Flughafen Zuerich Uns/Adr

Good morning, ladies and gentlemen. Welcome to the presentation of Zurich Airport's half-year results for 2026. My name is Lukas Froese and I will be hosting this presentation together with Kevin Fleck, our CFO. I would like to remind you that the presentation is also available on our website. Today's agenda is as follows. I will begin with a brief business update. Following that, Kevin will provide insights into our financial performance and share our guidance for 2026 as well as an update on our long-term targets and goals. At the end of the presentation, we will address your questions. Please already submit your questions during the presentation. This helps us organize them more efficiently. Stefan Weber will moderate the Q&A session. Let me begin by highlighting our milestone for the first half of 2026. The first half of the year was characterized by continued strong demand in Zürich and the positive development of our business activities in Brazil. At Zürich Airport, passenger volumes increased by 6% to 15.8 million passengers despite the challenging geopolitical environment and the temporary weakness in traffic to and from the Middle East. Operations remained stable and reliable throughout peak travel periods and despite ongoing construction work on several sites. On the commercial side, higher passenger volumes supported airside revenues while landside activities continued to be affected by construction works associated with the development of the landside passenger zones. The real estate business continued its positive development, supported by higher rental income as well as energy and utility revenues. Internationally, we achieved an important milestone with the opening of Neuda International Airport on the 15th of June. While operations commenced successfully, the current geopolitical environment in the region has resulted in a more gradual ramp-up than originally anticipated. Nevertheless, our long-term view remains unchanged for the Indian market and for the development of Noida in particular. In Latin America, our Brazilian airports delivered another strong performance with passenger growth of over 10% compared to the first half of 2025. Furthermore, we achieved important progress regarding the regulatory framework at the Zurich site. Political backing for Zurich Airport's existing operating hours was strengthened through decisions at both cantonal and federal level, We also made progress on several strategic infrastructure projects for example with the start of construction works for the new general aviation infrastructure in the western area of the airport. Based on our purpose Business segments, core values, and the defined strategic targets dimensions, we further refined our 2040 targets for the international business and the group. At the same time, we continued to invest in innovation and sustainability through the rollout of new passenger technologies and progress in the implementation of our climate program 2040. Let's take a closer look at some key figures. The first half of 2026 delivered the strongest healthy result in the company's history. Revenues increased by 5% to 674 million Swiss franc, while EBDA rose to 374 million Swiss franc. Net profit increased slightly to 164 million Swiss franc. Group CapEx amounted to 269 million Swiss franc for the first half of 2026. Please note that capex in the prior year period included the acquisition of the Redis and Blue building in the amount of 155 million CHF. Let's review our main business segments, beginning with the aviation business. The passenger volume in Zürich is up 6% for the first half of 2026 compared to the prior year period. During spring, several airlines temporarily reduced services to the Middle East following the escalation of geopolitical tensions in the region. Passenger numbers to and from the Middle East therefore declined by around 30% compared to the first half of 2025. However, this impact was more than compensated by continued strong demand from the Swiss local market, as well as additional growth in Europe and Asia Pacific. As a result, the impact of the Middle East conflict was limited overall. The airlines showing the strongest growth rates were Edelweiss and Austrian Airlines, with Condor, EasyJet and Welling also contributing strongly. The seat-load factor increased by 2 percentage points to 79% and flight movements also climbed by 4%. Freight volumes decreased slightly by 1% compared to the prior year period, primarily driven by a decline in imports. Despite the high volume of traffic, flight operations were managed in a stable and reliable manner, thanks to the close cooperation between all partner companies. The route network was expanded in the first half of 2026. Three new airlines, Norwegian Kuwait Airways and China Eastern Airlines, are now flying to Zürich. At the same time, existing routes were expanded and new destinations were added to the route network. According to the current 2026 summertime flight timetable, 67 airlines are offering flights from Zürich to a total of 212 destinations. Our high service level was recognized externally with Zurich Airport having received the Airport Service Quality Award as the best airport in Europe in the 25 to 40 million passenger category. Zurich Airport continued to make targeted investments in the digitalization and automation of passenger processes in the first half of the year. This can be seen, for example, in the modernization of the security checks which was advanced with the introduction of new CT scanners. The introduction of the European entry-exit system was completed together with the Zurich Cantonal Police. Zurich Airport has met the infrastructural and operational requirements and continuously supports the authorities in implementing the new border clearance processes. The collection of biometric data of non-EU EFTA citizens sometimes led to long-awaiting times at border control. In the following slides, we'll give you an overview of our commercial and real estate business. Commercial turnover developed positively overall, despite the ongoing construction works on the land side. Airside turnover increased by 9%, driven by higher passenger volumes and the reopening of luxury stores. On the land side, turnover declined by 3% because of construction works and temporary closures required for the development of the land side passenger zones. Combined, air side and land side turnover increased by almost 4% and exceeded 300 million Swiss franc. Let me provide you with an update on the two most important commercial projects currently underway at Zurich Airport. The first is the development of the landside passenger zones. This project will significantly enhance the retail and food beverage offerings. It will add approximately 6,000 square meters of new commercial space on the landside. Construction is already well advanced and first openings are expected from autumn 2027 onwards in a phased approach. The second major project is the replacement of Dock A. While the project will require the temporary closure of commercial space within the air site center from 2029 onwards, relocation measures are being pursued in order to mitigate the impact wherever possible. Upon completion, the project will provide substantial additional lounges and commercial space and significantly strengthen the commercial attractiveness of Zürich Airport. The real estate business remained a stable and important contributor to group earnings. Rental income continued to grow, while energy and utility cost allocation also increased. Several strategic infrastructure projects made good progress. For example, the request for planning permission was submitted for the new dock A. Construction also started for the new general aviation infrastructure, while the first phase of the sky metro modernization was also successfully completed. Last but not least, let's turn our attention to our international business. Let's take a closer look at the passenger numbers at our airports in Latin America first. Passenger traffic grew by 10% across our majority-owned airports in Latin America compared to the first half of 2025. In Brazil, Florianopolis increased passenger numbers by around 10% with Dorian Marco A by approximately 12% and Natal by approximately 19%. At our airport in Iquique in Chile, passenger volumes declined by 9% compared to the same period last year. Demand was impacted by macroeconomic factors, notably adverse foreign exchange movements and higher oil prices. Let me share some more highlights from our majority-owned airports in Latin America. Overall, our Brazilian airports continued to perform very strongly, combining solid traffic growth with continued investments into quality, commercial development and sustainability. In Florianopolis, work has started on the expansion of commercial space in the international terminal area. A new fully covered premium parking facility opened earlier this year and construction of additional lounges is underway. The airport also was named Brazil's best airport for the sixth consecutive year. Construction of an additional lounge is also underway in Vitoria, which was recognized as Brazil's second-best airport for the fourth consecutive year. In Mark A, the inauguration of the new solar power plant marks an important sustainability milestone, making the airport Brazil's first energy self-sufficient airport powered by clean energy. Natal achieved the second highest passenger growth among Brazilian airports during the first half of the year. International traffic more than doubled compared to last year. In addition, the redesign of the commercial concept was completed. In Chile, the concession for Antofagasta Airport ended in February 2026 and operations were successfully handed over to the new concessionaire. Zurich Airport remains active in Chile through its participation in Iquique Airport, where the construction of the northern apron restarted in June. A few days ago, Zurich Airport has entered into an agreement to divest its indirectly held 12.75% minority stake in Belo Horizonte International Airport in Brazil. The buyer is Azure, an international airport operator headquartered in Mexico. The sale of the shareholding is expected to result in a non-recurring net gain of approximately 17 million Swiss francs before taxes at group level upon closing. The transaction remains subject to customary closing conditions including the required regulatory approvals and is expected to be completed within the next few months. Zuerich Airport initially joined the project as a minority investor in 2013 as part of Brazil's third round of airport privatization. The divestment is fully aligned with our international strategy to focus on majority shareholdings with operational responsibility. I would also like to provide an update on Neuda International Airport. On June 15th, the airport successfully started commercial operations establishing a new aviation gateway to the national capital region of Delhi and North India. The operational launch follows a construction period of approximately four years and represents a major milestone for the international business of Zuerich Airport. The airport started operation smoothly with Indigo and Akasa Air currently serving 17 domestic destinations. Looking ahead, the route network will continue to expand, and international services are expected to be added. However, the Indian aviation market is more affected by the conflict in the Middle East than other markets. Airspace closures, elevated fuel costs, and capacity adjustments have resulted in a more volatile operating environment for Indian airlines, and a slower ramp-up in Noida than originally anticipated. The short-term outlook remains subject to increased uncertainties. Nevertheless, our assessment of the mid- to long-term opportunities remains unchanged. Noida serves one of the fastest-growing aviation markets globally, benefits from a strong catchment area in the national capital region, and represents a strategically important growth platform for Zürich Airport over the coming decades. The opening of Neuda marks a key milestone in the development of our international business. At the same time, we continue to see attractive opportunities to further develop and strengthen our portfolio. We have therefore defined a clear vision how we want to develop our international business until 2040. Our ambition is today to develop the international business into a financially self-sufficient business unit that confronts the capital requirements of new airport concession from its own resources. We will maintain a disciplined approach to capital allocation, focusing on investments that generate excess returns compared to Zurich. Our focus is on majority holdings where we can assume operational responsibility and actively shape the development of the airport. At the same time, we aim to build a balanced portfolio across selected focus markets. Wherever we operate, our ambition is to be among the best airports in terms of quality, customer satisfaction, and sustainability. By 2040, the international business should make a significant contribution to Group's revenue and EBITDA, as well as to attractive dividend payments of Zürich Airport. I'm now handing over to Kevin.

Thank you, Lukas. Good morning, ladies and gentlemen. Welcome and thank you for joining us. I will now provide an overview of the company's financial performance. Let me start with a financial overview. Our revenues increased by 5% compared to the previous half year. This was driven by continued passenger growth at Zuerich Airport and the positive development of our international business in Brazil. Aviation revenue increased broadly in line with passenger volume growth, rising by 5% from 327 million to 345 million Swiss francs. Non-aviation revenue increased by 5% in the first half of the year to 328 million Swiss francs. Adjusted for concession accounting, this reflects a growth of 4% to 324 million CHF. EBITDA rose by 4% year-on-year to 374 million CHF. The EBITDA margin remains largely unchanged at 56%. The consolidated result for the first half of the year grew by 1% to 164 million Swiss francs. So let's take a closer look at the non-aviation figures. Despite the reduced landside retail offering due to construction activity, total commercial and parking revenue increased to 134 million Swiss francs. Higher passenger volumes and higher revenues from food and beverage contributed to this positive development. Within real estate, both revenue from rental and leasing agreements as well as energy and utility cost allocations increased. This resulted in an overall real estate revenue of 100 million Swiss francs, an increase of 2% compared to last year. Revenue from services, amounted to 27 million Swiss Francs in the reporting period, primarily due to higher traffic volumes at Zuerich Airport. The international business benefited from the continued positive momentum in Brazil, both in terms of passenger volumes and non-aviation activities. Total revenue from the international business rose from 58 to 67 million Swiss Francs. Factoring out the income statement neutral revenue from construction projects, revenue in international business grew by 11% or 6 million Swiss francs. Operating expenses increased by 6% to 299 million Swiss francs, partly due to the commissioning of Neuda International Airport. Adjusted for concession accounting, OPEX were 5% up compared to the first half of the previous year. Personnel expenses grew by 5% in the reporting period to 138 million Swiss francs, mainly due to the opening of Neue International Airport, some volume-based adjustments in Zürich and salary adjustments in line with inflation. With staffing requirements at Zurich Airport largely fulfilled, we expect growth in personal expenses in Zurich to noticeably slow down in the second half of 2026. Costs for police and security rose by 2% to 67 million Swiss francs, growing at a slower rate than passenger volumes. Energy and waste costs remained broadly stable and stood at 19 million Swiss francs. In summary, we continue to manage our OPEX development effectively, balancing investments in future growth with a disciplined approach to cost management. I will now outline some key financial ratios. Net financial debt saw a slight increase due to the dividend payments in the second quarter of 2026. The leverage ratio now stands at approximately 2.1 times. Our return on investor capital remains broadly unchanged at nearly 8%. Primarily due to changes in working capital, operating cash flow increased to 324 million Swiss francs. Free cash flow for the first half of the year amounted to 56 million Swiss francs. The increase should be assessed in the context of the acquisition of the Red is in Blue building during the corresponding period of the previous year. This next slide shows the largest projects we have been working on in the first half of 2026. Zurich Airport invested a total of 269 million Swiss francs, of which 202 million Swiss francs were invested at the Zurich site. Please note that the prior capex at the Zurich site included the purchase of the Radisson Blue building in the amount of 155 million Swiss francs. The single biggest project at the Zürich side was the development of the main airport complex, including the New Dock A, tower and base. Other key projects included the development of the Landseye passenger zones and the refurbishment and expansion of the baggage sorting system. Our most significant international project in the first half of the year was the completion and commissioning of Neuda International Airport. So let's proceed to the outlook. Before looking at our guidance for 26, I would like to highlight that the current geopolitical environment still remains a source of uncertainty. Given the situation in the Middle East, there is limited visibility regarding how events may evolve over the coming months. We currently expect passenger growth in Zürich of approximately 3%. A slowdown in growth is anticipated compared to the first half of the year, which is mainly due to the stronger comparison base. A new charge period will start at Zürich Airport on the 1st of October 26. Despite the total reduction in airport charges of around 10%, Aviation revenue is expected to remain stable in the current year due to the expected passenger growth. At the Zürich side, commercial revenue is likely to move sideways due to the ongoing closure of commercial spaces as part of the project to develop the landside passenger zones. Real estate revenue is expected to rise slightly. A further increase in revenue is expected for the international business, with the opening of Neuda contributing to this. Overall non-aviation revenue is expected to be higher. The opening of Neuda will lead to an increase in operating costs. In contrast, only a very moderate increase in costs is expected at the Zürich site. All in all, Zurich Airport expects earning before interest, taxes, depreciation and amortization for 2026 to be roughly on the same level as the previous year. Consolidated profit is expected to be lower than in 2025. Besides the reduction in airport charges in Zurich, depreciation and interest expenses will have an impact on the income statement with the opening of Neuda. Investments at the Zürich site are expected to amount to around 400 million Swiss Francs in 2026. Investments of an estimated 100 million Swiss Francs are expected at subsidiaries abroad, with the completion of construction of the new airport in Neuda accounting for the majority of this. Looking beyond 26, there are several factors that will influence the Group's financial development. First, the full-year impact of the new airport charges in Zürich will be reflected in 27. Second, Neue International Airport has now started commercial operations and will lead to additional depreciation and financing expenses of approximately 80 million Swiss francs on an annual basis. Furthermore, given the current geopolitical environment, a slower ramp-up in Neuda than originally anticipated is expected. Taken together, these factors may place greater pressure on the group's profitability also in 2027. Nevertheless, we remain confident that the strong fundamentals of our Zuerich business and the mid to long-term potential of Noida will continue to support sustainable value creation. Beyond this near-term outlook, we would like to conclude today's presentation by outlining our long-term strategic path. In 2024, We refined our guiding strategic principles based on our purpose, the business segments, and our core values. This process allowed us to reaffirm our business model and to define five key target dimensions with corresponding performance indicators. With this sharpened strategic focus, we were able to enhance our company's governance and set clear mid-term targets that are partly reflected within the variable compensation of the management board and on management level. Our focus and success are firmly rooted in long-term value creation. Accordingly, we have developed an outlook for Zuerich Airport Group that sets out our desired development and strategic orientation through to 2040. These ambitions are aligned with our five key target dimensions. While our core financial targets, including a consistently strong EBITDA margin, are expected to remain at high level, we have further refined our long-term goals. By 2040, we aim to generate revenues of more than 3 billion Swiss francs, corresponding to a compound annual growth rate of over 5%. This growth is expected to be driven primarily by our international business, supported by the continued development of our existing portfolio, as well as further additions as we have outlined earlier in the presentation. Going forward, the growth rates in Zürich are expected to continue on a solid trajectory, in line with the historical trends. A group-wide return on investor capital of more than 8%, which is higher than today's target of more than 7.5%, underlines our continued focus on creating sustainable value for our shareholders. We remain committed to our vision of ranking among the leading airports across all our concessions in terms of quality and customer experience. Finally, sustainability remains a fundamental pillar of our long-term strategy. Our ambition is to achieve net zero greenhouse gas emissions in scope one and two without a setting by 2040 at the latest. With this, I'm handing back to Lukas.

Thank you, Kevin. We have now reached the end of our result presentation, and I will begin with the Q&A session. I will now hand over to Stefan who will moderate the Q&A. Stefan, I assume we have some questions.

Thank you very much, Lukas. Good morning also from my side. Before going to the Q&A session, we did get some feedback that some of you might have troubles seeing the slides clearly on the webcast. In this case, we recommend going to our webpage where you can download all the slides and hopefully see them clearly. Now let's start with the Q&A. We have the first question on Noida where people are asking to get some more sense on how 2026 traffic might look What do we expect in terms of EVTA and probably also a first outlook into 2027?

I might start with answering and Kevin can add his thoughts on that. Currently we are also in the progress of airlines requesting for the slots of the winter timetable. This has not been completed. We expect that further growth will happen on the winter timetable. One has also to consider that we have opened the airport in between of the changes of summer and winter timetable. We also expect that we will see a gradual ramp up from that point. The number this year is still with a high level of uncertainty with expect around 1 million passenger in the financial year 2026.

Maybe to add there what that means for our P&L with 1 million passenger we expect a negative contribution this year and then a break even is expected next year in 2027.

Then we also received a number of questions regarding the traffic in Zürich. We are now guiding for the full year 3% growth, which is at the upper end of the previous guidance. Whereas year-to-date, we're still above this target. So can you help us understand the growth in more detail for H2?

Yeah, if you're following our monthly numbers, you see that the grow is decelerating over the last couple of weeks and months and that's the effect we expect for the full year as well. Even stronger comparison base of last year and still the uncertainties of the situation in the Middle East that can change on a daily base. And if you're following our company for a longer period, you know that we are rather conservative guidance.

Next question is on the investments at the Zurich site. We are now guiding at the upper end of the previous guidance around about 400 million. What's the reason to be at the higher end?

We are right now in a quite investment-heavy cycle, and in general, the project, specifically the DarkA project, is moving on on track. So that also leads to investments which come at the right time, and at the end, we believe to end up somewhere around 400 million in this year. That hasn't changed. The forecast of the projects we are working on, but it's primarily a timing issue. It's usually quite difficult to time when the exact investments for a long project like the DACA or an ELP or the SoInvest, when this happens within a year. But overall, the guidance we gave is still unchanged over the midterm.

Going back to India, we have a question on the fee structure. Are we happy with the framework we received a few months back?

I mean, we talked about this quite a lot. We ended up at the lower end of the range we guided from a regulation standpoint. It needs to be positively mentioned that there is a yield increase of approximately 10% in those tariffs. And we do have a true-out mechanism. So the potential under-earning in the first control period will then be taken forward to the next control period.

And the next question is on the targets set for 2040, especially about the revenue target of 3 billion Swiss francs. What is the revenue forecast on the current portfolio versus revenue from new assets acquired?

If we solely stick to the portfolio we have today, and that means specifically to India, if we keep the 100% majority earnings, it would roughly end up at 2.4 billion in 2040. So there are an additional of 600 million of new international assets you will need to add over time in terms of revenue generation.

Well, with this, you actually already answered the next question, whether it will be just based on the existing portfolio or whether it's based on growing the portfolio. So I think that's now answered. Then we have another question on India. Given that the ramp-up is softer than initially expected and the rupee is currently weaker against the Swiss franc, do we still believe to reach the EBTA target set out for the early 2030s, so to reach already a three-digit million contribution to EBTA?

I might start with answering this question. From today's perspective, I mean, we have now an operation of a little bit more than two months. We stick to the numbers that we have provided at the Capital Market Day with all the uncertainty that is involved right now. One of the main question is also is this only a delayed ramp up or do we catch up over time? I believe rather the second. So there are a lot of uncertainties, but if you take the overall medium to long term picture, nothing fundamentally has changed. So we have still the largest population in the world, one of the fastest growing Global aviation market we have more than 1,000 open aircraft orders coming into the country and those are the main drivers from a medium to long term and this from today's perspective is unchanged despite the ramp-up situation right now.

Then we have a quick one on the Circle. In the half-year reporting, we have announced that we got a few new tenants. What is the current vacancy rate?

Well, the current vacancy rate, I would say, is closing to like a full rent number of 95%, which is normal in a larger environment or in a larger real estate development. You will always have like 50 tenants that will always be like tenants moving out, new tenants moving in, but that's like daily business. We have also stopped announcing every single tenant change as the Circle is now in operation. It's almost fully rented. We don't have any larger space available. There's some space left Zuerich Uns-Adr I'm fully happy and to be honest and it reminds me a little bit of the situation in Neuda where we also had with the Circle a tough environment for the ramp up at the breakout of Covid, everything was difficult and now later on it proved to be a success story in a way that we have now not only fully rented out, we have a high quality of tenants, we had to make certain adoptions which is our And the next one again on traffic in Zürich

In a release earlier this week, Swiss said that their traffic has been lower in July. So traffic for Zürich overall has grown. What are the main growth contributors, especially for July?

I can't answer it, especially for July, but mainly the airlines that were growing are the ones I mentioned. It's Edelweiss, it's Austrian, it's Welling, and in July the growth is also done by Cher, which is also a Swiss airline. It's a blend of different airlines.

Then the next question is on the costs. Could you please elaborate on OPEX trends in H1 and expectations for H2?

We had, as mentioned before, an increase of 5%. So one part of it was obviously thanks to Enoida, where we started operation in June. We had some increases also in our personal expenses in Zuerich. There was on one hand volume-based adjustments in the front staff field like bus service or the PRM business. In addition, the comparison base in the first half of 2025 was favorable. So that means overall that we expect a noticeably slowdown in cost growth in Zurich and over the full year, just a moderate increase. And we look at the security costs. There we had an increase of approximately 2%, which is just a third compared to the passenger numbers we had. Energy costs were broadly in line with what we have seen last year. So we expect a moderate increase by the end of the year out of Zürich and obviously from the international business we do see some further costs out of Hanoi International Airport.

Next we have a political question around the opening hours. How big is this threat that Zürich might see shortened opening hours?

It's much less of a threat than 12 months before because of the two topics in the political environment that has changed. We had like the initiative of the nighttime curfew and the initiative claimed for 30 minutes less operating hour. It went to the Parliament and the Cantonal Council. The Parliament overwhelmingly rejected this initiative. And the second, in a longer-term perspective, even more important change is that the today's operating hour, as a minimum, will be right down in the federal aviation law. That was not the case so far, so there's basically a risk that every court can decide against the today's operating hours. and this law is now in revision and now today's operating hour as minimum so the status quo will be implemented on the highest level on the federal level in the aviation law. So this gives us much more planning certainty and legal certainty going forward. These are two very important and two successfully Managed topics that has been materialized also in the first half of this year.

Going back to the targets 2014 international business aims for significant contribution to revenue and EBTA. Could you help understand what significant might mean?

that significant means in our words up to 50%.

Next one is on the commercial revenues. So we do have ongoing construction sites for the time being mainly on the land side related to the expansion of the land side area. So for the next 12 months, do we expect that the disruptions remain stable, increasing or reducing?

I would answer this with stable the project is in full swing there will not be like a larger perimeter of construction than today and the opening the first ones will be expected in in autumn 2027 so today's status will be stable for the next 12 months then we have a question on the dividend we're guiding for a lower net income in

and probably even 2027 compared to previous year. So if net income goes down, should the market also expect dividends to be lower than before?

Yes, this is true. I mean, we defined a new dividend strategy and it was set in place first time for 2025 financials. and there we have a situation with a delay in Neuda and a very good traffic in Zurich that we had a very high dividend we paid out. But going forward, we will stick to our dividend policy because we believe it's the right balance between investing, being an attractive shareholder and also kind of a reliability towards the capital market to have kind of a guidance where the dividend goes. And yes, if the net profit is lower this year, this would also translate then in a lower dividend.

And if I may add on this, if you remember the conference call we had in March, the situation was that given the delayed opening of Neuda, also the costs linked to the opening were delayed and the 2025 financial result was therefore relatively higher. So we said that maybe the dividend of 2025 that we have paid out this year is higher than what we have anticipated and will now be on a more sustainable base.

Then we have a question related to the compensation framework. What do we use as metrics to define the remuneration?

So our main KPI is the EBITDA margin, which is a target at the beginning of the year, obviously, and will be then assessed at the end of the year. And we also have three non-financial targets with goals. It's within our integrated report. You see this in full detail. I recommend you to have a look into this report that provides you all the answers on how the compensation for the senior management is structured in our company.

Then we have another question on Noida. Could you let us know where we stand on the process of bringing in a partner for Noida?

That's still a topic we think about. Also, looking into the longer development of the international business, we really believe that after the airport is now in operation, the risk profile of this investment has also changed. Not anymore construction risk, et cetera. And this might make the asset of the airport in order attractive to third parties. I always say that it needs a certain positive momentum. It needs a certain proof of operation of a couple of months. So yes, this is still on the agenda. We are not in a hurry. We wait for the right momentum and the right partner to assess potential partnership.

Maybe to add there, there is basically right now no need. The project costs are still within 750 million Swiss francs. And as soon as we approach phase two, There, it would make sense to talk together with a strategic partner to finance the investments we potentially do in order to increase the volume at Noida International Airport.

Then we have a question on the international strategy. Our strategy focuses on maturity stakes with operational responsibility. So how do we see the strategic fate of Curaçao?

Curaçao is the only minority shareholding that we have in our portfolio. If we find the right buyer, we would also like following what we have done in Belo Horizonte. There is also not an immediate need for selling Curaçao, but looking into the development also of the international portfolio of our company and looking into the future, we would rather go for larger investments, majority stakes. We take this opportunity.

Then before going to the next question, apparently there is some confusion about EVTA contribution from Noida. So please let me clarify. We expect a negative contribution on EVTA level for 2026 and breakeven for the next year. Then the next question is on the leverage of the company. So we are currently facing a heavy investment cycle. What's the latest on our expectation on the net leverage trajectory?

As of today, we expect to be to stay below 2.5, which is the trigger in our dividend policy. with respect to the payout ratio. But as of today, in the medium term, we still believe to be below 2.5.

Then going back to the international strategy now related to the sale of Belo Horizonte. Could you please comment on the rationale for this divestment?

Yes, when we started the investment in Belo Horizonte, we were in a partnership with the former CCR group and with the minority stake of the state, Infraero. So we've been in a consortium. as a shareholder of 12.75%. And we also had an operating contract, so we were responsible for the operation and also the development of the airport. And this contract matured, made us basically to a pure financial investor in a minority state. and that's not according to our strategy. Where we are involved, we want to take over the responsibility of the operation, of the development, of the commercial development of the airport. So the status that we had in Belo Horizonte is not aligned with our strategy and now we had the possibility to sell this take, that's the rationale behind.

Then on M&A more generally speaking, Could you please provide an update on the opportunities you're looking at, in which geographies, etc.?

Well, obviously that's not an open book, the M&A strategy in detail. We see that in India there are opportunities coming to the market very soon. We obviously will have a look at them. Same is true for Brazil, India, Brazil. These are our core markets. Whenever there is an opportunity, we will have a look at them. Within this region, we see projects coming up for example in Colombia Indonesia Philippines all of them have favorable regulatory framework and would be also possible to us to invest as a majority shareholders for the time being we remain on the continents that we are focus market still Brazil and India but we cannot provide more details on that maybe to add their

independent where we invest. We have a strict framework how we invest, and Lukas mentioned that in his presentation. We will have a disciplined approach, having this ambition to grow in the international business, but we need to make sure that our core targets with profitability, also with ESG and code of conduct standards are in line with what we believe is important for us as a company, as a group.

Then again, I will do a brief clarification. So the mentioned pressure on margins for 2026 and 2027, that goes down to EBIT and net income. So that's not on the EBTA level, it's below because of increased depreciation and increased interest costs related to NOIDA. And then another question on the medium-term outlook. What's the expectation for investments going forward?

In terms of CapEx?

Yes.

In Zurich or internationally?

For both.

Okay. In Zürich, it's basically quite clear where we invest. You have seen that the biggest project, it's clearly the Dock A, which is, I would say, the most important one over the next decade. Internationally, Lucas just outlined, there are some opportunities in our core markets. And we do look selectively in other markets. In Zürich, we expect roughly to be at 400 million Swiss francs. of investments there could be years where we are higher and some years where we are lower I try to explain that that it's usually not that easy to on detail assess when certain investments happen also depending on the progress in those projects we have in Zurich okay from what I see that's it thanks for

Those many questions, in case there are still unanswered questions, then please do not hesitate to reach out to the IR team.

Thank you very much for joining us. Have a good day. Thank you.