Flughafen Zurich AG: Risks receding, FHZN still a Buy

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Flughafen Zurich AG: Risks receding, FHZN still a Buy

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Flughafen Zurich AG

Risks receding, FHZN still a Buy

Maintain Rating: BUY | PO: 269.00 CHF | Price: 253.00 CHF

Brazil deep-dive: no targets but supportive growth drivers 30 June 2026

We attended the company’s Brazil deep dive event on 29 June. The country accounted Equity

for 8% of 2025 group EBITDA, across its airports in Florianópolis, Vitoria, Macae and

Natal. The company admittedly stopped short from providing any explicit earnings Marcin Wojtal >> Research Analyst

targets for its Brazilian business, but the information provided on structural growth MLI (UK)

drivers seemed supportive for organic growth near- and-medium term (increasing +44marcin.wojtal@bofa.com20 7996 1070

propensity to travel, significant airline fleet growth in Brazil). Jake McCarthy >>

Research Analyst

Strong domestic and international traffic YTD MLIjacob.mccarthy2@bofa.com(UK)

Zurich has posted strong YTD traffic growth, notable given the backdrop of higher jet

fuel prices. Zurich Airport traffic has increased by 7.0% YTD, including +9.1% in May,

with a load factor of 79.7% (+2.8% YoY). Its international airports delivered 11.0% YTD

Stock Datagrowth (excluding Antofagasta).

Price 253.00 CHF

Noida commercial operations have commenced Price Objective 269.00 CHF

Commercial operations at Noida International Airport commenced on 15 June 2026, Date Established 11-May-2026

Based on disclosed schedules now in effect ahead of IndiGo’s 1 July ramp-up, the current Investment Opinion A-1-7

programme comprises 84 weekly flight legs, or 42 weekly outbound departures when 52-Week Range 212.80 CHF-266.60 CHF

counted on a departures-only basis. From 1 July, disclosed airline schedules indicate a Mrkt Val / Shares Out (mn) 7,768 CHF / 30.7