Notes to the interim consolidated financial statements

1 Statement of compliance

The unaudited interim consolidated financial statements for the six months ended 30 June 2026 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 2025 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.

2 New and amended 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 2026 beginning on 1 January:

  • Amendments to IFRS 9 and IFRS 7: Classification and valuation of financial instruments

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 2025.

As at 1 January 2027, the new standard “IFRS 18: Presentation and Disclosure in Financial Statements” replaces the previous standard “IAS 1: Presentation of Financial Statements”. The Zurich Airport Group has made substantial progress in its assessment of the impact of IFRS 18. The analysis has shown that, from this date onward, certain revenue and expense items in the consolidated financial statements will be reclassified without this resulting in any changes to the reported consolidated result. In addition, the presentation of the consolidated cash flow statement will change as certain cash flows will be reclassified as operating, investing and financing activities. These changes will have no impact on the net change in cash and cash equivalents.

3 Seasonality

Based on past experience, traffic volumes (passenger volumes and number of flight movements), especially at the Zurich site, are usually higher in the second half of the year than in the first half.

4 Segment reporting

(CHF million)

Regulated business

Noise

Non-regulated business

International

Eliminations

Consolidated

First half 2026

Revenue from contracts with customers (IFRS 15)

345.1

0.0

93.3

66.6

0.0

505.1

Other revenue (non-IFRS 15)

0.1

0.0

168.4

0.0

0.0

168.5

Revenue from third parties

345.2

0.0

261.7

66.6

0.0

673.6

Inter-segment revenue

16.2

0.0

59.0

0.0

–75.2

0.0

Total revenue

361.4

0.0

320.7

66.6

–75.2

673.6

Personnel expenses

–55.2

–0.9

–74.7

–6.8

0.0

–137.6

Other operating expenses

–89.8

–0.6

–50.1

–21.3

0.0

–161.8

Inter-segment operating expenses

–58.7

–0.3

–15.6

–0.6

75.2

0.0

Segment result (EBITDA)

157.8

–1.8

180.3

37.9

0.0

374.2

Depreciation and amortisation

–80.2

–1.3

–65.6

–8.4

0.0

–155.6

Segment result (EBIT)

77.6

–3.1

114.7

29.5

0.0

218.6

Finance result

–12.5

Share of result of associates

0.0

Income taxes

–42.4

Consolidated result

163.7

Invested capital as at 30 June 2026

1,777.5

63.2

1,858.2

1,160.5

4,859.4

Non-interest-bearing non-current liabilities

362.6

Non-interest-bearing current liabilities

373.5

Total assets as at 30 June 2026

5,595.5

ROIC (in %) 1

8.6

–9.0

10.1

3.7

7.9

(CHF million)

Aviation

PRM

User fees

Air security

Access fees

Eliminations

Total regulated business

First half 2026

Revenue from contracts with customers (IFRS 15)

201.6

7.8

45.7

89.0

1.0

0.0

345.1

Other revenue (non-IFRS 15)

0.1

0.0

0.0

0.0

0.0

0.0

0.1

Revenue from third parties

201.7

7.8

45.7

89.0

1.0

0.0

345.2

Inter-segment revenue

20.0

0.0

3.4

5.4

1.5

–14.2

16.2

Total revenue

221.8

7.9

49.1

94.4

2.5

–14.2

361.4

Personnel expenses

–40.5

–5.9

–6.3

–1.7

–0.7

0.0

–55.2

Other operating expenses

–22.8

–0.1

–3.2

–38.0

–25.7

0.0

–89.8

Inter-segment operating expenses

–41.1

–1.9

–12.7

–10.8

–6.4

14.2

–58.7

EBITDA

117.4

–0.1

26.8

43.9

–30.3

0.0

157.8

Depreciation and amortisation

–53.4

–0.2

–21.6

–3.7

–1.1

0.0

–80.2

EBIT

63.9

–0.3

5.2

40.2

–31.4

0.0

77.6

Invested capital as at 30 June 2026

1,207.4

5.0

471.2

74.7

19.3

1,777.5

ROIC (in %) 1

10.3

–2.6

1.6

102.7

–259.5

8.6

1Based 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 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

1Based on the result for the 12-month period preceding the reporting date.

5 Revenue

(CHF million)

First half 2026

First half 2025

Passenger charges

125.5

119.2

Security charges

87.8

83.2

PRM charges

7.8

7.4

Passenger-related flight operations charges

221.0

209.8

Landing charges

43.9

42.4

Aircraft-related noise charges

7.0

7.0

Emission charges

2.0

2.0

Aircraft parking charges

17.4

15.2

Freight charges

4.4

4.7

Other flight operations charges

74.7

71.2

Total flight operations charges

295.7

281.0

Baggage sorting and handling system

32.8

31.6

De-icing

5.4

4.5

Check-in

2.7

2.6

Aircraft energy supply system

2.7

2.4

Other fees

3.1

2.7

Total aviation fees

46.7

43.7

Refund of security costs

1.2

1.1

Other revenue

1.6

1.4

Total other aviation revenue

2.8

2.5

Total aviation revenue

345.2

327.3

Retail, tax & duty-free

55.8

56.2

Food & beverage

13.7

12.3

Advertising media and promotion

9.4

9.3

Other commercial revenue

9.6

9.4

Revenue from car parks

45.8

45.0

Total commercial and parking revenue

134.4

132.2

Revenue from rental and leasing agreements

78.2

76.7

Energy and utility cost allocation

19.8

19.1

Cleaning

1.8

1.7

Other real estate revenue

0.7

0.9

Total real estate revenue

100.5

98.4

Communication services

6.6

7.1

Fuel charges

3.8

3.7

Catering

1.1

1.0

Other revenue from services

15.4

13.4

Total revenue from services

26.9

25.2

Revenue from international airport concessions

61.3

54.9

Revenue from consulting activities

1.2

1.4

Revenue from construction projects as part of concession arrangements

4.1

1.3

Total revenue from international business

66.6

57.6

Total non-aviation revenue

328.4

313.4

Total revenue

673.6

640.7

Presentation of revenue from contracts with customers (IFRS 15):

(CHF million)

First half 2026

First half 2025

Flight operations charges

295.7

281.0

Aviation charges

46.7

43.7

Other aviation revenue

2.7

2.4

Total aviation revenue from contracts with customers (IFRS 15)

345.1

327.2

Aviation revenue (non-IFRS 15)

0.1

0.1

Total aviation revenue

345.2

327.3

Commercial and parking revenue

45.8

45.0

Revenue from facility management

21.4

21.3

Revenue from services

26.2

24.5

Revenue from international activities

66.6

57.6

Total non-aviation revenue from contracts with customers (IFRS 15)

160.0

148.4

Non-aviation revenue (non-IFRS 15)

168.4

165.0

Total non-aviation revenue

328.4

313.4

Total revenue

673.6

640.7

6 Finance result

(CHF million)

First half 2026

First half 2025

Interest expenses on debentures

–2.4

–1.6

Interest expenses on liabilities to banks

–13.2

–9.0

Interest expenses on net defined benefit assets/obligations

0.0

–0.1

Interest expenses on finance lease liabilities

–0.6

–0.1

Interest expenses on liabilities from concession arrangements

–0.1

0.0

Present value adjustment on provision for formal expropriations plus sound insulation and resident protection

–1.2

–2.1

Other finance costs

–2.7

–1.5

Total finance costs

–20.2

–14.4

Interest income on fixed-term deposits and other financial assets

4.5

4.9

Interest income on financial assets of Airport Zurich Noise Fund

1.7

1.7

Interest income on net defined benefit assets/obligations

0.3

0.0

Foreign exchange gains

0.0

0.5

Other finance income

1.3

0.2

Total finance income

7.7

7.3

Finance result

–12.5

–7.1

The increased interest expense on liabilities to banks of CHF –13.2 million (prior-year period: CHF –9.0 million) is attributable in particular to the higher liabilities to banks held by the foreign airport operators due to their construction activities (see note 12, Financial liabilities).

7 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 2026

148.6

1,881.4

5,024.8

285.6

1,110.9

8,451.3

Additions

0.0

0.0

0.0

0.0

300.9

300.9

Disposals

0.0

–1.6

–5.7

–9.2

0.0

–16.5

Transfers and reclassifications

0.0

190.6

375.7

33.4

–605.2

–5.5

Foreign currency translation differences

0.0

1.9

3.7

0.2

–21.1

–15.3

Balance as at 30 June 2026

148.6

2,072.3

5,398.5

310.0

785.5

8,714.9

Depreciation and impairment

Balance as at 1 January 2026

0.0

–1,229.7

–3,655.2

–212.2

0.0

–5,097.1

Depreciation

0.0

–34.7

–78.1

–9.8

0.0

–122.6

Disposals

0.0

1.6

5.1

9.2

0.0

15.9

Transfers and reclassifications

0.0

0.0

0.0

0.0

0.0

0.0

Foreign currency translation differences

0.0

0.0

0.0

0.0

0.0

0.0

Balance as at 30 June 2026

0.0

–1,262.8

–3,728.2

–212.8

0.0

–5,203.8

Investment subsidies and grants

Balance as at 1 January 2026

0.0

–5.4

–5.8

–0.3

–2.1

–13.6

Additions

0.0

0.0

0.0

0.0

–0.2

–0.2

Reversals

0.0

0.3

0.3

0.1

0.0

0.7

Transfers

0.0

0.0

0.0

–0.2

0.2

0.0

Balance as at 30 June 2026

0.0

–5.1

–5.5

–0.4

–2.1

–13.1

Net carrying amount as at 1 January 2026

148.6

646.3

1,363.8

73.1

1,108.8

3,340.6

Net carrying amount as at 30 June 2026

148.6

804.4

1,664.8

96.8

783.4

3,498.0

Projects in progress

In the first half of 2026, the Zurich Airport Group invested a total of CHF 300.9 million in projects in progress (prior-year period: CHF 269.1 million).

The biggest items at Zurich Airport are attributable to the following projects:

  • Development of the main airport complex (CHF 72.2 million)
  • Development of the landside passenger zones (CHF 22.1 million)
  • Expansion and refurbishment of the baggage sorting system (CHF 12.8 million)

Capitalised development, planning and implementation costs relating to the construction and operation of Noida International Airport in New Delhi, India, amounted to CHF 88.3 million in the reporting period (prior-year period: CHF 115.9 million).

Commissioning of Noida International Airport

In connection with the start of operations of Noida International Airport, a total of CHF 554.9 million was reclassified from “Projects in progress” to the corresponding asset categories at the time the infrastructure was commissioned (see “Transfers and reclassifications”). The amount is broken down as follows:

  • Engineering structures: CHF 181.7 million
  • Buildings: CHF 352.1 million
  • Movables: CHF 19.2 million
  • Intangible assets: CHF 1.9 million

Depreciation is calculated on a straight-line basis from the time of commissioning over the estimated useful life in accordance with the relevant asset category.

8 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 2026

60.0

74.1

0.5

134.6

Additions

0.0

36.3

23.2

59.5

Disposals

0.0

0.0

0.0

0.0

Transfer and reclassifications

0.0

0.0

0.0

0.0

Foreign currency translation differences

–1.8

0.4

0.2

–1.2

Balance as at 30 June 2026

58.2

110.8

23.9

192.9

Depreciation and impairment

Balance as at 1 January 2026

–6.4

–28.1

0.0

–34.5

Depreciation

–0.1

–2.9

–0.2

–3.2

Disposals

0.0

0.0

0.0

0.0

Transfer and reclassifications

–0.6

0.0

0.0

–0.6

Foreign currency translation differences

0.2

–0.1

0.0

0.1

Balance as at 30 June 2026

–6.9

–31.1

–0.2

–38.2

Net carrying amount as at 1 January 2026

53.6

46.0

0.5

100.1

Net carrying amount as at 30 June 2026

51.3

79.7

23.7

154.7

Additions to right-of-use assets are primarily linked to the start of operations at Noida International Airport in New Delhi, India. Yamuna International Airport Private Limited, the operator and a wholly-owned subsidiary of the Zurich Airport Group, has entered into new lease agreements in this context. These agreements entitle it to a right of use to the electrical infrastructure at the airport on the one hand and various rights of use to movables on the other. The right-of-use assets were recognised as assets or lease liabilities of the same amount (see Note 12, Financial liabilities) at the present value of the future lease payments (interest rates: 9.5% to 10.5%). They will expire at the end of the corresponding contracts (terms: 7 to 25 years).

9 Investment property

(CHF million)

Land

Real estate

Projects in progress

Total investment property

Cost

Balance as at 1 January 2026

2.1

815.5

0.4

818.0

Additions

0.0

0.0

0.6

0.6

Transfers and reclassifications

0.0

0.7

–0.7

0.0

Balance as at 30 June 2026

2.1

816.2

0.3

818.6

Depreciation and impairment

Balance as at 1 January 2026

0.0

–149.7

0.0

–149.7

Depreciation

0.0

–18.0

0.0

–18.0

Balance as at 30 June 2026

0.0

–167.7

0.0

–167.7

Net carrying amount as at 1 January 2026

2.1

665.8

0.4

668.3

Net carrying amount as at 30 June 2026

2.1

648.5

0.3

650.9

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 (incl. land) was CHF 724.2 million at the reporting date (31 December 2025: CHF 722.2 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.

Radisson Blu building

In May 2025, Zurich Airport Ltd. acquired the Radisson Blu building at Zurich Airport from the previous owner Al Maha Real Estate AG. Until that point in time, the building, constructed under a building right from 2005, was subject to a building rights agreement effective until 2080. The Radisson Blu hotel was opened following completion of the building in 2008. The building rights agreement was rescinded due to its premature reversion to Zurich Airport Ltd.

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 current fair value of the Radisson Blu building (incl. land) at the reporting date was CHF 254.6 million (31 December 2025: CHF 243.6 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.

10 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 2026

402.4

106.1

112.8

621.2

Additions

6.0

1.3

0.0

7.3

Disposals

0.0

0.0

–7.3

–7.3

Transfers and reclassifications

0.0

0.0

5.5

5.5

Foreign currency translation differences

23.0

0.0

0.0

23.0

Balance as at 30 June 2026

431.4

107.4

111.0

649.7

Amortisation and impairment

Balance as at 1 January 2026

–70.7

–73.6

–90.0

–234.4

Amortisation

–6.2

–0.6

–5.7

–12.5

Disposals

0.0

0.0

7.2

7.2

Transfers and reclassifications

0.0

0.0

0.0

0.0

Foreign currency translation differences

–1.8

0.0

0.0

–1.8

Balance as at 30 June 2026

–78.7

–74.2

–88.5

–241.5

Net carrying amount as at 1 January 2026

331.6

32.5

22.8

386.9

Net carrying amount as at 30 June 2026

352.6

33.2

22.5

408.3

Investments in airport operator projects

The investments in airport operator projects of CHF 352.6 million (31 December 2025: CHF 331.6 million) consist of concession rights which, due to the application of IFRIC 12, comprise minimum concession payments recognised as assets and investments made. Of this amount, CHF 113.9 million (31 December 2025: CHF 107.7 million) relate to the expansion and operation of the Brazilian airport in Florianópolis, CHF 128.0 million (31 December 2025: CHF 116.3 million) to the expansion and operation of the Brazilian airports in Vitória and Macaé, CHF 60.0 million (31 December 2025: CHF 56.0 million) to the operation of the Brazilian airport in Natal and CHF 50.7 million (31 December 2025: CHF 51.6 million) to the expansion and operation of the Chilean airport in Iquique. The concession for the airport in Antofagasta, Chile, expired in February 2026.

The obligations of CHF 4.3 million (31 December 2025: CHF 4.9 million) relating to the relevant concessions have been recognised as current and non-current liabilities (see note 12, Financial liabilities).

11 Cash and cash equivalents and fixed-term deposits

30.06.2026

31.12.2025

(CHF million)

Total

of which AZNF

Total

of which AZNF

Cash on hand

0.2

0.0

0.2

0.0

Cash at banks and in postal accounts

150.0

4.9

133.6

4.2

Fixed-term deposits 1

47.6

0.0

25.7

0.0

Total cash and cash equivalents

197.8

4.9

159.6

4.2

Current fixed-term deposits 2

0.0

0.0

220.0

0.0

Non-current fixed-term deposits 3

9.8

0.0

8.5

0.0

Total fixed-term deposits

9.8

0.0

228.5

0.0

1Due within 90 days from date of acquisition

2Due after 90 days from date of acquisition, remaining term less than 1 year as of balance sheet date

3Due after 90 days from date of acquisition, remaining term more than 1 year as of balance sheet date

12 Financial liabilities

(CHF million)

30.06.2026

31.12.2025

Non-current debentures

1,064.4

1,064.4

Non-current liabilities to banks

518.4

474.2

Non-current lease liabilities

178.7

129.3

Non-current liabilities from concession agreements

4.0

4.3

Other non-current financial liabilities

22.6

22.3

Non-current financial liabilities

1,788.1

1,694.4

Current liabilities to banks

20.4

19.1

Current lease liabilities

10.9

5.8

Current liabilities from concession agreements

0.3

0.6

Other current financial liabilities

0.2

0.1

Current financial liabilities

31.8

25.6

Total financial liabilities

1,819.9

1,720.0

The rise in non-current liabilities to banks to CHF 518.4 million (31 December 2025: CHF 474.2 million) is attributable in particular to the higher liabilities to banks held by the foreign airport operators due to their construction activities.

The increase in lease liabilities is attributable to new leases concluded in connection with the start of operations of Noida International Airport in New Delhi, India (see Note 8, Right-of-use assets).

The maturities and terms of the debentures outstanding at the reporting date were as follows:

30.06.2026

30.06.2026

Debentures

Nominal value

Carrying amount

Duration

Interest rate

Interest payment date

(CHF million)

(CHF million)

Debenture (2027)

200.0

199.9

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

149.7

2025 – 2040

1.1775%

25.06.

Total debentures

1,065.0

1,064.4

As at the reporting date, Zurich Airport Group had the following credit facilities at its disposal:

(CHF million)

Duration

30.06.2026

31.12.2025

Operating credit facilities (committed credit lines)

31.12.2026

300.0

300.0

Total credit facilities

300.0

300.0

Utilisation: bank guarantees

–37.7

–8.9

Total unused credit facilities

262.3

291.1

13 Provision for formal expropriations plus sound insulation and resident protection

(CHF million)

2026

2025

Provision for formal expropriations as at 1 January

223.5

216.0

Payments for formal expropriations 1

–0.3

–0.5

Increase/release of provision

1.3

4.6

Present value adjustment

1.1

1.7

Provision for formal expropriations as at 30 June

225.6

221.8

Provision for sound insulation and resident protection as at 1 January

56.3

68.3

Payments for sound insulation and resident protection measures

–3.7

–4.0

Increase/release of provision

0.1

0.8

Present value adjustment

0.1

0.4

Provision for sound insulation and resident protection as at 30 June

52.8

65.5

Total provision for formal expropriations plus sound insulation and resident protection as at 30 June

278.4

287.3

of which current

36.3

28.8

of which non-current

242.1

258.5

1The amount paid for formal expropriations takes into account only the actual payments for compensation, but not the additional associated external costs in accordance with the regulations of the Airport Zurich Noise Fund.

Provision for formal expropriations

As at 30 June 2026, the estimated costs for formal expropriations remained unchanged at CHF 330.0 million, of which CHF 91.0 million had already been paid out at that date. A provision has been recognised for the outstanding costs at their present value (CHF 225.6 million) as at the reporting date. The discount rate used to calculate the present value of the nominal payment flows was 0.9% (31 December 2025: 1.0%). 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 2026, the estimated costs for sound insulation and resident protection measures remained unchanged at CHF 400.0 million, of which CHF 346.5 million had already been paid out at that date. A provision has been recognised for the outstanding costs at their present value (CHF 52.8 million) as at the reporting date. The discount rate used to calculate the present value of the nominal payment flows was 0.5% (31 December 2025: 0.6%). It is expected that the payments can be completed by the end of 2030.

14 Airport Zurich Noise Fund

(CHF million)

2026

2025

Airport Zurich Noise Fund as at 1 January

314.0

328.5

Payments for formal expropriations 1

–0.3

–0.5

Payments for sound insulation and resident protection measures

–3.7

–4.0

Airport Zurich Noise Fund as at 30 June before operating costs and finance result

310.0

324.1

Operating costs

–1.8

–1.8

Finance result

1.0

0.9

Airport Zurich Noise Fund as at 30 June

309.1

323.2

1In 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).

15 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)

2026

2025

Deferred tax assets and liabilities, net as at 1 January

–81.0

–64.6

Change in tax rate, recognised in income statement

0.0

0.4

Deferred taxes on remeasurement of net defined benefit obligations (recognised in other comprehensive income)

4.5

–5.7

Change according to income statement

–2.3

–2.0

Foreign currency translation differences

–0.2

–0.2

Deferred tax assets and liabilities, net as at 30 June

–79.0

–72.1

of which deferred tax assets

2.1

3.4

of which deferred tax liabilities

–81.1

–75.5

16 Employee benefits

Employee benefit assets and obligations broke down as follows at the reporting date:

(CHF million)

30.06.2026

31.12.2025

Net defined benefit assets

6.6

30.4

Employee benefit assets

6.6

30.4

Net defined benefit obligations

0.0

0.0

Other long-term employee benefits

–10.4

–10.1

Employee benefit obligations

–10.4

–10.1

Net defined benefit assets/obligations changed as follows in the first half of 2026:

(CHF million)

2026

2025

Net defined benefit assets/obligations as at 1 January

30.4

–31.7

Total charge recognised in the income statement

–11.1

–12.0

Total remeasurements recognised in other comprehensive income

–24.3

30.4

Acquisitions

0.0

–0.8

Employer contributions

11.6

11.2

Net defined benefit assets/obligations as at 30 June

6.6

–2.9

The amounts recognised in other comprehensive income break down as follows:

(CHF million)

First half 2026

First half 2025

Gain/(loss) due to changes in financial assumptions

8.9

28.3

Return on plan assets excluding amounts included in net interest

19.3

2.1

Change in unrecognised asset due to the asset ceiling

–52.5

0.0

Total remeasurements recognised in other comprehensive income (before tax)

–24.3

30.4

Deferred tax on remeasurements recognised in other comprehensive income

4.5

–5.7

Total remeasurements recognised in other comprehensive income (after tax)

–19.8

24.8

17 Fair value disclosures

Fair value of financial instruments

(CHF million)

30.06.2026

31.12.2025

Carrying amount

Fair value

Carrying amount

Fair value

Bonds of Airport Zurich Noise Fund (Level 1)

316.8

323.7

316.8

323.5

Total financial assets

316.8

323.7

316.8

323.5

Debentures (Level 1)

–1,064.4

–1,050.7

–1,064.4

–1,039.6

Total financial liabilities

–1,064.4

–1,050.7

–1,064.4

–1,039.6

18 Other disclosures
18.1 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, amongst others 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. 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.

18.2 Events after the reporting date

Agreement on the divestment of the minority stake in Belo Horizonte International Airport

Zurich Airport International AG, a wholly-owned subsidiary of Zurich Airport Ltd., reached an agreement on 21 August 2026 to sell its 25% minority interest in Sociedade de Participação no Aeroporto de Confins S. A. to Aeropuerto de Cancún, S. A. de C. V., a subsidiary of Grupo Aeroportuario del Sureste, S. A. B. de C. V. Sociedade de Participação no Aeroporto de Confins S. A. holds a 51% stake in Concessionária do Aeroporto Internacional de Confins S. A., the operator of Belo Horizonte Confins international airport.

The transaction’s completion is subject to customary closing conditions, including the required regulatory approvals, and is expected in the coming months.

The carrying amount of the interest was CHF 0 on 30 June 2026. Upon completion, the transaction is expected to generate a one-off gain at Group level, which also includes the reclassification through profit or loss of cumulative foreign currency translation differences previously recognised in other comprehensive income.

Approval by the Board of Directors

The Board of Directors approved the 2026 interim consolidated financial statements and authorised them for issue on 27 August 2026.