Disclosures Required by Swiss Company Law - gategroup Holding AG Annual Report 2025

2Disclosures Required by Swiss Company Law

2.1Accounting Policies

Valuation Principles

Financial assets, including investments and non-current loans to subsidiaries, are recognized at cost less appropriate write-downs. Investments are in general subject to individual valuation.

Treasury Shares

Own shares (treasury shares) are recognized at cost. Any gains or losses upon disposal are recognized through profit and loss. Own shares directly held by the Company are deducted from equity.

2.2Significant Investments

Company name	Domicile	Currency	Share capital (local currency)	Ownership in % Dec 31, 2025	Ownership in % Dec 31, 2024
Direct investments
gategroup Finance (Luxembourg) S.A., Luxembourg	Luxembourg	EUR	31,000	100.00%	100.00%
gategroup Financial Services S.à.r.l., Luxembourg	Luxembourg	EUR	42,783,100	100.00%	100.00%
gategroup Guarantee Ltd, London	UK	CHF	992,622	100.00%	100.00%
gategroup Investments Singapore Pte Ltd, Singapore	Singapore	USD	144,778,348	100.00%	100.00%

Substantial indirect investments
Gate Gourmet Argentina S.r.L., Buenos Aires	Argentina	ARS	5,750,000	100.00%	100.00%
Gate Gourmet (Holdings) Pty Ltd, Mascot, NSW	Australia	AUD	59,299,111	100.00%	100.00%
Gate Gourmet Services Pty Ltd, Mascot, NSW	Australia	AUD	44,330,100	100.00%	100.00%
deSter BVBA, Hoogstraten	Belgium	EUR	22,600,000	100.00%	100.00%
Gate Gourmet Belgium NV, Zaventem	Belgium	EUR	62,400	100.00%	100.00%
Gate Gourmet Ltda, São Paulo	Brazil	BRL	107,331,839	100.00%	100.00%
Servair Burkina Faso SA, Ouagadougou	Burkina Faso	XOF	10,000,000	65.33%	60.97%
Cambodia Air Catering Services Ltd, Phnom Penh	Cambodia	USD	500,000	75.00%	75.00%
Gate Gourmet Canada Inc., Toronto	Canada	CAD	17,500,000	100.00%	100.00%
Pourshins Canada Inc., Toronto	Canada	CAD	300,000	100.00%	100.00%
Gate Gourmet Catering Chile Ltda, Santiago	Chile	CLP	1,968,062,000	100.00%	100.00%
Gate Gourmet Hong Kong Ltd, Hong Kong	China	HKD	281,657,350	100.00%	100.00%
gategroup Trading Hong Kong Ltd, Hong Kong	China	USD	162	100.00%	100.00%
Gate Gourmet Colombia S.A.S, Bogotá	Colombia	COP	831,229,920	75.00%	75.00%
Fondeg SA (Catering Congo), Kinshasa	D.R. Congo	CDF	93,000,000	24.86%	23.20%
Gate Gourmet Denmark ApS, Tårnby	Denmark	DKK	401,200	100.00%	100.00%
Gate Gourmet del Ecuador Cia Ltda, Quito	Ecuador	USD	2,278,400	60.00%	60.00%
Evertaste Oy, Vantaa	Finland	EUR	603,450	100.00%	100.00%
ACNA SA, Le Mesnil-Amelot	France	EUR	37,500	75.00%	70.00%
Alphair SAS, Tremblay-en-France	France	EUR	5,000	74.99%	69.99%
Eat & Fly Services SAS, Tremblay-en-France	France	EUR	20,000	75.00%	70.00%
Gate Gourmet Helvetia SAS, Paris	France	EUR	10,000	100.00%	100.00%
Martinique Catering S.à.r.l., Le Lamentin	France	EUR	50,000	73.50%	68.60%
Orly Air Traiteur SA, Wissous	France	EUR	8,934,190	75.00%	70.00%
Panima SAS, Mamoudzou	France	EUR	500,000	75.00%	70.00%
Paris Air Catering (PAC) SA, Tremblay-en-France	France	EUR	100,005	75.00%	70.00%
Reunion Catering S.à.r.l., Sainte Marie	France	EUR	197,570	75.00%	70.00%
Servair Investissements Aeroportuaires (SIA) SA, Tremblay-en-France	France	EUR	25,000,000	75.00%	70.00%
Servair SA, Tremblay-en-France	France	EUR	52,386,208	75.00%	70.00%
Sheltair CDG, Tremblay-en-France	France	EUR	1	38.25%	35.70%
Société de Restauration Industrielle (SORI) SA, Les Abymes	France	EUR	50,000	37.53%	35.03%
Société Guyanaise de Restauration Industrielle (SOGRI) SA, Matoury	France	EUR	225,000	72.74%	67.90%
Svrls@La Réunion SAS, Sainte Marie	France	EUR	150,000	37.65%	35.14%
Servair Gabon SA, Libreville	Gabon	XAF	250,000,000	41.25%	38.50%
deSter GmbH, Neu-Isenburg	Germany	EUR	1,023,000	100.00%	100.00%
Evertaste GmbH, Alzey	Germany	EUR	26,000	100.00%	100.00%
Gate Gourmet GmbH Deutschland, Neu-Isenburg	Germany	EUR	7,670,000	100.00%	100.00%
Gate Gourmet GmbH Holding Deutschland, Neu-Isenburg	Germany	EUR	51,129	64.00%	64.00%
Gate Gourmet Lounge GmbH, Neu-Isenburg	Germany	EUR	25,000	100.00%	100.00%
Gate Gourmet Objekt und Verwaltungs GmbH, Neu-Isenburg	Germany	EUR	25,000	100.00%	100.00%
Ringeltaube Airport Markt GmbH, Neu-Isenburg	Germany	EUR	512,000	100.00%	100.00%
Servair Ghana Ltd, Accra	Ghana	GHS	2,109,089	42.75%	39.90%
Gate Gourmet Ireland Ltd, Dublin	Ireland	EUR	4,500,000	100.00%	100.00%
Gate Gourmet Italia S.r.L., Milan	Italy	EUR	4,795,937	67.35%	61.00%
Servair Abidjan SA, Abidjan	Ivory Coast	XOF	1,364,000,000	60.00%	56.00%
Gate Gourmet Japan YK, Chiba-ken	Japan	JPY	80,000,000	100.00%	100.00%
NAS Airport Services Ltd, Nairobi	Kenya	KES	16,000,000	44.25%	41.30%
SIA Kenya Holding Ltd, Nairobi	Kenya	KES	1,215,000,000	44.25%	41.30%
Gate Gourmet Luxembourg IV S.à.r.l., Luxembourg	Luxembourg	EUR	2,707,500	100.00%	100.00%
gategroup Finance International S.à.r.l.	Luxembourg	EUR	12,000	1.00	-
Supply Chain S.à.r.l., Contern	Luxembourg	EUR	12,500	100.00%	100.00%
Macau Catering Services Co Ltd, Taipa	Macau	MOP	16,000,000	13.01%	12.14%
Gate Gourmet & MAASA Mexico S.A.P.I. de C.V., Mexico City	Mexico	MXN	23,054,158	51.00%	51.00%
Gate Retail Onboard Mexico S.A.P.I. de C.V., Mexico City	Mexico	MXN	6,100,000	75.95%	75.95%
deSter Holding B.V., Amsterdam	Netherlands	EUR	3,359,990	100.00%	100.00%
Gate Gourmet Amsterdam B.V., Schiphol	Netherlands	EUR	2,291,590	100.00%	100.00%
Gate Gourmet Holding Netherlands B.V., Schiphol	Netherlands	EUR	9,792,135	100.00%	100.00%
Gate Gourmet New Zealand Ltd, Auckland	New Zealand	NZD	4,000,100	100.00%	100.00%
Gate Gourmet Norway AS, Oslo	Norway	NOK	9,083,640	100.00%	100.00%
Gate Catering and Retail Solution S.r.l., Lima	Peru	PEN	3,000	100.00%	100.00%
Gate Gourmet Peru S.r.L., Lima	Peru	PEN	20,373,617	100.00%	100.00%
Dakar Catering SA, Dakar	Senegal	XOF	750,000,000	48.84%	45.58%
Skychef Ltd, Mahé	Seychelles	SCR	313,000	41.25%	38.50%
Gate Gourmet Singapore Pte Ltd, Singapore	Singapore	SGD	72,502,977	100.00%	100.00%
Gate Gourmet Korea Co. Ltd, Incheon	South Korea	KRW	133,330,000,000	60.00%	60.00%
deSter Sustainable Solutions S.L., Barcelona	Spain	EUR	5,000	100.00%	100.00%
Gate Gourmet Spain S.L., Madrid	Spain	EUR	3,005,061	100.00%	100.00%
Gate Gourmet Sweden AB, Stockholm	Sweden	SEK	100,000	100.00%	100.00%
Inflight Service Europe AB, Stockholm	Sweden	SEK	1,000,000	100.00%	100.00%
Inflight Service Global AB, Stockholm	Sweden	SEK	100,000	100.00%	100.00%
First Catering AG, Bassersdorf	Switzerland	CHF	100,000	70.00%	70.00%
Gate Gourmet Switzerland Holding GmbH, Glattbrugg	Switzerland	CHF	20,000	100.00%	100.00%
Gate Gourmet Switzerland GmbH, Kloten	Switzerland	CHF	2,000,000	100.00%	100.00%
Kulinary Holding AG, Zurich	Switzerland	CHF	100,000	60.00%	60.00%
deSter Co. Ltd, Prachinburi	Thailand	THB	135,000,000	100.00%	100.00%
Lome Catering SA, Lomé	Togo	XOF	100,000,000	19.70%	18.39%
deSter General Trading FZE, Dubai	UAE	AED	1,000,000	100.00%	100.00%
Evertaste Ltd, Middlesex	UK	GBP	49,000	85.00%	85.00%
Fernley (Heathrow) Ltd, Middlesex	UK	GBP	85,100	100.00%	100.00%
Gate Gourmet Holdings UK Ltd, Middlesex	UK	GBP	96,230,003	100.00%	100.00%
Gate Gourmet London Ltd, Middlesex	UK	GBP	20,000,002	100.00%	100.00%
Pourshins Ltd, Middlesex	UK	GBP	854,350	100.00%	100.00%
deSter Corporation, Atlanta, GA	USA	USD	2,000	100.00%	100.00%
deSter North America Inc., Wilmington, DE	USA	USD	10	100.00%	100.00%
Gate Gourmet Inc., Wilmington, DE	USA	USD	1,000	100.00%	100.00%
Gate Serve llc, Wilmington, DE	USA	USD	1	100.00%	100.00%
gategroup U.S. Finance Inc., Wilmington, DE	USA	USD	1,000	100.00%	100.00%
gategroup U.S. Holding Inc., Wilmington, DE	USA	USD	1	100.00%	100.00%
gateretail North America Inc., Reston, VA	USA	USD	1	100.00%	100.00%
North America Food Services Inc., Reston, VA	USA	USD	10	100.00%	100.00%
Pourshins Inc., Reston, VA	USA	USD	1,000	100.00%	100.00%

2.3Treasury Shares

Treasury shares held by gategroup Holding AG:

2025				Number of shares
Balance at January 1, 2025				2,028,197
Balance at December 31, 2025				2,028,197
Number of treasury shares held by gategroup Holding AG				2,028,197

2024
Balance at January 1, 2024				2,028,197
Balance at December 31, 2024				2,028,197
Number of treasury shares held by gategroup Holding AG				2,028,197

2.4Guarantees and Financing

In relation to the existing financing:

The Group has issued a CHF 350.0m fixed rate senior bond (“Bonds”) which matures on February 28, 2027. The Bonds, with a coupon of 3.0% p.a., were issued by gategroup Finance (Luxembourg) S.A. and are guaranteed by its parent company, gategroup Holding AG. The Bonds are listed on the SIX Swiss Exchange.
The EUR 250.0m Term Loan together with capitalized Profit In Kind (“PIK”) interest was fully repaid on June 17, 2025, as part of the Group’s refinancing transaction. The refinancing introduced new EUR and USD Term Loan B facilities maturing in June 2032.
The Revolving Credit Facility (“RCF”), being a facility of EUR 415.0m together with capitalized PIK interest, was refinanced and replaced in June 2025 by a new multicurrency Senior RCF of CHF 300.0m maturing in December 2031.
The borrowings under the Bonds, the Term Loan facilities rank pari passu with the Group’s other senior secured indebtedness. The Term Loan and RCF are guaranteed by the Company and certain other Group companies.
In 2021, a subordinated convertible facility of CHF 475.0m was made available to the Company by the shareholders. On June 10, 2025, the facility agreement was amended and restated. Under the amended terms, the facility may be converted into equity under certain circumstances as defined in the agreement, including in connection with a qualified listing or other conversion events. PIK interest accrues on the amounts drawn at a rate of 12.5% per annum. At December 31, 2025, a total of CHF 444.9m (2024: CHF 444.9m) had been drawn and the remaining amount of the facility has expired. The maturity of the facility occurs 30 days after the earlier of (i) the last termination date of the Senior Facilities or (ii) the date on which the senior liabilities are discharged in full. The facility is guaranteed by each borrower and guarantor under the Senior Facilities Agreement (“SFA”) but is fully subordinated to the claims of both the lenders under the SFA and holders of the Bonds.

Further, guarantees issued in favor of third parties amount to CHF 327.2m (2024: CHF 332.0m) thereof none (2024: none) are for associates.

2.5Employees

In 2025 and 2024, the Company employed on average less than 10 employees.

2.6Post Balance Sheet Events

As at April 8, 2026, the date of approval of these financial statements by the Board, the Company has no significant subsequent events that warrant disclosure or recognition.