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