Recurring series

ZKB Intraday

Finvaulta tracks 6 editions of ZKB Intraday from Zürcher Kantonalbank, published between August 25, 2026 and August 28, 2026. Each edition is summarized on its own page.

Latest edition · August 28, 2026

ZKB+Intraday Flughafen+Zürich 20260828 en

Flughafen Zürich posted 5.6% passenger growth in H1 and raised its FY2026 passenger guidance to 3%, but shares dropped 5% due to a bumpy ramp-up and delayed EBITDA breakeven at Noida airport to 2027. ZKB reiterates its Outperform rating with a CHF 274.90 fair value target.

Following the H1 conference call with CEO Lukas Brosi and CFO Kevin Fleck, ZKB highlights solid Zurich passenger growth of 5.6% in H1 (+5.3% through July) and an upward revision of FY2026 growth guidance to 3%, which ZKB considers conservative. However, profitability was slightly below consensus, and the ramp-up at Noida Airport in India is facing delays, with EBITDA breakeven pushed to 2027 and lower-than-expected fees. Combined with an expected net profit decline and lower dividend payout under the 75% policy, the stock dropped 5%. ZKB sees this reaction as overdone and maintains an Outperform recommendation with a CHF 274.90 fair value.

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Key takeaways from the latest edition

1.Passenger growth at Zurich Airport was solid at 5.6% in H1 (+5.3% through July), leading management to raise FY2026 passenger growth guidance from 2-3% to 3%, which ZKB considers conservative.
2.The ramp-up at Noida Airport in India is bumpy, expecting negative EBITDA contribution in 2026 and not reaching breakeven until 2027, with fee structures at the lower end of expectations.
3.Flughafen Zürich expects lower 2026 net profit and plans to apply its 75% payout policy, likely reducing the dividend from prior CHF 8.5 levels.

What this series covers

Executive Summary
Facts / Assessment
Conclusion
Equity Research
Recommendation
Valuation
Stock data
Analyst team
Disclosures and disclaimer
Recording of remote business communications
Financial analysts' statement
Personal account trading by financial analysts
Participation in capital market transactions
Shareholdings of Zürcher Kantonalbank
Relationship with the Canton of Zurich
Net purchase and net sales positions of Zürcher Kantonalbank
Disclosure of large loans
Paid equity research
Disclosure of further conflicts of interest
List of all ratings of the last 12 months
Rating distribution of companies in the Swiss Research Universe
Explanation of the rating system
Methodology
Updates
Citation of sources
Competent supervisory authority
Miscellaneous legal information
Additional information for UK clients
Additional information for U.S. Persons
Additional information for persons in the Abu Dhabi Global Market, United Arab Emirates

Edition archive

Series at a glance

Editions tracked: 6
First edition: August 25, 2026
Latest edition: August 28, 2026

All Zürcher Kantonalbank research

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