Flughafen Zürich : Integrated Report 2023 Zurich Airport Ltd.

Contents

To our shareholders

Letter to shareholders	3
Multi-year comparison	6
Key stock data	9

Annual report

Corporate profile
Zurich Airport Ltd.	10
Organisational structure	11
Purpose, strategy and values	13
Locations	15
Traffic development
Traffic volumes Zurich	16
Traffic volumes: majority-owned international
subsidiaries	18
Business update	20
Financial development	25
Financial outlook	28
Risk management
Risk management system	29
Current risk situation	31

Sustainability

Focus	34
Sustainability topics	37
Sustainable Development Goals	39
Stakeholder engagement	43
Local impacts
Regional contribution	48
Noise	53
Environmental impacts
Energy and climate	60
Waste and circular economy	67
Air quality	70
Biodiversity	73
Water	75
Social impacts
Occupational and aviation safety	79
Business ethics	86
Anti-corruption	89
Human rights	91
Equality of opportunity and freedom from
discrimination	93

Responsible employer	95
ICT security and data protection	104
Report on non-financial matters	106
GRI content index	107

Corporate governance

Corporate governance
Group and capital structures	110
Shareholders and participation rights	112
Board of Directors	114
Management Board	124
Remuneration, participation and loans	127
Auditors	128
Information policy	129
Blackout periods	129
Remuneration report
Remuneration policy at Zurich Airport Ltd.	130
Remuneration of the Board of Directors	134
Remuneration of the Management Board	135
Loans, advances, non-market-based
remuneration	136
Activities at other companies	138
Audit report	140

Financial report

Consolidated financial statements
Consolidated income statement	143
Consolidated statement of comprehensive
income	144
Consolidated balance sheet	145
Consolidated cash flow statement	146
Consolidated statement of changes in equity	147
Notes to the consolidated financial
statements	148
Audit report	210
Financial statements
Income statement	215
Balance sheet	216
Notes to the financial statements	217
Proposal for the distribution of available
earnings	226
Audit report	227
Further informationen	231

Zurich Airport Ltd. - Integrated Report 2023

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Letter to shareholders

Dear Shareholders, Dear Sir or Madam
We are pleased to report on a successful year. A particular highlight was the airport	GRI 2-22
festival at the beginning of September which attracted some 140,000 visitors. Under the
theme of "Yesterday, Today, Tomorrow", we celebrated the 75th anniversary of our
airport in true style. Demand for air travel is high. It picked up during 2023 even more
quickly than was expected at the outset of the year, with an upward adjustment of
passenger guidance already in August. This growth had a positive impact on recovery in
our commercial centers too. We are also pleased to report further tenancy signups in the
Circle and continuing high occupancy rates there.
We succeeded in further expanding our international presence over the past year, being
awarded the operating licence for Natal Airport in northeastern Brazil. The construction
project for Noida Airport in India passed further milestones, while declarations of intent
for operating routes from this airport were signed with IndiGo Airlines, Indiaʼs largest
airline, and Akasa Air.
In 2024 we plan to focus on delivering the quality demanded by our passengers,
customers and partners. Along with various construction projects and digitalisation
initiatives in the divisions, with the launch of our ZRH Innovation Hub, Zurich Airport Ltd.
has further invested in enhancing the customer experience and developing operational
processes at Zurich Airport. We will continue to drive forward measures to achieve net
zero by 2040.

Faster than expected recovery

Passenger volumes during the past year were a reflection of many people rediscovering the joy of travel and the demand for international mobility. The number of passengers who travelled via Zurich Airport rose to 28.9 million in 2023. This is equivalent to 91.7% of the level in 2019.

The diversification of our company based on its four pillars of aviation, real estate, commercial and international business continued to prove fruitful in 2023. The significant rise in earnings for the past year can be attributed to increased revenue from both aviation and non-aviation business. For example, due to our expansion into the Circle and acquisition of the Priora portfolio, real estate revenues were significantly higher than pre-Covid levels, while our international subsidiaries also contributed higher revenues. Despite the recovery in demand, inflation and rising energy prices, we succeed in keeping operating costs well under control in 2023.

Payment of a dividend in line with the communicated dividend policy will be proposed to the Annual General Meeting.

Operational challenges

The swift recovery of demand on the aviation side of the business created major challenges for Zurich Airport: the ramping up of operations after the pandemic led to longer queuing times on the ground and delays in the air, especially during holiday periods. Targets for flight punctuality were missed. However, closely coordinated measures undertaken together with partner companies at Zurich Airport proved effective over the course of the year.

Letter to shareholders

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Nevertheless, it is the extension of runways 28 and 32 that will ultimately have the greatest long-term impact on the safety and reliability of flight operations, and consequently on punctuality. With the clear "Yes" vote, the electorate once again expressed its confidence in Zurich Airport.

Responsible corporate governance

Our company greatly values open dialogue and collaborative relationships with all its stakeholders. We continued to actively maintain these relationships at all levels throughout the reporting year. During 2023, the Government Council of the Canton of Zurich underlined the significance and relevance of Zurich Airport with a new airport policy and owner strategy in which it called for both a safe, competitive airport as well as for protecting residents from the impact of aviation operations.

A further important focus of our responsibility is our role as an employer. Around

30,000 people work for some 300 companies at Zurich Airport. This makes the airport and all its partner companies one of the most important job providers in the Canton of Zurich. We are pleased that Zurich Airport Ltd. continues to enjoy great popularity both in employer rankings and employee surveys. Our motivated and committed employees are our most important assets.

During the year under review, following a change in the general understanding of corporate governance, the Board of Directors of Zurich Airport Ltd. decided to change its practice of making financial donations to political parties. The Group Code of Conduct of the Zurich Airport Group was revised accordingly in October 2023.

The principles of the UN Global Compact, which we signed up to in 2021, remain the framework for all our business activities. Responsible corporate governance is of paramount importance to us, as is the exercise of our social, business and environmental responsibilities.

Looking to the future

The impact of aviation on the environment remains a challenge for our company too. As Zurich Airport Ltd. we are working hard on decarbonising our infrastructure and reducing our own greenhouse gas emissions to net zero by 2040. In the case of the companyʼs own CO2 emissions at Zurich Airport, by far the majority are attributable to heating and cooling the airportʼs infrastructure. We are therefore focusing on reducing energy usage, improving efficiency and utilising innovative technologies to produce emission-free electricity, space heating and cooling. One important project concerns investigating the use of an ice-age channel running under the airfield. This made excellent progress last year, and if it proves viable, the channel will serve as a natural energy store for heating and cooling our buildings. A further declaration of intent signed during the year under review affirmed our intention to purchase renewable fuel from Swiss ETH spin-off Synhelion, helping both to spur the transition from fossil to renewable energy sources and support the production of sustainable fuels.

A number of major infrastructure projects are necessary to ensure the future viability of Zurich Airport. The ageing Dock A will be replaced from 2030. The passenger areas in Airport Shopping also no longer meet modern standards and will be upgraded. In addition, the vital runway extension project will fortunately now be able to proceed, following approval by Zurich voters. Owing to the complex procedures involved, however, it will effectively not be possible to complete the runway extensions within the current decade.

Letter to shareholders

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Changes at the top

Various key management positions changed during the year under review. Josef Felder was elected as the new Chairman of the Board of Directors at the Annual General Meeting, and Claudia Pletscher was elected as a new board member. We said farewell to long-serving Chairman of the Board Andreas Schmid and to appointed delegate of the Canton of Zurich Eveline Saupper, who was replaced by Beatrix Frey-Eigenmann. Following the resignation of Stephan Widrig, Lukas Brosi stepped up to become our new CEO in May 2023. Acknowledged financial expert Kevin Fleck was recruited to fill the resulting vacancy as Chief Financial Officer. Our new Chairman of the Board of Directors and new CFO joined the CEO to meet with Zurich Airport Ltd.ʼs investors and analysts at our Investor Day held at the beginning of September 2023.

Thanks and outlook

Zurich Airport serves the mobility needs of society. Its development is closely intertwined with population and economic growth in Switzerland. The demand for mobility is steadily growing worldwide, and with it the demand for air travel. Connecting Switzerland to the most important European and intercontinental destinations is vital for our country. At the same time, direct flights should by no means be taken for granted. Only a well functioning hub at Zurich Airport can enable direct links to global destinations. Our infrastructure projects are designed for the long term and with sustainability in mind. In all our activities and decision-making we must maintain a global perspective so we can continue to fulfil our mission of connecting people and places. We provide efficient modern infrastructure with high safety standards. We must endeavour to maintain and further enhance this high quality.

We sincerely thank our shareholders for the support and trust you have placed in us over many years. We also extend our thanks to our partner companies, and especially to all our employees. Their extraordinary commitment during the past year enabled us to provide our customers with a smooth travel experience during a very challenging phase of rapidly rising demand and resource shortages.

We look forward to continuing the journey together.

Zurich Airport, 7 March 2024

Josef Felder	Lukas Brosi
Chairman of the Board of Directors	Chief Executive Officer

Letter to shareholders

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Multi-year comparison

Zurich Airport Ltd.

Key financial data (consolidated)

(CHF million)	2019	2020	2021	2022	2023
Total revenue	1,210.1	624.0	680.0	1,023.5	1,236.3
of which aviation revenue	661.5	221.7	240.6	491.1	610.1
of which non-aviation revenue	548.6	402.3	439.4	532.4	626.2
Operating expenses	-568.2	-428.0	-380.8	-467.9	-559.5
Earnings before interest, tax, depreciation
and amortisation (EBITDA)	641.8	196.0	299.2	555.6	676.7
EBITDA margin (in %)	53.0	31.4	44.0	54.3	54.7
Earnings before interest and tax (EBIT)	403.1	-56.6	19.1	260.2	389.9
EBIT margin (in %)	33.3	-9.1	2.8	25.4	31.5
Consolidated result	309.1	-69.1	-10.1	207.0	304.2
Cash flow from operating activities	511.7	147.3	231.7	488.6	680.6
Cash flow from investing activities	-628.3	-565.1	-86.6	-567.0	-170.0
Invested capital as at reporting date1)	3,779.7	4,288.2	4,302.0	4,622.2	4,397.1
Average invested capital1)	3,635.3	4,034.0	4,295.1	4,462.1	4,509.7
Return on average invested capital (ROIC in %)	8.8	-1.1	0.4	4.7	7.0
Equity as at reporting date	2,469.1	2,336.8	2,411.3	2,679.1	2,803.6
Return on equity (in %)	12.7	-2.9	-0.4	8.1	11.1
Equity ratio (in %)	53.8	46.1	48.6	51.4	54.9
Interest-bearing liabilities (net), excl. noise2)	1,158.4	1,403.4	1,387.8	1,290.2	1,110.3
Interest-bearing liabilities (net)/EBITDA, excl. noise2)	1.83x	7.22x	4.64x	2.32x	1.64x

1. Invested capital includes equity and interest-bearing debt.
2. Interest-bearingliabilities (net) include interest-bearing debt less cash and cash equivalents, interest-bearing current and non-current financial assets and fixed-term deposits.

Multi-year comparison Zurich Airport Ltd.

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* For reasons of materiality, the "Noise" segment is not presented separately.

Multi-year comparison Zurich Airport Ltd.

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Key sustainability data1

Zurich Airport, Switzerland	2019	2020	2021	2022	2023
CO2e emissions Scope 1+2 (tonnes)2)	27,850	27,496	32,3907)	29,067	24,014
Total energy consumption (MWh)	157,2817)	136,8967)	172,8717)	170,6417)	173,266
Total waste amount (tonnes)	18,439	8,623	8,506	12,943	15,574
No. of employees (excl. apprentices/interns/trainees)	1,706	1,652	1,534	1,553	1,662

Florianópolis Airport, Brazil3)	2019	2020	2021	2022	2023
CO2e emissions Scope 1+2 (tonnes)2)	n/a	n/a	1,0718)	6128)	686
Total energy consumption (MWh)	n/a	9,420	7,968	8,7337)	10,955
Total waste amount (tonnes)	433	383	412	469	741
No. of employees (excl. apprentices/interns/trainees)	167	104	131	136	143

Vitória/Macaé Airports, Brazil4)	2019	2020	2021	2022	2023
CO2e emissions Scope 1+2 (tonnes)2)	n/a	n/a	1,2748)	5928)	659
Total energy consumption (MWh)	n/a	n/a	9,746	9,4927)	10,150
Total waste amount (tonnes)	n/a	349	172	581	669
No. of employees (excl. apprentices/interns/trainees)	107	90	69	70	70

Natal Airport, Brazil5)	2019	2020	2021	2022	2023
CO2e emissions Scope 1+2 (tonnes)2)	n/a	n/a	n/a	n/a	n/a
Total energy consumption (MWh)	n/a	n/a	n/a	n/a	n/a
Total waste amount (tonnes)	n/a	n/a	n/a	n/a	n/a
No. of employees (excl. apprentices/interns/trainees)	n/a	n/a	n/a	n/a	2

Antofagasta Airport, Chile	2019	2020	2021	2022	2023
CO2e emissions Scope 1+2 (tonnes)2)	n/a	480	462	458	584
Total energy consumption (MWh)	n/a	1,210	1,147	1,141	1,196
Total waste amount (tonnes)	n/a	328	180	151	230
No. of employees (excl. apprentices/interns/trainees)	45	35	43	50	47

Iquique Airport, Chile	2019	2020	2021	2022	2023
CO2e emissions Scope 1+2 (tonnes)2)	n/a	425	449	598	604
Total energy consumption (MWh)	n/a	1,195	1,256	1,554	1,710
Total waste amount (tonnes)	n/a	55	79	92	353
No. of employees (excl. apprentices/interns/trainees)	61	49	53	196	113

Noida Airport, India6)	2019	2020	2021	2022	2023
CO2e emissions Scope 1+2 (tonnes)2)	n/a	n/a	n/a	73	258
Total energy consumption (MWh)	n/a	n/a	n/a	168	459
Total waste amount (tonnes)	n/a	n/a	n/a	2	12
No. of employees (excl. apprentices/interns/trainees)	n/a	14	51	71	100

1. Table excl. regional offices in Rio de Janeiro (Brazil) and Santiago de Chile (Chile)
2. In accordance with GHG Protocol: Zurich Airport Ltd.'s own sources (vehicles, machinery, heating)
3. Takeover from state-run operator took place in early 2018; completion of new terminal in October 2019
4. Takeover from state-run operator took place in early 2020; Vitória and Macaé are treated as a portfolio.
5. Takeover from state-run operator took place in February 2024.
6. Concession agreement for greenfield airport signed in October 2020.
7. Retroactive correction
8. Retroactive adjustment to the calculation method

n/a = data not available or airport not yet taken over from state-run operator

Multi-year comparison Zurich Airport Ltd.

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Key stock data

Key stock data of Zurich Airport Ltd.	2019	2020	2021	2022	2023
Number of issued shares	30,701,875	30,701,875	30,701,875	30,701,875	30,701,875
Ordinary dividend per share (in CHF) 1) 2)	-	-	-	2.40	4.00
Payout ratio (in %) 3)	-	-	-	35.6	40.4
Additional dividend per share (in CHF) 1) 2)	-	-	-	1.10	1.30
Equity per share (in CHF)	80.42	76.11	78.54	87.26	91.32
Basic earnings per share (in CHF)	10.07	-2.25	-0.33	6.74	9.91
Diluted earnings per share (in CHF)	10.07	-2.25	-0.33	6.74	9.91
Share price at year-end (in CHF)	176.70	156.10	164.10	143.10	175.60
Market capitalisation at year-end (in CHF million)	5,424.7	4,792.6	5,038.2	4,393.4	5,391.2
S&P rating	AA-	A+	A+	A+	A+
fedafin rating	Aa-	Aa-	Aa-	Aa-	Aa-

1. Owing to the widespread impact of Covid-19 and to safeguard liquidity, it was decided not to pay a dividend for the financial years from 2019 to 2021.
2. In accordance with the proposal to the Annual General Meeting
3. Additional dividend from capital contribution reserves not included

Key stock data

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Zurich Airport Ltd.

Zurich Airport Ltd. is the owner and operator of Zurich Airport. It also	GRI 2-6
develops and operates other airports in Brazil, Chile, Curaçao and
Colombia and is constructing a new airport in India. Its business model
combines the professional operation of large transport hubs with the
management of attractive commercial centers and real estate. Thanks to
its commitment to high quality, Zurich Airport Ltd. enjoys an excellent
reputation.

As Switzerland's gateway to the world, Zurich Airport is a top-quality airport at the heart of Europe, offering excellent access to international, national and regional transport networks. Zurich Airport regularly wins awards for its excellent services, short transfer distances, friendly staff, clean infrastructure, reliable processes, attractive retail offering and other quality indicators. This performance may be credited to around

30,000 employees at over 300 partner companies who day after day ensure that passengers and visitors enjoy the time they spend at Zurich Airport.

As a semi-public listed company, Zurich Airport Ltd. operates the most important transport and meeting hub in Switzerland. The company focuses on its core activities relating to the operation of airports and management of commercial centers, as well as on profitably managing and further developing real estate and the infrastructure at its Zurich site.

It is increasingly also involved in holdings in foreign airports and their operation. Its portfolio includes majority interests in the airports at Florianópolis, Natal (integration in 2024), Vitória and Macaé in Brazil, at Antofagasta and Iquique in Chile, and in the new airport under construction at Noida in India.

Zurich Airport Ltd.

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