Corporate governance
Corporate governance forms an important element of Zurich Airport Ltd.’s corporate management. It is based on transparency and clearly defined responsibilities. The company meets the guidelines of SIX Swiss Exchange and those of the Swiss Code of Obligations and observes the Swiss Code of Best Practice for Corporate Governance recommendations issued by economiesuisse.
Group and capital structures
Group structure
Zurich Airport Ltd. is a semi-public joint-stock company under Swiss law, based in Kloten in the Canton of Zurich. For details concerning the group operational structure, please see the section on segment reporting. Apart from Zurich Airport Ltd., which is listed on SIX Swiss Exchange (securities no. 31941693, ISIN CH0319416936, market capitalisation as at 31 December 2025: CHF 7.7 billion), the consolidated group does not comprise any other listed companies. However, it does include the following unlisted companies:
Company | Domicile | Share capital | Stake held as at 31.12.2025 | Stake held as at 31.12.2024 | ||||
Zurich Airport Ltd. | Kloten | CHF 307,018,750 | Parent company | Parent company | ||||
Airport Ground Services Ltd. | Kloten | CHF 100,000 | 100.0% | 100.0% | ||||
Zurich Airport International Ltd. | Kloten | CHF 100,000 | 100.0% | 100.0% | ||||
Yamuna International Airport Private Ltd. | New Delhi | INR 25,892 million | 100.0% | 100.0% | ||||
Concessionária do Aeroporto Internacional de Florianópolis S.A. | Florianópolis | BRL 304 million | 100.0% | 100.0% | ||||
Zurich Airport Latin America Ltda. | Rio de Janeiro | BRL 581 million | 100.0% | 100.0% | ||||
Aeroportos do Sudeste do Brasil S.A. | Vitória | BRL 421 million | 100.0% | 100.0% | ||||
Concessionária do Aeroporto Internacional de Natal S.A. | Natal | BRL 155 million | 100.0% | 100.0% | ||||
A-Port S.A. | Santiago de Chile | CLP 16,139 million | 100.0% | 100.0% | ||||
Sociedad Concesionaria Aeropuerto de Antofagasta S.A. | Santiago de Chile | CLP 3,600 million | 100.0% | 100.0% | ||||
Sociedad Concesionaria Aeropuerto Diego Aracena S.A. | Santiago de Chile | CLP 10,700 million | 100.0% | 100.0% | ||||
A-Port Operaciones S.A. | Santiago de Chile | CLP 1,352 million | 99.0% | 99.0% | ||||
A-Port Operaciones Colombia S.A.S. | Bogotá | COP 100 million | 99.0% | 99.0% |
Unless otherwise stated, data included in sustainability and non-financial reporting likewise refer to the majority-owned subsidiaries.
Capital structure
The company’s ordinary share capital amounts to CHF 307,018,750, which is divided into 30,701,875 fully paid-up registered shares with a nominal value of CHF 10.00 each. All shares have the same dividend entitlements and voting rights (as long as they have been entered in the Share Register accordingly). As at the reporting date there is no conditional capital and no capital band has been defined; likewise, there are no participation or dividend right certificates and no outstanding convertible bonds or options.
For information concerning the distribution of shares to employees (no options are distributed), please refer to the financial report, consolidated financial statements according to IFRS, notes to the consolidated financial statements, note 3, Personnel expenses.
The changes in share capital, reserves and available earnings (financial statements according to the provisions of the Swiss Code of Obligations) during the past three years are shown below:
(CHF million) | 31.12.2022 | 31.12.2023 | 31.12.2024 | 31.12.2025 | ||||
Share capital | 307.0 | 307.0 | 307.0 | 307.0 | ||||
Statutory capital reserves: capital contribution reserves | 117.0 | 83.2 | 43.3 | 0.3 | ||||
Statutory retained earnings | 42.4 | 42.4 | 42.4 | 42.4 | ||||
Voluntary retained earnings | 109.7 | 109.8 | 109.9 | 109.9 | ||||
Treasury shares | –0.1 | –0.9 | –0.3 | –0.9 | ||||
Profit carried forward | 1,699.0 | 1,820.2 | 1,980.4 | 2,162.3 | ||||
Result for the year | 194.9 | 283.0 | 313.9 | 315.5 | ||||
Total equity | 2,469.9 | 2,644.8 | 2,796.6 | 2,936.5 |
Together with the statutory capital reserves, the statutory retained earnings do not reach the required 50% of the share capital. The allocations to the statutory retained earnings provided for in the individual stand-alone financial statements were not proposed to the Annual General Meeting from 2023 to 2025. This formal error has not had any impact on the level of equity. Zurich Airport Ltd. always had voluntary retained earnings and sufficient available earnings. Zurich Airport Ltd. regrets this error and has taken measures to prevent such incidents from occurring in future. A formal correction concerning this matter will be presented at the next Annual General Meeting in April.
