9 Right-of-use assets
The Zurich Airport Group as lessee
(CHF million) | Land | Real estate | Movables | Total right-of-use assets | ||||
Cost | ||||||||
Balance as at 1 January 2024 | 68.8 | 106.3 | 0.5 | 175.6 | ||||
Additions | 0.0 | 6.1 | 0.0 | 6.1 | ||||
Disposals | 0.0 | –0.8 | –0.5 | –1.3 | ||||
Transfer and reclassification | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Foreign exchange differences | 3.2 | 0.0 | 0.0 | 3.2 | ||||
Balance as at 31 December 2024 | 72.0 | 111.6 | 0.0 | 183.6 | ||||
Balance as at 1 January 2025 | 72.0 | 111.6 | 0.0 | 183.6 | ||||
Additions | 0.0 | 4.5 | 0.5 | 5.0 | ||||
Disposals | 0.0 | –42.0 | 0.0 | –42.0 | ||||
Transfer and reclassification | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Foreign exchange differences | –12.0 | 0.0 | 0.0 | –12.0 | ||||
Balance as at 31 December 2025 | 60.0 | 74.1 | 0.5 | 134.6 | ||||
Depreciation and impairment | ||||||||
Balance as at 1 January 2024 | –4.2 | –36.9 | –0.2 | –41.3 | ||||
Depreciation | 0.0 | –8.8 | 0.0 | –8.8 | ||||
Disposals | 0.0 | 0.8 | 0.2 | 1.0 | ||||
Transfer and reclassification | –1.5 | 0.0 | 0.0 | –1.5 | ||||
Foreign exchange differences | –0.1 | 0.0 | 0.0 | –0.1 | ||||
Balance as at 31 December 2024 | –5.8 | –44.9 | 0.0 | –50.7 | ||||
Balance as at 1 January 2025 | –5.8 | –44.9 | 0.0 | –50.7 | ||||
Depreciation | 0.0 | –6.9 | 0.0 | –6.9 | ||||
Disposals | 0.0 | 23.7 | 0.0 | 23.7 | ||||
Transfer and reclassification | –1.7 | 0.0 | 0.0 | –1.7 | ||||
Foreign exchange differences | 1.1 | 0.0 | 0.0 | 1.1 | ||||
Balance as at 31 December 2025 | –6.4 | –28.1 | 0.0 | –34.5 | ||||
Net carrying amount as at 31 December 2024 | 66.2 | 66.7 | 0.0 | 132.9 | ||||
Net carrying amount as at 31 December 2025 | 53.6 | 46.0 | 0.5 | 100.1 |
Land
Via its operator Yamuna International Airport Private Limited, the Zurich Airport Group holds the right-of-use asset relating to the land on which Noida International Airport, New Delhi, India will be built and operated in future. The right-of-use asset was capitalised or recognised at the present value of the future lease payments (interest rate: 9.0%) (see note 18, Financial liabilities) and ends with the expiry of the concession in 2061. The depreciation charges arising on the right-of-use asset in this context up until the date when the airport is brought into use and any interest expenses incurred on the corresponding lease liabilities (see note 18, Financial liabilities) are capitalised as projects in progress (see note 8, Property, plant and equipment).
Real estate
In the 2020 financial year, following the completion of the real estate project “The Circle”, Zurich Airport Ltd. moved into new office premises for which the company signed a lease with the co-ownership structure of the Circle. Taking into account the extension option, the lease ends in October 2039. The company has also signed a management agreement with the co-ownership structure for the parking area in the Circle. Disregarding the extension option, this ends in 2031.
With the acquisition of the Radisson Blu building (see note 10, Investment property), the previously recognised right-of-use asset (acquisition cost of CHF 42.0 million and accumulated depreciation of CHF 23.7 million) held by Zurich Airport Ltd. for the premises in the relevant building ceased to apply.
In addition, the Zurich Airport Group leases further space that is subleased as car parking space. The average period of use is five years.
The following table shows the carrying amounts of the lease liabilities and the changes during the reporting period:
(CHF million) | 2025 | 2024 | ||
Balance as at 1 January | –164.1 | –155.1 | ||
Additions | –5.0 | –6.1 | ||
Disposals | 18.3 | 0.0 | ||
Payments | 7.0 | 9.0 | ||
Interest expense on lease liabilities | –7.7 | –7.8 | ||
Foreign exchange differences | 16.5 | –4.1 | ||
Balance as at 31 December | –135.1 | –164.1 | ||
of which current (payment within 1 year) | –5.8 | –8.8 | ||
of which non-current (payment from 1 year on) | –129.3 | –155.3 |
A detailed overview of the maturities of the lease liabilities can be found in note 18, Financial liabilities.
In the reporting period, the following amounts were recognised in profit or loss in connection with leases:
(CHF million) | 2025 | 2024 | ||
Depreciation charges for right-of-use assets | –6.9 | –8.8 | ||
Interest expense on lease liabilities | –0.2 | –0.1 | ||
Total amount recognised for leases in profit or loss | –7.1 | –8.9 |
The total cash outflow for leases amounted to CHF 7.0 million in the reporting year (previous year: CHF 9.0 million). There are no future cash outflows for leases not yet commenced as at the reporting date.
The Zurich Airport Group as lessor
The tenancy agreements entered into by the Zurich Airport Group as lessor may be either fixed tenancy agreements or commercial leases:
Fixed rental contracts
Fixed rental contracts comprise in particular agreements for office, warehouse, archive and workshop premises. They are divided into limited-term and indefinite agreements, with the latter usually being subject to either six or twelve months’ notice to be communicated in advance.
Commercial leases
Commercial leases consist primarily of leases of commercial space. These agreements between the parties generally comprise guaranteed basic rents plus turnover-based portions with a fixed term of five years and no other options. Moreover, some agreements involving basic rents and turnover-based portions exist as a function of passenger trends or prior-year turnover.
Commercial revenue (retail, tax & duty free plus food & beverage operations) and real estate revenue (revenue from rental and leasing agreements) contained conditional rental payments amounting to CHF 25.3 million in the reporting period (previous year: CHF 25.8 million).
At the reporting date, minimum lease payments (fixed rents and guaranteed basic rents) under non-cancellable leases were as follows:
(CHF million) | 31.12.2025 | 31.12.2024 | ||
Due date up to 1 year | 287.8 | 270.2 | ||
Due date from 1 to 5 years | 849.3 | 715.4 | ||
Due date in more than 5 years | 351.5 | 245.2 | ||
Total | 1,488.5 | 1,230.8 |
