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Investing.com -- Shares of Flughafen Zurich rose more than 2% on Tuesday after the airport operator posted stronger-than-expected first-half results and raised its 2025 guidance.
The company reported EBITDA of CHF 359 million in the first half, 2.4% above consensus.
The result was driven by the aviation and international divisions, supported by lower operating expenses from reduced energy costs.
Net income reached CHF 161 million, 6.2% higher than expected, while free cash flow came in at negative CHF 117 million, CHF 18 million better than consensus.
Passenger traffic at Zurich Airport rose 3.1% year-over-year to 14.96 million. Revenue increased 1.5% to CHF 641 million, with aviation revenue up 4.4% to CHF 327 million.
Operating expenses fell 0.9% to CHF 282 million. The EBITDA margin improved to 56% from 55% a year earlier.
The company lifted its full-year outlook. It now expects 2025 EBITDA to be “slightly higher” than last year, compared with earlier guidance of “approximately flat.”
The consolidated result is forecast to be “stable” year-on-year, a shift from prior guidance of a decline.
Real estate revenue is projected to remain stable rather than fall. Capital expenditure at Zurich is now expected at about CHF 345 million, near the top of the previous range of CHF 300 million to CHF 350 million, excluding the CHF 155 million Radisson acquisition. International capital expenditure was revised down to CHF 250 million from CHF 300 million.
Flughafen Zurich said construction of its Noida airport project in India is nearing completion. The company expects formal inauguration and the start of commercial operations in the fourth quarter of 2025.
An operating license and provisional charges are expected to be set by regulators in the coming weeks.
The shares last closed at CHF 239.60, giving the company a market capitalization of CHF 7.4 billion ($9.2 billion).
The stock trades at 24.2 times forecast 2025 earnings, 12.1 times EBITDA, with a dividend yield of 3.1%.