1General Information

1.1Corporate Overview

gategroup Holding AG (the “Company”) and its subsidiaries (together the “Group”) are the world’s largest provider of airline catering services in terms of revenue. The Group also provides retail on board services as well as other services and products linked principally to airline hospitality and logistics. The Group operates a global network spanning approximately 70 countries and territories on six continents. The Company has its registered office in Opfikon, at Sägereistrasse 20, 8152 Glattbrugg, Switzerland.

As at December 31, 2025, 98.6% of the shares outstanding in the Company were held by Saffron Asset Holding Ltd, Hong Kong, Zeppelin Asset Holding Ltd, Hong Kong, and Esta Investments Pte Ltd, Singapore. The shareholdings are overall split equally between RRJ Capital Master Fund III, Cayman Islands, and Temasek Holdings (Private) Ltd, Singapore. The remaining shares are held by the Company.

1.2Basis of Preparation

These Consolidated Financial Statements were authorized for issue by the Board of Directors of the Company (the “Board”) on April 8, 2026, and are subject to approval at the annual meeting of shareholders to be held on April 9, 2026.

The Group’s Consolidated Financial Statements are prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IASB”) and the requirements of the Swiss Code of Obligations. The Consolidated Financial Statements are expressed in Euros (''EUR'') (presentation currency) and prepared on a historical cost basis, except for certain financial assets and liabilities which are measured at fair value.

In 2025, the Group elected to present three years of consolidated financial information, comprising the current year and two comparative periods, to enhance comparability following the change in presentation currency. The Group has chosen to apply IAS 33 Earnings per Share (Note 1.4).

The principal accounting policies adopted in the preparation of these Consolidated Financial Statements are set out in the specific notes to the financial statements. These policies have been consistently applied for all years presented, unless otherwise stated.

Management has assessed the Group’s ability to continue as a going concern and, despite the negative equity position and current loss situation, concluded that it has sufficient resources to continue its operations for at least twelve months from the date of authorization of these Consolidated Financial Statements. This conclusion is supported by the successful completion of a comprehensive refinancing, which provides the Group with adequate liquidity and financial flexibility to continue its operations and meet its obligations as they fall due over this period.

1.3Critical Accounting Estimates and Judgments

The preparation of Consolidated Financial Statements in conformity with IFRS Accounting Standards requires the use of certain critical accounting estimates. It also requires management to exercise  judgment in the process of applying the Group’s accounting policies.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under foreseeable circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related final outcome. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements, are described in the following notes:

1.4Changes in Accounting Policies

The following new standards and amendments apply for the first time in 2025, but they have not had a material impact on the Consolidated Financial Statements of the Group:

Change in Presentation Currency

In 2025, the Group changed its presentation currency from Swiss Francs ("CHF") to EUR to better reflect the currency composition of its revenues, EBITDA, and financing structure and to enhance the relevance and comparability of reported results. In accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, this change has been applied retrospectively from the earliest practicable date.

Following the assessment of data availability, system constraints and documentation for historical consolidation adjustments, management determined January 1, 2015, as the earliest practicable date in accordance with IAS 8, due to the lack of sufficiently reliable data for earlier periods. At that date, the Group translated the underlying net assets into EUR, and all periods from 2015 onward have been restated into EUR using the translation principles described in Note 8.1.1. Foreign currency translation effects prior to January 1,  2015, have not been determined and have therefore been disregarded.

The following table illustrates the effect of the change in the Group’s presentation currency from CHF to EUR on selected financial statement line items for the comparative periods presented:

The comparative Consolidated Balance Sheet information for December 31, 2023, is identical to January 1, 2024, and is therefore not presented separately.

Change in Cash Flow Classification

In 2025, the Group changed the presentation of interest paid and interest received in the Consolidated Cash Flow Statement. Interest paid is now presented within financing activities and interest received within investing activities, rather than within operating activities. Management believes that this presentation better reflects the economic nature of these cash flows and aligns the Group’s cash flow classification more closely with the principles introduced by consequential amendments to IAS 7 Statement of  Cash Flows following the issuance of IFRS 18 Presentation and Disclosure in Financial Statements, which will become effective on January 1, 2027, and thus provides reliable and more relevant information. The change affects presentation only. Comparative information has been reclassified accordingly.

The table below shows the impact of the reclassification of interest paid and interest received on the Consolidated Cash Flow Statement:

1.5Accounting Standards Issued but not yet Effective

A number of new accounting standards are effective for annual reporting periods beginning after January 1, 2026, and earlier application is permitted. However, the Group has not early adopted the following new or amended accounting standards in preparing these Consolidated Financial Statements:

IFRS 18 Presentation and Disclosure in Financial Statements

IFRS 18, which replaces IAS 1 Presentation of Financial Statements, is effective for annual reporting periods beginning on or after January 1, 2027. The standard introduces new presentation requirements, including the classification of income and expenses into five categories, the presentation of a defined operating profit subtotal, enhanced aggregation and disaggregation guidance, and a dedicated note for management-defined performance measures (“MPMs”). It also requires entities using the indirect method to begin the Consolidated Cash Flow Statement with operating profit.

In 2025, the Group continued to assess the implications of IFRS 18, focusing on potential impacts on the structure of the Consolidated Income Statement, the Consolidated Cash Flow Statement and the disclosures related to MPMs. The Group is also reviewing how the new aggregation and disaggregation requirements may affect certain existing line items.

Other Accounting Standards

The Group is assessing other new and revised accounting standards that will not be mandatory until after 2025. These standards are not expected to have a significant impact on the Group’s Consolidated Financial Statements: