operations and will lead to additional depreciation and financing expenses of approximately CHF 80 million on an annual basis. Furthermore, given the current geopolitical environment, a slower ramp-up in Noida than originally anticipated is expected.

Speaker #2: Investments at the Zurich site are expected to amount to around 400 million Swiss francs in 2026. Investments of an estimated 100 million Swiss francs are expected at subsidiaries abroad, with the completion of construction of the new airport in Noida accounting for the majority of this.

Speaker #2: Looking beyond 2026, there are several factors that will influence the group's financial development. First, the full-year impact of the new airport charges in Zurich will be reflected in 2027.

Kevin Fleck: Looking beyond 2026, there are several factors that will influence the group's financial development. First, the full year impact of the new airport charges in Zurich will be reflected in 2027. Second, Noida International Airport has now started commercial operations and will lead to additional depreciation and financing expenses of approximately CHF 80 million on an annual basis. Furthermore, given the current geopolitical environment, a slower ramp-up in Noida than originally anticipated is expected.

Speaker #2: Second, Noida International Airport has now started commercial operations and will lead to additional depreciation and financing expenses of approximately CHF 80 million on an annual basis.

Speaker #2: Furthermore, given the current geopolitical environment, a slower ramp-up in Noida than originally anticipated is expected. Taken together, these factors may place greater pressure on the Group's profitability also in 2027.

Kevin Fleck: Taken together, these factors may place greater pressure on the group's profitability also in 2027. Nevertheless, we remain confident that the strong fundamentals of our Zurich business and the mid to long-term potential of Noida will continue to support sustainable value creation. Beyond this near-term outlook, we would like to conclude today's presentation by outlining our long-term strategic path. In 2024, we refined our guiding strategic principles based on our purpose, the business segments, and our core values. This process allowed us to reaffirm our business model and to define five key target dimensions with corresponding performance indicators. With this sharpened strategic focus, we were able to enhance our company's governance and set clear midterm targets that are partly reflected within the variable compensation of the management board and on management level. Our focus and success are firmly rooted in long-term value creation.

Speaker #2: Nevertheless, we remain confident that the strong fundamentals of our Zurich business and the mid- to long-term potential of Noida will continue to support sustainable value creation.

Speaker #2: Beyond this near-term outlook, we would like to conclude today's presentation by outlining our long-term strategic path. In 2024, we refined our guiding strategic principles based on our purpose, the business segments, and our core values.

Kevin Fleck: In 2024, we refined our guiding strategic principles based on our purpose, the business segments, and our core values. This process allowed us to reaffirm our business model and to define five key target dimensions with corresponding performance indicators. With this sharpened strategic focus, we were able to enhance our company's governance and set clear midterm targets that are partly reflected within the variable compensation of the management board and on management level. Our focus and success are firmly rooted in long-term value creation.

Speaker #2: This process allowed us to reaffirm our business model and define five key target dimensions with corresponding performance indicators. With this sharpened strategic focus, we were able to enhance our company's governance and set clear mid-term targets that are partly reflected within the variable compensation of the Management Board and at the management level.

Speaker #2: Our focus and success are firmly rooted in long-term value creation. Accordingly, we have developed an outlook for Zurich Airport Group that sets out our desired development and strategic orientation through to 2040.

Kevin Fleck: Accordingly, we have developed an outlook for Flughafen Zürich AG that sets out our desired development and strategic orientation through to 2040. These ambitions are aligned with our five key target dimensions. While our core financial targets, including a consistently strong EBITDA margin, are expected to remain at high level, we have further refined our long-term goals. By 2040, we aim to generate revenues of more than CHF 3 billion, corresponding to a CAGR of over 5%. This growth is expected to be driven primarily by our international business, supported by the continued development of our existing portfolio, as well as further additions, as we have outlined earlier in the presentation. Going forward, the growth rates in Zurich are expected to continue on a solid trajectory, in line with the historical trends.

Speaker #2: These ambitions are aligned with our five key target dimensions. While our core financial targets, including a consistently strong EBITDA margin, are expected to remain at a high level, we have further refined our long-term goals.

Speaker #2: By 2040, we aim to generate revenues of more than CHF 3 billion, corresponding to a compound annual growth rate of over 5%. This growth is expected to be driven primarily by our international business, supported by the continued development of our existing portfolio, as well as further additions as we have outlined earlier in the presentation.

Kevin Fleck: By 2040, we aim to generate revenues of more than CHF 3 billion, corresponding to a CAGR of over 5%. This growth is expected to be driven primarily by our international business, supported by the continued development of our existing portfolio, as well as further additions, as we have outlined earlier in the presentation. Going forward, the growth rates in Zurich are expected to continue on a solid trajectory, in line with the historical trends.

Speaker #2: Going forward, the growth rates in Zurich are expected to continue on a solid trajectory, in line with historical trends. A group-wide return on investor capital of more than 8%, which is higher than today's target of more than 7.5%, underlines our continued focus on creating sustainable value for our shareholders.

Kevin Fleck: A group-wide return on invested capital of more than 8%, which is higher than today's target of more than 7.5%, underlines our continued focus on creating sustainable value for our shareholders. We remain committed to our ambition of ranking among the leading airports across all our concessions in terms of quality and customer experience. Finally, sustainability remains a fundamental pillar of our long-term strategy. Our ambition is to achieve net zero greenhouse gas emissions in Scope 1 and 2 without offsetting by 2040 at the latest. With this, I am handing back to Lukas.

Speaker #2: We remain committed to our ambition of ranking among the leading airports across all our concessions in terms of quality and customer experience. Finally, sustainability remains a fundamental pillar of our long-term strategy.

Speaker #2: Our ambition is to achieve net zero greenhouse gas emissions in Scope 1 and 2 without offsetting by 2040 at the latest. With this, I'm handing back to Lucas.

Speaker #3: Thank you, Kevin. We have now reached the end of our results presentation, and I will begin the Q&A session. I will now hand over to Stefan, who will moderate the Q&A.

Lukas Brosi: Thank you, Kevin. We have now reached the end of our result presentation, and I will begin with the Q&A session. I will now hand over to Stefan, who will moderate the Q&A. Stefan, I assume we have some questions.

Speaker #3: Stefan, I assume we have some questions.

Speaker #1: Thank you very much. Lucas, good morning also from my side. Before going to the Q&A session, we did get some feedback that some of you might have trouble seeing the slides clearly on the webcast.

Stefan Weber: Thank you very much, Lukas. Good morning also from my side. Before going to the Q&A session, we did get some feedback that some of you might have troubles seeing the slides clearly on the webcast. In this case, we recommend going to our webpage where you can download all the slides and hopefully see them clearly. Now, let us start with the Q&A. We have the first question on Noida International Airport, where people are asking to get some more sense on how 2026 traffic might look. What do we expect in terms of EBITDA, and probably also a first outlook into 2027.

Speaker #1: In this case, we recommend going to our webpage where you can download all the slides and hopefully see them clearly. Now, let's start with the Q&A.

Speaker #1: We have a first question on Noida, where people are asking to get some more sense on how 2026 traffic might look. What do we expect in terms of EBITDA, and probably also a first outlook into 2027?

Speaker #3: I might start by answering, and Kevin can add his thoughts on that. Currently, we are also in the process of airlines requesting slots for the winter timetable.

Lukas Brosi: I might start with answering and Kevin can add his thought on that. Currently, we are also in the progress of airlines, requesting for the slots of the winter timetable that has not been completed. We expect that further growth will happen on the winter timetable. One has also to consider that we have opened the airport in between of the changes of summer and winter timetable. We also expect that we will see a gradual ramp-up from that point. The number this year is still with a high level of uncertainty. We expect around 1 million passenger in the financial year 2026.

Speaker #3: That has not been completed. We expect that further growth will happen on the winter timetable. One also has to consider that we have opened the airport in between the changes of the summer and winter timetables.

Speaker #3: We also expect that we will see a gradual ramp-up from that point. The number this year is still with a high level of uncertainty. We expect around 1 million passengers in the financial year 2026.

Speaker #2: Maybe to add there, what that means for our P&L with 1 million passengers: we expect a negative contribution this year, and then a break-even is expected next year, in 2027.

Kevin Fleck: Maybe to add there what that means for our P&L. With 1 million passenger, we expect a negative contribution this year. A break even is expected next year in 2027.

Speaker #1: Then we also received a number of questions regarding the traffic in Zurich. We are now guiding for the full year towards 3% growth, which is at the upper end of the previous guidance, whereas year to date we're still above this target.

Stefan Weber: Then we also received a number of question regarding the traffic in Zurich. We are now guiding for the full year, 3% growth, which is at the upper end of the previous guidance. Whereas year to date, we are still above this target. Can you help us understand the growth in more detail for H2?

Speaker #1: So, can you help us understand the growth in more detail for H2?

Speaker #3: Yeah, if you're following our monthly numbers, you see that the growth is decelerating over the last couple of weeks and months, and that's the effect we expect for the full year as well.

Lukas Brosi: Yeah. If you are following our monthly numbers, you see that the growth is decelerating over the last couple of weeks and month, and that is the effect we expect for the full year as well. Given stronger comparison base of last year and still the uncertainties of the situation in the Middle East that can change on a daily base. If you are following our company for a longer period, you know that we are rather conservative guiders.

Speaker #3: Given the stronger comparison base of last year and still the uncertainties of the situation in the Middle East that can change on a daily basis—and if you’ve been following our company for a longer period, you know that we provide rather conservative guidance.

Speaker #1: Next question is on the investments at the Zurich site. We are now guiding at the upper end of the previous guidance, around about CHF 400 million.

Stefan Weber: Next question is on the investments at the Zurich site. We are now guiding at the upper end of the previous guidance, around 400 million CHF.

Speaker #1: What's the reason to be at the higher end?

Speaker #2: We are right now in quite an investment-heavy cycle, and in general, the projects—specifically the DOGA project—are moving on track. So that also leads to investments which come at the right time, and in the end we believe we will end up somewhere around 400 million in this year.

Kevin Fleck: Well, we are right now in a quite investment heavy cycle, and in general, the projects, specifically the Dock A project, is moving on track. That also leads to investments which come at the right time. At the end, we believe to end up somewhere around 400 million CHF in this year. That hasn't changed the forecast of the projects we are working on, but it's primarily a timing issue. It's usually quite difficult to time when the exact investments for a long project like the Dock A or an ELP or the Zone West, when this happens within a year. But overall, the guidance we gave is still unchanged over the midterm.

Speaker #2: That hasn't changed the forecast of the projects we are working on, but it's primarily a timing issue. It's usually quite difficult to time when the exact investments for long projects like the DOGA, or an ELP, or the SONVEST, when this happens.

Speaker #2: Within a year, but overall, the guidance we gave is still unchanged over the midterm.

Speaker #1: Going back to India, we have a question on the fee structure. Are we happy with the framework we received a few months back?

Stefan Weber: Going back to India, we have a question on the fee structure. Are we happy with the framework we received a few months back?

Speaker #2: I mean, we talked about this quite a lot. We ended up at the lower end of the range we guided. From a regulation standpoint, it needs to be positively mentioned that there is a yield increase of approximately 10% in those tariffs.

Kevin Fleck: We talked about this quite a lot. We ended up at the lower end of the range we guided. From a regulation standpoint, it needs to be positively mentioned that there is a yearly increase of approximately 10% in those tariffs, and we do have a true-up mechanism. So the potential underearning in the first control period will then be taken forward to the next control period.

Speaker #2: And we do have a true-up mechanism. So the potential under-earning in the first control period will then be taken forward to the next control period.

Speaker #1: And the next question is on the targets set for 2040, especially about the revenue target of 3 billion Swiss francs. What is the revenue forecast on the current portfolio versus revenue from new assets acquired?

Stefan Weber: Then the next question is on the targets set for 2040, especially about the revenue target of CHF 3 billion. What is the revenue forecast on the current portfolio versus revenue from new assets acquired?

Speaker #3: If we solely stick to the portfolio we have today—and that means specifically to India—if we keep the 100% majority earnings, we would roughly end up at $2.4 billion in 2040.

Kevin Fleck: If we solely stick to the portfolio we have today, and that means specifically to India, if we keep the 100% majority ownings, we would roughly end up at CHF 2.4 billion in 2040. So there are an additional CHF 600 million of new international assets we will need to add over time in terms of revenue generation.

Speaker #3: So there are an additional 600 million of new international assets we would need to add over time in terms of revenue generation.

Speaker #1: Well, with this, you actually already answered the next question, whether it will be just based on the existing portfolio or whether it's based on growing the portfolio.

Stefan Weber: Well, with this, you actually already answered the next question, whether it will be just based on the existing portfolio or whether it is based on growing the portfolio. So I think that is now answered. Then we have another question on India. Given that the ramp-up is softer than initially expected and the rupee is currently weaker against the Swiss franc, do we still believe to reach the EBITDA target set out for the early 2030s, so to reach already a three-digit million contribution to EBITDA?

Speaker #1: So, I think that's now answered. Then we have another question on India. Given that the ramp-up is softer than initially expected, and the rupee is currently weaker against the Swiss franc, do we still believe we can reach the EBITDA target set out for the early 2030s?

Speaker #1: So to reach already a three-digit-million contribution to EBITDA?

Speaker #3: I might start by answering this question from today's perspective. I mean, we now have an operation of a little bit more than two months.

Lukas Brosi: I might start with answering this question. From today's perspective, we have now an operation of a little bit more than 2 months. We stick to the numbers that we have provided at the capital market day with all the uncertainty that is involved right now. One of the main question is also, is this only a delayed ramp-up or do we catch up over time? I believe rather the second. There are a lot of uncertainties, but if you take the overall medium to long-term picture, nothing fundamentally has changed. We have still the largest population in the world, one of the fastest-growing global aviation markets. We have more than 1,000 open aircraft orders coming into the country, and those are the main drivers from a medium to long-term. This, from today's perspective, is unchanged despite the ramp-up situation right now.

Speaker #3: We stick to the numbers that we have provided at the Capital Market Day, with all the uncertainty that is involved right now. One of the main questions is also: is this only a delayed ramp-up, or do we catch up over time?

Speaker #3: I believe rather the second. So, there are a lot of uncertainties, but if we take the overall medium- to long-term picture, nothing fundamentally has changed.

Speaker #3: So, we still have the largest population in the world, and one of the fastest-growing global aviation markets. We have more than 1,000 open aircraft orders coming into the country.

Lukas Brosi: We have still the largest population in the world, one of the fastest-growing global aviation markets. We have more than 1,000 open aircraft orders coming into the country, and those are the main drivers from a medium to long-term. This, from today's perspective, is unchanged despite the ramp-up situation right now.

Speaker #3: And those are the main drivers from a medium to long term perspective. And this, from today's point of view, is unchanged, despite the ramp-up situation right now.

Speaker #1: Then we have a quick one on The Circle in the half-year reporting. We have announced that we got a few new tenants. What is the current vacancy rate?

Stefan Weber: Then we have a quick one on The Circle. In the H1 reporting, we have announced that we got a few new tenants. What is the current vacancy rate?

Speaker #3: Well, the current vacancy rate, I would say, is close to a full rent number of 95%, which is normal in a larger environment or in a larger real estate development.

Lukas Brosi: Well, the current vacancy rate, I would say is closing to a full rent number of 95%, which is normal in a larger environment or in a larger real estate development. You will always have the 50 tenants. There will always be tenants moving out, new tenants moving in, but that's daily business. We have also stopped announcing every single tenant change as The Circle is now in operation. It's almost fully rented. We don't have any larger space available. There are some space left, smaller pieces of space that is still available, but The Circle is fully up and running. With all the adoptions we made also on the ground level, is also a vibrant place, which has been especially seen over the last couple of weeks in summer.

Speaker #3: You will always have, like, the 50 tenants that will always be, like, tenants moving out, new tenants moving in, but that's, like, daily business.

Speaker #3: And we have also stopped announcing every single tenant change as The Circle is now in operation. It's almost fully rented. We don't have any larger space available.

Lukas Brosi: We don't have any larger space available. There are some space left, smaller pieces of space that is still available, but The Circle is fully up and running. With all the adoptions we made also on the ground level, is also a vibrant place, which has been especially seen over the last couple of weeks in summer.

Speaker #3: There are some smaller pieces of space still available. But the Circle is fully up and running. And with all the adoptions we made also on the ground level, it's also a vibrant place, which has been especially evident over the last couple of weeks in summer.

Speaker #3: I'm fully happy, and to be honest, this reminds me a little bit of the situation in Noida, where we also had, with the circle, a tough environment for the ramp-up at the breakout of COVID.

Lukas Brosi: I'm fully happy, and to be honest, this reminds me a little bit of the situation in Noida, where we also had with The Circle, a tough environment for the ramp-up at the breakout of COVID. Everything was difficult. Now, later on, it proved to be a success story in a way that we have now not only fully rented out, we have a high quality of tenants. We had to make certain adoptions, which is our duty if we see that something is not going as planned, but today we really can say that The Circle is a success. You have to stick to your principles and investment assumptions, and that has been turned out for The Circle and will also turn out for Noida.

Speaker #3: Everything was difficult. And now, later on, it proved to be a success story, in a way that we have now not only fully rented out, but we also have a high quality of tenants.

Speaker #3: We had to make certain adaptations, which is our duty if we see that something is not going as planned. But today, we really can say that the circle is a success.

Lukas Brosi: We had to make certain adoptions, which is our duty if we see that something is not going as planned, but today we really can say that The Circle is a success. You have to stick to your principles and investment assumptions, and that has been turned out for The Circle and will also turn out for Noida.

Speaker #3: You have to stick to your principles and investment assumptions. And that has turned out for the Circle, and will also turn out for Noida.

Speaker #1: Then the next one, again on traffic in Zurich. In a release earlier this week, Swiss said that their traffic has been lower in July.

Stefan Weber: Then the next one again on traffic in Zurich. In a release earlier this week, Swiss said that their traffic has been lower in July. Traffic for Zurich overall has grown. What are the main growth contributors, especially for July?

Speaker #1: So, traffic for Zurich overall has grown. What are the main growth contributors, especially for July?

Lukas Brosi: I cannot answer it especially for July, but mainly the airlines that were growing are the ones I mentioned. It is Edelweiss, it is Austrian Airlines, it is Vueling Airlines. In July, the growth is also done by Chair Airlines, which is also a Swiss airline. It is a blend of different airlines.

Speaker #3: I can't answer it, especially for July, but mainly the airlines that were growing are the ones I mentioned. It's Edelweiss, it's Austrian, it's Vueling.

Speaker #3: And in July, the growth is also driven by Chair, which is also a Swiss airline. It's a blend of different airlines.

Speaker #1: Then the next question is on the costs. Could you please elaborate on OPEX trends in H1 and expectations for H2?

Stefan Weber: The next question is on the costs. Could you please elaborate on OpEx trends in H1 and expectations for H2?

Speaker #3: We had, as mentioned before, an increase of 5%. So one part of it was obviously thanks to Noida, where we started operations in June.

Kevin Fleck: We had, as mentioned before, an increase of 5%. One part of it was obviously thanks to Noida International Airport, where we started operation in June. We had some increases also in our personal expenses in Zurich. There was, on one hand, volume-based adjustments in the front staff field, like bus service or the PRM business. In addition, the comparison base in H1 2025 was favorable. That means overall that we expect a noticeable slowdown in cost growth in Zurich, and over the full year, just a moderate increase. When we look at the security costs, there we had an increase of approximately 2%, which is just deferred compared to the passenger numbers we had. Energy costs were broadly in line what we have seen last year. We expect the moderate increase by the end of the year out of Zurich.

Speaker #3: We had some increases also in our personnel expenses in Zurich. There was on one hand volume-based adjustments in the front staff field, like bus service or the PRM business.

Speaker #3: In addition, the comparison base in the first half of 2025 was favorable. So, that means overall we expect a noticeable slowdown in cost growth in Zurich.

Kevin Fleck: In addition, the comparison base in H1 2025 was favorable. That means overall that we expect a noticeable slowdown in cost growth in Zurich, and over the full year, just a moderate increase. When we look at the security costs, there we had an increase of approximately 2%, which is just deferred compared to the passenger numbers we had. Energy costs were broadly in line what we have seen last year. We expect the moderate increase by the end of the year out of Zurich. Obviously from the international business, we do see some further costs out of Noida International Airport.

Speaker #3: And over the full year, just a moderate increase. And when we look at the security costs, there we had an increase of approximately 2%, which is just a third compared to the increase in passenger numbers we had.

Speaker #3: Energy costs were broadly in line with what we have seen last year, so we expect a moderate increase by the end of the year out of Zurich.

Speaker #3: And obviously, from the international business, we do see some further costs out of Noida International Airport.

Kevin Fleck: Obviously from the international business, we do see some further costs out of Noida International Airport.

Speaker #1: Next, we have a political question around the opening hours. How big is the threat that Zurich might see shortened opening hours?

Stefan Weber: Next, we have a political question around the opening hours. How big is this threat that Zurich might see shortened opening hours?

Speaker #2: It's much less of a threat than 12 months before, because of the two topics in the political environment that have changed.

Lukas Brosi: It's much less of a threat than 12 months before because of the two topics in the political environment that has changed. We had the initiative of the nighttime curfew, and the initiative claimed for 30 minutes less operating hour. It went to the parliament and the cantonal council. The parliament overwhelmingly rejected this initiative. The second, in a longer term perspective, even more important change is that today's operating hour, as a minimum, will be write down in the Federal Act on Civil Aviation. That was not the case so far. So there's basically a risk that every court can decide against today's operating hours. This law is now in revision, and now today's operating hour as a minimum, so the status quo, will be implemented on the highest level, on the federal level in the aviation law.

Speaker #2: We had , like the initiative of the nighttime curfew and initiative claim for 30 minutes less operating hours . It went to the parliament and the cantonal council , the parliament overwhelmingly rejected this initiative , and the second , in a longer term perspective , even more important .

Speaker #2: Change is that the today's operating hours , at the minimum . As a minimum will be will be right down in the Federal aviation law .

Speaker #2: That was not the case so far. So that's a risk that every court can decide against today's operating hours. And this law is now in revision.

Lukas Brosi: So there's basically a risk that every court can decide against today's operating hours. This law is now in revision, and now today's operating hour as a minimum, so the status quo, will be implemented on the highest level, on the federal level in the aviation law. This gives us much more planning certainty and legal certainty going forward. These are two very important and two successfully managed topics that has been materialized also in the H1 of this year.

Speaker #2: And it . Now the . Today's operating hour as a minimum . So the status quo will be implemented on the highest level on the on the federal level , in the aviation law .

Speaker #2: So, this gives us much more planning certainty and legal certainty going forward. These are two very important and two successfully managed topics that have been materialized.

Lukas Brosi: This gives us much more planning certainty and legal certainty going forward. These are two very important and two successfully managed topics that has been materialized also in the H1 of this year.

Speaker #2: Also, in the first half of this year,

Speaker #1: Going back to the targets, 2040 international business aims for significant contribution to revenue and EBITDA. Could you help us understand what 'significant' might mean?

Stefan Weber: Going back to the 2040 Climate Programme, international business aims for significant contribution to revenue and EBITDA. Could you help understand what significant might mean?

Speaker #3: That 'significant' means, in other words, up to 50%.

Kevin Fleck: That significant means, in our words, up to 50%.

Speaker #1: Next one is on the commercial revenues . So we do have ongoing construction sites for the time being , mainly on the land side related to the expansion of the land area .

Stefan Weber: Next one is on the commercial revenues. We do have ongoing construction sites for the time being, mainly on the land side related to the expansion of the land side area. For the next 12 months, do we expect that the disruptions remain stable, increasing, or reducing?

Speaker #1: So, for the next 12 months, do we expect that the disruptions remain stable, increase, or reduce?

Speaker #2: I would answer this with "stable." The project is in full swing. There will not be a larger perimeter of construction than today.

Lukas Brosi: I would answer this with stable. The project is in full swing. There will not be a larger perimeter of construction than today, and the opening, the first ones will be expected in autumn 2027. Today's status will be stable for the next 12 months.

Speaker #2: And the opening, the first ones, will be expected in autumn 2027. So today's status will be stable for the next 12 months.

Speaker #1: Then we have a question on the dividend. We are guiding for a lower net income in 2026, and probably even 2027, compared to the previous year.

Stefan Weber: We have a question on the dividend. We are guiding for a lower net income in 2026 and probably even 2027 compared to previous year. If net income goes down, should the market also expect dividends to be lower than before?

Speaker #1: So if net income goes down, should the market also expect dividends to be lower than before?

Speaker #3: Yes, this is true. I mean, we defined the new dividend strategy, and it was set in place for the first time in 2020.

Kevin Fleck: Yes, this is true. We defined a new dividend strategy, and it was set in place first time for 2025 financials. There we had a situation with a delay in Noida and a very good traffic in Zurich, that we had a very high dividend we paid out. Going forward, we will stick to our dividend policy because we believe it's the right balance between investing, being an attractive shareholder, and also a reliability towards the capital market to have a guidance where the dividend goes. Yes, if the net profit is lower this year, this would also translate in a lower dividend.

Speaker #3: Five. Financials. And there, we had a situation with a delay in Noida and very good traffic in Zurich, so that we had a very high dividend.

Speaker #3: We paid out. But going forward, we will stick to our dividend policy because we believe it's the right balance between investing, being an attractive shareholder, and also a kind of reliability towards the capital market to have a guidance as to where the dividend goes.

Speaker #3: And yes, if the net profit is lower this year, this would also translate, then, into a lower dividend.

Speaker #2: And if I may add on this , if you remember the conference call we had in March , the situation was that given the delayed opening of Noida , also the cost with links to the opening were delayed and the 2025 financial result was therefore relatively high .

Lukas Brosi: If I may add on this, if you remember the conference call we had in March, the situation was that given the delayed opening of Noida, also the cost, which links to the opening, were delayed, and the 2025 financial result was therefore relatively higher. So we said that maybe the dividend of 2025 that we have paid out this year is higher than what we have anticipated and will now be on a more sustainable base.

Speaker #2: So we said that maybe the dividend of 2025 that we have paid out this year is , is , is higher than what we have anticipated .

Speaker #2: And will now be on a more sustainable base.

Speaker #1: Then we have a question related to the compensation framework. What do we use as metrics to define the remuneration?

Stefan Weber: Then we have a question related to the compensation framework. What do we use as metrics to define the remuneration?

Speaker #2: To . So our main KPI is the EBITDA margin , which is a target at the beginning of the year , obviously , and will be at an assessed at the end of the year .

Lukas Brosi: Our main KPI is the EBITDA margin, which is a target at the beginning of the year, obviously, and will be assessed at the end of the year. We also have three non-financial targets with goals. It's within our integrated report. You see this in full detail. I recommend you to have a look into this report that provides you all the answers on how the compensation for the senior management is structured in our company.

Speaker #2: And we also have three non-financial targets with with goals . It's within our integrated report . You see this in full detail . I recommend you to have a look into this report that provides you all the answers on how the compensation for the senior management is structured .

Speaker #2: In our company

Speaker #1: Then we have another question on Noida. Could you let us know where we stand on the process of bringing in a partner for Noida?

Stefan Weber: Then we have another question on Noida. Could you let us know where we stand on the process of bringing in a partner for Noida?

Speaker #2: That's still a topic we think about . Also , looking into the longer development of the international business , we really believe that after the airport is now in operation , the risk profile of this investment has also changed .

Lukas Brosi: That is still a topic we think about. Also, looking into the longer development of the international business. We really believe that after the airport is now in operation, the risk profile of this investment has also changed. Not any more construction risk, et cetera. This might make the asset of the airport in Noida attractive to third parties. I always said that it needs a certain positive momentum. It needs a certain proof of operation of a couple of months. Yes, this is still on the agenda. We are not in a hurry. We wait for the right momentum and the right partner to assess a potential partnership.

Speaker #2: There are not any more construction risks, etc., and this might make the asset of the airport in Noida attractive to third parties.

Speaker #2: I always said that it needs a certain positive momentum. It needs a certain proof of operation over a couple of months. So yes, this is still on the agenda.

Speaker #2: We are not in a hurry. We wait for the right momentum and the right partner to assess a potential partnership.

Speaker #3: Maybe , maybe to add there there is basically right now no needs . The project costs are still within the 750 million CHF , and as soon as we approach phase two , there , we will make sense to talk with together with the strategic partner to finance the investments we potentially do in order to increase the volume at Noida International Airport

Kevin Fleck: Maybe to add there is basically right now no needs. The project costs are still within the CHF 750 million, and as soon as we approach phase II, there it would make sense to talk together with a strategic partner to finance the investments we potentially do in order to increase the volume at Noida International Airport.

Speaker #1: Then we have a question on the international strategy. Our strategy focuses on maturity stakes with operational responsibility. So, how do we see the strategic fit of Curaçao?

Stefan Weber: Then we have a question on the international strategy. Our strategy focuses on majority stakes with operational responsibility. How do we see the strategic fate of Curaçao?

Lukas Brosi: Well, Curaçao is the only minority shareholding that we have in our portfolio. If we find the right buyer, we would also like following what we have done in Belo Horizonte. There is also not an immediate need for selling Curaçao, but looking into the development also of the international portfolio of our company and looking into the future, we would rather go for larger investments, majority stakes. We take this opportunistic.

Speaker #2: But of course, ours is the only minority shareholding that we have in our portfolio. If we find the right buyer, we would also like to follow what we have done in Belo Horizonte.

Speaker #2: There's also not an immediate need to sell Curaçao, but looking into the development of the international portfolio of our company and looking into the future, we would rather go for larger investments.

Speaker #2: Maturity stakes. We take this opportunistic.

Speaker #1: Then, before going to the next question, apparently there is some confusion about a contribution from Noida. So please let me clarify.

Stefan Weber: Before going to the next question, apparently, there is some confusion about EBITDA contribution from Noida International Airport, so please let me clarify. We expect a negative contribution on EBITDA level for 2026 and break even for the next year. The next question is on the leverage of the company. We are currently facing a heavy investment cycle. What is the latest on our expectation on the net leverage trajectory?

Speaker #1: We expect a negative contribution on ETA level for 2026, and break even for the next year. Then, the next question is on the leverage of the company.

Speaker #1: So, we are currently facing a heavy investment cycle. What's the latest on our expectations for the net leverage trajectory?

Speaker #3: As of today , we expect to be to stay below 2.5 , which is the trigger in our dividend policy with respect to the payout ratio .

Kevin Fleck: As of today, we expect to stay below 2.5, which is the trigger in our dividend policy with respect to the payout ratio. As of today, in the medium term, we still believe to be below 2.5.

Speaker #3: But as of today, we, in the medium term, still believe to be below 2.5.

Speaker #1: Then, going back to the international strategy, now related to the sale of Belo Horizonte, could you please comment on the rationale for this divestment?

Stefan Weber: Going back to the international strategy, now related to the sale of Belo Horizonte. Could you please comment on the rationale for this divestment?

Speaker #2: Yes. When we started the investment in Belo Horizonte, we were in a partnership with the former CCR Group and with a minority stake held by the state Infraero.

Lukas Brosi: Yes. When we started the investment in Belo Horizonte, we were in a partnership with the former CCR Group and with the minority stake of the state in Infraero. We have been in a consortium as a shareholder of 12.75%. We also had an operating contract, so we were responsible for the operation and also the development of the airport. This contract matured, made us basically a pure financial investor in a minority stake. That is not according to our strategy. Where we are involved, we want to take over the responsibility of the operation, of the development, of the commercial development of the airport. The status that we had in Belo Horizonte is not aligned with our strategy, and now we had the possibility to sell this stake. That is the rationale behind.

Speaker #2: So we've been in the consortium as a shareholder of 20 of 12.75% . And we also had an operating contract . So we were responsible for the operation and also the development of the airport .

Speaker #2: And this contract matured, which basically made us a purely financial investor with a minority stake. And that's not in line with our strategy, where we are involved.

Lukas Brosi: This contract matured, made us basically a pure financial investor in a minority stake. That is not according to our strategy. Where we are involved, we want to take over the responsibility of the operation, of the development, of the commercial development of the airport. The status that we had in Belo Horizonte is not aligned with our strategy, and now we had the possibility to sell this stake. That is the rationale behind.

Speaker #2: We want to be we want to take over the responsibility of the operation of the development of the commercial development of the airport .

Speaker #2: So, the status that we had in Belo Horizonte is not aligned with our strategy, and now we have the possibility to sell this stake.

Speaker #2: That's the rationale behind

Speaker #1: Then on M&A, more generally speaking, could you please provide an update on the opportunities you are looking at, in which geographies, etc.?

Stefan Weber: Then on M&A, more generally speaking, could you please provide an update on the opportunities you are looking at, in which geographies, et cetera?

Speaker #1: ?

Speaker #2: Well , obviously that's not an open book . The M&A strategy in detail , we see that in India , there are opportunities coming to the market very soon .

Lukas Brosi: Well, obviously that is not an open book, the M&A strategy in detail. We see that in India, there are opportunities coming to the market very soon. We obviously will have a look at them. Same is true for Brazil. India, Brazil, these are our core markets. Whenever there is an opportunity, we will have a look at them. Within this region, we see projects coming up, for example, in Colombia, Indonesia, Philippines. All of them have favorable regulatory framework. It would be also possible to us to invest as majority shareholders. For the time being, we remain on the continents that we are, focus market is still Brazil and India, but we cannot provide more details on that.

Speaker #2: We obviously will have a look at them . Same is true for Brazil . India , Brazil . These are our markets . Whenever there is an opportunity , we will have a look at them within this region , we see a projects coming up .

Lukas Brosi: Within this region, we see projects coming up, for example, in Colombia, Indonesia, Philippines. All of them have favorable regulatory framework. It would be also possible to us to invest as majority shareholders. For the time being, we remain on the continents that we are, focus market is still Brazil and India, but we cannot provide more details on that.

Speaker #2: For example, in Colombia, Indonesia, and the Philippines, all of them have a favorable regulatory framework. It would also be possible for us to invest as majority shareholders for the time being.

Speaker #2: We remain on the continents that are our focus markets still, and India. But we cannot provide more details on that.

Speaker #3: Maybe to add , there independent where we invest , we have a strict framework how we invest . And Lucas mentioned that in his presentation , we will have a disciplined approach having this ambition to grow in the international business , but we need to make sure that our core targets with profitability , also with ESG and code of conduct standards , are in line with with what we believe is important for us as a company , as a group

Kevin Fleck: Maybe to add there, independent where we invest, we have a strict framework how we invest, and Lukas mentioned that in his presentation. We will have a disciplined approach, having this ambition to grow in the international business. But we need to make sure that our core targets with profitability, also with ESG and code of conduct standards, are in line with what we believe is important for us as a company, as a group.

Speaker #1: Then again, I will do a brief clarification. So the mentioned pressure on margins for 2026 and 2027, that goes down to EBIT and net income.

Stefan Weber: Then again, I will do a brief clarification. The mentioned pressure on margins for 2026 and 2027, that goes down to EBIT and net income. That is not on the EBITDA level, it is below because of increased depreciation and increased interest costs related to Noida. Then another question on the medium-term outlook, what is the expectation for investments going forward?

Speaker #1: So that's not at the EBITDA level. It's below, because of increased depreciation and increased interest costs related to Noida. And then, another question on the medium-term outlook.

Speaker #1: What's the expectation for investments going forward?

Speaker #2: In terms of CapEx .

Lukas Brosi: In terms of CapEx?

Kevin Fleck: In terms of CapEx?

Speaker #1: Yes .

Stefan Weber: Yes.

Speaker #3: In Zurich or internationally

Kevin Fleck: In Zurich or internationally?

Speaker #1: For both .

Stefan Weber: For both.

Speaker #3: Okay . I mean in in Zurich , it's basically quite clear where we invest . You have seen that the biggest project it's clearly the dog A , which is , I would say , the most important one over the next decade internationally , Lucas just outlined there are some opportunities in our core markets , and we do look selectively in other markets in Zurich , we expect roughly to be at 400 million CHF of investments .

Kevin Fleck: Okay. In Zurich, it is basically quite clear where we invest. You have seen that the biggest project, it is clearly the Dock A, which is, I would say, the most important one over the next decade. Internationally, Lukas just outlined there are some opportunities in our core markets, and we do look selectively in other markets. In Zurich, we expect roughly to be at CHF 400 million of investments. There could be years where we are higher and some years where we are lower. I tried to explain that it is usually not that easy to, on detail, assess when certain investments happen, also depending on the progress in those projects we have in Zurich.

Kevin Fleck: In Zurich, we expect roughly to be at CHF 400 million of investments. There could be years where we are higher and some years where we are lower. I tried to explain that it is usually not that easy to, on detail, assess when certain investments happen, also depending on the progress in those projects we have in Zurich.

Speaker #3: There could be years where we are higher , and some years where we are lower . I try to explain that , that it's usually not that easy to , on detail , assess when certain investments happen .

Speaker #3: Also, depending on the progress in those projects we have in Zurich.

Speaker #1: Okay . From what I see , that's it . Thanks for those many questions . In case there are still unanswered questions , then please do not hesitate to reach out to the IR team .

Stefan Weber: Okay. From what I see, that is it. Thanks for those many questions. In case there are still unanswered questions, then please do not hesitate to reach out to the IR team.

Lukas Brosi: Thank you very much for joining us. Have a good day. Thank you.

Kevin Fleck: Thank you.