1H26 Results Due Before Open on 28th August

Research evidence excerpt

1H26 Results Due Before Open on 28th August

EUROPE | Infrastructure

Flughafen Zurich EquityJulyResearch17, 2026

TARGET | ESTIMATE CHANGE1H26 Results Due Before Open on 28th

RATING HOLDAugust

PRICE CHF235.20^

We trim our FY EBITDA estimates ~1% ahead of H1, reflecting a slower

CHF252.00 (CHF246.00)

ramp up for Noida, partially offset by better than expected traffic growth for PRICE TARGET | % TO PT | +7%

Zurich. Overall, Zurich remains a stable asset operationally, with the shares 52W HIGH-LOW CHF266.60 - CHF212.80

exhibiting more sensitivity to yields vs. traffic volumes in H1 in our view. FLOAT (%) | ADV MM (USD) 61.5% | 11.16

Further dislocation due to the Middle East would be an opportunity, however MARKET CAP CHF7.2B | $8.9B

from current levels we see limited additional upside, with our PT up to CHF TICKER FHZN SW

252. Hold. ^Prior trading day's closing price unless otherwise

noted.

Key numbers in H1. We model Group EBITDA of CHF373m. H1 traffic grew 5.4%, supported

by strong re-routing volumes, as Middle East disruption had limited net impact on Zurich's FY (Dec) CHANGE TO JEFe JEF vs CONS

operations. Aviation should benefit from this strong passenger growth, while Commercial 2026 2027 2026 2027

trends remain healthy, supported by improving airside spend per PAX driven by favourable REV -2% -1% -2% -1%

retail mix. Outside of Zurich, focus will remain on Noida after its opening in June with a slower EPS +3% -2% NM -4%

than expected traffic ramp-up. Here we assume MSD EBITDA dilution for 2026, looking for

updated mid term guidance incorporating new traffic/price forecasts. 2026 (CHF) 1Half 2Half FY

Key topics to look out for. 1) An update on Noida guidance and traffic expectations for the EPS -- -- 10.11

rest of 2026 and into the medium term.