Flughafen Zurich’s 2026 first-half results were a touch shy of company-compiled consensus. The group tightened 2026 guidance to 3% passenger growth and CHF 400 million in capital expenditure, from 2%-3% and CHF 350 million-CHF 400 million previously. Noida ramp up is slower than initially expected.
With upcoming changes to airport charges settled and Noida International Airport commencing operations imminently, near-term uncertainty should dissipate.
Bears
Noida International Airport represents a step into the unknown for Flughafen Zurich, and it has already been beset by delays.
Flughafen Zurich owns and operates Zurich Airport, Switzerland’s main international hub, as well as select overseas airport concessions, including Noida International Airport in the Delhi Metropolitan Area. Zurich Airport operates under a hybrid-till regime, whereby 30% of the economic added value from commercial activities must be used as a transfer payment to subsidize the costs of the regulated business. The Swiss business is split into regulated aviation activities (airport charges, security, and passenger-related fees) and nonregulated commercial activities (retail, F&B, parking advertising, rental agreements, and energy services). In 2024, nonregulated businesses contributed 55% of the group’s operating profit, despite generating only 40% of the group’s total sales.