Zurich Airport delivered its strongest half-year performance in company history with revenue of CHF 674 million, up 5% year-over-year, and EBITDA of CHF 374 million, up 4% year-over-year, according to latest earnings call transcripts. The company maintained its EBITDA margin at 56% and achieved net profit of CHF 164 million, up 1% year-over-year. Aviation revenue reached CHF 324 million, up 5%, driven by higher passenger volumes at Zurich despite geopolitical headwinds affecting Middle East traffic. Non-aviation revenue totaled CHF 345 million, up 4% on an adjusted basis, supported by strong performance in Brazil and increased real estate income. The company generated operating cash flow of CHF 324 million and free cash flow of CHF 56 million during the period. Gross profit margin remained strong at 65%, reflecting robust pricing power and operational efficiency.
Zurich Airport handled 15.8 million passengers during the first half of 2026, representing 6% growth despite a sharp 30% decline in Middle East traffic due to regional conflicts. The airport demonstrated strong operational metrics with monthly passenger volumes ranging from 2.9 million in January and June to 3.0 million in May. The seat load factor improved to 79% from 77% in the prior year, indicating stronger capacity utilization. Flight movements totaled 134,000, up 4% from 129,000 in H1 2025, while freight volumes declined slightly to 217,000 tons from 219,000 tons. The airport welcomed three new carriers during the period: Norwegian, Kuwait Airways, and China Eastern Airlines. The summer timetable featured 212 destinations served by 67 airlines, and the airport received recognition as "Best airport in Europe" in the 25 to 40 million passenger category at the ASQ Customer Experience Awards, validating the company's focus on service quality amid high traffic volumes and ongoing construction.
Noida International Airport commenced operations on June 15, 2026, after approximately four years of construction, as reported by CNBC TV18. The airport launched with IndiGo and Akasa Air and currently serves 17 domestic routes. In its first month of operations, the facility handled around 25,000 passengers in June, with traffic rising to approximately 77,000 passengers in July. Flight movements also showed significant growth, increasing from 204 in June to 1,044 in July. However, the Indian aviation market faces more challenges than other markets due to the conflict in the Middle East, with airspace closures, elevated fuel costs, and capacity adjustments resulting in a more volatile operating environment for Indian airlines and a slower ramp-up than originally anticipated. The airport currently has an initial capacity of 12 million passengers per annum, with Phase-I investment estimated at around CHF 750 million. Yamuna International Airport Pvt Ltd (YIAPL), a wholly-owned subsidiary of Zurich Airport International Airport, operates the airport in Noida.
For the first half of 2026, Noida Airport recorded revenue of CHF 2.5 million (~$3.1 million) and operating expenses of CHF 4.9 million (~$6.1 million), according to CNBC TV18. The airport reported an EBITDA loss of CHF 2.4 million (~$3 million) for the period. The EBITDA loss specifically covers the initial period after commercial operations began in June. Zurich Airport's overall group performance remained strong, with the company reporting EBITDA of CHF 374 million in the first half of 2026, up 4% year on year. The opening of Noida Airport is increasing costs for Zurich Airport Group, with the company's 2026 guidance indicating operating expenses will be higher because of the opening of Noida. Additionally, depreciation and amortisation will rise once operations begin, while higher finance expenses related to Noida are expected to weigh on the consolidated result.
The airport's route network will continue to expand, with international services expected to follow, according to CNBC TV18. Zurich Airport has positioned the current period as an initial ramp-up phase rather than a reassessment of its India strategy. The company identified India and Brazil as key focus markets in its international strategy, with a strategy centred on majority ownership, long concession periods and operational responsibility. Noida Airport is wholly owned by Zurich Airport with the concession running until 2061. Looking ahead, Zurich Airport expects Noida to remain EBITDA-negative in 2026, with break-even expected in 2027, as reported in latest earnings call transcripts. The company maintains strong confidence in the long-term growth potential and attractive fundamentals of the Indian aviation market, despite near-term challenges. The airport establishes a new aviation gateway for North India and is expected to see a slower ramp-up due to challenging geopolitical environment, with near-term performance remaining subject to elevated uncertainty.
Despite the record financial performance, Zurich Airport shares fell 4.26% to $216 from the previous close of $225.6, according to Investing.com. The decline of $9.60 a share left the stock about 1.5% above its 52-week low of $212.8 and about 18.9% below its 52-week high of $266.6. The stock movement suggests investors focused more on the outlook than the record half-year result. Management described the period as the strongest half-year in the company's history, but investors remain cautious about Noida's slower ramp-up than originally anticipated and the moderate increase in operating costs expected by year-end. The company expects Zurich passenger growth of about 3% for the full year and consolidated profit to be lower than in 2025, with Zurich-site investments of about CHF 400 million and international subsidiary investments of about CHF 100 million in 2026.
