18 Financial liabilities
(CHF million) | 31.12.2025 | 31.12.2024 | ||
Non-current debentures | 1,064.4 | 914.6 | ||
Non-current bank liabilities | 474.2 | 383.0 | ||
Non-current lease liabilities | 129.3 | 155.3 | ||
Non-current liabilities from concession agreements | 4.3 | 6.1 | ||
Other non-current financial liabilities | 22.3 | 22.3 | ||
Non-current financial liabilities | 1,694.4 | 1,481.4 | ||
Current bank liabilities | 19.1 | 18.1 | ||
Current lease liabilities | 5.8 | 8.8 | ||
Current liabilities from concession agreements | 0.6 | 0.6 | ||
Other current financial liabilities | 0.1 | 0.8 | ||
Current financial liabilities | 25.6 | 28.3 | ||
Total financial liabilities | 1,720 | 1,509.6 |
In June 2025, Zurich Airport Ltd. placed a debenture for CHF 150.0 million with a coupon of 1.1775% and a maturity of 15 years.
The rise in non-current bank liabilities to CHF 474.2 million (31 December 2024: CHF 383.0 million) is attributable to the construction activities by the licensed companies at the corresponding airports in Chile, Brazil and India.
Composition of non-current financial liabilities as at the reporting date:
as at 31.12.2025 | as at 31.12.2025 | as at 31.12.2024 | ||||||||||
Financial liabilities | Nominal value | Carrying amount | Carrying amount | Duration | Interest rate | Interest payment date | ||||||
(CHF million) | (CHF million) | (CHF million) | ||||||||||
Debenture (2027) | 200.0 | 199.9 | 199.8 | 2020-2027 | 0.1000% | 30.12. | ||||||
Debenture (2029) | 350.0 | 350.2 | 350.3 | 2017-2029 | 0.6250% | 24.5. | ||||||
Debenture (2035) | 365.0 | 364.6 | 364.6 | 2020-2035 | 0.2000% | 26.2. | ||||||
Debenture (2040) | 150.0 | 149.7 | 0.0 | 2025-2040 | 1.1775% | 25.6. | ||||||
Non-current bank liabilities | 482.4 | 474.2 | 383.0 | n/a | n/a | n/a | ||||||
Non-current lease liabilities | 424.8 | 129.3 | 155.3 | until 2061 | 0.0% – 9.0% | n/a | ||||||
Non-current liabilities from concession agreements | 5.4 | 4.3 | 6.1 | until 2042 | n/a | n/a | ||||||
Other non-current financial liabilities | 22.3 | 22.3 | 22.3 | n/a | n/a | n/a | ||||||
Total non-current financial liabilities | 1,694.4 | 1,481.4 |
External financing is subject to standard guarantees and covenants, which were complied with as at the reporting date.
In addition, there were unused credit limits at the reporting date (see note 24.1 a), Financial risk management, ii), Liquidity risk) totalling CHF 291.1 million (31 December 2024: CHF 289.3 million).
The following table shows the maturities of the financial liabilities:
(CHF million) | 31.12.2025 | 31.12.2024 | ||
Due date up to 1 year | 25.6 | 28.3 | ||
Due date from 1 to 5 years | 550.1 | 550.1 | ||
Due date in more than 5 years | 1,144.3 | 931.3 | ||
Total financial liabilities | 1,720.0 | 1,509.6 |
Financial liabilities changed as follows as a result of cash and non-cash changes:
31.12.2024 | Cash flows (+) | Cash flows (–) | Non-cash changes | 31.12.2025 | ||||||||||
(CHF million) | Increase(+)/decrease(–) | Translation differences | Value changes | |||||||||||
Debentures | 914.6 | 150.0 | 0.0 | 0.0 | –0.0 | –0.3 | 1,064.4 | |||||||
Non-current bank liabilities | 383.0 | 139.0 | 0.0 | –2.1 | –46.9 | 1.2 | 474.2 | |||||||
Non-current lease liabilities | 155.3 | 0.0 | 0.0 | –17.3 | –16.5 | 7.7 | 129.3 | |||||||
Non-current liabilities from concession agreements | 6.1 | 0.0 | 0.0 | –1.8 | –0.2 | 0.2 | 4.3 | |||||||
Other non-current financial liabilities | 22.3 | 0.4 | 0.0 | –0.0 | –0.3 | 0.0 | 22.3 | |||||||
Non-current financial liabilities | 1,481.4 | 289.4 | 0.0 | –21.3 | –63.9 | 8.8 | 1,694.4 | |||||||
Debentures | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||
Current bank liabilities | 18.1 | 0.0 | –11.2 | 12.6 | –0.6 | 0.1 | 19.1 | |||||||
Current lease liabilities | 8.8 | 0.0 | –7.0 | 4.0 | –0.0 | 0.0 | 5.8 | |||||||
Current liabilities from concession agreements | 0.6 | 0.0 | –0.4 | 0.4 | –0.0 | 0.0 | 0.6 | |||||||
Other current financial liabilities | 0.8 | 0.1 | –0.6 | 0.0 | –0.1 | 0.0 | 0.1 | |||||||
Current financial liabilities | 28.3 | 0.1 | –19.2 | 17.0 | –0.7 | 0.2 | 25.6 | |||||||
Total financial liabilities | 1,509.6 | 289.5 | –19.2 | –4.3 | –64.6 | 9.0 | 1,720.0 | |||||||
31.12.2023 | Cash flows (+) | Cash flows (–) | Non-cash changes | 31.12.2024 | ||||||||||
(CHF million) | Increase(+)/decrease(–) | Translation differences | Value changes | |||||||||||
Debentures | 914.6 | 0.0 | 0.0 | 0.0 | –0.0 | 0.0 | 914.6 | |||||||
Non-current bank liabilities | 177.9 | 264.6 | –38.0 | –3.2 | –19.9 | 1.7 | 383.0 | |||||||
Non-current lease liabilities | 146.1 | 0.0 | 0.0 | –2.7 | 4.1 | 7.8 | 155.3 | |||||||
Non-current liabilities from concession agreements | 5.0 | 0.0 | 0.0 | 1.4 | –0.2 | 0.0 | 6.1 | |||||||
Other non-current financial liabilities | 20.4 | 3.4 | 0.0 | –1.5 | 0.0 | 0.0 | 22.3 | |||||||
Non-current financial liabilities | 1,264.0 | 267.9 | –38.0 | –6.0 | –16.1 | 9.5 | 1,481.4 | |||||||
Debentures | 299.9 | 0.0 | –300.0 | 0.0 | –0.0 | 0.1 | 0.0 | |||||||
Current bank liabilities | 18.6 | 5.8 | –15.0 | 9.4 | –1.5 | 0.8 | 18.1 | |||||||
Current lease liabilities | 9.0 | 0.0 | –9.0 | 8.8 | 0.0 | 0.0 | 8.8 | |||||||
Current liabilities from concession agreements | 0.7 | 0.0 | –0.4 | 0.3 | –0.0 | 0.0 | 0.6 | |||||||
Other current financial liabilities | 1.3 | 1.0 | –0.6 | –1.0 | 0.1 | 0.0 | 0.8 | |||||||
Current financial liabilities | 329.5 | 6.7 | –324.9 | 17.5 | –1.5 | 0.9 | 28.3 | |||||||
Total financial liabilities | 1,593.5 | 274.7 | –362.9 | 11.5 | –17.6 | 10.4 | 1,509.6 | |||||||
Overview of lease liabilities
The lease liabilities shown below include the leases listed in note 9, Right-of-use assets. The interest rate on future lease liabilities is mostly 0.0% (leases at the Zurich site) or 9.0% (leases in Noida, India).
(CHF million) | 31.12.2025 | 31.12.2024 | ||
Due within 1 year | 5.8 | 8.8 | ||
Due between 1 and 5 years | 21.1 | 35.2 | ||
Due in more than 5 years | 403.7 | 482.5 | ||
Total future minimum lease payments | 430.6 | 526.5 | ||
Future interest payments | 295.5 | 362.4 | ||
Present value of lease liabilities | 135.1 | 164.1 | ||
Due within 1 year | 5.8 | 8.8 | ||
Due between 1 and 5 years | 21.0 | 35.2 | ||
Due in more than 5 years | 108.3 | 120.1 |
