Flughafen Zurich falls as earnings miss, no hike in traffic guidance disappoint

Flughafen Zuerich AG

28/08/2026 10:32

** Shares in Flughafen Zurich FHZN.S fall more than 3% after the airport operator posted H1 EBITDA miss, kept its passenger traffic outlook broadly unchanged and raised its capex guidance for the year
** The Swiss company still expects passenger growth of around 3% at the Zurich Airport in 2026, below the 3.8% consensus cited by Jefferies
** Zürcher Kantonalbank also says it had expected an upgrade in the FY passenger traffic guidance
** H1 EBITDA increases 4% to CHF 374.2 million ($465.3 million), but misses consensus by 1%

    ** The company expects 2026 capex of CHF 400 million 
    in Zurich vs previously expected CHF 350-400 million
  

    ** Jefferies says the company lacks a near-term catalyst after soft H1, with tariff cuts, Noida Airport and higher capex putting pressure on earnings and free cash flow
** Including Friday's losses, the stock is down 13.6% YTD
($1 = 0.8042 Swiss francs)

(Reporting by Amir Orusov)
((Amir.orusov@thomsonreuters.com))