Notes to the interim consolidated financial statements
I Accounting policies
Statement of compliance
The unaudited interim consolidated financial statements for the six months ended 30 June 2025 were prepared in accordance with International Accounting Standard 34 (IAS 34) Interim Financial Reporting. They do not contain all the information included in the consolidated financial statements for the year ended 31 December 2024 and should therefore be read in conjunction with the latter.
The interim consolidated financial statements are prepared in Swiss francs (CHF). Unless indicated otherwise, amounts are stated in millions of Swiss francs (CHF million). Due to the rules on rounding up or down, individual figures may not add up to precisely the sum total stated. This may also mean that individual amounts round to zero.
Changes in accounting policies
The company adopted the following relevant amendment to the International Financial Reporting Standards, which are mandatory for the first time for financial year 2025 beginning on 1 January:
- Amendments to IAS 21: Lack of Exchangeability
The above-mentioned amendment did not have any significant impact on these interim consolidated financial statements. In all other respects, the interim consolidated financial statements were prepared in accordance with the accounting policies described in the consolidated financial statements for the year ended 31 December 2024.
Seasonality
Based on past experience, traffic volumes (passenger volumes and number of flight movements) are usually higher in the second half of the year than in the first half, especially at the Zurich site.
II Notes to the interim consolidated financial statements
1 Segment reporting
(CHF million)
Regulated business
Noise
Non-regulated business
International
Eliminations
Consolidated
First half 2025
Revenue from contracts with customers (IFRS 15)
327.2
0.0
90.8
57.6
0.0
475.6
Other revenue (non-IFRS 15)
0.1
0.0
165.0
0.0
0.0
165.1
Revenue from third parties
327.3
0.0
255.8
57.6
0.0
640.7
Inter-segment revenue
17.9
0.0
59.6
0.0
–77.5
0.0
Total revenue
345.2
0.0
315.3
57.6
–77.5
640.7
Personnel expenses
–51.1
–0.9
–73.8
–5.8
0.0
–131.6
Other operating expenses
–85.5
–1.5
–48.3
–14.9
0.0
–150.3
Inter-segment operating expenses
–59.2
–0.4
–17.2
–0.7
77.5
0.0
Segment result (EBITDA)
149.3
–2.7
176.1
36.2
0.0
358.8
Depreciation and amortisation
–78.0
–1.2
–63.9
–6.6
0.0
–149.7
Segment result (EBIT)
71.3
–3.9
112.2
29.6
0.0
209.1
Finance result
–7.1
Share of result of associates
0.0
Income taxes
–40.7
Consolidated result
161.3
Invested capital as at 30 June 2025
1,748.8
61.7
1,857.1
961.9
4,629.4
Non-interest-bearing non-current liabilities
381.7
Non-interest-bearing current liabilities
305.0
Total assets as at 30 June 2025
5,316.1
ROIC (in %) 1)
8.1
–9.0
10.5
4.2
8.0
(CHF million)
Aviation
PRM
User fees
Air security
Access fees
Eliminations
Total regulated business
First half 2025
Revenue from contracts with customers (IFRS 15)
191.7
7.4
42.9
84.3
0.8
0.0
327.2
Other revenue (non-IFRS 15)
0.1
0.0
0.0
0.0
0.0
0.0
0.1
Revenue from third parties
191.8
7.4
42.9
84.3
0.8
0.0
327.3
Inter-segment revenue
20.9
0.0
3.0
5.4
1.6
–13.0
17.9
Total revenue
212.7
7.4
45.9
89.7
2.4
–13.0
345.2
Personnel expenses
–37.6
–5.1
–6.1
–1.6
–0.7
0.0
–51.1
Other operating expenses
–19.5
0.1
–3.1
–37.6
–25.5
0.0
–85.5
Inter-segment operating expenses
–40.4
–1.7
–13.5
–10.2
–6.4
13.0
–59.2
EBITDA
115.2
0.7
23.1
40.4
–30.1
0.0
149.3
Depreciation and amortisation
–53.1
–0.2
–19.9
–3.5
–1.3
0.0
–78.0
EBIT
62.1
0.6
3.3
36.9
–31.4
0.0
71.3
Invested capital as at 30 June 2025
1,187.0
5.8
469.7
66.2
20.1
1,748.8
ROIC (in %) 1)
9.9
24.9
1.5
103.1
–248.3
8.1
1) Based on the result for the 12-month period preceding the reporting date.
The reportable segments for the prior-year period are as follows:
(CHF million)
Regulated business
Noise
Non-regulated business
International
Eliminations
Consolidated
First half 2024
Revenue from contracts with customers (IFRS 15)
313.4
0.0
94.2
60.6
0.0
468.2
Other revenue (non-IFRS 15)
0.1
0.0
162.8
0.0
0.0
162.9
Revenue from third parties
313.5
0.0
257.0
60.6
0.0
631.1
Inter-segment revenue
14.3
0.0
56.4
0.0
–70.7
0.0
Total revenue
327.9
0.0
313.4
60.6
–70.7
631.1
Personnel expenses
–41.8
–0.8
–69.1
–6.9
0.0
–118.6
Other operating expenses
–90.3
–1.6
–49.2
–24.6
0.0
–165.7
Inter-segment operating expenses
–56.0
–0.4
–13.4
–1.0
70.7
0.0
Segment result (EBITDA)
139.9
–2.9
181.6
28.1
0.0
346.8
Depreciation and amortisation
–75.1
–1.0
–62.0
–5.7
0.0
–143.8
Segment result (EBIT)
64.8
–3.9
119.6
22.4
0.0
203.0
Finance result
–8.6
Share of result of associates
0.0
Income taxes
–42.6
Consolidated result
151.8
Invested capital as at 30 June 2024
1,703.3
74.9
1,688.3
842.4
4,308.9
Non-interest-bearing non-current liabilities
399.0
Non-interest-bearing current liabilities
280.4
Total assets as at 30 June 2024
4,988.3
ROIC (in %) 1)
7.1
–5.9
10.8
3.8
7.8
(CHF million)
Aviation
PRM
User fees
Air security
Access fees
Eliminations
Total regulated business
First half 2024
Revenue from contracts with customers (IFRS 15)
183.7
7.2
40.6
81.0
1.0
0.0
313.4
Other revenue (non-IFRS 15)
0.1
0.0
0.0
0.0
0.0
0.0
0.1
Revenue from third parties
183.8
7.2
40.6
81.0
1.0
0.0
313.5
Inter-segment revenue
15.3
0.0
3.1
4.8
1.6
–10.5
14.3
Total revenue
199.1
7.2
43.7
85.7
2.6
–10.5
327.9
Personnel expenses
–33.8
0.0
–5.7
–1.5
–0.7
0.0
–41.8
Other operating expenses
–19.1
–6.0
–3.3
–37.8
–24.0
–0.0
–90.3
Inter-segment operating expenses
–39.5
–0.8
–11.6
–8.5
–6.1
10.5
–56.0
EBITDA
106.7
0.4
23.0
37.9
–28.2
–0.0
139.9
Depreciation and amortisation
–51.0
–0.1
–18.9
–3.4
–1.6
0.0
–75.1
EBIT
55.7
0.3
4.1
34.5
–29.8
–0.0
64.8
Invested capital as at 30 June 2024
1,165.2
3.8
449.6
63.8
20.9
1,703.3
ROIC (in %) 1)
8.6
24.4
0.5
89.7
–202.4
7.1
1) Based on the result for the 12-month period preceding the reporting date.
2 Revenue
(CHF million)
First half 2025
First half 2024
Passenger charges
119.2
113.9
Security charges
83.2
79.9
PRM charges
7.4
7.2
Passenger-related flight operations charges
209.8
200.9
Landing charges
42.4
40.4
Aircraft-related noise charges
7.0
7.4
Emission charges
2.0
1.9
Aircraft parking charges
15.2
14.2
Freight charges
4.7
4.4
Other flight operations charges
71.2
68.4
Total flight operations charges
281.0
269.3
Baggage sorting and handling system
31.6
30.2
De-icing
4.5
4.1
Check-in
2.6
2.3
Aircraft energy supply system
2.4
2.1
Other fees
2.7
2.9
Total aviation fees
43.7
41.6
Refund of security costs
1.1
1.1
Other revenue
1.4
1.5
Total other aviation revenue
2.5
2.6
Total aviation revenue
327.3
313.5
Retail, tax & duty-free
56.2
58.6
Food & beverage
12.3
12.2
Advertising media and promotion
9.3
9.8
Other commercial revenue
9.4
8.4
Revenue from car parks
45.0
44.7
Total commercial and parking revenue
132.2
133.8
Revenue from rental agreements
76.7
73.2
Energy and utility cost allocation
19.1
23.1
Cleaning
1.7
1.2
Other real estate revenue
0.9
0.6
Total real estate revenue
98.4
98.2
Communication services
7.1
7.5
Fuel charges
3.7
3.5
Catering
1.0
0.9
Other revenue from services
13.4
13.2
Total revenue from services
25.2
25.0
Revenue from international airport concessions
54.9
47.6
Revenue from consulting activities
1.4
1.6
Revenue from construction projects as part of concession arrangements
1.3
11.4
Total revenue from international business
57.6
60.6
Total non-aviation revenue
313.4
317.6
Total revenue
640.7
631.1
Presentation of revenue from contracts with customers (IFRS 15):
(CHF million)
First half 2025
First half 2024
Flight operations charges
281.0
269.3
Aviation charges
43.7
41.6
Other aviation revenue
2.4
2.5
Total aviation revenue from contracts with customers (IFRS 15)
327.2
313.4
Aviation revenue (non-IFRS 15)
0.1
0.1
Total aviation revenue
327.3
313.5
Commercial and parking revenue
45.0
45.0
Revenue from facility management
21.3
24.9
Revenue from services
24.5
24.3
Revenue from international activities
57.6
60.6
Total non-aviation revenue from contracts with customers (IFRS 15)
148.4
154.8
Non-aviation revenue (non-IFRS 15)
165.0
162.8
Total non-aviation revenue
313.4
317.6
Total revenue
640.7
631.1
3 Finance result
(CHF million)
First half 2025
First half 2024
Interest expenses on debentures
–1.6
–2.7
Interest expenses on liabilities to banks
–9.0
–6.2
Interest expenses on net defined benefit obligations
–0.1
–0.3
Interest expenses on finance lease liabilities
–0.1
–0.1
Interest expenses on liabilities from concession arrangements
–0.0
–0.1
Present value adjustment on provision for formal expropriations plus sound insulation and resident protection
–2.1
–3.1
Foreign exchange losses
0.0
–0.1
Other finance costs
–1.5
–1.8
Total finance costs
–14.4
–14.4
Interest income on fixed-term deposits and other financial assets
4.9
3.9
Interest income on financial assets of Airport Zurich Noise Fund
1.7
1.7
Foreign exchange gains
0.5
0.0
Other finance income
0.2
0.2
Total finance income
7.3
5.8
Finance result
–7.1
–8.6
Due to the repayment of the debenture in the amount of CHF 300.0 million in May 2024, interest expense on debentures dropped to CHF -1.6 million (prior-year period: CHF -2.7 million). The higher interest expense on bank liabilities of CHF -9.0 million (prior-year period: CHF -6.2 million) can be attributed in particular to the rise in bank liabilities for foreign airport concessions in connection with their construction activities.
4 Property, plant and equipment
(CHF million)
Land
Engineering structures
Buildings
Movables
Projects in progress
Total property, plant and equipment
Cost
Balance as at 1 January 2025
138.1
1,834.6
4,979.9
281.1
821.8
8,055.5
Additions
12.3
0.0
0.0
0.0
269.1
281.4
Disposals
–0.7
–3.6
–39.9
–11.5
0.0
–55.7
Transfers and reclassifications
–1.2
17.6
40.1
10.8
–69.5
–2.2
Foreign exchange differences
0.0
0.0
–0.5
–0.2
–57.2
–57.9
Balance as at 30 June 2025
148.5
1,848.6
4,979.6
280.2
964.2
8,221.1
Depreciation and impairment
Balance as at 1 January 2025
0.0
–1,167.2
–3,567.4
–212.8
0.0
–4,947.4
Depreciation
0.0
–33.8
–75.0
–9.1
0.0
–117.9
Disposals
0.0
3.6
38.9
11.5
0.0
54.0
Transfers and reclassifications
0.0
0.0
–1.0
0.2
0.0
–0.8
Foreign exchange differences
0.0
0.0
0.1
0.1
0.0
0.2
Balance as at 30 June 2025
0.0
–1,197.4
–3,604.4
–210.1
0.0
–5,011.9
Government subsidies and grants
Balance as at 1 January 2025
0.0
–5.9
–3.8
–0.2
–0.9
–10.8
Additions
0.0
0.0
0.0
0.0
–2.6
–2.6
Disposals
0.0
0.3
0.2
0.0
0.0
0.5
Balance as at 30 June 2025
0.0
–5.6
–3.6
–0.2
–3.5
–12.9
Net carrying amount as at 1 January 2025
138.1
661.5
1,408.7
68.1
820.9
3,097.3
Net carrying amount as at 30 June 2025
148.5
645.6
1,371.6
69.9
960.7
3,196.3
Projects in progress
In the first half of 2025, the Zurich Airport Group invested a total of CHF 269.1 million in projects in progress (prior-year period: CHF 217.9 million).
The biggest items at Zurich Airport are attributable to the following projects:
- Work in preparation for the development of the main airport complex (CHF 37.9 million)
- Expansion and refurbishment of the baggage sorting system (CHF 24.5 million)
- Development of the landside passenger areas (CHF 17.6 million)
Capitalised development, planning and implementation costs relating to the construction and operation of Noida International Airport in New Delhi, India, amounted to CHF 115.9 million in the reporting period (prior-year period: CHF 89.9 million).
5 Right-of-use assets
The Zurich Airport Group as lessee
(CHF million)
Land
Real estate
Total right-of-use assets
Cost
Balance as at 1 January 2025
72.0
111.6
183.6
Additions
0.0
3.3
3.3
Disposals
0.0
–42.0
–42.0
Foreign exchange differences
–8.8
0.0
–8.8
Balance as at 30 June 2025
63.2
72.9
136.1
Depreciation and impairment
Balance as at 1 January 2025
–5.8
–44.9
–50.7
Depreciation
0.0
–4.0
–4.0
Disposals
0.0
23.7
23.7
Transfer and reclassifications
–0.9
0.0
–0.9
Foreign exchange differences
0.8
0.0
0.8
Balance as at 30 June 2025
–5.9
–25.2
–31.1
Net carrying amount as at 1 January 2025
66.2
66.7
132.9
Net carrying amount as at 30 June 2025
57.3
47.7
105.0
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, is being developed and where it will operate in future. The right-of-use asset with a present value of CHF 57.3 million will expire at the end of the concession in 2061. The corresponding lease liabilities of CHF 87.4 million were recognised as non-current financial liabilities (see note 9, Financial liabilities) (commencement of payments as of 2031).
With the acquisition of the Radisson Blu building (see note 6, 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.
6 Investment property
(CHF million)
Land
Projects in progress
Real estate
Total investment property
Cost
Balance as at 1 January 2025
1.0
2.4
643.2
646.6
Additions
0.0
1.8
155.0
156.8
Transfers and reclassifications
1.2
–1.3
1.3
1.2
Balance as at 30 June 2025
2.2
2.9
799.5
804.6
Depreciation and impairment
Balance as at 1 January 2025
0.0
0.0
–105.2
–105.2
Depreciation
0.0
0.0
–15.2
–15.2
Balance as at 30 June 2025
0.0
0.0
–120.4
–120.4
Net carrying amount as at 1 January 2025
1.0
2.4
538.0
541.4
Net carrying amount as at 30 June 2025
2.2
2.9
679.1
684.2
The Circle
Based on the nature of the contractual arrangement, the co-ownership structure of the Circle is classified as a joint operation in accordance with IFRS 11. The share of the rights to the assets and the share of the obligations for the liabilities of the co-ownership structure are therefore recognised and presented in the relevant line items in the consolidated financial statements of the Zurich Airport Group (Zurich Airport Ltd.’s share: 51%).
The share of the property is classified as investment property in accordance with IAS 40. In this context, the Zurich Airport Group has decided to apply the cost model. The share of the fair value of the Circle was CHF 730.3 million at the reporting date (31 December 2024: CHF 744.6 million). The value was determined by an external expert using the discounted cash flow method (Level 3) and taking into account the highest and best use.
Acquisition of the Radisson Blu building
In May 2025, Zurich Airport Ltd. acquired the Radisson Blu building from the previous owner Al Maha Real Estate AG for CHF 155.0 million. The building constructed under a building right from 2005 was previously subject to a building rights agreement effective until 2080, and the Radisson Blu hotel was opened following completion of the building in 2008. Due to the premature reversion to Zurich Airport Ltd., the building rights agreement has now been rescinded.
The property is classified as investment property in accordance with IAS 40. In this context, the Zurich Airport Group has decided to apply the cost model. As at the reporting date, the share of the current fair value of the Radisson Blu building amounted to CHF 240.6 million. The value was determined by an external expert using the discounted cash flow method (Level 3) and taking into account the highest and best use.
7 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 2025
396.5
101.2
114.6
612.2
Additions
5.6
4.6
0.8
11.0
Transfers and reclassifications
0.0
0.0
1.0
1.0
Foreign exchange differences
–9.9
0.0
0.0
–9.9
Balance as at 30 June 2025
392.2
105.8
116.4
614.3
Amortisation and impairment
Balance as at 1 January 2025
–53.6
–72.4
–86.3
–212.4
Amortisation
–6.1
–0.5
–6.5
–13.1
Transfers and reclassifications
–0.8
0.0
0.8
0.0
Foreign exchange differences
3.1
0.0
0.0
3.1
Balance as at 30 June 2025
–57.4
–72.9
–92.0
–222.4
Net carrying amount as at 1 January 2025
342.8
28.8
28.3
399.9
Net carrying amount as at 30 June 2025
334.7
32.9
24.4
392.0
Investments in airport operator projects
The investments in airport operator projects in the amount of CHF 334.7 million (31 December 2024: 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 107.3 million; 31 December 2024: CHF 110.1 million), the expansion and operation of the Brazilian airports in Vitória and Macaé (CHF 116.6 million; 31 December 2024: CHF 117.1 million), the operation of the Brazilian airport in Natal (CHF 55.0 million; 31 December 2024: CHF 53.2 million) and the expansion and operation of the Chilean airports in Antofagasta and Iquique (CHF 55.8 million; 31 December 2024: CHF 62.4 million).
The obligations of CHF 4.4 million (31 December 2024: CHF 6.7 million) relating to the relevant concessions have been recognised as current and non-current liabilities (see note 9, Financial liabilities).
8 Cash and cash equivalents and fixed-term deposits
30.06.2025
31.12.2024
(CHF million)
Total
of which AZNF
Total
of which AZNF
Cash on hand
0.3
0.0
0.2
0.0
Cash at banks and in postal accounts
192.9
6.6
136.0
18.8
Fixed-term deposits 1)
63.8
0.0
187.0
0.8
Total cash and cash equivalents
256.9
6.6
323.2
19.6
Current fixed-term deposits 2)
0.0
0.0
0.0
0.0
Non-current fixed-term deposits 3)
8.5
0.0
5.3
0.0
Total fixed-term deposits
8.5
0.0
5.3
0.0
1) Due within 90 days from date of acquisition.
2) Due after 90 days from date of acquisition, remaining term less than 1 year as of balance sheet date.
3) Due after 90 days from date of acquisition, remaining term more than 1 year as of balance sheet date.
9 Financial liabilities
(CHF million)
30.06.2025
31.12.2024
Non-current debentures
1,064.3
914.6
Non-current liabilities to banks
436.5
383.0
Non-current lease liabilities
131.8
155.3
Non-current liabilities from concession agreements
3.9
6.1
Other non-current financial liabilities
22.2
22.3
Non-current financial liabilities
1,658.7
1,481.4
Current liabilities to banks
18.2
18.1
Current lease liabilities
5.2
8.8
Current liabilities from concession agreements
0.5
0.6
Other current financial liabilities
0.4
0.8
Current financial liabilities
24.4
28.3
Total financial liabilities
1,683.1
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 liabilities to banks to CHF 436.5 million (31 December 2024: CHF 383.0 million) is attributable to additional liabilities held by the foreign airport operators as a result of their expansion activities.
The decline in lease liabilities is attributable to the acquisition of the Radisson Blu building (see note 6, Investment property) and the associated discontinued right-of-use asset held by Zurich Airport Ltd. for premises in the relevant building (see note 5, Right-of-use assets).
The maturities and terms of the debentures outstanding at the reporting date were as follows:
30.06.2025
30.06.2025
Debentures
Nominal value
Carrying amount
Duration
Interest rate
Interest payment date
(CHF million)
(CHF million)
Debenture (2027)
200.0
199.8
2020 – 2027
0.1000%
30.12.
Debenture (2029)
350.0
350.2
2017 – 2029
0.6250%
24.05.
Debenture (2035)
365.0
364.6
2020 – 2035
0.2000%
26.02.
Debenture (2040)
150.0
149.6
2025 – 2040
1.1775%
25.06.
Total debentures
1,065.0
1,064.3
As at the reporting date, the Zurich Airport Group had the following credit facilities at its disposal:
(CHF million)
Duration
30.06.2025
31.12.2024
Operating credit facilities (committed credit lines)
31.12.2026
300.0
300.0
Total credit facilities
300.0
300.0
Utilisation: bank guarantees
–9.4
–10.7
Total unused credit facilities
290.6
289.3
10 Provision for formal expropriations plus sound insulation and resident protection
(CHF million)
2025
2024
Provision for formal expropriations as at 1 January
216.0
204.4
Provision used 1)
–0.5
–1.7
Increase/release of provision
4.6
5.7
Present value adjustment
1.7
2.3
Provision for formal expropriations as at 30 June
221.8
210.7
Provision for sound insulation and resident protection as at 1 January
68.3
81.6
Provision used 1)
–4.0
–2.3
Increase/release of provision
0.8
1.1
Present value adjustment
0.4
0.8
Provision for sound insulation and resident protection as at 30 June
65.5
81.2
Total provision for formal expropriations plus sound insulation and resident protection as at 30 June
287.3
291.9
of which current
28.8
21.5
of which non-current
258.5
270.4
1) The amount paid for formal expropriations only includes effective payments of compensation, and excludes other associated external costs in accordance with the regulations of the Airport Zurich Noise Fund.
Provision for formal expropriations
As at 30 June 2025, the estimated costs for formal expropriations remained unchanged at CHF 330.0 million, of which CHF 90.7 million had already been paid out at that date. A provision has been recognised for the outstanding costs at their present value (CHF 221.8 million) as at the reporting date. The discount rate used to calculate the present value of the nominal payment flows was 1.30% (31 December 2024: 1.60%). In view of the still pending court proceedings, it is assumed that payments can be completed by the end of 2040.
Provision for sound insulation and resident protection
As at 30 June 2025, the estimated costs for sound insulation and resident protection measures remained unchanged at CHF 400.0 million, of which CHF 333.3 million had already been paid out at that date. A provision has been recognised for the outstanding costs at their present value (CHF 65.5 million) as at the reporting date. The discount rate used to calculate the present value of the nominal payment flows was 0.70% (31 December 2024: 1.10%). It is expected that the payments can be completed by the end of 2030.
11 Airport Zurich Noise Fund
(CHF million)
2025
2024
Airport Zurich Noise Fund as at 1 January
328.5
348.5
Costs for sound insulation and resident protection
–4.0
–2.3
Costs for formal expropriations 1)
–0.5
–1.8
Airport Zurich Noise Fund as at 30 June before operating costs and finance result
324.1
344.4
Operating costs
–1.8
–1.7
Finance result
0.9
0.8
Airport Zurich Noise Fund as at 30 June
323.2
343.5
1) In addition to compensation payments for formal expropriations, this amount includes other associated external costs (in accordance with the regulations of the Airport Zurich Noise Fund).
Summary of assets invested in the Airport Zurich Noise Fund:
(CHF million)
30.06.2025
31.12.2024
Cash equivalents (see note 8, "Cash and cash equivalents")
6.6
19.6
Current financial assets of Airport Zurich Noise Fund
23.8
39.5
Non-current financial assets of Airport Zurich Noise Fund
295.7
280.7
Accrual/deferral towards Zurich Airport Ltd. 1)
–2.9
–11.4
Total assets invested for Airport Zurich Noise Fund
323.2
328.5
1) For accounting reasons, an asset or liability towards Zurich Airport Ltd. arises as at the reporting date. This is compensated for in the following month, so the balance of liquid funds is restored.
12 Deferred tax assets and liabilities
In accordance with IAS 12.47, deferred tax assets and liabilities are calculated at the rate that is expected to apply when the asset is realised or the liability settled. The balance of deferred tax assets and liabilities changed as follows:
(CHF million)
2025
2024
Deferred tax assets and liabilities, net as at 1 January
–64.6
–55.0
Change in tax rate, recognised in income statement
0.4
0.0
Deferred taxes on remeasurement of net defined benefit obligations (recognised in other comprehensive income)
–5.7
–9.4
Change according to income statement
–2.0
–3.6
Foreign exchange differences
–0.2
0.0
Deferred tax assets and liabilities, net as at 30 June
–72.1
–68.0
of which deferred tax assets
3.4
4.5
of which deferred tax liabilities
–75.5
–72.5
13 Employee benefit obligations
Employee benefit obligations broke down as follows at the reporting date:
(CHF million)
30.06.2025
31.12.2024
Net defined benefit obligations
–2.9
–31.7
Other long-term employee benefits
–10.5
–10.0
Employee benefit obligations
–13.4
–41.7
Net defined benefit obligations changed as follows in the first half of 2025:
(CHF million)
2025
2024
Net defined benefit obligations as at 1 January
–31.7
–54.9
Total charge recognised in the income statement
–12.0
–9.7
Total remeasurements recognised in other comprehensive income
30.4
49.9
Acquisitions
–0.8
0.0
Employer contributions
11.2
10.2
Net defined benefit obligations as at 30 June
–2.9
–4.4
The changes in measurement of CHF 30.4 million recognised in other comprehensive income are particularly due to actuarial gains as a result of changes in financial assumptions (especially the increase in the discount rate from 1.00% to 1.30%).
14 Fair value disclosures
Fair value of financial instruments
(CHF million)
30.06.2025
31.12.2024
Carrying amount
Fair value
Carrying amount
Fair value
Bonds of Airport Zurich Noise Fund (Level 1)
319.5
328.1
320.3
328.3
Total financial assets
319.5
328.1
320.3
328.3
Debentures (Level 1)
–1,064.3
–1,037.6
–914.6
–891.9
Total financial liabilities
–1,064.3
–1,037.6
–914.6
–891.9
15 Other disclosures
15.1 Contingent liabilities
A number of legal proceedings and claims against the Zurich Airport Group in the context of its normal business activities are still pending. The company does not expect the amounts required to settle these lawsuits and claims to have a significantly negative impact on the consolidated financial statements and cash flow of the Zurich Airport Group.
Depending on future legal judgements, including with respect to the southern approaches at Zurich Airport, noise-related liabilities may in future be subject to substantial adjustments, which would also require adjustments to the balance sheet at the appropriate time. It is not yet possible to make a definitive estimate at the present time.
Zurich Airport Ltd. and Swiss Life AG are jointly and severally liable to third parties for the liabilities of the co-ownership structure the Circle and the ordinary partnership the Circle.
15.2 Events after the reporting date
The Board of Directors approved the 2025 interim consolidated financial statements and authorised them for issue on 21 August 2025.
