III. Notes to the consolidated financial statements
1 Segment reporting
The following table shows the reportable segments in the 2025 financial year:
(CHF million) | Regulated business | Noise | Non-regulated business | International | Eliminations | Consolidated | ||||||
2025 | ||||||||||||
Revenue from contract with customers (IFRS 15) | 708.9 | 0.0 | 189.5 | 124.8 | 0.0 | 1,023.2 | ||||||
Other revenue (non IFRS 15) | 0.2 | 0.0 | 337.7 | 0.0 | 0.0 | 337.9 | ||||||
Total revenue from third parties | 709.1 | 0.0 | 527.2 | 124.8 | 0.0 | 1,361.1 | ||||||
Inter-segment revenue | 36.6 | 0.0 | 121.4 | 0.0 | –158.0 | 0.0 | ||||||
Total revenue | 745.7 | 0.0 | 648.6 | 124.8 | –158.0 | 1,361.1 | ||||||
Personnel expenses | –105.8 | –1.8 | –149.7 | –13.2 | 0.0 | –270.5 | ||||||
Other operating expenses | –179.0 | –2.7 | –104.5 | –42.2 | 0.0 | –328.4 | ||||||
Inter-segment operating expenses | –120.7 | –0.7 | –35.2 | –1.4 | 158.0 | 0.0 | ||||||
Segment result (EBITDA) | 340.3 | –5.2 | 359.2 | 68.0 | 0.0 | 762.2 | ||||||
Depreciation and amortisation | –159.6 | –2.5 | –130.1 | –19.3 | 0.0 | –311.4 | ||||||
Segment result (EBIT) | 180.7 | –7.7 | 229.1 | 48.7 | 0.0 | 450.8 | ||||||
Finance result | –16.1 | |||||||||||
Share of result of associates | 0.0 | |||||||||||
Income tax expense | –88.2 | |||||||||||
Consolidated result | 346.5 | |||||||||||
Invested capital as at 31 December 2025 | 1,849.5 | 62.5 | 1,915.8 | 1,041.3 | 4,869.1 | |||||||
Non-interest-bearing non-current liabilities1 | 374.3 | |||||||||||
Non-interest-bearing current liabilities2 | 329.9 | |||||||||||
Total assets as at 31 December 2025 | 5,573.3 | |||||||||||
ROIC (in %) | 8.1 | –9.0 | 10.3 | 4.0 | 7.8 | |||||||
Capital expenditure | 204.3 | 1.0 | 336.2 | 219.2 | 760.7 | |||||||
1Non-interest-bearing non-current liabilities include non-current provisions for formal expropriations plus sound insulation and resident protection, deferred tax liabilities and employee benefit obligations.
2Non-interest-bearing current liabilities include current provisions for formal expropriations plus sound insulation and resident protection, current tax liabilities, trade payables and other current liabilities plus accruals and deferrals.
In the “International” segment, “Depreciation and amortisation” included an impairment loss of CHF 6.1 million that arose on investments in international airport operator projects as a result of impairment calculations (see also Impairment of assets in accordance with IAS 36).
(CHF million) | Aviation | PRM | Usage fees | Air security4 | Access fees4 | Eliminations | Total regulated business | |||||||
2025 | ||||||||||||||
Revenue from contract with customers (IFRS 15) | 415.5 | 16.2 | 89.9 | 185.4 | 1.8 | 0.0 | 708.9 | |||||||
Other revenue (non IFRS 15) | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | |||||||
Revenue from third parties | 415.7 | 16.2 | 89.9 | 185.4 | 1.8 | 0.0 | 709.1 | |||||||
Inter-segment revenue | 43.6 | 0.1 | 6.2 | 10.9 | 3.2 | –27.4 | 36.6 | |||||||
Total revenue | 459.3 | 16.3 | 96.1 | 196.3 | 5.0 | –27.4 | 745.7 | |||||||
Personnel expenses | –77.1 | –11.5 | –12.4 | –3.3 | –1.4 | 0.0 | –105.8 | |||||||
Other operating expenses | –43.5 | 0.0 | –6.6 | –77.7 | –51.2 | 0.0 | –179.0 | |||||||
Inter-segment operating expenses | –81.0 | –3.8 | –28.1 | –22.5 | –12.7 | 27.4 | –120.7 | |||||||
EBITDA | 257.7 | 1.1 | 48.9 | 92.8 | –60.3 | 0.0 | 340.3 | |||||||
Depreciation and amortisation | –107.9 | –0.4 | –41.7 | –7.1 | –2.5 | 0.0 | –159.6 | |||||||
EBIT | 149.8 | 0.7 | 7.3 | 85.7 | –62.8 | 0.0 | 180.7 | |||||||
Invested capital as at 31 December 2025 | 1,251.7 | 7.4 | 482.8 | 87.1 | 20.6 | 1,849.5 | ||||||||
ROIC (in %) | 9.9 | 9.5 | 1.2 | 89.6 | –253.5 | 8.1 | ||||||||
Operating assets pursuant to Ordinance on Airport Charges (OAC)3 | 1,216.6 | 5.4 | 472.1 | 73.7 | 12.5 | 1,780.3 | ||||||||
ROIC (in %) pursuant to OAC | 12.4 | 13.4 | 1.3 | 105.7 | –390.5 | 9.9 | ||||||||
3The Ordinance on Airport Charges (OAC) defines operating assets, on which a reasonable rate of return forms the basis for the charges, as the sum of the “residual cost of the existing assets and net working capital”. This definition therefore results in minor deviations compared with the reported capital employed.
4In accordance with the OAC, the shortfall in the “Access fees” segment can be charged to the “Air security” segment. Taking the shortfall into account, the ROIC pursuant to the OAC for the “Air security” segment amounts to 23.5%.
The following table shows the reportable segments in the previous year:
(CHF million) | Regulated business | Noise | Non-regulated business | International | Eliminations | Consolidated | ||||||
2024 | ||||||||||||
Revenue from contract with customers (IFRS 15) | 672.6 | 0.0 | 191.4 | 130.9 | 0.0 | 994.9 | ||||||
Other revenue (non IFRS 15) | 0.2 | 0.0 | 331.2 | 0.0 | 0.0 | 331.4 | ||||||
Total revenue from third parties | 672.8 | 0.0 | 522.6 | 130.9 | 0.0 | 1,326.3 | ||||||
Inter-segment revenue | 29.5 | 0.0 | 114.3 | 0.0 | –143.8 | 0.0 | ||||||
Total revenue | 702.3 | 0.0 | 636.9 | 130.9 | –143.8 | 1,326.3 | ||||||
Personnel expenses | –85.3 | –1.6 | –144.1 | –14.0 | 0.0 | –244.9 | ||||||
Other operating expenses | –186.0 | –3.0 | –103.3 | –56.1 | 0.0 | –348.3 | ||||||
Inter-segment operating expenses | –113.6 | –0.8 | –27.9 | –1.6 | 143.8 | 0.0 | ||||||
Segment result (EBITDA) | 317.5 | –5.4 | 361.7 | 59.3 | 0.0 | 733.0 | ||||||
Depreciation and amortisation | –152.3 | –2.1 | –124.8 | –20.2 | 0.0 | –299.5 | ||||||
Segment result (EBIT) | 165.2 | –7.6 | 236.9 | 39.0 | 0.0 | 433.6 | ||||||
Finance result | –20.1 | |||||||||||
Share of result of associates | 0.0 | |||||||||||
Income tax expense | –86.8 | |||||||||||
Consolidated result | 326.7 | |||||||||||
Invested capital as at 31 December 2024 | 1,752.5 | 75.9 | 1,713.8 | 934.0 | 4,476.1 | |||||||
Non-interest-bearing non-current liabilities1 | 416.6 | |||||||||||
Non-interest-bearing current liabilities2 | 309.8 | |||||||||||
Total assets as at 31 December 2024 | 5,202.5 | |||||||||||
ROIC (in %) | 7.5 | –7.6 | 10.9 | 3.8 | 7.9 | |||||||
Capital expenditure | 200.3 | 0.6 | 120.6 | 289.7 | 611.2 | |||||||
1Non-interest-bearing non-current liabilities include non-current provisions for formal expropriations plus sound insulation and resident protection, deferred tax liabilities and employee benefit obligations.
2Non-interest-bearing current liabilities include current provisions for formal expropriations plus sound insulation and resident protection, current tax liabilities, trade payables and other current liabilities plus accruals and deferrals.
(CHF million) | Aviation | PRM | Usage fees | Air security4 | Access fees4 | Eliminations | Total regulated business | |||||||
2024 | ||||||||||||||
Revenue from contract with customers (IFRS 15) | 393.7 | 15.5 | 85.4 | 176.0 | 2.0 | 0.0 | 672.6 | |||||||
Other revenue (non IFRS 15) | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | |||||||
Revenue from third parties | 393.9 | 15.5 | 85.4 | 176.0 | 2.0 | 0.0 | 672.8 | |||||||
Inter-segment revenue | 32.8 | 0.0 | 6.1 | 9.6 | 3.3 | –22.4 | 29.5 | |||||||
Total revenue | 426.7 | 15.5 | 91.6 | 185.6 | 5.3 | –22.4 | 702.3 | |||||||
Personnel expenses | –69.0 | 0.0 | –11.7 | –3.1 | –1.4 | 0.0 | –85.3 | |||||||
Other operating expenses | –39.9 | –12.5 | –6.9 | –77.2 | –49.4 | 0.0 | –186.0 | |||||||
Inter-segment operating expenses | –78.4 | –1.7 | –25.2 | –18.3 | –12.4 | 22.4 | –113.6 | |||||||
EBITDA | 239.3 | 1.4 | 47.7 | 87.0 | –57.9 | 0.0 | 317.5 | |||||||
Depreciation and amortisation | –103.9 | –0.2 | –38.3 | –6.7 | –3.1 | 0.0 | –152.3 | |||||||
EBIT | 135.4 | 1.2 | 9.3 | 80.2 | –61.0 | 0.0 | 165.2 | |||||||
Invested capital as at 31 December 2024 | 1,194.8 | 4.6 | 465.1 | 68.3 | 19.7 | 1,752.5 | ||||||||
ROIC (in %) | 9.1 | 17.5 | 1.7 | 80.4 | –234.0 | 7.5 | ||||||||
Operating assets pursuant to Ordinance on Airport Charges (OAC)3 | 1,168.4 | 3.2 | 457.3 | 58.0 | 13.6 | 1,700.5 | ||||||||
ROIC (in %) pursuant to OAC | 11.7 | 32.4 | 1.7 | 110.4 | –328.0 | 9.5 | ||||||||
3The Ordinance on Airport Charges (OAC) defines operating assets, on which a reasonable rate of return forms the basis for the charges, as the sum of the “residual cost of the existing assets and net working capital”. This definition therefore results in minor deviations compared with the reported capital employed.
4In accordance with the OAC, the shortfall in the “Access fees” segment can be charged to the “Air security” segment. Taking the shortfall into account, the ROIC pursuant to the OAC for the “Air security” segment amounts to 21.1%.
Internal reporting of operating segments to the chief operating decision-maker is carried out in accordance with the Swiss Ordinance on Airport Charges (OAC), more specifically with regard to the regulated charges and fees affected by the Ordinance. The following segments are presented for the regulated business and submitted to the chief operating decision-maker as the basis for his significant judgements and decisions:
- “Aviation” segment
- “PRM” segment
- “Usage fees” segment
- “Air security” segment
- “Access fees” segment
The “Regulated business” column presented in the segment reporting tables is not a separate segment in accordance with IFRS 8; for presentation reasons, it merely combines the reportable segments in which charges and fees are regulated by the OAC (excluding the “Noise” segment).
As a result, the Zurich Airport Group has the following reporting segments:
→ Aviation
The “Aviation” segment comprises the original infrastructure and services related to flight operations. It incorporates all the core services provided to airlines and passengers by Zurich Airport Ltd. in its capacity as operator of Zurich Airport. These services include the runway system, most apron zones (including control activities), passenger zones in the terminals, freight operations, passenger handling and services, and safety. The main sources of revenue for the “Aviation” segment are passenger and landing charges. Revenue from third parties is determined by passenger volumes, flight volumes and the trend with respect to aircraft take-off weights.
→ PRM
The “PRM” (Passengers with Reduced Mobility) segment combines the infrastructure and services related to implementing the regulation regarding the provision of support for passengers with reduced mobility. Revenue consists exclusively of the PRM charge.
→ Usage fees
The “Usage fees” segment includes what are known as the central infrastructures. In particular, this refers to the check-in areas and facilities, baggage sorting and handling system, aircraft power supply system, handling apron areas and the related services and fees.
→ Air security
The “Air security” segment comprises the equipment and services that Zurich Airport Ltd. is responsible for providing for air security (passenger and aircraft security measures). This includes all systems and their operation and maintenance designed to prevent actions of any kind that affect the security of commercial civil aviation, in particular facilities for checks on passengers, hand luggage, checked baggage and freight. The safety charges levied per passenger are the main source of revenue for covering the costs of the “Air security” segment.
→ Access fees
The “Access fees” segment comprises the air security-related equipment and services that have to be provided in order to allow all persons other than passengers to access the airside areas. This includes all relevant systems and their operation and maintenance. It also includes airport policing duties such as surveillance patrols and other security- related duties. Revenue in the “Access fees” segment comes mainly from the fees for issuing airport badges.
→ Noise
Since 1 January 2021, revenue from aircraft noise charges has been allocated to the “Aviation” segment as, according to current knowledge, the Airport Zurich Noise Fund (AZNF) has sufficient resources to cover the known costs for sound insulation, resident protection and formal expropriations. The related expenses continue to be presented separately in the “Noise” segment. A liquidity-based statement of all noise-related data is presented in the notes to the consolidated financial statements (see note 20, Airport Zurich Noise Fund). This statement presents the accumulated surplus or shortfall as at the reporting date arising from noise charges determined on an originator pays principle, less expenses for formal expropriations, sound insulation and resident protection measures, and operating expenses.
→ Non-regulated business
The “Non-regulated business” segment encompasses all activities relating to the development, marketing and operation of the commercial infrastructure at Zurich Airport. This includes all retail and restaurant/catering operations at the airport, revenue from rented premises and supplementary costs (energy supply, etc.), revenue from multi-storey car parks plus a broad range of commercial services provided by Zurich Airport Ltd.
→ International
The “International” segment comprises the revenue and expenses of the subsidiaries and equity investments in the Zurich Airport Group’s international operations. This includes the revenue and expenses of the consolidated licensed companies in India, Brazil and Chile from the operation of the relevant airport infrastructure and revenue from consulting services. This segment also captures revenue and expenses from construction projects as part of concession agreements that are accounted for in accordance with IFRIC 12.
Principles of segment reporting
For internal reporting purposes, each profit centre has been allocated to a segment. Any internal supplies and services that have been provided to other segments have been booked as inter-segment revenue or offset against costs. For example, the “Supplementary costs” profit centre is allocated to non-regulated business and proportionate costs are charged to the regulated business segments on a costs-by-cause basis. Support functions are also allocated to non-regulated business and charged on accordingly.
Invested capital is allocated to the individual operating segments based, firstly, on the allocation of the individual assets in the fixed-asset ledger and, secondly, on the pro rata allocation of the remaining assets (buildings, engineering structures and net working capital) to the respective segments. Until projects in progress have been completed, they are allocated to the segment with the largest share of the project measured by value. The definitive allocation to segments takes place after the projects have been classified into the relevant asset categories.
The identified operating segments have not been aggregated.
Additional disclosures in accordance with the Swiss Ordinance on Airport Charges (OAC)
In accordance with Art. 34 Swiss Ordinance on Airport Charges (OAC), 30% of the economic added value in the airside area of Zurich Airport not relevant to flight operations and in road vehicle parking is to be used in the form of a transfer payment to finance the costs in the “Aviation” segment. Pursuant to this rule, in the 2025 financial year, CHF 25.7 million (previous year: CHF 25.1 million) was attributed to the “Aviation” segment and included in the reported return on operating assets. Moreover, in accordance with Art. 45 OAC, the shortfall in the “Access fees” segment can be charged to the “Air security” segment.
Revenue from safety charges is allocated in full to the “Security” segment and revenue from PRM charges to the “PRM” segment. All other flight operation charges are allocated to the “Aviation” segment. A breakdown of revenue by charge type can be found in note 2, Revenue.
Other disclosures
Of the total revenue of CHF 1,361.1 million (previous year: CHF 1,326.3 million), CHF 1,236.3 million (previous year: CHF 1,195.4 million) was generated in Switzerland and CHF 124.8 million (previous year: CHF 130.9 million) was generated abroad.
The company’s revenue with the Lufthansa Group in the reportable segments amounted to CHF 482.6 million in the past reporting year (previous year: CHF 470.0 million).
Of the non-current assets in accordance with IFRS 8.33 in the amount of CHF 4,495.9 million (previous year: CHF 4,071.5 million) CHF 3,586.0 million (previous year: CHF 3,359.9 million) is attributable to Switzerland and CHF 909.9 million (previous year: CHF 711.6 million) to foreign Group companies. Of this, CHF 577.4 million (previous year: CHF 368.0 million) is attributable to India.
