Flughafen Zurich: Feedback from Deep Dive on Brazilian Concessions

Research evidence excerpt

Flughafen Zurich: Feedback from Deep Dive on Brazilian Concessions

J P M O R G A N Europe Equity Research

30 June 2026

Flughafen Zurich Neutral

FHZN.S, FHZN SW

Feedback from Deep Dive on Brazilian Concessions Price (29 Jun 26):CHF252.00

Price Target (Dec-27):CHF239.00

Yesterday we attended Zurich Airport’s deep dive on its Brazilian concessions. Our European Building & Construction

detailed feedback can be found below and in our view, the key takeaways were and Infrastructure

1)The company sees the international business as financially self-sufficient - Elodie Rall AC

distributing meaningful dividends and financing new concessions from its own (44-20) 7134-5911

resources - and generating higher returns than in Zurich by 2040; 2) By 2040, elodie.rall@jpmorgan.com

without further investment, the international business is expected to contribute J.P. Morgan Securities plc

30% to the group result; 3)There is no change to the company’s strategy when Zaim Beekawa

investing abroad: it will continue to pursue long term investments, as an operator (44-20) 7134-4175

zaim.beekawa@jpmorgan.com

not a financial sponsor, and with a majority stake; 4) Overall, passenger traffic is J.P. Morgan Securities plc

expected to double by 2050 in the Brazilian Market; 5) The company expects to Jamie Smallbone

begin paying concessions fees soon in Brazil, but believes margins are sustainable (44-20) 3493-7015

at the current level; 6) India’s aviation market has been affected this year by its jamie.smallbone@jpmorgan.com

reliance on Russian oil and the conflict with Pakistan, slowing the ramp up of J.P. Morgan Securities plc

operations at Noida, but the company sees no reason to change its medium-term Manshi Sinha

growth expectations at Noida. (91-22) 6157 5111

manshi.sinha@jpmchase.com

J.P.