11 Intangible assets
(CHF million) | Investments in airport operator projects | Intangible asset from right of formal expropriation | Other intangible assets | Total intangible assets | ||||
Cost | ||||||||
Balance as at 1 January 2024 | 354.4 | 91.4 | 89.1 | 534.8 | ||||
Additions | 94.5 | 9.8 | 0.0 | 104.3 | ||||
Disposals | 0.0 | 0.0 | –1.2 | –1.2 | ||||
Transfer and reclassification | 0.0 | 0.0 | 26.7 | 26.7 | ||||
Foreign exchange differences | –52.4 | 0.0 | 0.0 | –52.4 | ||||
Balance as at 31 December 2024 | 396.5 | 101.2 | 114.6 | 612.2 | ||||
Balance as at 1 January 2025 | 396.5 | 101.2 | 114.6 | 612.2 | ||||
Additions | 13.3 | 4.9 | 1.0 | 19.2 | ||||
Disposals | 0.0 | 0.0 | –8.8 | –8.8 | ||||
Transfer and reclassification | 0.0 | 0.0 | 6.0 | 6.0 | ||||
Foreign exchange differences | –7.4 | 0.0 | 0.0 | –7.4 | ||||
Balance as at 31 December 2025 | 402.4 | 106.1 | 112.8 | 621.2 | ||||
Amortisation and impairment | ||||||||
Balance as at 1 January 2024 | –39.4 | –71.5 | –75.1 | –186.1 | ||||
Amortisation | –11.8 | –0.9 | –12.3 | –25.0 | ||||
Impairment | –7.8 | 0.0 | 0.0 | –7.8 | ||||
Disposals | 0.0 | 0.0 | 1.1 | 1.1 | ||||
Foreign exchange differences | 5.4 | 0.0 | 0.0 | 5.4 | ||||
Balance as at 31 December 2024 | –53.6 | –72.4 | –86.3 | –212.4 | ||||
Balance as at 1 January 2025 | –53.6 | –72.4 | –86.3 | –212.4 | ||||
Amortisation | –12.9 | –1.2 | –12.1 | –26.2 | ||||
Impairment | –6.1 | 0.0 | 0.0 | –6.1 | ||||
Disposals | 0.0 | 0.0 | 8.4 | 8.4 | ||||
Foreign exchange differences | 1.9 | 0.0 | 0.0 | 1.9 | ||||
Balance as at 31 December 2025 | –70.7 | –73.6 | –90.0 | –234.4 | ||||
Net carrying amount as at 31 December 2024 | 342.8 | 28.8 | 28.3 | 399.9 | ||||
Net carrying amount as at 31 December 2025 | 331.6 | 32.5 | 22.8 | 386.9 |
Investments in airport operator projects
Investments in airport operator projects of CHF 331.6 million (previous year: CHF 342.8 million) consist of concession rights which, due to the application of IFRIC 12, comprise minimum concession payments recognised as assets and investments made. They relate to the expansion and operation of the Brazilian airport in Florianópolis (CHF 107.7 million; previous year: CHF 110.1 million), the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 116.3 million; previous year: CHF 117.1 million), the operation of the Brazilian airport in Natal (CHF 56.0 million; previous year: CHF 53.2 million) as well as the expansion and operation of the Chilean airports in Iquique and Antofagasta (CHF 51.6 million; previous year: CHF 62.4 million).
The obligations in connection with the respective concessions in the amount of CHF 4.9 million (previous year: CHF 6.7 million) have been recognised as current and non-current liabilities (see note 18, Financial liabilities).
Intangible asset from right of formal expropriation
With the award of the operating licence for Zurich Airport, Zurich Airport Ltd. was also granted a right of formal expropriation in respect of property owners exposed to aircraft noise. The right to formal expropriation was conferred on the condition that the associated costs should be borne by compensation payments. This right is capitalised as an intangible asset. Capitalisation takes place at the time at which the probable total costs can be estimated on the basis of court rulings and thus a reliable cost estimate in accordance with IAS 38.21 becomes possible (see Reporting of noise-related costs in the financial statements). This is amortised using the straight-line method over the remaining term of the operating licence (until May 2051).
As at the reporting date of 31 December 2025, the Zurich Airport Group has recognised intangible assets from the right of formal expropriation in the amount of CHF 32.5 million (previous year: CHF 28.8 million).
Impairment
Impairment testing for the CGU Iquique airport (Chile) revealed an impairment loss of CHF 6.1 million, mainly due to time delays and cost increases in the completion of the new terminal as well as adjusted assumptions concerning future revenue and cost performance, which was recognised through profit or loss in the reporting year in the “International” segment (under “Depreciation and amortisation”). The recoverable amount for the corresponding investment was determined based on value in use calculations using cash flow forecasts from the financial plans for the remaining term of the contractually agreed concession (until 2042) applying a country-specific WACC of 9.7%. (see Impairment of assets in accordance with IAS 36).
