Demand for air travel remained high in the first half of 2026. Supported by increased passenger numbers, Flughafen Zürich AG boosted revenue and operating profit. Despite higher depreciation and financial expenses, group profit rose slightly. The company continues to invest in the development of the Zurich site and has commenced operations at Noida International Airport in India.
In the first half of 2026, revenues amounted to CHF 673.6 million, a 5% increase compared to the previous year. A key driver was the higher passenger volume, benefiting both the aviation and non-aviation sectors. Aviation revenues increased by 5% to CHF 345.2 million, and non-aviation revenues rose by 5% to CHF 328.4 million. Operating costs increased by 6% to CHF 299.4 million, partly due to the commencement of operations at Noida Airport.
EBITDA increased by 4% to CHF 374.2 million compared to the previous year. Group profit amounted to CHF 163.7 million, 1% above the previous year's figure, marking the best half-year result in the company's history. Higher depreciation and increased financial expenses, especially related to the opening of Noida Airport, dampened profit growth.
We have completed an intense first half-year. Geopolitical uncertainties, rising passenger numbers, numerous infrastructure projects during ongoing operations, and the opening of Noida International Airport have been challenging. Therefore, I am delighted that we were able to ensure stable and secure operations. I extend my gratitude to all employees and airport partners, whose extraordinary dedication made this half-year result possible. Lukas Brosi, CEO of Flughafen Zürich AG
Increase in Traffic Numbers and Network Expansion
In the first half of 2026, 15,793,939 passengers used Zurich Airport, a 6% increase compared to the previous year, marking the busiest first half-year in the airport's history. Despite geopolitical tensions, particularly in the Middle East, demand for air travel remained high—especially in the Swiss local market.
The cargo volume dropped to 217,317 tons (-1% compared to the first half of 2025), mainly due to lower import volumes.
In the summer schedule for 2026, 67 airlines serve a total of 212 destinations from Zurich Airport, which is a slight increase compared to last year's summer schedule.
Slight Increase in Commercial and Parking Revenues and Real Estate Business
Commercial and parking revenues increased by 2% to CHF 134.4 million in the first half-year. Despite constraints due to ongoing construction activities in land-side Airport Shopping, the commercial sectors continued to grow, primarily due to higher passenger numbers and increased sales in gastronomy.
Real estate revenues slightly increased to CHF 100.5 million (+2%), once again making an important contribution to group profit.
Strategic Infrastructure Projects Progress
In the first half of 2026, Flughafen Zürich AG invested a total of CHF 268.7 million (previous year period: CHF 422.9 million) in fixed assets and projects, of which CHF 202.3 million was allocated to the Zurich site (previous year period: CHF 307.4 million including the purchase of the Radisson Blu building for CHF 155.0 million).
Major projects in Zurich include the land-side development of passenger areas, which will be opened in stages from autumn 2027, as well as the planned replacement construction of Dock A including a tower and dock root.
In addition, important political and regulatory prerequisites were created for the long-term development of the site during the reporting period. By rejecting the night-time quiet initiative, the Zurich Cantonal Council confirmed the existing operating hours of Zurich Airport from 06:00 to 23:30. Furthermore, as part of the revision of the Aviation Act, the National Council spoke in favor of legally safeguarding the current operating hours of national airports.
Strong Growth and Key Milestones in International Business
Revenues from international airport business increased by 16% to CHF 66.6 million. The main driver was the ongoing positive development of Brazilian airports.
In total, Flughafen Zürich AG's international airports welcomed over 7 million passengers in the first half of 2026. The Brazilian airports again recorded strong passenger growth of an average of 13.8%. Non-aviation activities in Brazil also developed positively, making an important contribution to group profit.
With the opening of Noida International Airport, Flughafen Zürich AG is once again operational in India. Operations commenced on June 15, 2026. Initially, domestic and cargo flights will take place, with the flight network being gradually expanded. The ramp-up is occurring in a challenging geopolitical environment. Airspace closures, higher fuel costs, and capacity adjustments by airlines influence the pace at which new connections are established.
Outlook
Flughafen Zürich AG expects over 33 million passengers at the Zurich site for the whole of 2026, representing growth of around 3% compared to the previous year.
With the entry into force of the new fee structure on October 1, 2026, the overall approximately 10% lower airport fees will impact aviation revenues for the first time in the final quarter. At the same time, the new fee structure strengthens incentives for quieter operations, especially during the sensitive night hours, through higher noise charges and a reclassification of noise classes. Due to passenger growth, Flughafen Zürich AG still expects stable aviation revenues for 2026.
For its international concessions, Flughafen Zürich AG expects further growth in the second half of the year.