Flughafen Zürich AG (FLGZY) Q4 2025 Earnings Call Transcript
Flughafen Zürich AG reported 2024 earnings with 7% revenue growth and 8.3% EBITDA increase, despite higher expenses, showing resilience and operational efficiency. FLGZY stock has declined 7%, but remains a buy due to its attractive international portfolio and potential growth, particularly from the Noida airport project. Risks include political exposure, concession expirations, and delays in Noida airport opening, but overall growth prospects remain strong.
Zurich Airport stock has attractive upside potential, with 5% upside against FY24 earnings and 21% upside by FY26, driven by EBITDA and free cash flow growth. Passenger traffic at Zurich Airport grew 7.3% in November, but commercial spend per passenger declined, highlighting a key area for potential revenue improvement. International operations show mixed results, with significant growth in some airports but declines in others, indicating varied performance across regions.