The company operates through Aviation, Passengers with Reduced Mobility, Usage Fees, Air Security, Access Fees, Noise, Non-Regulated Business, and International segments. A major strategic development: Noida airport received its DGCA Aerodrome licence on March 6, with commercial operations expected to start 30 to 45 days after, positioning FHZN to diversify geographically beyond Switzerland.
Cyborg Score Rationale
2025 EBITDA exceeded consensus by 0.4%, net income beat by 3.1%, and the dividend exceeded expectations by 3%. However, 2026 guidance shows stable EBITDA with declining net income due to higher finance and depreciation expenses from Noida airport investment, requiring investor patience during expansion phase.
Top Insights
2026 passenger guidance of 33+ million implies 2-3% year-over-year growth
Noida airport expected to generate up to 4 million passengers in 2026 with neutral EBITDA contribution
Strong EBITDA margin of 55.46% demonstrates capital efficiency of airport operations
Canton of Zurich holds substantial stake with requirement to maintain at least one-third of share capital, ensuring strategic continuity
Named Competitors
Geneva Airport — Primary competitive airport in Switzerland
Frankfurt am Main Airport — Major European aviation hub
Munich Airport — Competing Alpine/Central European hub
Amsterdam Airport Schiphol — Major Northern European gateway
Recent Developments
(March 2026) Noida airport received DGCA Aerodrome licence
(March 2026) 2025 earnings beat with net income exceeding forecasts by 3.1% and higher-than-expected dividend payout
(2026) Capital expenditure guidance increased to CHF450-500 million, with Zurich airport capex rising to CHF350-400 million
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