Flughafen Zurich AG (CH:FHZN)
:FHZN
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Earnings Data
Report Date
Aug 28, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
5.35Last Year’s EPS
5.28Same Quarter Last Year
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a largely positive picture: record passenger volumes and record financials (revenues, EBITDA, consolidated result), strong international growth (notably in Brazil), successful large-scale investments and a credit rating upgrade. Management also demonstrated improved cost discipline and provided clarity on regulatory outcomes (WACC increase and rollover mechanism). However, there are measurable near-term headwinds: negotiated charge reductions (~10%), Noida's negative net profit impact in 2026 due to depreciation and interest (~CHF 75–80m), construction-related disruption depressing landside commercial revenue, and specific impairments/weakness at some international airports. On balance, the highlights (record results, expansion milestones, cost control, and regulatory certainty) significantly outweigh the lowlights, though the company faces notable transitional and external risks in the near term.Company Guidance
Record Passenger Traffic
Zurich Airport handled a record 32.6 million passengers in FY2025, up 4% year-on-year; local market grew ~6% and Europe grew 4%. Average seat load factor remained high at 80% and flight movements rose 3%.
Record Financial Results — Revenue, EBITDA, Consolidated Profit
Group revenues reached CHF 1.36 billion, EBITDA rose 4% to CHF 762 million (56% margin), and consolidated result increased 6% to CHF 346 million, exceeding initial guidance.
Strong International / Latin America Performance
International revenues (ex-concession accounting) increased 10% to CHF 114 million; Florianopolis reached 5.2 million passengers (+6%) and recorded >1 million international passengers for the first time. Vitoria and Macae passenger volumes rose ~13%.
Noida Operational Milestone
Noida International Airport received the aerodrome license (6 March 2026), is ready for operations, expected to start commercial flights in ~30–45 days, with a 2026 calendar-year expectation of up to 4 million passengers and a neutral EBITDA contribution for 2026.
Successful Major Investments and Asset Acquisitions
Total group investments were substantial in 2025 (Zurich site CHF 503 million). The Radisson Blu building was acquired for CHF 155 million, making the company owner of all land and buildings within the central airport perimeter.
Improved Cost Discipline and Operational Efficiency
Ex-concession OpEx growth slowed from 9% to 4% year-on-year, operating expenses totaled CHF 588 million. Energy and waste costs declined 19% to CHF 36 million due to lower electricity prices.
Stronger Financial Positioning and Credit Rating Upgrade
Standard & Poor's upgraded Zurich Airport from A+ to AA- with stable outlook. Net financial leverage modest at ~1.8x; operating cash flow increased to CHF 688 million.
Regulatory Outcome Provides Planning Certainty
Negotiated new charge period (expected Oct 2026) reduces airport charges by ~10% but increases WACC from 5.0% to 5.5% and introduces a rollover mechanism to account for surpluses/shortfalls between periods.
Commercial and Real Estate Strength
Airside commercial turnover increased (new luxury stores such as Cartier, Bvlgari, Chanel, Dior). The Circle contributed ~CHF 70 million of revenues (100% basis) with a sustainable EBITDA margin of ~70% and ~50 tenants employing ~5,000 people.
Sustainability and Awards
Progress on ESG targets; multiple Latin America sites achieved Airport Carbon Accreditation Level 4; Zurich Airport received the Airport Service Quality Award as best airport in Europe for the ninth consecutive time.
CH:FHZN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
CH:FHZN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 10, 2026 | CHF239.96 | CHF236.10 | -1.61% |
Aug 26, 2025 | CHF231.27 | CHF236.49 | +2.25% |
Mar 07, 2025 | CHF203.88 | CHF200.69 | -1.57% |
Aug 27, 2024 | CHF191.68 | CHF185.67 | -3.13% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Flughafen Zurich AG (CH:FHZN) report earnings?
Flughafen Zurich AG (CH:FHZN) is schdueled to report earning on Aug 28, 2026, Before Open (Confirmed).
What is Flughafen Zurich AG (CH:FHZN) earnings time?
Flughafen Zurich AG (CH:FHZN) earnings time is at Aug 28, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is the P/E ratio of Flughafen Zurich AG stock?
The P/E ratio of Flughafen Zurich AG is N/A.
What is CH:FHZN EPS forecast?
CH:FHZN EPS forecast for the fiscal quarter 2026 (Q2) is 5.35.