European Aviation Daily: Icarus – 3 July 2026

Research evidence excerpt

European Aviation Daily: Icarus – 3 July 2026

Equity Research

3 July 2026

European Aviation Daily

Icarus – 3 July 2026

Zurich Brazil briefing, Ryanair and Wizz healthy June traffic,

EES immigration system lobbying intensifies

European Transportation

NEUTRAL

•• Zurich Brazil briefing

•• Ryanair and Wizz healthy June traffic Andrew Lobbenberg

+44 (0)20 3555 0639

•• EES lobbying builds andrew.lobbenberg@barclays.com

Barclays, UK

Zurich Airport (EW, PT CHF 241) - Brazil Deep Dive: A maturing platform

Rahul Singh

with growth optionality. +91 (0)22 6175 2529

Zurich’s Brazil deep dive showed a maturing platform, with Zurich Airport Brasil reaching a 67% rahul.xb.singh@barclays.com

EBITDA margin and the heavy investment phase largely complete. Growth levers remain across Barclays, UK

traffic, cargo, real estate and selective expansion, though Brazil still remains a modest part of Helene Iselin

group value. +44 (0)20 7773 7391

helene.iselin@barclays.com

Key message. Zurich’s Brazil deep dive provided useful evidence that the group has built a Barclays, UK

credible platform in a market where it can apply operational expertise, rather than simply

Marco Limite

deploy capital. The four-airport Brazilian portfolio is now largely through its heavy investment

+39 (0)2 6372 2582

phase, margins have reached 67%, and management indicated that c.70% of invested equity marco.limite@barclays.com

has already been returned through distributions. This does not change the near-term Zurich BBI, Milan

equity debate, which remains centred on the Swiss asset, regulation, commercial delivery and

Emilie Fung

Noida execution. But it does support the longer-term ambition for international activities to

+44 (0)20 3555 2335