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.
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.
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:
Description | Further Information |
Impairment of intangible assets | Note 3.6 |
Leases | Note 3.7 |
Financial instruments at fair value through profit and loss | Note 3.8 |
Provisions | Note 3.10 |
Defined benefit obligations | Note 5.3 |
Taxes | Notes 6.1 / 6.2 |
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:
Standard | Effective date |
Lack of Exchangeability - Amendments to IAS 21 | January 1, 2025 |
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:
2024 in EUR m and CHF m | Under a EUR presentation currency (restated EUR) | Under a CHF presentation currency (CHF) |
Equity | ||
Share capital | 154.8 | 180.6 |
Treasury shares | (1.9) | (4.1) |
Retained earnings and other reserves | (1,243.7) | (1,301.1) |
Currency translation | (94.6) | 9.8 |
Equity attributable to shareholders of the Company | (1,185.4) | (1,114.8) |
Equity attributable to non-controlling interests | 109.5 | 103.6 |
Total equity | (1,075.9) | (1,011.2) |
Consolidated Income Statement | ||
Total revenue | 5,472.7 | 5,209.5 |
EBITDA | 410.3 | 390.9 |
Loss for the year | (24.8) | (23.0) |
2023 in EUR m and CHF m | ||
Equity | ||
Share capital | 154.8 | 180.6 |
Treasury shares | (1.9) | (4.1) |
Retained earnings and other reserves | (1,187.5) | (1,248.7) |
Currency translation | (117.8) | 1.0 |
Equity attributable to shareholders of the Company | (1,152.4) | (1,071.2) |
Equity attributable to non-controlling interests | 91.3 | 85.6 |
Total equity | (1,061.1) | (985.6) |
Consolidated Income Statement | ||
Total revenue | 4,838.1 | 4,698.6 |
EBITDA | 234.3 | 226.2 |
Loss for the year | (150.1) | (148.5) |
The comparative Consolidated Balance Sheet information for December 31, 2023, is identical to January 1, 2024, and is therefore not presented separately.
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:
2025 in EUR m | Before Accounting Policy Change | Reclassification | After Accounting Policy Change |
Cash flow from operating activities | 123.1 | 268.4 | 391.5 |
Cash flow from investing activities | (95.4) | 7.2 | (88.2) |
Cash flow from financing activities | 147.1 | (275.6) | (128.5) |
Change in cash and cash equivalents | 174.8 | - | 174.8 |
2024 in EUR m | |||
Cash flow from operating activities | 252.6 | 55.6 | 308.2 |
Cash flow from investing activities | (59.6) | 6.4 | (53.2) |
Cash flow from financing activities | (115.2) | (62.0) | (177.2) |
Change in cash and cash equivalents | 77.8 | - | 77.8 |
2023 in EUR m | |||
Cash flow from operating activities | 195.9 | 52.6 | 248.5 |
Cash flow from investing activities | (50.6) | 3.9 | (46.7) |
Cash flow from financing activities | (43.5) | (56.5) | (100.0) |
Change in cash and cash equivalents | 101.8 | - | 101.8 |
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, 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.
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:
New accounting standards or amendments | Effective date |
Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7 | January 1, 2026 |
Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7 | January 1, 2026 |
Annual Improvements to IFRS Accounting Standards - Volume 11 | January 1, 2026 |
IFRS 19 Subsidiaries without Public Accountability: Disclosures | January 1, 2027 |
Sale of Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28 | To be determined |
The Group’s segment structure remained unchanged in 2025, following the reorganization implemented in 2024 to align reporting with the Group’s strategic priorities. The structure continues to comprise the reportable segments Europe, Southern Europe & Africa (“SEA”), North America (“NA”), Latin America (“LATAM”), Asia Pacific & Middle East (“APME”) and gatesolutions. The gatesolutions segment provides tailored catering solutions and packaged meal offerings for the food service and retail industries and includes deSter, which was integrated into this segment as part of the 2024 revision. The Group also includes several global functions reported under “Centre”, comprising supply chain services and procurement, the Corporate Executive Committee, and global group functions such as informatics, communications, human resources, finance, legal and environmental services.
January - December, 2025 in EUR m | Europe | SEA | NA | LATAM | APME | gate solutions | Centre | Elimina- tions | Total |
External revenue | 1,874.3 | 928.0 | 1,414.2 | 319.0 | 478.6 | 506.7 | 86.7 | - | 5,607.5 |
Intersegment revenue | 10.8 | 3.4 | 8.6 | - | - | 77.1 | 160.1 | (260.0) | - |
Total revenue | 1,885.1 | 931.4 | 1,422.8 | 319.0 | 478.6 | 583.8 | 246.8 | (260.0) | 5,607.5 |
Materials and service expenses | (736.5) | (274.0) | (386.0) | (101.1) | (140.1) | (355.0) | (226.9) | 259.7 | (1,959.9) |
Personnel expenses(I) | (764.7) | (424.2) | (726.0) | (123.2) | (176.6) | (140.6) | (56.0) | 0.4 | (2,410.9) |
Other income and expenses | (318.6) | (145.3) | (188.5) | (51.8) | (56.8) | (56.3) | 47.7 | (0.1) | (769.7) |
EBITDA(II) | 65.3 | 87.9 | 122.3 | 42.9 | 105.1 | 31.9 | 11.6 | - | 467.0 |
Total segment assets | 907.1 | 723.0 | 521.1 | 189.5 | 415.9 | 486.2 | 261.2 | - | 3,504.0 |
Total segment liabilities | (624.9) | (415.1) | (346.0) | (240.0) | (113.7) | (291.1) | (2,664.9) | - | (4,695.7) |
Additions to non-current assets(III) | 48.9 | 39.3 | 60.3 | 5.9 | 3.7 | 23.0 | 1.1 | - | 182.2 |
January - December, 2024 in EUR m | |||||||||
External revenue | 1,771.5 | 880.7 | 1,445.6 | 308.8 | 466.2 | 511.1 | 88.8 | - | 5,472.7 |
Intersegment revenue | 11.3 | 3.8 | 19.7 | - | - | 79.3 | 194.7 | (308.8) | - |
Total revenue | 1,782.8 | 884.5 | 1,465.3 | 308.8 | 466.2 | 590.4 | 283.5 | (308.8) | 5,472.7 |
Materials and service expenses | (712.5) | (270.1) | (422.8) | (95.8) | (141.0) | (369.5) | (262.8) | 305.8 | (1,968.7) |
Personnel expenses(I) | (736.1) | (417.7) | (747.5) | (124.0) | (169.0) | (128.4) | (64.1) | 0.8 | (2,386.0) |
Other income and expenses | (299.7) | (133.6) | (175.8) | (58.8) | (42.7) | (54.7) | 55.4 | 2.2 | (707.7) |
EBITDA(II) | 34.5 | 63.1 | 119.2 | 30.2 | 113.5 | 37.8 | 12.0 | - | 410.3 |
Total segment assets | 877.6 | 742.6 | 519.0 | 161.0 | 424.8 | 480.1 | 203.0 | - | 3,408.1 |
Total segment liabilities | (554.2) | (443.2) | (338.5) | (216.5) | (151.9) | (265.9) | (2,513.8) | - | (4,484.0) |
Additions to non-current assets(III) | 53.0 | 37.0 | 47.5 | 3.1 | 6.5 | 22.9 | 1.6 | - | 171.6 |
January - December, 2023 in EUR m | |||||||||
External revenue | 1,528.5 | 844.8 | 1,305.4 | 240.6 | 345.2 | 483.9 | 89.7 | - | 4,838.1 |
Intersegment revenue | 8.1 | 3.0 | 6.4 | - | - | 69.9 | 197.0 | (284.4) | - |
Total revenue | 1,536.6 | 847.8 | 1,311.8 | 240.6 | 345.2 | 553.8 | 286.7 | (284.4) | 4,838.1 |
Materials and service expenses | (625.4) | (273.3) | (384.2) | (83.5) | (108.8) | (346.2) | (268.6) | 284.4 | (1,805.6) |
Personnel expenses(I) | (627.9) | (389.6) | (680.0) | (89.8) | (137.2) | (127.8) | (53.4) | 0.1 | (2,105.6) |
Other income and expenses | (286.9) | (131.3) | (166.6) | (44.4) | (48.0) | (57.5) | 42.2 | (0.1) | (692.6) |
EBITDA(II) | (3.6) | 53.6 | 81.0 | 22.9 | 51.2 | 22.3 | 6.9 | - | 234.3 |
Total segment assets | 883.2 | 742.4 | 476.2 | 157.1 | 348.6 | 392.6 | 172.1 | - | 3,172.2 |
Total segment liabilities | (517.6) | (423.9) | (311.7) | (210.6) | (185.6) | (210.6) | (2,373.3) | - | (4,233.3) |
Additions to non-current assets(III) | 23.9 | 28.8 | 26.6 | 8.2 | 2.2 | 9.3 | 1.5 | - | 100.5 |
(I)Excludes long-term incentive plans and restructuring costs (Note 5.1)
(II)EBITDA is defined as earnings before finance result, tax, depreciation, amortization, and management fees. EBITDA excludes long-term incentive plans, restructuring costs, transaction-related costs, operating taxes (non-income taxes), and other gains and losses, net. The Executive Management Board (“EMB”) assesses the performance of operating segments based on EBITDA. The reconciliation to operating profit as reported in the Consolidated Income Statement is presented below.
(III)Relates to property, plant and equipment, and intangible assets (Notes 3.4, 3.6, 3.7)
Reconciliation of EBITDA to operating profit | |||
in EUR m | 2025 | 2024 | 2023 |
EBITDA | 467.0 | 410.3 | 234.3 |
Long-term incentive plans (Notes 5.1, 5.2) | (48.5) | (16.6) | (12.0) |
Restructuring costs, net of releases (Notes 2.4, 5.1) | (57.7) | (9.5) | 0.5 |
Transaction-related costs | (2.3) | (0.6) | (1.2) |
Operating taxes (non-income taxes) | (7.1) | (13.8) | (4.6) |
Depreciation (Notes 3.4, 3.7) | (172.4) | (164.4) | (151.9) |
Amortization (Note 3.6) | (19.0) | (19.7) | (25.3) |
Impairment charges, net of reversals (Note 3.4) | - | (0.2) | (0.2) |
Other gains and (losses), net (Note 2.5) | 1.3 | (2.1) | (0.5) |
Management fees, net | 0.6 | 0.8 | 0.4 |
Operating profit | 161.9 | 184.2 | 39.5 |
Revenue by country | |||
in EUR m | 2025 | 2024 | 2023 |
United States | 1,361.8 | 1,433.8 | 1,307.9 |
Germany | 886.4 | 828.7 | 748.2 |
France | 722.7 | 678.0 | 665.7 |
Switzerland(I) | 405.1 | 389.9 | 366.4 |
Other countries | 2,231.5 | 2,142.3 | 1,749.9 |
Total(II) | 5,607.5 | 5,472.7 | 4,838.1 |
(I)Country of domicile of the Company
(II)Relates to revenue from external customers
Revenue is allocated according to the location of the Group company that receives the revenue. No other country represented more than 10% of revenue from external customers in 2025, 2024 or 2023.
Non-current assets by country | |||
in EUR m | 2025 | 2024 | 2023 |
France | 371.3 | 375.8 | 363.8 |
Germany | 291.8 | 296.4 | 303.9 |
United States | 265.0 | 298.1 | 267.8 |
Switzerland(I) | 243.7 | 246.7 | 237.3 |
Other countries | 693.6 | 664.7 | 644.1 |
Total non-current assets(II) | 1,865.4 | 1,881.7 | 1,816.9 |
(I)Country of domicile of the Company
(II)Relates to property, plant and equipment, and intangible assets (Notes 3.4, 3.6, 3.7)
Non-current assets are allocated according to the location of the Group company that holds the assets. No other country represented more than 10% of non-current assets as of December 31, 2025, 2024 or 2023.
Two major customers accounted for 12% and 11% of 2025's total revenues respectively (2024: 14% and 10% respectively; 2023: 14% and 10% respectively). Their revenues are attributable across all reportable segments.
in EUR m | 2025 | 2024 | 2023 |
Catering and other | 4,588.4 | 4,427.4 | 3,908.1 |
Retail on board | 304.2 | 316.3 | 288.4 |
Equipment and Food services | 714.9 | 729.0 | 641.6 |
Total | 5,607.5 | 5,472.7 | 4,838.1 |
Catering revenue includes on board catering and related logistic services. Other revenue includes mainly income from non-catering services, such as laundry, aircraft cleaning, lounge and security services, and asset management. Retail on board revenue comprises the sale of food and non-food products directly to passengers. Equipment revenue includes revenue from the sale of food contact items (such as cutlery, cups, glasses and plates), and comfort items (such as headsets, blankets and amenity kits). Food services include revenue not related to the aviation business.
Payment terms are individually agreed with the Group’s customers and are tailored to the specific factors relating to each customer contract.
in EUR m | 2025 | 2024 | 2023 |
Deferred revenue (Note 3.11) | (1.7) | (2.4) | (1.8) |
Total contract liabilities | (1.7) | (2.4) | (1.8) |
Contract liabilities are recognized and settled continuously in the normal course of business.
From time to time the Group enters into service contracts, whereby an up-front contract payment is made to a customer. These are made as an integral part of a long-term agreement with such customers. These up-front payments are recognized in other prepayments and other non-current receivables (Note 3.2). They are released over the life of the related contract as a reduction of revenue. Movements on the up-front contract payments are as follows:
in EUR m | 2025 | 2024 | 2023 |
Balance at January 1 | 46.8 | 50.4 | 59.6 |
Additions | 2.8 | 5.7 | 0.7 |
Write-offs / reclassifications / reversals | (6.9) | (0.6) | (0.8) |
Release of deferred contract payments for the year | (5.7) | (7.0) | (7.5) |
Exchange differences | (3.4) | (1.7) | (1.6) |
Balance at December 31 | 33.6 | 46.8 | 50.4 |
Revenue is recognized at an amount that reflects the consideration to which the Group expects to be entitled in exchange for transferring goods or services to a customer. Revenue is reduced by estimated volume rebates and other similar allowances. These elements are generally determined by applying the expected value method. The Group recognizes revenue when it transfers control over a product or service to a customer. Contract assets primarily relate to the Group’s right to consideration for which the group does not yet have a right to consideration that is unconditional. Contract liabilities consist mainly of deferred revenue, which is recognized when the consideration from the customer has been received but the performance obligations have not yet been satisfied. Revenue for all categories is recognized at a point in time.
Earnings per Share (“EPS”) have been calculated on the basis of the net result attributable to shareholders of the Company, and the weighted average number of outstanding shares (issued shares less treasury shares):
2025 | 2024 | 2023 | |
Basic and diluted earnings per share | |||
Loss after taxes (EUR m) attributable to shareholders of the Company | (136.1) | (58.8) | (179.7) |
Weighted average number of outstanding shares | 142,417,710 | 142,417,710 | 142,417,710 |
Basic and diluted earnings per share (EUR) | (0.96) | (0.41) | (1.26) |
For the years presented, the Group reported a loss attributable to shareholders; accordingly, all potential ordinary shares were anti-dilutive and are excluded from diluted EPS, resulting in diluted EPS being equal to basic EPS.
Two categories of instruments were identified that could give rise to ordinary shares in the future:
In March 2021, the Company entered into a CHF 475.0m convertible term facility with Zeppelin Asset Holding Ltd and Esta Investments Pte Ltd, both related parties of the Group. The facility bears interest at 12.5% per annum and may be converted into ordinary shares of the Company under certain circumstances, including upon the occurrence of a qualified listing or other events defined in the agreement. The number of conversion shares is determined by dividing the amount of the outstanding loan (including any accrued interest attributable thereto) by the conversion price which falls within the range of a fair market price per share as set forth in a fairness opinion from an independent financial adviser or corresponds to the transaction price in case of Initial Public Offering ("IPO"), change of control or disposal.
On June 10, 2025, the facility agreement was amended and restated. Under the amended terms, the maturity of the facility occurs 30 days after the earlier of (i) the last termination date of the Group’s senior facilities or (ii) the date on which the senior liabilities have been discharged in full. For the purpose of this agreement, the Group’s senior facilities comprise the Term Loan B and the revolving credit facility entered into as part of the refinancing completed in June 2025, as further described in Note 4.4.
For the year ended December 31, 2025, 2024 and 2023, these potential shares were anti-dilutive and therefore excluded from the calculation of diluted EPS.
Under the management incentive plan, certain members of the management hold Phantom Units that may be settled in listed shares of the Company upon the occurrence of an IPO event. As at the reporting date, the IPO event had not occurred, and the shares were contingently issuable. Accordingly, they were not included in diluted earnings per share for 2025, 2024 and 2023, as they were anti-dilutive.
in EUR m | 2025 | 2024 | 2023 |
Other operating income | 41.0 | 91.0 | 50.1 |
Total other operating income | 41.0 | 91.0 | 50.1 |
in EUR m | 2025 | 2024 | 2023 |
Utility and other property costs | (257.6) | (246.7) | (232.9) |
Operating fees and deductions | (86.1) | (93.0) | (93.9) |
Lease related expenses (Note 3.7) | (19.0) | (19.9) | (16.5) |
Maintenance costs | (140.5) | (129.8) | (115.6) |
Audit, consulting and legal fees | (56.7) | (54.8) | (51.6) |
IT and communication costs | (88.1) | (89.9) | (83.4) |
Administrative and operative costs | (68.4) | (69.5) | (57.9) |
Transport and travel costs | (24.6) | (22.4) | (19.7) |
Restructuring costs, net | (1.9) | (0.8) | (2.8) |
Change in allowance for expected credit losses trade and other receivables | 5.4 | 3.5 | (16.7) |
Insurance costs | (25.2) | (18.8) | (19.2) |
Outsourced service costs | (12.4) | (14.6) | (13.0) |
Other operating taxes | (14.1) | (19.5) | (9.6) |
Change in onerous contract provision (Note 3.10) | 1.2 | 1.8 | 2.0 |
Other operating costs | (33.4) | (38.7) | (20.1) |
Total other operating expenses | (821.4) | (813.1) | (750.9) |
Other operating income mainly comprises rental income from properties and other operating income from the release of provisions.
in EUR m | 2025 | 2024 | 2023 |
Gain on sale of assets | 2.4 | 0.3 | 6.0 |
Loss on sale of assets | (1.8) | (0.6) | (1.8) |
Gain on disposal and liquidation of subsidiaries | 2.3 | 0.4 | - |
Loss on disposal and liquidation of subsidiaries | (0.5) | (1.5) | (2.0) |
Loss on impairment of associates (Note 7.2) | (1.1) | (0.7) | (2.7) |
Total | 1.3 | (2.1) | (0.5) |
In 2025, EUR 2.2m of the gain on disposal and liquidation of subsidiaries relate to the sale of SIA Restauration Rapide Côte d’Ivoire SAS (Note 7.1). In 2024, EUR 0.4m of the gain on disposal and liquidation of subsidiaries related to the sale of SIA QSR Ghana Ltd and EUR 1.1m of the loss on disposal and liquidiation of subsidiaries related to the sale of SIA QSR Kenya Ltd (Note 7.1). In 2023, EUR 5.5m of the gain on sale of assets related to the sale and leaseback of property located in Belgium (Note 4.4) and EUR 1.7m of the loss on disposal and liquidation of subsidiaries related to the sale of Gate Gourmet Catering Bolivia S.A. (Note 7.1).
in EUR m | 2025 | 2024 | 2023 |
Trade receivables | 479.8 | 538.6 | 557.7 |
Trade receivables due from related parties | 7.9 | 8.7 | 7.7 |
487.7 | 547.3 | 565.4 | |
Allowance for expected credit losses (Note 4.6) | (58.8) | (80.0) | (152.0) |
Balance at December 31 | 428.9 | 467.3 | 413.4 |
The allowances mainly relate to customers experiencing difficult financial circumstances, with the majority of these amounts being overdue for more than two months, together with expected future credit losses. A portion of these receivables is expected to be recovered. The maximum expected credit risk to which the Group is exposed as at December 31, 2025, 2024 and 2023, is represented by the carrying amounts in the balance sheet. Information about the Group’s exposure to credit and market risks, and impairment losses for trade receivables is included in Note 4.6.
Trade receivables are recognized initially at the transaction price determined in accordance with IFRS 15 Revenue from Contracts with Customers and subsequently measured at amortized cost, less provision for impairment. The impairment provision is calculated applying the simplified approach of the Expected Credit Loss (“ECL”) model considering only the lifetime ECL. The provision includes an element based on historic credit loss experience, reflecting the average bad debt write-offs over the last three years and a forward-looking element, incorporating country specific credit default rates reflecting public information and expectation of changing conditions.
in EUR m | 2025 | 2024 | 2023 |
Current | |||
Other receivables | 37.3 | 35.8 | 34.7 |
Other receivables due from related parties | 1.9 | 0.5 | 0.7 |
Prepaid taxes other than income tax | 63.0 | 72.2 | 67.6 |
Other prepayments | 41.0 | 44.8 | 36.7 |
Accrued income | 92.4 | 99.9 | 101.0 |
Balance at December 31 | 235.6 | 253.2 | 240.7 |
Non-current | |||
Other receivables | 62.2 | 75.5 | 76.4 |
Long-term loans to related parties | 4.5 | 4.5 | 4.9 |
Balance at December 31 | 66.7 | 80.0 | 81.3 |
Total other receivables and prepayments | 302.3 | 333.2 | 322.0 |
Financial assets at amortized cost are non-derivative financial assets held to collect contractual cash flows, where those cash flows are solely payments of principal and interest on the principal amount outstanding. They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities of more than twelve months which are classified as non-current assets. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Amortized cost is the amount at which the financial asset is measured at initial recognition minus principal repayments, plus or minus the cumulative amortization using the effective interest rate method for any difference between the initial amount and the maturity amount, minus any reduction for impairment or collectability.
in EUR m | 2025 | 2024 | 2023 |
Raw materials | 129.6 | 131.6 | 127.9 |
Catering supplies | 54.5 | 58.2 | 55.0 |
Work in progress | 6.4 | 5.0 | 4.4 |
Finished goods | 34.1 | 34.0 | 28.9 |
Allowance for obsolescence | (10.3) | (8.8) | (10.7) |
Balance at December 31 | 214.3 | 220.0 | 205.5 |
Inventories are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. Cost is determined using the standard cost method, the weighted average cost method, or the first-in first-out method. The cost of inventory comprises the purchase cost of raw materials and traded goods, as well as transport and other direct costs. Allowances are made for obsolete and slow-moving inventories. Unsaleable items are fully written off.
Property, plant and equipment comprise owned and leased assets that do not meet the definition of investment property.
in EUR m | 2025 | 2024 | 2023 |
Owned assets | 428.3 | 439.1 | 446.4 |
Right-of-use assets (Note 3.7) | 444.4 | 418.2 | 333.1 |
Total property, plant and equipment | 872.7 | 857.3 | 779.5 |
Owned Assets | ||||||
2025 in EUR m | Land and buildings | Fixtures and fittings | Prepayments and assets not yet in use | Catering and other equipment | Vehicles | Total |
Net book value | ||||||
Balance at January 1, 2025 | 158.9 | 71.0 | 25.6 | 104.5 | 79.1 | 439.1 |
Additions(I) | 4.7 | 14.2 | 38.9 | 25.2 | 5.5 | 88.5 |
Reclassifications | 1.6 | 15.2 | (34.4) | 15.7 | 1.9 | - |
Disposal of subsidiaries (Note 7.1) | - | (0.8) | - | (0.2) | - | (1.0) |
Disposals | (2.7) | (0.5) | (0.4) | (1.1) | (0.5) | (5.2) |
Depreciation charge for the year | (12.0) | (17.5) | - | (28.9) | (18.6) | (77.0) |
Exchange differences | (4.1) | (4.3) | (1.6) | (3.4) | (2.7) | (16.1) |
Balance at December 31, 2025 | 146.4 | 77.3 | 28.1 | 111.8 | 64.7 | 428.3 |
Net book value | ||||||
Cost | 264.5 | 293.5 | 28.1 | 407.5 | 317.6 | 1,311.2 |
Accumulated depreciation and impairment | (118.1) | (216.2) | - | (295.7) | (252.9) | (882.9) |
Balance at December 31, 2025 | 146.4 | 77.3 | 28.1 | 111.8 | 64.7 | 428.3 |
2024 in EUR m | ||||||
Net book value | ||||||
Balance at January 1, 2024 | 165.4 | 68.1 | 34.0 | 92.2 | 86.7 | 446.4 |
Additions(I) | 3.0 | 10.5 | 21.8 | 27.0 | 7.0 | 69.3 |
Reclassifications | 4.7 | 9.3 | (30.0) | 10.8 | 5.2 | - |
Acquisition of subsidiaries (Note 7.1) | - | - | - | 1.0 | - | 1.0 |
Disposal of subsidiaries (Note 7.1) | - | (0.1) | - | (0.4) | - | (0.5) |
Disposals | (0.2) | (0.1) | (0.3) | (0.4) | (0.3) | (1.3) |
Depreciation charge for the year | (11.8) | (17.9) | - | (27.6) | (20.3) | (77.6) |
Impairment | (0.2) | - | - | - | - | (0.2) |
Exchange differences | (2.0) | 1.2 | 0.1 | 1.9 | 0.8 | 2.0 |
Balance at December 31, 2024 | 158.9 | 71.0 | 25.6 | 104.5 | 79.1 | 439.1 |
Net book value | ||||||
Cost | 271.4 | 315.6 | 25.6 | 401.2 | 339.9 | 1,353.7 |
Accumulated depreciation and impairment | (112.5) | (244.6) | - | (296.7) | (260.8) | (914.6) |
Balance at December 31, 2024 | 158.9 | 71.0 | 25.6 | 104.5 | 79.1 | 439.1 |
2023 in EUR m | ||||||
Net book value | ||||||
Balance at January 1, 2023 | 183.4 | 77.7 | 16.9 | 98.3 | 95.9 | 472.2 |
Additions(I) | 1.3 | 7.3 | 24.2 | 22.0 | 9.2 | 64.0 |
Reclassifications | 0.2 | 1.2 | (6.7) | 3.2 | 2.1 | - |
Disposals(II) | (4.8) | (0.2) | (0.4) | (1.0) | (0.1) | (6.5) |
Depreciation charge for the year | (12.0) | (16.9) | - | (28.5) | (21.7) | (79.1) |
Impairment | - | (0.1) | - | (0.1) | - | (0.2) |
Exchange differences | (2.7) | (0.9) | - | (1.7) | 1.3 | (4.0) |
Balance at December 31, 2023 | 165.4 | 68.1 | 34.0 | 92.2 | 86.7 | 446.4 |
Net book value | ||||||
Cost | 269.5 | 289.2 | 34.0 | 359.1 | 330.8 | 1,282.6 |
Accumulated depreciation and impairment | (104.1) | (221.1) | - | (266.9) | (244.1) | (836.2) |
Balance at December 31, 2023 | 165.4 | 68.1 | 34.0 | 92.2 | 86.7 | 446.4 |
(I)Thereof EUR 86.8m (2024: EUR 69.8m; 2023: EUR 75.2m) paid in the year
(II)Disposals of land and buildings include EUR 2.9m related to the sale and leaseback transaction in Hoogstraten, Belgium (Note 4.4)
The carrying amount of land recorded under land and buildings at December 31, 2025, is EUR 21.6m (2024: EUR 21.5m; 2023: EUR 21.4m). Within property, plant and equipment, no assets are pledged for mortgages (2024 and 2023: none).
Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and its cost can be measured reliably. The carrying amount of any replaced asset is derecognized. All other repairs and maintenance costs are charged to the income statement during the financial year in which they are incurred.
Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate cost less any expected residual value over their estimated useful lives, as follows:
The assets’ residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. Gains or losses on the sale of property, plant and equipment are determined by comparing proceeds with the carrying amount and are included in the Consolidated Income Statement.
in EUR m | 2025 | 2024 | 2023 |
Assets held for sale | - | 2.3 | - |
Balance at December 31 | - | 2.3 | - |
In 2025, the Group completed the disposal of its 29.0% interest in Shanghai Airport China Aviation Gate Gourmet Air Catering Co. Ltd., which had been classified as assets held for sale at the end of 2024. The transaction resulted in cash proceeds of EUR 2.3m received during the year. In 2024, the investment had been reclassified from associates to assets held for sale following the signing of a sale agreement before year-end. The remeasurement to fair value less costs to sell of EUR 2.3m resulted in a loss of EUR 0.7m, which was recognized in other gains and losses (Note 2.5).
2025 in EUR m | Goodwill | Intellectual property | Customer relationships | Capitalized software | Other | Total |
Net book value | ||||||
Balance at January 1, 2025 | 712.3 | 158.9 | 148.1 | 3.1 | 2.0 | 1,024.4 |
Additions | - | - | - | 1.3 | 0.1 | 1.4 |
Reclassifications | - | - | - | 0.1 | (0.1) | - |
Disposal of subsidiaries (Note 7.1) | (3.5) | - | - | - | (0.7) | (4.2) |
Disposals | - | - | - | (0.1) | - | (0.1) |
Amortization charge for the year | - | (2.8) | (14.7) | (1.4) | (0.1) | (19.0) |
Exchange differences | (10.9) | 1.1 | - | - | - | (9.8) |
Balance at December 31, 2025 | 697.9 | 157.2 | 133.4 | 3.0 | 1.2 | 992.7 |
Net book value | ||||||
Cost | 989.4 | 224.4 | 314.2 | 104.7 | 7.4 | 1,640.1 |
Accumulated amortization and impairment | (291.5) | (67.2) | (180.8) | (101.7) | (6.2) | (647.4) |
Balance at December 31, 2025 | 697.9 | 157.2 | 133.4 | 3.0 | 1.2 | 992.7 |
2024 in EUR m | ||||||
Net book value | ||||||
Balance at January 1, 2024 | 709.5 | 161.8 | 160.7 | 3.9 | 1.5 | 1,037.4 |
Additions | - | - | - | 1.2 | 0.7 | 1.9 |
Acquisition of subsidiaries (Note 7.1) | - | 1.2 | 2.2 | - | - | 3.4 |
Disposal of subsidiaries (Note 7.1) | (1.9) | - | - | - | (0.1) | (2.0) |
Amortization charge for the year | - | (2.8) | (14.8) | (2.0) | (0.1) | (19.7) |
Exchange differences | 4.7 | (1.3) | - | - | - | 3.4 |
Balance at December 31, 2024 | 712.3 | 158.9 | 148.1 | 3.1 | 2.0 | 1,024.4 |
Net book value | ||||||
Cost | 1,017.3 | 223.0 | 313.3 | 108.8 | 8.3 | 1,670.7 |
Accumulated amortization and impairment | (305.0) | (64.1) | (165.2) | (105.7) | (6.3) | (646.3) |
Balance at December 31, 2024 | 712.3 | 158.9 | 148.1 | 3.1 | 2.0 | 1,024.4 |
2023 in EUR m | ||||||
Net book value | ||||||
Balance at January 1, 2023 | 712.0 | 157.9 | 176.1 | 16.0 | 2.5 | 1,064.5 |
Additions | - | - | - | 1.9 | - | 1.9 |
Reclassifications | - | - | - | 0.8 | (0.8) | - |
Disposals | - | - | - | (8.1) | - | (8.1) |
Amortization charge for the year | - | (2.8) | (15.3) | (7.0) | (0.2) | (25.3) |
Exchange differences | (2.5) | 6.7 | (0.1) | 0.3 | - | 4.4 |
Balance at December 31, 2023 | 709.5 | 161.8 | 160.7 | 3.9 | 1.5 | 1,037.4 |
Net book value | ||||||
Cost | 1,008.7 | 223.5 | 312.6 | 105.4 | 8.2 | 1,658.4 |
Accumulated amortization and impairment | (299.2) | (61.7) | (151.9) | (101.5) | (6.7) | (621.0) |
Balance at December 31, 2023 | 709.5 | 161.8 | 160.7 | 3.9 | 1.5 | 1,037.4 |
Within capitalized software, the carrying value of internally developed software is EUR 2.7m (2024: EUR 3.0m; 2023: EUR 3.6m). The 2025 additions to the carrying value of internally developed software amount to EUR 1.0m (2024: EUR 1.1m; 2023: EUR 1.9m).
In 2025, the composition of the Group’s Cash Generating Units (“CGUs”) remained unchanged following the restructuring implemented at the end of 2024 for the purpose of impairment testing on goodwill and intellectual property with indefinite useful lives. Goodwill and intellectual property with indefinite useful lives had been allocated to CGUs aligned with the Group’s former operating segments until December 31, 2023. Effective December 2024, the Group revised its segment and CGU structure as part of its strategic realignment, resulting in the establishment of the following CGU groups: Europe, SEA, NA, LATAM, APME and gatesolutions. This updated structure was first reported to the Chief Operating Decision Maker (“CODM”) at the end of 2024, and goodwill was reallocated to the newly formed CGUs based on relative values. An analysis performed at that time, including simulations using the former allocation, confirmed that no impairment existed in accordance with IAS 36 Impairment of Assets. The reportable segments (Note 2.1) correspond to the CGUs.
The recoverable amounts of the CGUs are based on value in use calculations. The value in use of the CGUs is calculated using the discounted cash flow method. These calculations use the expected future cash flows based on the four-year business plan approved by the Board (in 2024 five-year business plan; in 2023 four-year business plan), applying a discount rate which is based on the Weighted Average Cost of Capital (“WACC”).
The carrying values of indefinite life intangibles are allocated to the following CGUs (including key assumptions):
2025 in EUR m | Goodwill | Intellectual property | Revenue growth rate | Discount rate pre-tax | Terminal growth rate |
Europe | 242.5 | 45.0 | 2.3% - 4.9% | 9.6% | 2.4% |
SEA | 150.1 | - | 1.7% - 4.5% | 11.6% | 2.7% |
NA | 63.2 | 34.0 | -0.5% - 3.8% | 10.6% | 4.2% |
LATAM | 18.4 | 7.6 | 3.6% - 10.2% | 20.6% | 8.2% |
APME | 44.2 | 11.4 | 1.5% - 2.7% | 9.8% | 2.7% |
gatesolutions | 179.5 | 12.8 | 7.5% - 11.0% | 9.6% | 2.6% |
Balance at December 31, 2025 | 697.9 | 110.8 | |||
2024 in EUR m | |||||
Europe | 237.4 | 42.8 | 1.9% - 6.2% | 8.8% | 2.3% |
SEA | 154.4 | - | -0.1% - 5.0% | 11.2% | 2.8% |
NA | 72.8 | 35.3 | 2.3% - 5.5% | 9.8% | 4.2% |
LATAM | 18.2 | 7.5 | 2.1% - 23.1% | 29.7% | 19.2% |
APME | 48.8 | 11.2 | 2.7% - 7.0% | 9.2% | 2.8% |
gatesolutions | 180.7 | 13.0 | 5.6% - 13.9% | 9.0% | 2.5% |
Balance at December 31, 2024 | 712.3 | 109.8 | |||
2023(I) in EUR m | |||||
CEE(II) | 182.0 | 27.9 | 5.0% -14.4% | 9.6% | 2.1% |
NWE(II) | 107.8 | 18.8 | 6.6% -21.6% | 9.7% | 2.6% |
SEA | 166.8 | - | 4.0% - 8.9% | 11.9% | 3.1% |
NA | 75.1 | 37.6 | 3.2% - 9.2% | 10.5% | 4.1% |
Emerging Markets - Latin America | 19.5 | 6.8 | 6.0% - 20.5% | 38.0% | 26.9% |
Emerging Markets - Asia Pacific | 47.8 | 9.7 | 5.4% - 16.4% | 10.4% | 2.9% |
deSter | 110.5 | 10.2 | 0.8% - 24.7% | 9.9% | 2.6% |
Balance at December 31, 2023 | 709.5 | 111.0 |
(I)Disclosure based on the Group's former CGUs
(II)Central Europe, Eastern Europe and Middle East ("CEE"); Northern and Western Europe ("NWE")
The terminal value beyond the business plan period was calculated by extrapolating the year four cash flows at constant exchange rates (year five cash flows for 2024 and year four cash flows for 2023) using an eternal growth rate, which does not exceed the long-term average growth rate for the respective markets in which the CGUs operate. Revenue growth rates are based on industry research with respect to volume growth, adjusted for impacts from inflation and market-related price changes expected by management. Management determined projected margins based on past performance and its expectations of market developments. The discount rates reflect specific risk and market characteristics relating to the relevant CGUs.
For all CGUs in 2025 there was no impairment of goodwill or intellectual property with indefinite life. The recoverable amounts exceed the carrying values. The key sensitivities in the impairment test are the discount rate, revenue growth, as well as the terminal growth rate. The Group has carried out a sensitivity analysis, which takes into account changes in one assumption at a time, with the other assumptions remaining unchanged from the original calculation. Based on the sensitivity analysis, neither a 1.0% increase in the discount rate nor a 1.0% reduction in the terminal growth rate would give rise to an impairment for any CGU in 2025. The same conclusion applied in 2024.
In 2023, a 1.0% increase in discount rate had given an impairment indication of around EUR 1.1m in the CEE CGU. However, a 1.0% decrease in the terminal growth rate had not given an impairment indication in 2023, neither in CEE nor in any other CGU.
Goodwill arising on the acquisition of subsidiaries is included in intangible assets. Separately recognized goodwill is tested at least annually for impairment or whenever there are indications of potential impairment, and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. On disposal of a CGU or an operation forming part of a CGU, the related goodwill is included in the determination of profit or loss on disposal. Goodwill disposed of is measured on the basis of the relative values of the operation disposed of and the portion of the CGU retained. Goodwill is allocated to the Group’s operating segments (groups of CGU’s), being the lowest level at which the goodwill is monitored for internal management purposes.
Other intangible assets comprise intellectual property, customer relationship assets from acquisitions and capitalized software. Intellectual property comprises trademarks acquired in business combinations. Acquired intangible assets arising from business combinations are capitalized at fair value at the acquisition date. Intangible assets acquired separately are measured initially at cost. For capitalized software, capitalized costs can include purchase consideration, employee and consultant costs, and an appropriate portion of relevant overheads. Only costs that are directly associated with the purchase or internal development of identifiable software products controlled by the Group and that are designed to generate economic benefits exceeding costs beyond a one year time horizon, are recognized as capitalized software.
The useful lives of intangibles are assessed to be either finite or indefinite. Trademarks are considered to have an indefinite life if they arise from contractual or other legal rights that can be renewed without significant cost, are subject to continuous marketing support, and have no foreseeable limit to their useful economic life. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful life, as follows:
Intangible assets other than trademarks with indefinite useful lives are assessed for impairment when events or changes in circumstances indicate that the carrying value may not be fully recoverable. The useful life is reviewed annually and changes are made on a prospective basis.
Trademarks with indefinite useful lives are tested for impairment at least annually or whenever there is an indicator of potential impairment. The useful life of a trademark with indefinite useful life is reviewed annually to determine whether an indefinite life assessment continues to be supportable. If not, any changes are made on a prospective basis.
Goodwill and intangible assets that have an indefinite useful life are not subject to amortization and are tested at least annually for impairment or whenever there are impairment indicators. Other non-financial assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying value exceeds its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less costs of disposal and its value in use. For the purpose of assessing impairment, assets are grouped at the lowest level for which cash inflows are separately identifiable, or in the case of goodwill and intellectual property, at the level of the reportable segments. Non-financial assets other than goodwill that previously suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
At least once a year goodwill and intangible assets with indefinite useful life are tested for impairment. The impairment testing is based on value in use calculations requiring estimation of future sales and appropriate discount rates.
The Group has lease contracts for land and buildings, vehicles and other equipment used in its operations. Carrying amounts of Right-of-use ("ROU") assets recognized and the movements during the year are as follows:
2025 in EUR m | Land and buildings | Catering and other equipment | Vehicles | Total |
Net book value | ||||
Balance at January 1, 2025 | 327.4 | 4.4 | 86.4 | 418.2 |
Additions | 35.9 | 4.3 | 52.1 | 92.3 |
Disposal of subsidiaries (Note 7.1) | (0.9) | - | - | (0.9) |
Depreciation charge for the year | (76.2) | (2.5) | (16.7) | (95.4) |
Modifications | 40.5 | 0.2 | 8.7 | 49.4 |
Exchange differences | (14.3) | (0.2) | (4.7) | (19.2) |
Balance at December 31, 2025 | 312.4 | 6.2 | 125.8 | 444.4 |
Net book value | ||||
Cost | 594.5 | 12.7 | 157.5 | 764.7 |
Accumulated depreciation | (282.1) | (6.5) | (31.7) | (320.3) |
Balance at December 31, 2025 | 312.4 | 6.2 | 125.8 | 444.4 |
2024 in EUR m | ||||
Net book value | ||||
Balance at January 1, 2024 | 310.3 | 3.8 | 19.0 | 333.1 |
Additions | 30.6 | 3.2 | 66.6 | 100.4 |
Disposal of subsidiaries (Note 7.1) | (1.1) | - | - | (1.1) |
Depreciation charge for the year | (74.4) | (2.8) | (9.6) | (86.8) |
Modifications | 57.9 | 0.1 | 8.3 | 66.3 |
Exchange differences | 4.1 | 0.1 | 2.1 | 6.3 |
Balance at December 31, 2024 | 327.4 | 4.4 | 86.4 | 418.2 |
Net book value | ||||
Cost | 609.8 | 10.9 | 105.8 | 726.5 |
Accumulated depreciation | (282.4) | (6.5) | (19.4) | (308.3) |
Balance at December 31, 2024 | 327.4 | 4.4 | 86.4 | 418.2 |
2023 in EUR m | ||||
Net book value | ||||
Balance at January 1, 2023 | 352.0 | 4.1 | 10.9 | 367.0 |
Additions(I) | 19.3 | 2.3 | 13.0 | 34.6 |
Depreciation charge for the year | (65.2) | (2.6) | (5.0) | (72.8) |
Modifications | 6.6 | - | 0.4 | 7.0 |
Exchange differences | (2.4) | - | (0.3) | (2.7) |
Balance at December 31, 2023 | 310.3 | 3.8 | 19.0 | 333.1 |
Net book value | ||||
Cost | 536.2 | 15.2 | 32.8 | 584.2 |
Accumulated depreciation | (225.9) | (11.4) | (13.8) | (251.1) |
Balance at December 31, 2023 | 310.3 | 3.8 | 19.0 | 333.1 |
(I)Additions to land and buildings include a right-of-use asset of EUR 2.2m related to the sale and leaseback transaction in Hoogstraten, Belgium (Note 4.4)
The Group has total cash outflows for leases of EUR 141.1m in 2025 (2024: EUR 134.5m; 2023: EUR 111.4m) of which EUR 84.9m is attributable to principal amount of lease liabilities in the Consolidated Cash Flow Statement (2024: EUR 79.3m; 2023: EUR 65.0m) (Note 4.4). The amounts recognized in the Consolidated Income Statement are as follows:
in EUR m | 2025 | 2024 | 2023 |
Depreciation expense of right-of-use assets | (95.4) | (86.8) | (72.8) |
Interest on lease liabilities (Note 4.2) | (36.5) | (35.3) | (29.6) |
Variable lease payments not included in the measurement of lease liabilities | (2.6) | (2.7) | (2.5) |
Expenses relating to short-term leases | (15.3) | (15.7) | (13.3) |
Expenses relating to leases of low-value assets, excl. short-term leases of low-value assets | (1.9) | (1.6) | (1.0) |
Other lease expenses | (0.1) | (0.7) | (0.5) |
Other lease income | 0.9 | 0.8 | 0.8 |
Total amounts recognized in profit and loss | (150.9) | (142.0) | (118.9) |
Information on lease liabilities is disclosed in Note 4.4 and the maturity analysis of the same in Note 4.6.
The Group applies the recognition exemptions for short-term leases (those with a term of 12 months or less without purchase options) and for leases of low-value assets (e.g., IT equipment). Payments for these leases are recognized as expenses on a straight-line basis over the lease term.
For all other leases, the Group recognizes a ROU asset and a corresponding lease liability at the commencement date. Lease liabilities are measured at the present value of lease payments, discounted using the Group’s Incremental Borrowing Rate ("IBR") as the interest rates implicit in the leases are not readily determinable. ROU assets are measured at cost and subsequently depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset.
ROU assets are presented within property, plant, and equipment, while lease liabilities are classified as short-term debt and long-term debt in the Consolidated Balance Sheet.
The Group applies judgment in assessing whether it is reasonably certain that extension or termination options in lease contracts will be exercised. This evaluation considers factors such as operational requirements, historical practices, and economic incentives.
Since the interest rates implicit in the leases are generally not readily determinable, the Group applies its IBR to measure lease liabilities. The IBR is estimated using observable inputs, including market interest rates and a risk-free rate adjusted for the specific duration of the lease term and the Group’s credit spread. A single discount rate curve is applied per currency across the Group.
2025 in EUR m | Bonds | Other | Total |
Balance at January 1, 2025 | 21.2 | 9.3 | 30.5 |
Repayment | (3.6) | - | (3.6) |
Fair value adjustments | 1.3 | - | 1.3 |
Exchange differences | (2.2) | - | (2.2) |
Balance at December 31, 2025 | 16.7 | 9.3 | 26.0 |
Analysis of financial assets | |||
Non-current | 13.4 | 9.3 | 22.7 |
Current | 3.3 | - | 3.3 |
2024 in EUR m | |||
Balance at January 1, 2024 | 22.6 | 9.3 | 31.9 |
Repayment | (41.8) | - | (41.8) |
Fair value adjustments | 41.6 | - | 41.6 |
Exchange differences | (1.2) | - | (1.2) |
Balance at December 31, 2024 | 21.2 | 9.3 | 30.5 |
Analysis of financial assets | |||
Non-current | 18.0 | 9.3 | 27.3 |
Current | 3.2 | - | 3.2 |
2023 in EUR m | |||
Balance at January 1, 2023 | 20.6 | 0.4 | 21.0 |
Purchase | - | 8.6 | 8.6 |
Fair value adjustments | 3.4 | - | 3.4 |
Exchange differences | (1.4) | 0.3 | (1.1) |
Balance at December 31, 2023 | 22.6 | 9.3 | 31.9 |
Analysis of financial assets | |||
Non-current | 22.6 | 9.3 | 31.9 |
During 2017, the Group signed various agreements to expand its partnerships into the Korean and other Asian markets. As part of these agreements, the Group acquired zero-coupon bonds with attached warrants (“Bonds and Warrants”), issued by Kumho & Company Inc., in the amount of KRW 160.0 billion with maturities from 1 to 20 years. As at December 31, 2025, KRW 35.7 billion or EUR 21.1m (2024: KRW 41.6 billion or EUR 27.2m; 2023: KRW 104.0 billion or EUR 72.6m) remain outstanding. The attached warrants allow conversion of the Bonds to equity of Kumho & Company Inc. under certain conditions. The Bonds and Warrants have been designated as a financial asset at fair value through profit or loss.
In 2024, the Group received cash amounting to EUR 41.8m as part of the voluntary redemption of the zero-coupon bonds issued by Kumho & Company Inc., corresponding to a principal repayment of KRW 62.4 billion. This redemption resulted in a gain of EUR 26.2m, which has been recognized in the financial result as well as additional fair value adjustments in the amount of EUR 15.4m (Note 4.2). The Bonds and Warrants were initially recognized at fair value of EUR 64.5m with the EUR 67.3m difference to the total cash outflow being recognized as an intangible asset in relation to the market access and customer relationship gained through these agreements. The customer relationship is amortized over its estimated useful life of 30 years. The Bonds and Warrants are measured at fair value through profit or loss.
The Bonds and Warrants are not traded in an active market and therefore have been categorized as Level 3 in the fair value hierarchy mainly due to their embedded warrants. The valuation is derived from valuation techniques that consider the characteristics of the components of the hybrid instrument, combining a discounted cash flow model for the debt component and a binomial option pricing model for the attached warrants. Main inputs into the valuation methodology include observable factors such as interest rates, credit risk spreads and country risk spreads, volatility as well as unobservable inputs such as book values of the underlying assets and profitability of the underlying business adjusted for future uncertainty.
In 2025, the Group received cash amounting to EUR 3.6m as part of the annual scheduled repayment. As at December 31, 2025, inputs used for the valuation include Korean risk-free rates of 2.1% (2024: 2.1%; 2023: 2.4%), a country risk premium of 0.7% (2024 and 2023: 0.7%), a credit risk premium of 4.1% (2024: 4.3%; 2023: 6.5%) based on a comparable company basket and a volatility of 21.0% (2024: 17.5%; 2023: 20.0%). Further, non-publicly available information was used in internal assessments to determine illiquidity discounts and input factors.
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets at fair value through profit or loss are measured at fair value and related transaction costs are expensed in the income statement. Fair value changes on a financial asset at fair value through profit or loss are recognized in the period in which they arise. Assets in this category are classified as current if they are expected to be realized within twelve months and non-current otherwise.
Financial instruments at fair value through profit or loss require significant judgment due to limited observable market data such as the book values and the profitability of the underlying business used in the valuation process.
in EUR m | 2025 | 2024 | 2023 |
Trade payables | 328.2 | 340.7 | 336.4 |
Other amounts due to third parties | 71.7 | 79.0 | 79.3 |
Other current payables due to related parties (Note 7.3) | - | 0.1 | 0.2 |
Sales taxes due | 48.8 | 49.5 | 54.9 |
Balance at December 31 | 448.7 | 469.3 | 470.8 |
Trade payables are recognized initially at fair value and subsequently measured at amortized cost.
2025 in EUR m | Employee benefits | Long-term incentive plans | Restruc- turing | Legal and tax | Onerous contracts | Property and other | Total |
Balance at January 1, 2025 | 24.1 | 31.0 | 11.5 | 83.5 | 2.3 | 46.0 | 198.4 |
Additions | 3.7 | 48.5 | 59.9 | 15.4 | - | 10.9 | 138.4 |
Utilized | (3.5) | (1.8) | (23.3) | (3.4) | (1.2) | (0.3) | (33.5) |
Unused reversed | (2.0) | - | (1.6) | (24.1) | - | (6.5) | (34.2) |
Unwind of discount/change in discount rate | - | - | - | 0.1 | 0.2 | 1.3 | 1.6 |
Exchange differences | (0.7) | 0.6 | (0.7) | (0.7) | - | (1.8) | (3.3) |
Balance at December 31, 2025 | 21.6 | 78.3 | 45.8 | 70.8 | 1.3 | 49.6 | 267.4 |
Analysis of total provisions | |||||||
Long-term | 21.3 | 76.9 | 2.2 | 34.3 | 0.2 | 36.6 | 171.5 |
Short-term | 0.3 | 1.4 | 43.6 | 36.5 | 1.1 | 13.0 | 95.9 |
2024 in EUR m | |||||||
Balance at January 1, 2024 | 25.0 | 16.1 | 8.4 | 71.7 | - | 40.9 | 162.1 |
Additions | 5.9 | 16.6 | 9.8 | 24.9 | - | 7.8 | 65.0 |
Utilized | (3.9) | (1.7) | (6.3) | (3.0) | (1.8) | (1.4) | (18.1) |
Unused reversed | (2.9) | - | (0.2) | (7.7) | - | (1.8) | (12.6) |
Unwind of discount/change in discount rate | - | - | - | - | 0.1 | 1.1 | 1.2 |
Acquisition of subsidiaries | - | - | - | - | 4.0 | - | 4.0 |
Exchange differences | - | - | (0.2) | (2.4) | - | (0.6) | (3.2) |
Balance at December 31, 2024 | 24.1 | 31.0 | 11.5 | 83.5 | 2.3 | 46.0 | 198.4 |
Analysis of total provisions | |||||||
Long-term | 23.8 | 29.8 | 2.4 | 42.5 | 1.3 | 43.6 | 143.4 |
Short-term | 0.3 | 1.2 | 9.1 | 41.0 | 1.0 | 2.4 | 55.0 |
2023 in EUR m | |||||||
Balance at January 1, 2023 | 25.9 | 5.3 | 15.7 | 77.3 | 1.9 | 46.6 | 172.7 |
Additions | 15.8 | 12.0 | 6.1 | 8.5 | - | 2.4 | 44.8 |
Utilized | (13.8) | (1.9) | (5.7) | (4.5) | (2.0) | (2.6) | (30.5) |
Unused reversed | (2.5) | - | (7.7) | (11.6) | - | (6.2) | (28.0) |
Unwind of discount/change in discount rate | - | - | - | 0.1 | 0.1 | 1.3 | 1.5 |
Exchange differences | (0.4) | 0.7 | - | 1.9 | - | (0.6) | 1.6 |
Balance at December 31, 2023 | 25.0 | 16.1 | 8.4 | 71.7 | - | 40.9 | 162.1 |
Analysis of total provisions | |||||||
Long-term | 24.5 | 12.1 | 0.6 | 33.6 | - | 38.4 | 109.2 |
Short-term | 0.5 | 4.0 | 7.8 | 38.1 | - | 2.5 | 52.9 |
In addition to the defined benefit plans as described in Note 5.3, the Group provides other benefits to employees in certain countries. These include long-term service leave or payments in lieu and post-employment benefits. The expected costs of the long-term benefits are accrued over the period of employment, using a methodology similar to that for defined benefit plans.
The provision is for cash settled long-term incentive plans for senior management (Note 5.2).
The restructuring charges in 2025 mainly relate to businesses in Germany, France and the United States (2024: France and the United States; 2023: Canada and Scandinavia). The provisions remaining at the end of the year relate principally to businesses in Germany and France (2024: France, Germany, Canada and Italy; 2023: Canada, Germany and Scandinavia).
The Group has recorded provisions for a number of legal and tax issues, principally in Europe, Latin America and North America. The timing of settlement and/or the amount of cash outflows is uncertain. In 2025, 2024 and 2023, provisions for non-income tax risks and litigations were released by subsidiaries in Europe and SEA region due to the expiration of statutes of limitations and the occurrence of favorable litigation outcomes.
The Group has recorded provisions for ongoing activities where the unavoidable costs of meeting obligations under customer supply contracts exceed the economic benefits expected to be received.
Provisions have been recorded principally for property-related issues and a range of other, individually immaterial, items.
Provisions for legal claims, non-income tax disputes, onerous contracts, property disputes, restructuring costs and other matters are recognized when the Group has a present or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated.
A contract is onerous when the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received. If the Group has a contract that is onerous, a provision is recognized at the present value of the obligation. Restructuring provisions principally comprise employee termination benefits, legal, property and other related costs. Provisions are not recognized for future operating losses.
Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.
Provisions may be recorded for matters over which there is uncertainty, therefore requiring a significant degree of assumption and estimation when determining the timing and the probable future outflow of resources.
in EUR m | 2025 | 2024 | 2023 |
Current | |||
Accrued payroll and related costs | 239.1 | 234.3 | 240.6 |
Deferred revenue (Note 2.2) | 1.7 | 2.4 | 1.8 |
Accrued rent and other property costs | 13.3 | 15.1 | 19.4 |
Accrued insurance costs | 42.7 | 41.1 | 27.4 |
Unbilled deliveries of inventory | 97.9 | 90.0 | 94.7 |
Accrued volume rebates | 108.0 | 125.3 | 100.0 |
Other accrued expenses | 136.4 | 115.8 | 109.7 |
Accrued interest on Bonds (Note 4.4) | 9.4 | 9.4 | 9.4 |
Other accrued interest | 12.3 | 19.9 | 24.1 |
Financial liability at fair value through profit or loss | 22.9 | 24.5 | 169.7 |
Balance at December 31 | 683.7 | 677.8 | 796.8 |
Non-current | |||
PIK interest on related party loan (Note 4.4) | 328.8 | 233.4 | 153.3 |
Financial liability at fair value through profit or loss | 108.0 | 124.2 | 2.2 |
Other non-current liabilities | 12.6 | 11.3 | 15.2 |
Balance at December 31 | 449.4 | 368.9 | 170.7 |
Total other current and non-current liabilities | 1,133.1 | 1,046.7 | 967.5 |
On January 1, 2017, the Group obtained control over Servair by acquiring 50.0% minus one share. Despite legally acquiring less than full ownership, the presence of put and call options on the remaining shares led to the business combination being accounted for as the acquisition of a 100% interest in Servair. A liability for the ownership interest subject to the put/call arrangement was recognized and measured at fair value through profit or loss. Only third-party interests in certain Servair subsidiaries were recognized as non-controlling interests.
In 2019, the Group increased its ownership to 50.0% plus one share by acquiring two additional shares. This was followed by a renegotiation of the put option in 2020. On May 31, 2021, after further revisions to the put option structure, the Group acquired additional shares, increasing its total shareholding in Servair to 65.0%. The payment made for this tranche was considered an investing cash flow related to the acquisition of control.
In 2024, the Group reached a new agreement, which included revised option terms and the purchase of an additional 5.0% equity stake, bringing its total ownership to 70.0% as at December 31, 2024. In 2025, the Group acquired a further 5.0% equity stake, resulting in total ownership of 75.0% as at December 31, 2025. Under the current terms, the majority of the related financial obligations are due beyond one year, with the portion presented as non-current planned to be settled by the end of 2027.
As at December 31, 2025, the financial liability at fair value through profit or loss amounts to EUR 130.9m (2024: EUR 146.2m; 2023: EUR 169.7m) and is categorized as Level 2 in the fair value hierarchy.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit and loss. They are classified as current if they are due within twelve months and non-current otherwise. They are measured at fair value and related transaction costs are expensed in the income statement. Fair value changes are included in profit or loss for the period in which they arise.
in EUR m | 2025 | 2024 | 2023 |
Cash and bank balances | 408.9 | 252.5 | 231.7 |
Short-term bank deposits | 119.1 | 125.6 | 74.7 |
Balance at December 31 | 528.0 | 378.1 | 306.4 |
For the purpose of the cash flow statement, cash and cash equivalents comprise the following:
in EUR m | 2025 | 2024 | 2023 |
Cash and bank balances | 408.9 | 252.5 | 231.7 |
Short-term bank deposits | 119.1 | 125.6 | 74.7 |
Bank overdrafts (Note 4.4) | (1.6) | (2.3) | (5.3) |
Balance at December 31 | 526.4 | 375.8 | 301.1 |
Cash and cash equivalents include cash on hand, deposits held at call with banks and other short-term, highly liquid investments with original maturities of three months or less and insignificant risk of changes in value. Bank overdrafts are shown in the balance sheet within short-term debt.
in EUR m | 2025 | 2024 | 2023 |
Interest income | 7.3 | 6.6 | 4.1 |
Foreign exchange gains, net | 3.8 | - | 13.7 |
Other finance income | 1.7 | 41.3 | 3.8 |
Total financial income | 12.8 | 47.9 | 21.6 |
Interest expenses | (195.5) | (183.8) | (164.6) |
Interest on lease liabilities (Note 3.7) | (36.5) | (35.3) | (29.6) |
Fair value losses on ineffective portion of hedged interest rate swaps (Note 4.6.2) | (0.5) | - | - |
Net interest on defined benefit schemes (Note 5.3) | (11.4) | (10.6) | (12.2) |
Foreign exchange losses, net | - | (7.3) | - |
Other finance costs | (15.9) | (13.7) | (11.2) |
Total financial expenses | (259.8) | (250.7) | (217.6) |
Total | (247.0) | (202.8) | (196.0) |
Interest income includes interest income on pension plan reimbursement rights in Germany amounting to EUR 0.4m (2024: EUR 0.3m; 2023: EUR 0.8m) (Note 5.3).
Other finance income includes fair value adjustments to financial assets at fair value through profit or loss in the amount of EUR 1.3m (2024: EUR 15.4m; 2023: EUR 3.4m). In 2024, a gain on the bond repayment amounting to EUR 26.2m (Note 3.8) was included.
Foreign exchange (losses)/gains, net, primarily comprise the gain from hyperinflation accounting in the Argentinian subsidiary and foreign exchange (losses)/gains on monetary financial assets and liabilities.
As at December 31, 2025, 2024 and 2023, the share capital of the Company is EUR 154,758,551.90 and is divided into 144,445,907 (2024 and 2023: 144,445,907) fully paid-in registered shares with a nominal value of CHF 1.25 each. Each share has the right to one vote.
As at December 31, 2025, 2024 and 2023, the Company has conditional share capital which allows an increase in the aggregate maximum amount of CHF 30,324,153.75 or 24,259,323 shares. The conditional share capital includes an amount of up to CHF 7,581,038.75 or 6,064,831 shares which are reserved for employee equity participation plans and an amount of up to CHF 22,743,115.00 or 18,194,492 shares which are reserved for conversion and/or option rights granted in connection with other financing instruments.
As at December 31, 2025, 2024 and 2023, there are 2,028,197 treasury shares being held by the Group.
The Company did not distribute any dividends in 2025, 2024 or 2023. Dividends paid to non-controlling interests amounted to EUR 14.4m (2024: EUR 11.5m; 2023: EUR 7.8m).
The Group has entered into several minor transactions with non-controlling shareholders where a portion or all of the outstanding non-controlling interests were acquired. These transactions reduce consolidated equity by EUR 4.2m (2024: EUR 0.9m; 2023: EUR 3.5m) and resulted in a cash outflow of EUR 6.2m (2024: EUR 2.5m; 2023: EUR 1.5m).
Short-term and long-term debt comprise various debt instruments:
in EUR m | 2025 | 2024 | 2023 |
Short-term debt | |||
Bank overdrafts | 1.6 | 2.3 | 5.3 |
Term Loan | 4.3 | - | - |
Other loans | 9.9 | 51.2 | 14.6 |
Lease liabilities | 78.7 | 80.5 | 61.1 |
Total short-term debt | 94.5 | 134.0 | 81.0 |
Long-term debt | |||
Bonds | 375.2 | 371.2 | 375.1 |
Term Loan | 1,097.7 | 306.1 | 280.8 |
Revolving Credit Facility | - | 500.3 | 470.0 |
Related party loan | 476.9 | 471.9 | 476.9 |
Other loans | 32.0 | 186.4 | 226.0 |
Lease liabilities | 447.6 | 414.7 | 342.4 |
Total long-term debt | 2,429.4 | 2,250.6 | 2,171.2 |
The terms and conditions of outstanding loans are as follows:
in EUR m | Currency | Nominal interest rate | Year of maturity | Carrying amount 2025 | Carrying amount 2024 | Carrying amount 2023 |
Bonds | CHF | 3.0% | 2027 | 375.2 | 371.2 | 375.1 |
Term Loan B | EUR / USD | 5.6%-8.6% | 2032 | 1,102.0 | - | - |
Term Loan A | EUR | 6.0%-6.9% | 2026 | - | 306.1 | 280.8 |
Revolving Credit Facility | EUR | 5.6%-6.4% | 2026 | - | 355.9 | 328.1 |
Revolving Credit Facility | SEK | 5.7%-6.2% | 2026 | - | 144.4 | 141.9 |
Related party loan | CHF | 12.5% | 2032 | 476.9 | 471.9 | 476.9 |
Other loans | ||||||
- France: Government guaranteed bank loans | EUR | 2.6%-3.0% | n/a | - | 86.0 | 86.0 |
- US: Unsecured government loan | USD | 4.0%-10.0% | n/a | - | 94.6 | 86.0 |
- Other | various | various | various | 43.5 | 59.3 | 73.9 |
Lease liabilities | various | various | 2026-2048 | 526.3 | 495.2 | 403.5 |
Balance at December 31 | 2,523.9 | 2,384.6 | 2,252.2 |
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. At December 31, 2025, accrued interest amounted to EUR 9.4m (2024: EUR 9.4m; 2023: EUR 9.4m) (Note 3.11).
On June 17, 2025, the Group completed a comprehensive refinancing of its existing debt facilities. The EUR 250.0m Term Loan A outstanding at December 31, 2024, together with capitalized Payment-in-Kind (“PIK”) interest, was fully repaid as part of this transaction. The repayment amounting to EUR 320.2m, including accrued interest, is presented within financing activities in the Cash Flow Statement. In accordance with IFRS 9 Financial Instruments, the refinancing resulted in the derecognition of the previous Term Loan, and the remaining unamortized transaction costs of EUR 0.5m were recognized immediately in profit or loss.
The refinancing introduced two new seven-year Term Loans B - a EUR 675.0m tranche and a USD 540.0m tranche - maturing in June 2032. Both facilities rank pari passu with the Group’s other senior secured indebtedness and bear interest at floating rates (EURIBOR or SOFR equivalents) plus a margin determined by a leverage-based ratchet. The USD tranche amortizes at 1% per annum, while the EUR tranche is repayable as a bullet at maturity. In 2025, the effective interest rate for the new Term Loans ranged between 5.6% and 8.6% (2024: 6.9%-8.0%; 2023: 5.7%-8.0%).
These Term Loan B facilities form part of the Group’s Senior Facilities Agreement ("SFA") together with the Senior Revolving Credit Facility described below.
Original Issue Discount (“OID”) of EUR 5.7m was granted to several lenders and capitalized as part of the initial carrying amount of the Term Loans. Together with other transaction-related fees of EUR 30.2m (including arrangement, bank and legal fees), these costs are amortized over the expected life of the new facilities using the effective interest method.
The Term Loan B facilities are not subject to any maintenance financial covenant under the SFA. They are subject only to the general undertakings, reporting requirements and other non-financial covenants that apply across the Senior Facilities, but no leverage or similar maintenance test applies to the Term Loan tranches. The Group remained in full compliance with all applicable requirements during the year.
The Term Loan B facilities are guaranteed by the Company and certain of its subsidiaries.
The previous Revolving Credit Facility ("RCF") of EUR 415.0m outstanding at December 31, 2024, (including capitalized PIK interest) was refinanced and fully repaid during 2025. The repayment amounting to EUR 526.1m is presented within financing activities in the Consolidated Cashflow Statement. In accordance with IFRS 9, the refinancing resulted in the derecognition of the previous RCF, and the remaining unamortized transaction costs of EUR 0.8m were expensed immediately in profit or loss upon repayment. In 2025, the interest rate for the RCF was between 5.6% and 6.4% (2024: 6.2%-7.7%; 2023: 5.2%-7.7%).
With the refinancing in June 2025, the Group entered into a new multicurrency Senior RCF of CHF 300.0m with a tenure of 6.5 years, maturing in December 2031. The facility remained undrawn as of 31 December 2025. Interest is based on the applicable benchmark rate (EURIBOR, SOFR or local equivalents) plus a margin determined by the leverage-based ratchet.
The Senior RCF, together with the Term Loan B facilities, constitutes the Group’s SFA.
The Senior RCF is the only facility within the Group’s financing structure that carries a maintenance financial covenant. Under the facility agreement, the Consolidated Senior Secured Net Leverage Ratio must not exceed 7.0x on any Test Date which occurs on a quarterly basis. This covenant is tested solely for the benefit of the RCF lenders and only when the Revolving Facility Financial Condition is met. The Group remained in full compliance with this covenant throughout the year.
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 and at December 31, 2025, amounted to EUR 328.8m (2024: EUR 233.4m; 2023: EUR 153.3m) (Note 3.11). At December 31, 2025, a total of EUR 477.8m (2024: EUR 473.4m; 2023: EUR 479.0m) had been drawn (Note 7.3) 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 (as defined above) or (ii) the date on which the senior liabilities are discharged in full. The facility is guaranteed by each borrower and guarantor under the SFA but is fully subordinated to the claims of both the lenders under the SFA and holders of the Bonds.
In 2023, the Group completed a significant transaction in which deSter BVBA (seller-lessee) entered into a sale and leaseback for its property in Hoogstraten, Belgium. The property was sold to Ster Vastgoed NV (buyer-lessor) for a total price of EUR 25.0m (including transaction costs), which was reported as cash inflow under Proceeds from sale of non-current assets. Subsequent to the sale, the company entered into a leaseback agreement for a period of 20 years with an option for a further five years. The sale resulted in a net decrease in property, plant and equipment of EUR 0.7m (Notes 3.4 and 3.7) and an increase in lease liabilities of EUR 18.8m.
As at December 31, 2025, the Group has no guarantees outstanding in favor of associates (2024: EUR 7.7m; 2023: EUR 7.3m).
Reconciliation of movements of liabilities and equity to cash flows arising from financing activities:
2025 in EUR m | Bonds | Term Loan | Revolving Credit Facility | Related party loan | Other loans | Lease liabilities | Equity | Total |
Balance at January 1, 2025 | 371.2 | 306.1 | 500.3 | 471.9 | 239.9 | 495.2 | (1,075.9) | 1,308.7 |
Proceeds from debt | - | 1,141.1 | - | - | 3.6 | - | - | 1,144.7 |
Capitalized transaction costs | - | (30.2) | - | - | - | - | - | (30.2) |
Repayments of debt and principal amount of lease liabilities | - | (322.2) | (526.1) | - | (189.8) | (84.9) | - | (1,123.0) |
Acquisition of non-controlling interests (Note 4.3) | - | - | - | - | - | - | (6.2) | (6.2) |
Dividends paid to non-controlling interests (Note 4.3) | - | - | - | - | - | - | (14.4) | (14.4) |
Changes from financing cash flows(I) | - | 788.7 | (526.1) | - | (186.2) | (84.9) | (20.6) | (29.1) |
Changes arising from obtaining or losing control of subsidiaries or other businesses | - | - | - | - | - | (1.6) | - | (1.6) |
Exchange differences | 3.5 | (6.0) | 4.0 | 4.4 | (11.6) | (22.2) | (56.0) | (83.9) |
Change in bank overdrafts | - | - | - | - | (0.3) | - | - | (0.3) |
Amortization of transaction costs | 0.5 | 3.1 | 1.2 | 0.6 | - | - | - | 5.4 |
Capitalized accrued transaction costs | - | (3.3) | - | - | - | - | - | (3.3) |
Capitalized interest expense and other changes | - | 13.4 | 20.6 | - | 1.7 | - | - | 35.7 |
New leases | - | - | - | - | - | 92.3 | - | 92.3 |
Lease modifications | - | - | - | - | - | 47.5 | - | 47.5 |
Total liability-related other changes | 0.5 | 13.2 | 21.8 | 0.6 | 1.4 | 139.8 | - | 177.3 |
Total equity-related other changes | - | - | - | - | - | - | (39.2) | (39.2) |
Balance at December 31, 2025 | 375.2 | 1,102.0 | - | 476.9 | 43.5 | 526.3 | (1,191.7) | 1,332.2 |
2024 in EUR m | Bonds | Term Loan | Revolving Credit Facility | Related party loan | Other loans | Lease liabilities | Equity | Total |
Balance at January 1, 2024 | 375.1 | 280.8 | 470.0 | 476.9 | 245.9 | 403.5 | (1,061.1) | 1,191.1 |
Proceeds from debt | - | - | 1.1 | - | 3.6 | - | - | 4.7 |
Repayments of debt and principal amount of lease liabilities | - | - | (6.0) | - | (20.6) | (79.3) | - | (105.9) |
Acquisition of non-controlling interests (Note 4.3) | - | - | - | - | - | - | (2.5) | (2.5) |
Dividends paid to non-controlling interests (Note 4.3) | - | - | - | - | - | - | (11.5) | (11.5) |
Changes from financing cash flows(II) | - | - | (4.9) | - | (17.0) | (79.3) | (14.0) | (115.2) |
Changes arising from obtaining or losing control of subsidiaries or other businesses | - | - | - | - | (0.4) | (1.1) | - | (1.5) |
Exchange differences | (4.4) | - | (4.3) | (5.6) | 7.4 | 7.2 | 20.0 | 20.3 |
Change in bank overdrafts | - | - | - | - | (3.2) | - | - | (3.2) |
Amortization of transaction costs | 0.5 | 0.4 | 0.7 | 0.6 | - | - | - | 2.2 |
Capitalized interest expense and other changes | - | 24.9 | 38.8 | - | 7.2 | - | - | 70.9 |
New leases | - | - | - | - | - | 99.9 | - | 99.9 |
Lease modifications | - | - | - | - | - | 65.0 | - | 65.0 |
Total liability-related other changes | 0.5 | 25.3 | 39.5 | 0.6 | 4.0 | 164.9 | - | 234.8 |
Total equity-related other changes | - | - | - | - | - | - | (20.8) | (20.8) |
Balance at December 31, 2024 | 371.2 | 306.1 | 500.3 | 471.9 | 239.9 | 495.2 | (1,075.9) | 1,308.7 |
2023 in EUR m | ||||||||
Balance at January 1, 2023 | 351.0 | 262.9 | 431.0 | 424.4 | 244.8 | 412.9 | (806.8) | 1,320.2 |
Proceeds from debt | - | - | 10.8 | 23.1 | 15.4 | - | - | 49.3 |
Repayments of debt and principal amount of lease liabilities | - | - | - | - | (18.8) | (65.0) | - | (83.8) |
Acquisition of non-controlling interests (Note 4.3) | - | - | - | - | - | - | (1.5) | (1.5) |
Capital increase | - | - | - | - | - | - | 0.3 | 0.3 |
Dividends paid to non-controlling interests (Note 4.3) | - | - | - | - | - | - | (7.8) | (7.8) |
Changes from financing cash flows(III) | - | - | 10.8 | 23.1 | (3.4) | (65.0) | (9.0) | (43.5) |
Exchange differences | 23.6 | - | 0.6 | 28.8 | (3.2) | (2.0) | (77.4) | (29.6) |
Change in bank overdrafts | - | - | - | - | 0.4 | - | - | 0.4 |
Amortization of transaction costs | 0.5 | 0.4 | 0.7 | 0.6 | - | - | - | 2.2 |
Capitalized interest expense and other changes | - | 17.5 | 26.9 | - | 7.3 | - | - | 51.7 |
New leases | - | - | - | - | - | 51.3 | - | 51.3 |
Lease modifications | - | - | - | - | - | 6.3 | - | 6.3 |
Total liability-related other changes | 0.5 | 17.9 | 27.6 | 0.6 | 7.7 | 57.6 | - | 111.9 |
Total equity-related other changes | - | - | - | - | - | - | (167.9) | (167.9) |
Balance at December 31, 2023 | 375.1 | 280.8 | 470.0 | 476.9 | 245.9 | 403.5 | (1,061.1) | 1,191.1 |
(I)The total financing cash flow in the Consolidated Cash Flow Statement amounts to EUR 128.5m. The difference to the EUR 29.1m presented in this table mainly relates to interest paid on lease liabilities and other loans (EUR 99.4m) not included in the debt categories of this reconciliation. The Repayments of debt and principal amount of lease liabilities (EUR 946.8m) and the Interest paid (EUR 275.6m) in the Consolidated Cash Flow Statement include the interest paid relating to the RCF and Term Loan (EUR 176.4m).
(II)The total financing cash flow in the Consolidated Cash Flow Statement amounts to EUR 177.2m. The difference to the EUR 115.2m presented in this table mainly relates to interest paid on lease liabilities and other loans (EUR 62.0m) not included in the debt categories of this reconciliation.
(III)The total financing cash flow in the Consolidated Cash Flow Statement amounts to EUR 100.0m. The difference to the EUR 43.5m presented in this table mainly relates to interest paid on lease liabilities and other loans (EUR 56.5m) not included in the debt categories of this reconciliation.
Debt and other financial liabilities are initially recognized at fair value, net of transaction costs incurred and subsequently carried at amortized cost. Any difference between the amount borrowed and the repayment amount is reported in the Consolidated Income Statement over the duration of the loan using the effective interest rate method. Debt and financial liabilities are classified as current unless the Group has an unconditional right to defer settlement for at least twelve months after the balance sheet date.
As at December 31, 2025, capital expenditure for property, plant and equipment contracted for at the balance sheet date but not recognized in the Consolidated Financial Statements amounted to EUR 4.2m (2024: EUR 4.8m; 2023: EUR 2.6m).
The Group has contingent liabilities arising in the ordinary course of business, principally in respect of legal claims, tax risks, guarantees, customer relationships, pledges, letters of credit and treasury relationships and transactions. It is not anticipated that any material liabilities will arise from such contingent liabilities other than those provided for in Note 3.10.
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Board has put in place appropriate structures to ensure risk governance and monitoring across the Group.
The Group’s overall financial risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. The Group may use derivative financial instruments to hedge certain risk exposures.
Financial risk management is carried out by a central treasury department which identifies, evaluates and hedges financial risks where appropriate. The principles for overall financial risk management, as well as policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk, the use of both derivative and non-derivative financial instruments and the investment of excess liquidity exist and are formally documented.
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities, net investments in foreign operations, third party financing transactions, as well as intercompany transactions.
Whenever possible, foreign exchange risks are reduced by matching income and expenditure in the same currency and negotiating terms with suppliers that include invoicing Group companies in their functional currency.
The Group invests in foreign subsidiaries, whose net assets are exposed to currency translation risk. Generally, the intention is that currency exposure of the net assets of subsidiaries is primarily managed through borrowings denominated in the relevant foreign currencies. When appropriate, the Group enters into foreign exchange or other derivative contracts to manage foreign currency exposures.
In 2025, the Group designated a Cross-Currency Interest Rate Swap ("CCIRS") as a cash flow hedge to mitigate foreign currency and interest rate risk arising from USD-denominated borrowings (Note 4.6.2). In 2024 and 2023, no such transactions were entered.
The following sensitivity analysis illustrates the foreign currency risk of the material currency exposures on profit after tax and equity. If there had been a change of 5% in the underlying currency with all other variables held constant, the result from the shift in exchange rates related to financial instruments held in the balance sheet can be summarized as follows:
in EUR m | Impact on profit after tax | Impact on equity | ||||||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |||||||
Movement against all currencies | 5% | (5%) | 5% | (5%) | 5% | (5%) | 5% | (5%) | 5% | (5%) | 5% | (5%) |
Australian Dollar | 0.1 | (0.1) | 0.5 | (0.5) | (1.3) | 1.3 | - | - | - | - | 2.1 | (2.1) |
Swiss Franc | (13.8) | 13.8 | (18.6) | 18.6 | (9.2) | 9.2 | (16.3) | 16.3 | (14.1) | 14.1 | (12.2) | 12.2 |
British Pound | 1.7 | (1.7) | 3.4 | (3.4) | 2.6 | (2.6) | - | - | - | - | - | - |
US Dollar | (4.6) | 4.6 | (0.6) | 0.6 | (1.3) | 1.3 | - | - | (6.0) | 6.0 | (5.4) | 5.4 |
The Group’s interest rate risk is primarily driven by changes to market interest rates on financial assets and liabilities subject to variable interest and risk-free rates. Together with the floating interest rates on cash balances, they form the cash flow risk which creates uncertainty over future net interest payments. The interest rate risk is limited through the issue of the fixed interest rate Bonds (nominal CHF 350.0m) and the fixed interest rate related party loan.
In 2025, to manage interest rate and related foreign currency risk arising from USD-denominated borrowings, the Group entered into a CCIRS designated as a cash flow hedge (Note 4.6.2). At December 31, 2024 and 2023, no such interest rate derivatives existed.
Assets and liabilities at fixed rates only expose the Group to fair value interest rate risk in case they are classified as fair value through profit or loss (Note 3.8).
The primary objective of the Group’s interest rate management is to protect the net interest result.
The Group analyzes its interest rate exposure on a regular basis. Various scenarios are simulated taking into consideration the sensitivity of financial assets and liabilities with variable interest rates and the refinancing of positions with a maturity of less than twelve months. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. For each simulation, the same interest rate shift is used for all currencies. The scenarios are run for interest-bearing positions.
Based on the simulations performed, at December 31, 2025, if there had been an interest rate increase of 100 basis points/decrease of 50 basis points with all other variables held constant, loss after tax for the year would have been EUR 5.6m higher/EUR 2.8m lower (2024: EUR 4.2m higher/EUR 2.1m lower; 2023: EUR 3.4m higher/EUR 1.6m lower). At December 31, 2025, 2024 and 2023, other components of equity would not have been impacted.
Credit risk reflects the risk that a counterparty will default on its contractual obligations, resulting in financial loss to the Group.
It is the Group’s policy that customers who trade on credit terms are subject to credit verification procedures. The assessment of the credit quality of the Group’s customers is reflected in the Group’s internal rating system which takes into account the financial position, past experience, ownership structure, specific market conditions and other factors. In addition, receivable balances per customer are monitored, at least monthly, on a consolidated basis. The credit exposure by customer is regularly reviewed and approved by management. In cases where management assesses the trend of the exposure to any customer as unsatisfactory, or in cases where the credit quality of any customer deteriorates, the Group seeks to enforce measures to reduce the exposure and might revise the payment and credit terms. The total outstanding trade balances of the Group’s five largest receivable positions as at December 31, 2025, constitute 30.2% (2024: 29.6%; 2023: 33.8%) of the total gross trade receivable amount and individually they accounted for between 3.3% and 9.4% (2024: 3.4% and 9.3%; 2023: 4.4% and 9.3%) of the total gross trade receivables. Due to appropriate provisioning, management does not expect any additional losses from non-performance by customers.
The aging-analysis of the trade receivables is as follows:
in EUR m | 2025 | 2024 | 2023 |
Not overdue | 389.1 | 422.1 | 403.6 |
Less than 1 month overdue | 48.6 | 70.0 | 47.3 |
1 to 2 months overdue | 13.3 | 15.7 | 12.4 |
Over 2 months overdue | 36.7 | 39.5 | 102.1 |
Balance at December 31 | 487.7 | 547.3 | 565.4 |
Movements on the allowance for expected credit losses are as follows:
in EUR m | 2025 | 2024 | 2023 |
Balance at January 1 | (80.0) | (152.0) | (148.9) |
Additions | (8.7) | (9.0) | (16.4) |
Receivables written off during the year as uncollectible | 9.9 | 24.4 | 6.9 |
Unused amounts reversed | 17.8 | 56.4 | 7.4 |
Disposal of subsidiaries | - | - | 0.3 |
Exchange differences | 2.2 | 0.2 | (1.3) |
Balance at December 31 | (58.8) | (80.0) | (152.0) |
Provisions have been recognized against receivables to reflect the risk of non-collectability in the aviation industry in general, together with specific amounts for customers who represent an identified additional risk. Amounts provided are generally written off when there is no expectation of further recovery. The Group does not hold any significant collaterals as security.
The following table presents the allowances for expected credit losses alongside the corresponding expected credit loss rates for each risk category. In 2023, a single group-wide loss rate was applied while in 2024 and 2025, a more refined methodology was introduced, treating each segment as a distinct risk category to enhance credit loss estimation.
2025 in EUR m | Unbilled revenue | Trade receivables, gross | Allowance for expected credit losses | Trade receivables, net | Expected credit loss rate |
Europe | 13.6 | 138.3 | (24.9) | 113.4 | 16.4% |
SEA | 9.2 | 100.1 | (11.8) | 88.3 | 10.8% |
NA | 35.7 | 108.8 | (5.8) | 103.0 | 4.0% |
LATAM | 3.9 | 46.2 | (10.1) | 36.1 | 20.2% |
APME | 8.8 | 46.3 | (2.2) | 44.1 | 4.0% |
gatesolutions | 7.5 | 38.6 | (3.6) | 35.0 | 7.8% |
Centre | 0.3 | 9.4 | (0.4) | 9.0 | 4.1% |
Balance at December 31 | 79.0 | 487.7 | (58.8) | 428.9 | |
2024 in EUR m | |||||
Europe | 18.2 | 161.6 | (34.6) | 127.0 | 19.2% |
SEA | 7.2 | 103.4 | (12.3) | 91.1 | 11.1% |
NA | 39.2 | 112.2 | (7.0) | 105.2 | 4.6% |
LATAM | 4.3 | 52.4 | (13.9) | 38.5 | 24.5% |
APME | 5.0 | 59.3 | (6.3) | 53.0 | 9.8% |
gatesolutions | 7.0 | 50.8 | (5.5) | 45.3 | 9.5% |
Centre | 0.2 | 7.6 | (0.4) | 7.2 | 5.1% |
Balance at December 31 | 81.1 | 547.3 | (80.0) | 467.3 |
The credit risk arising from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions is limited because the Group’s risk policy stipulates that a major portion of cash and cash equivalents must be placed with broadly diversified counterparties that are assessed to have a low risk of default.
Financial assets at amortized cost are impaired based on the ECL model. At each balance sheet date the Group assesses whether the credit risk for a financial instrument has increased. For trade receivables, the Group applies the simplified approach required by IFRS 9.
Liquidity risk arises through an excess of financial obligations over available financial assets due at any point in time. The Group’s approach to liquidity risk is to maintain sufficient readily available reserves in order to meet its liquidity requirements at any point in time. The Group monitors its risk to a shortage of funds by reviewing short-term and mid-term cash forecasts during the year.
As at December 31, 2025, the Group’s liquidity sources consist of cash and cash equivalents amounting to EUR 528.0m (Note 4.1) and access to a committed multicurrency Senior RCF of CHF 300.0m (Note 4.4) maturing in December 2031, which remained undrawn at year-end.
On December 31, 2024, the Group’s previously available unused committed funds from its shareholders have expired, resulting in no entitlement to these resources.
The following table details the contractual maturity of the Group’s financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities at the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. Future cash flows for interest payments on variable interest rates reflect market interest rates at the reporting date and these amounts may change as market interest rates change.
The disclosure for derivative financial liabilities shows net or gross cash flows depending on how the fund flow is structured to settle the instruments .
2025 in EUR m | 1-3 months | 3 months- 1 year | 1-5 years | More than 5 years | Contractual value |
Non-derivative financial liabilities | |||||
Debt | 48.8 | 160.2 | 1,137.3 | 3,523.1 | 4,869.4 |
- thereof lease liabilities | 28.5 | 83.9 | 351.4 | 228.6 | 692.4 |
Other non-current liabilities | - | - | 116.4 | 3.6 | 120.0 |
Trade and other payables | 376.7 | 18.2 | - | - | 394.9 |
Other current liabilities | 321.5 | 206.6 | - | - | 528.1 |
Balance at December 31 | 747.0 | 385.0 | 1,253.7 | 3,526.7 | 5,912.4 |
Derivative financial liabilities | |||||
CCIRS used for hedging: | |||||
- Inflow | (7.2) | (20.5) | (106.5) | (363.3) | (497.5) |
- Outflow | 5.8 | 16.7 | 92.5 | 361.9 | 476.9 |
Balance at December 31 | (1.4) | (3.8) | (14.0) | (1.4) | (20.6) |
2024 in EUR m | |||||
Non-derivative financial liabilities | |||||
Debt | 56.0 | 122.8 | 2,654.0 | 370.9 | 3,203.7 |
- thereof lease liabilities | 29.6 | 83.4 | 314.0 | 231.0 | 658.0 |
Other non-current liabilities | - | - | 131.7 | 3.1 | 134.8 |
Trade and other payables | 385.0 | 27.8 | - | - | 412.8 |
Other current liabilities | 295.0 | 235.3 | - | - | 530.3 |
Balance at December 31 | 736.0 | 385.9 | 2,785.7 | 374.0 | 4,281.6 |
2023 in EUR m | |||||
Non-derivative financial liabilities | |||||
Debt | 44.8 | 76.9 | 2,662.4 | 345.6 | 3,129.7 |
- thereof lease liabilities | 25.2 | 65.4 | 251.0 | 212.3 | 553.9 |
Other non-current liabilities | - | - | 9.0 | 7.9 | 16.9 |
Trade and other payables | 364.0 | 42.2 | - | - | 406.2 |
Other current liabilities | 274.0 | 379.5 | - | - | 653.5 |
Balance at December 31 | 682.8 | 498.6 | 2,671.4 | 353.5 | 4,206.3 |
The Group is exposed to foreign currency and interest rate risk resulting from its USD-denominated external borrowings. As part of its risk management strategy, the Group uses CCIRS to mitigate variability in EUR-equivalent cash flows arising from:
The overall objective is to transform USD-denominated financing cash flows into synthetic EUR-denominated floating cash flows that align with the functional currency of the respective entity.
The hedge was designated on June 16, 2025. Quarterly settlements occur on a calendar-quarter basis. The hedge relationship covers both interest and principal amortizations in line with the terms of the underlying loan.
in EUR m | 2025 | 2024 | 2023 |
Notional amount of CCIRS (hedging instrument) | 339.1 | - | - |
Fair value of CCIRS asset (total derivative value) | (5.9) | - | - |
Change in fair value of hedging instrument (OCI effective) | (7.3) | - | - |
Amount recycled from OCI to income statement | 0.0 | - | - |
Hedge ineffectiveness (recognized in income statement) (Note 4.2) | (0.5) | - | - |
Hedge ineffectiveness arises primarily from:
in EUR m | 2025 | 2024 | 2023 |
Opening balance | - | - | - |
Effective portion of FV change (OCI) | (7.3) | - | - |
Amount recycled to the income statement | 0.0 | - | - |
Tax effect on cash flow hedges | 0.1 | - | - |
Balance at December 31 | (7.2) | - | - |
The Group applies hedge accounting under IFRS 9. The effective portion of changes in the fair value of derivatives that qualify as cash flow hedges is recognized in OCI and accumulated in the cash flow hedge reserve. Amounts accumulated in OCI are reclassified to profit or loss in the periods when the hedged item affects profit or loss (e.g. when interest payments occur).
Hedge accounting is discontinued when the hedging relationship ceases to meet hedge accounting criteria. At that time, any cumulative gain or loss in OCI remains in equity until the forecasted transaction occurs. If the hedged forecasted transaction is no longer expected to occur, the cumulative OCI balance is immediately reclassified to profit or loss.
The Group’s objectives when managing capital are to safeguard its status as a going concern in order to provide returns for shareholders, benefits for other stakeholders and to maintain a capital structure that minimizes the cost of capital. To maintain or adjust the capital structure, the Group may distribute dividends, issue new shares or adjust the level of debt. The Group’s existing committed credit facilities are available to the Company and certain of its subsidiaries (Note 4.4). The RCF and the Term Loan contain a covenant with respect to liquidity. The Company has remained in compliance with its covenants.
Financial assets are recognized at amortized cost, which approximates fair value, or at fair value (Note 3.8). Financial liabilities are generally recognized at amortized cost, which approximates fair value. The fixed rate Bonds accounted for at amortized cost of EUR 375.2m (2024: EUR 371.2m; 2023: EUR 375.1m) (Note 4.4) are quoted in an active market (Level 1 measurement) with a fair value of EUR 375.6m (2024: EUR 341.3m; 2023: EUR 261.3m).
in EUR m | 2025 | 2024 | 2023 |
Wages and salaries | (1,907.5) | (1,869.0) | (1,662.7) |
Social security costs | (217.2) | (206.4) | (177.1) |
Pension defined benefit plan expense (Note 5.3) | (21.1) | (16.7) | (18.7) |
Pension defined contribution plan expense | (26.9) | (27.8) | (26.3) |
Long-term incentive plans (Note 5.2) | (48.5) | (16.6) | (12.0) |
Restructuring costs, net | (55.8) | (8.7) | 3.3 |
Other personnel costs and benefits | (238.9) | (269.8) | (226.4) |
Government grant income | 0.7 | 3.7 | 5.6 |
Total | (2,515.2) | (2,411.3) | (2,114.3) |
The employee benefit long-term incentive plans expense recognized in the Consolidated Income Statement is as follows:
in EUR m | 2025 | 2024 | 2023 |
Other long-term incentive plans | 9.0 | 2.7 | 4.0 |
Share-based payments | 39.5 | 13.9 | 8.0 |
Long-term incentive plans | 48.5 | 16.6 | 12.0 |
During 2025, 2024 and 2023, the Group has operated the following long-term incentive plans, which are all settled for cash. and for which no shareholder exit or partial exit has been assumed in determining the respective provisions. All long-term incentive plans are subject to service and / or performance conditions to ensure alignment with shareholders’ interests .
The amounts reported above and in Note 7.3.1 show the variance in the value of the related financial provision year-on-year of all grants initially scheduled at the establishment of the plan in 2021 based on updates to the estimated value of the company. No vestings under the program took place until 2024.
In 2025, payouts occurred which were predominantly attributable to the wider management plan, while no vestings occurred under the remaining programs.
The figures in the table include:
The total accrued value for five separate grants under an equity-linked plan (IFRS 2 - cash settled) covering the years 2024 to 2025, with expected vesting between 2026 and 2028. All grants are subject to service conditions. While all grants also incorporate performance conditions (with the refinancing condition included only in certain later grants, alongside defined shareholder return metrics), the performance-based component reflects a lower proportion of the earlier grants compared to the final two grants. This plan allows the EMB to partake in up to 5% of the assessed equity value, with payment in 2028 and 2029, or an exit pay out in the case of a realization event, subject to either service conditions or a combination of service and non-market performance conditions. In the event of an IPO, any payout shall be settled in listed shares.
The total accrued value for five separate grants under a cash-based plan (IAS 19), covering the years 2024 to 2025, with expected vesting in 2027. All grants are subject to service and performance conditions (including successful re-financing), with payment in 2027.
No further grants are planned under the current program.
The total accrued value for two separate grants under an equity-linked plan (IFRS 2 – cash settled) for non-executive members of the Company’s Board who are not shareholder representatives covering the years 2024 and 2025. Both grants are subject to time-based vesting and performance conditions (including defined shareholder return metrics). These grants vest at grant date with payment in 2028 and 2029, unless there is an earlier exit event. A final grant under this program is scheduled following the AGM 2026.
The total accrued value for a cash-based plan (IAS 19) for a wider group of management, covering the years 2024 to 2025, with expected vesting between 2026 and 2028. Payment in each year is subject to service and performance conditions, including absolute EBITDA, EBTIDA margin, and Free Cash Flow (FCF) targets, as well as successful refinancing.
No further grants are planned under the current program.
The remaining elements of other prior year plans (IAS 19).
As at December 31, 2025, the provision for long-term incentive plans amounted to EUR 78.3m (2024: EUR 31.0m; 2023: EUR 16.1m) (Note 3.10).
The Group provides defined benefit retirement schemes through a variety of arrangements comprised principally of stand-alone plans that cover a substantial portion of employees in accordance with local regulations and practices. The most significant plans in terms of the benefits accrued by participants are cash balance and final salary plans, and around 92.0% (2024: 92.0%; 2023: 92.2%) of the present value of obligations accrued to date come from defined benefit plans in Germany, Switzerland, the United Kingdom (UK) and the United States (US). A breakdown of the pension-related balance sheet amounts at December 31, 2025, 2024 and 2023, is shown below:
2025 in EUR m | Germany | Switzerland | UK | US | Other | Total |
Present value of funded obligations | (499.0) | (296.6) | (97.7) | (147.7) | (90.1) | (1,131.1) |
Fair value of plan assets | 308.6 | 347.1 | 123.8 | 143.1 | 47.5 | 970.1 |
Funded status | (190.4) | 50.5 | 26.1 | (4.6) | (42.6) | (161.0) |
Present value of unfunded obligations | - | - | - | (2.5) | (9.3) | (11.8) |
Irrecoverable surplus (effect of asset ceiling) | - | (51.3) | (6.5) | - | - | (57.8) |
Net defined benefit asset/(liability) at December 31 | (190.4) | (0.8) | 19.6 | (7.1) | (51.9) | (230.6) |
Fair value of reimbursement rights at December 31 | 9.0 | - | - | - | - | 9.0 |
2024 in EUR m | ||||||
Present value of funded obligations | (552.3) | (284.5) | (96.9) | (163.6) | (94.9) | (1,192.2) |
Fair value of plan assets | 338.8 | 318.9 | 129.3 | 129.3 | 50.2 | 966.5 |
Funded status | (213.5) | 34.4 | 32.4 | (34.3) | (44.7) | (225.7) |
Present value of unfunded obligations | - | - | - | (2.8) | (9.2) | (12.0) |
Irrecoverable surplus (effect of asset ceiling) | - | (35.5) | (32.4) | - | - | (67.9) |
Net defined benefit asset/(liability) at December 31 | (213.5) | (1.1) | - | (37.1) | (53.9) | (305.6) |
Fair value of reimbursement rights at December 31 | 9.2 | - | - | - | - | 9.2 |
2023 in EUR m | ||||||
Present value of funded obligations | (548.9) | (269.1) | (102.5) | (162.4) | (92.2) | (1,175.1) |
Fair value of plan assets | 358.1 | 302.5 | 154.4 | 108.5 | 48.5 | 972.0 |
Funded status | (190.8) | 33.4 | 51.9 | (53.9) | (43.7) | (203.1) |
Present value of unfunded obligations | - | - | - | (2.8) | (7.6) | (10.4) |
Irrecoverable surplus (effect of asset ceiling) | - | (34.4) | (51.9) | - | - | (86.3) |
Net defined benefit asset/(liability) at December 31 | (190.8) | (1.0) | - | (56.7) | (51.3) | (299.8) |
Fair value of reimbursement rights at December 31 | 8.4 | - | - | - | - | 8.4 |
The primary German pension plan for future benefit accruals is similar to a defined contribution scheme in nature, providing old-age and risk benefits depending on contributions paid and a variable return based on the performance of the fund. Employee contributions of 1.0% of the contribution basis are mandatory, further contributions are voluntary. The employer is required to pay 5.2% of the contribution basis, of which 0.2% can be used to cover risk benefits. Due to a guaranteed minimum return of 0% on contributions, defined benefit accounting is required. When members retire from this plan, accrued balances are by default converted into annuities based on the applicable German GAAP (BilMoG) interest rate at the time and a fixed 1.0% pension indexation. Additionally, members can partially opt for lump sums or installments instead of annuities. Due to grandfathering, a large portion of the liability is still based in defined benefit plans, which are closed to new entrants and cover vested entitlements of members who joined the former career-average plan before January 1, 2016. Some employees hired before 2016 are also eligible for benefits based on a cash-balance plan which had a fixed 3.5% interest rate. The fixed 3.5% interest rate was partially reduced in 2021 to the maximum allowed guaranteed interest rate for the German life insurance industry (i.e. 1.0% since January 1, 2025).
The majority of liabilities are funded through plan assets from contractual trust arrangements. There are no legal minimum funding requirements. The plans are exposed to interest rate and longevity risk as well as investment risks, in particular the risk that the assets do not achieve the guaranteed investment return. Because of the plan design and a fixed 1.0% indexation being applicable to most pensions in payment, the impact of inflation is limited.
The Group operates a company-sponsored pension plan, which provides contribution-based cash balance retirement and risk benefits to employees, so as to meet its obligations under Switzerland’s mandatory company-provided pension requirements. The pension plan is established within a foundation that is a legal entity separate from the Group. The Board of Trustees of the foundation is composed equally of employee and employer representatives, who are empowered to decide on such fundamental aspects as the level and structure of the benefits and the fund’s investment strategy.
There are a number of guarantees provided within the pension plan which create exposure to risks of underfunding and may require the Group to help provide refinancing. Since Swiss pension law stipulates a minimum rate for conversion of pension savings into an annuity at retirement and guarantees a minimum interest on retirement assets, the pension plan is exposed beside the interest risk, in particular to the risk of changes in the life expectancy for pensioners and to the risk that the assets do not achieve the investment returns assumed. The plan holds a diversified range of assets, including equities, bonds, and property, which provide long term return potential but also short term volatility. The plan does not make use of explicit asset-liability matching instruments such as annuity purchase products or longevity swaps.
Generally, there is no opportunity for the Group to recover a surplus because under Swiss pension law any surplus that develops technically belongs to a pension plan and therefore the members. A reduction in future contributions is possible only at the discretion of the Board of Trustees of each pension plan and therefore there is a minimum funding requirement for the Group equal to the employer contributions set out in the pension plan rules. As the contributions are set out in the plan rules, the funding arrangements have limited impact on the future cash flow requirements of the Group (except in the case of underfunding).
In addition to this pension arrangement, the Group operates two small defined benefit plans in Switzerland that were acquired with subsidiaries in prior years. Given their immaterial size, no further detail is provided. In 2025, workforce reductions in one of these plans resulted in a curtailment gain of EUR 1.2m, recognized in profit or loss.
All of the UK plans are final salary schemes, providing benefits to members in the form of a guaranteed level of pension payable for life and they are closed to future accrual of benefits. Future benefit accruals are provided through defined contribution plans. The pensions from the defined benefit plans receive inflation-related increases in deferment and once in payment. The benefit payments are from trustee-administered funds. Plan assets held in trusts are governed by local regulations and practice, as is the nature of the relationship between the Group and the Trustees, and the latter’s composition. Responsibility for governance of the plans, including investment decisions and contribution schedules, lies jointly with the Group and the Board of Trustees. The Board of Trustees is composed of representatives of the Group and plan participants in accordance with the plan’s regulations and UK pension law.
The plans expose the Group to the typical risks associated with defined benefit arrangements, including interest rate, inflation and longevity risks. In 2024, the majority of the plans’ liabilities were insured through a buy-in contract with a third party insurer, under which the majority of the associated risks were effectively transferred. This transaction was considered to be a change in investment strategy and therefore did not constitute a settlement under IAS 19. The associated one-off asset loss was recognized in OCI. During 2025, the Trustees continued the derisking process and initiated steps towards completing a full buy-out with the same insurer. As of December 31, 2025, the legal buyout had not yet been finalized, and the plans continue to be accounted for as defined benefit plans.
During 2025, following a legal review relating to Barber equalization, additional liabilities were recognized. This, combined with an enhancement to members’ benefits, results in a past service cost of EUR 5.1m recognized in profit or loss.
At the reporting date, the UK plans were in surplus. The amount recognized as a net pension asset reflects the application of the asset ceiling in accordance with IAS 19, which restricts the surplus to the present value of economic benefits available to the Group. Based on the contractual arrangements in place and the plan rules, the Group expects to have access to the remaining surplus once the ongoing process with the insurer is completed.
The Group operates defined benefit pension plans in the US to provide benefits to members in the form of a guaranteed level of pension payable for life and all plans are currently closed to new entrants and future accrual of benefits. Future pension benefit accruals are provided in defined contribution plans. Pensions from the defined benefit plans generally do not receive inflationary increases once in payment. The majority of benefit payments are from a trustee administered fund; however, there is also a small unfunded non-qualified plan where the Group meets the benefit payment obligation as it becomes due. Plan assets held in trusts are governed by Internal Revenue Service (“IRS”) regulations, and responsibility for governance of the plans, including investment strategy and funding decisions, lies with the Group within this regulatory framework.
The Group is exposed to risks common to defined benefit arrangements, including interest rate risk and longevity risk The Group manages investment risk through a liability aligned investment strategy. By December 31, 2025, the funded plan had substantially exited equity investments, with assets primarily allocated to high quality corporate bonds, improving liability matching and reducing funded status volatility.
Up until June 30, 2023, the funding requirements for the funded defined benefit pension plan were governed by special minimum funding rules ("Airline Relief") applicable to certain airlines and airline caterers sponsoring tax-qualified defined benefit plans. Under Airline Relief, a fixed 8.85% discount rate was used to determine funding liabilities, and the resulting unfunded liability was amortized over a closed 17-year period beginning on July 1, 2006. This unfunded liability was fully amortized on June 30, 2023. Beginning with the plan year starting July 1, 2023, the funding shortfall has been determined under the standard IRS minimum funding framework, which bases the discount rate on a two-year average of high-grade corporate bond yields, subject to a 95% to 105% corridor linked to a 25-year average of high-grade corporate bond yields (subject to a 5% floor). The effective rate for the plan year beginning July 1, 2024, was 5.34%. The initial shortfall calculated under the updated rules and subsequent changes are amortized over a rolling 15-year period, resulting in contribution requirements that are more closely aligned with market-based liabilities.
In 2025, the Group made a voluntary lump-sum contribution of EUR 27.2m to the funded plan as part of a derisking activity and to reduce regulatory variable premium charges. As the contribution was made into plan assets and did not extinguish the Group’s obligation, the transaction did not constitute a settlement under IAS 19.
The Group sponsors defined benefit plans in other countries where it operates. No individual country, other than those described above, is considered material.
The following are the principal events recognized in the periods covered by these Consolidated Financial Statements, with other changes having a negligible impact on a group level:
The Group recognized total defined benefit costs related to post-employment defined benefit plans as follows:
in EUR m | 2025 | 2024 | 2023 |
Service costs | |||
Current service cost | (18.8) | (18.0) | (18.3) |
Curtailment and past service cost | (2.3) | 1.3 | (0.4) |
Personnel expenses - defined benefit costs (Note 5.1) | (21.1) | (16.7) | (18.7) |
Net interest on defined benefit schemes (Note 4.2) | (11.4) | (10.6) | (12.2) |
Net interest on reimbursement rights (Note 4.2) | 0.4 | 0.3 | 0.8 |
Net pension expense | (32.1) | (27.0) | (30.1) |
The remeasurement components recognized in the statement of other comprehensive income for the Group’s post-employment defined benefit plans and plan reimbursement rights comprise the following:
in EUR m | 2025 | 2024 | 2023 |
Remeasurement gains/(losses) | |||
Actuarial (losses)/gains arising from changes in demographic assumptions | (1.7) | 0.3 | 14.1 |
Actuarial gains/(losses) arising from changes in financial assumptions | 57.8 | 22.2 | (65.9) |
Actuarial (losses)/gains arising from experience adjustments | (14.3) | (24.7) | 9.3 |
Return on pension assets (excluding amounts in net interest on defined benefit schemes) | 14.5 | (14.7) | 28.5 |
Return on plan reimbursement rights (excluding amounts in net interest on reimbursement rights) | (0.6) | 0.5 | (1.0) |
Change in effect of the asset ceiling (excluding amounts in net interest on defined benefit schemes) | 11.4 | 22.9 | 5.7 |
Total remeasurements recognized in the statement of other comprehensive income | 67.1 | 6.5 | (9.3) |
In 2025, remeasurement gains were mainly driven by the increase in discount rates in the Eurozone and Switzerland, with Germany contributing the vast majority of the financial assumption gain. Additional gains arose from strong asset returns in Switzerland and the US and from the change in the asset ceiling effect in the UK. These effects were partly offset by experience losses, mainly in Switzerland, and an adverse asset ceiling adjustment in Switzerland, as well as lower than expected asset returns in Germany.
In 2024, remeasurement gains were primarily driven by the increase in discount rates in Germany, the UK, and the US, partially offset by a net loss in Switzerland due to the reduction of discount rate. Additional gains resulted from the change in the asset ceiling restriction on the UK plans and higher than expected asset returns in Switzerland and the US. However, these were largely offset by actuarial experience losses, mainly in Germany and Switzerland, the asset reduction that resulted from buy-in transactions in the UK and lower than expected pension asset returns, particularly in Germany.
In 2023, remeasurement losses based on financial assumptions were primarily driven by decreases in discount rates in the majority of countries, the principal effect being in Germany and Switzerland. These losses were to a large extent offset by asset gains due to investment returns being higher than expected in most of the funded plans, primarily in Germany, the US, Switzerland, and Netherlands, by experience gains mainly in Germany, and by gains based on the change of demographic assumptions. The latter was mainly the result of the adoption of the Continuous Mortality Investigation (“CMI”) model, as well as an update of the disability rates, withdrawal rates and early retirement rates used in Switzerland following an experience study in 2023, and the adoption of the latest improvement scale CMI2022 in the UK. The loss further reduced as a result of the change in the asset ceiling restriction applying to plans in Switzerland and in the UK. Furthermore in 2023 the remeasurement of the plan reimbursement rights in Germany led to an additional loss.
The movements in the net defined benefit pension liability recognized within the Consolidated Balance Sheet are as follows:
in EUR m | 2025 | 2024 | 2023 |
Balance at January 1 | (305.6) | (299.8) | (295.6) |
Disposal of subsidiaries (Note 7.1) | 0.3 | - | - |
Pension costs recognized in the income statement | (32.5) | (27.3) | (30.9) |
Remeasurement gains/(losses) recognized in the statement of other comprehensive income | 67.7 | 6.0 | (8.3) |
Actual employer contributions (incl. reimbursements to employer, excl. reimbursement rights) | 34.8 | 21.7 | 32.6 |
Other changes | - | (2.8) | - |
Exchange differences | 4.7 | (3.4) | 2.4 |
Balance at December 31 | (230.6) | (305.6) | (299.8) |
Being: | |||
Retirement benefit assets at December 31 | 19.6 | - | - |
Retirement benefit liabilities at December 31 | (250.2) | (305.6) | (299.8) |
The net employer contribution amount under the defined benefit pension plans in 2025 includes net refunds of EUR 17.1m from the Contractual Trust Arrangements (“CTAs”) thereof EUR 13.2m were refunded to the pensioners entities in Germany (“Rentnergesellschaften”) (2024: EUR 22.7m, thereof EUR 13.2m refunded to the pensioners entities; 2023: none).
Other changes in 2024 include the reclassification of EUR 2.8m from a previously recognized provision for legal disputes related to pension obligations in Germany. This transfer reflects the realization of the legal risk, with the amount now accounted for in the defined benefit plan.
The Group has a reimbursement right of EUR 9.0m in Germany at December 31, 2025 (2024: EUR 9.2m; 2023: EUR 8.4m). This relates to the refund made to the Rentnergesellschaften, which can be used to pay the future retirement benefits for the members within those entities. There are no other reimbursement rights for the Group. These reimbursement rights are recognized in other non-current receivables (Note 3.2).
The following table shows the change in the present value of defined benefit obligations:
in EUR m | 2025 | 2024 | 2023 |
Balance at January 1 | (1,204.2) | (1,185.5) | (1,110.2) |
Disposal of subsidiaries (Note 7.1) | 0.3 | - | - |
Current service cost | (18.8) | (18.0) | (18.3) |
Curtailment and past service cost | (2.3) | 1.3 | (0.4) |
Settlement | 0.8 | - | - |
Interest cost on the defined benefit obligations | (38.5) | (37.6) | (41.6) |
Actuarial (losses)/gains arising from changes in demographic assumptions | (1.7) | 0.3 | 14.1 |
Actuarial gains/(losses) arising from changes in financial assumptions | 57.8 | 22.2 | (65.9) |
Actuarial (losses)/gains arising from experience adjustments | (14.3) | (24.7) | 9.3 |
Actual benefit payments | 62.9 | 61.4 | 47.5 |
Actual employee contributions | (8.3) | (7.8) | (7.6) |
Other changes | - | (2.8) | - |
Exchange differences | 23.4 | (13.0) | (12.4) |
Balance at December 31 | (1,142.9) | (1,204.2) | (1,185.5) |
The following table shows the change in the fair value of plan assets:
in EUR m | 2025 | 2024 | 2023 |
Balance at January 1 | 966.5 | 972.0 | 900.0 |
Interest income on plan assets | 29.2 | 29.9 | 32.8 |
Actual return on assets (excluding interest income on plan assets) | 14.5 | (14.7) | 28.5 |
Actual benefit payments | (62.9) | (61.4) | (47.5) |
Actual employer contributions (incl. reimbursements to employer, excl. reimbursement rights) | 34.8 | 21.7 | 32.6 |
Actual employee contributions | 8.3 | 7.8 | 7.6 |
Settlement | (0.8) | - | - |
Exchange differences | (19.5) | 11.2 | 18.0 |
Balance at December 31 | 970.1 | 966.5 | 972.0 |
Benefits paid under the pension plans include EUR 17.1m paid from employer assets in 2025 (2024: EUR 21.3m; 2023: EUR 20.8m). The Group expects to contribute EUR 27.7m to its defined benefit pension plans in 2026.
The following table shows the change in the irrecoverable surplus:
in EUR m | 2025 | 2024 | 2023 |
Irrecoverable surplus at January 1 | (67.9) | (86.3) | (85.4) |
Interest cost on irrecoverable surplus | (2.1) | (2.9) | (3.4) |
Change in irrecoverable surplus in excess of interest (asset ceiling) | 11.4 | 22.9 | 5.7 |
Exchange differences | 0.8 | (1.6) | (3.2) |
Irrecoverable surplus at December 31 | (57.8) | (67.9) | (86.3) |
Where applicable, the economic benefit available (used in the irrecoverable surplus calculation) as at December 31 is based on the present value of potential reductions in future contributions, which is partially offset by the liability in respect of a minimum funding requirement. For the UK plans, the economic benefit amounts reflect the estimated full potential amount due to be refunded back to the Group. As of 2023, continuing in 2024 and 2025, an asset ceiling restriction has been also applied for the Swiss Main pension plan, as there is no economic benefit applicable.
Pension plan assets do not contain shares of the Company. The major categories of plan assets are as follows:
in EUR m | 2025 | 2024 | 2023 |
Securities quoted in an active market | |||
Equities | 187.3 | 246.7 | 210.1 |
Bonds: | |||
Government - nominal | 88.9 | 164.1 | 197.3 |
Government - index-linked | 34.3 | 33.5 | 111.6 |
Corporate | 301.7 | 176.6 | 188.3 |
Asset-backed securities | 0.6 | - | - |
Real estate | - | 6.5 | 6.3 |
Cash and cash equivalents | 62.2 | 58.6 | 63.5 |
Other marketable securities | 4.4 | - | - |
Total quoted securities | 679.4 | 686.0 | 777.1 |
Unquoted securities | |||
Asset-backed securities | 25.7 | 27.7 | 28.4 |
Insurance contracts | 146.2 | 148.2 | 49.7 |
Real estate | 80.3 | 70.8 | 88.0 |
Other | 38.5 | 33.8 | 28.8 |
Total other securities | 290.7 | 280.5 | 194.9 |
Total | 970.1 | 966.5 | 972.0 |
The present value of defined benefit obligations by category of members at December 31, 2025, 2024 and 2023, is shown below.
in EUR m | 2025 | 2024 | 2023 |
Active | (434.9) | (462.1) | (456.6) |
Vested | (184.8) | (202.7) | (209.2) |
Retired | (523.2) | (539.4) | (519.7) |
Balance at December 31 | (1,142.9) | (1,204.2) | (1,185.5) |
Present value of funded obligations at December 31 | (1,131.1) | (1,192.2) | (1,175.1) |
Present value of unfunded obligations at December 31 | (11.8) | (12.0) | (10.4) |
The principal actuarial assumptions used for the defined benefit obligations at December 31, 2025, 2024 and 2023, and the following year’s pension expense are as follows:
2025 | Germany | Switzerland | UK | US | All plans |
Discount rate (weighted average) | 4.2% | 1.2% | 5.5% | 5.2% | 3.7% |
Rate of compensation increase (weighted average) | 2.5% | 2.2% | n/a | n/a | 2.5% |
Inflation rate (weighted average) | n/a | 1.0% | 2.9% | n/a | 1.5% |
Pension index rate (weighted average) | 1.0% | 0.0% | 2.9% | n/a | 0.9% |
2024 | |||||
Discount rate (weighted average) | 3.4% | 0.9% | 5.6% | 5.5% | 3.3% |
Rate of compensation increase (weighted average) | 2.5% | 2.2% | n/a | n/a | 2.5% |
Inflation rate (weighted average) | n/a | 1.0% | 3.2% | n/a | 1.6% |
Pension index rate (weighted average) | 1.0% | 0.0% | 3.1% | n/a | 0.9% |
2023 | |||||
Discount rate (weighted average) | 3.2% | 1.3% | 4.7% | 5.0% | 3.2% |
Rate of compensation increase (weighted average) | 2.5% | 2.5% | n/a | n/a | 2.6% |
Inflation rate (weighted average) | n/a | 1.3% | 2.9% | n/a | 1.8% |
Pension index rate (weighted average) | 1.0% | 0.0% | 2.9% | n/a | 0.9% |
Mortality rates have been set in accordance with current best practice in the respective countries. Future longevity improvements have been considered and included where appropriate. The average life expectancy in years of a pensioner retiring at age 65 on the balance sheet date and 15 years after the balance sheet date are as follows:
Years | 2025 | 2024 | 2023 |
Male - retiring at age 65 on the balance sheet date | 21.4 | 21.2 | 21.1 |
Female - retiring at age 65 on the balance sheet date | 23.9 | 23.8 | 23.7 |
Male - retiring at age 65, 15 years after the balance sheet date | 22.9 | 22.8 | 22.7 |
Female - retiring at age 65, 15 years after the balance sheet date | 25.3 | 25.2 | 25.1 |
A feature all plans have in common is that the discount rate has a significant impact on the present value of obligations. The other assumptions have varying impacts on the different plans in the respective countries. In the breakdown presented below, the varying impact on the balance sheet from changes in the key assumptions is shown for the various countries.
2025 in EUR m | Germany | Switzerland | UK | US | Other | Total |
Discount rate +0.5% pa | 28.7 | 15.7 | 5.6 | 5.9 | 4.3 | 60.2 |
Discount rate -0.5% pa | (31.2) | (17.5) | (6.1) | (6.4) | (4.7) | (65.9) |
Rate of compensation +0.5% pa | - | (2.7) | n/a | n/a | (2.9) | (5.6) |
Rate of compensation -0.5% pa | - | 2.5 | n/a | n/a | 2.7 | 5.2 |
Pension indexation +0.5% pa | - | (12.1) | (2.8) | n/a | (1.9) | (16.8) |
Pension indexation -0.5% pa (minimum 0.0%) | - | - | 3.4 | n/a | n/a | 3.4 |
Life expectancy at age 65 + 1 year | (11.3) | (6.8) | (3.9) | (4.4) | (0.7) | (27.1) |
2024 in EUR m | ||||||
Discount rate +0.5% pa | 34.4 | 15.4 | 5.7 | 6.7 | 4.8 | 67.0 |
Discount rate -0.5% pa | (38.6) | (17.1) | (6.3) | (7.3) | (5.2) | (74.5) |
Rate of compensation +0.5% pa | - | (2.4) | n/a | n/a | (3.0) | (5.4) |
Rate of compensation -0.5% pa | - | 2.2 | n/a | n/a | 2.9 | 5.1 |
Pension indexation +0.5% pa | - | (12.0) | (2.4) | n/a | (2.3) | (16.7) |
Pension indexation -0.5% pa (minimum 0.0%) | - | - | 3.2 | n/a | n/a | 3.2 |
Life expectancy at age 65 + 1 year | (13.1) | (6.8) | (4.0) | (4.7) | (0.8) | (29.4) |
2023 in EUR m | ||||||
Discount rate +0.5% pa | 34.6 | 14.4 | 6.5 | 7.1 | 4.8 | 67.4 |
Discount rate -0.5% pa | (37.4) | (16.0) | (7.2) | (7.7) | (5.2) | (73.5) |
Rate of compensation +0.5% pa | - | (2.3) | n/a | n/a | (3.1) | (5.4) |
Rate of compensation -0.5% pa | - | 2.1 | n/a | n/a | 3.0 | 5.1 |
Pension indexation +0.5% pa | (0.1) | (11.2) | (3.2) | n/a | (2.3) | (16.8) |
Pension indexation -0.5% pa (minimum 0.0%) | 0.1 | - | 3.8 | n/a | n/a | 3.9 |
Life expectancy at age 65 + 1 year | (12.0) | (6.2) | (3.9) | (4.7) | (0.8) | (27.6) |
The sensitivity analyses above are based on a change in a significant assumption, keeping all other assumptions constant. Interdependencies were not taken into account. Therefore, the sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. Starting from 2024, for the UK, due to the buy-in transaction, movements in the defined benefit obligation are largely offset by corresponding movements in the related insurance asset, resulting in a limited net impact on the balance sheet.
The duration of the defined benefit obligations at December 31, 2025, 2024 and 2023, are:
2025 Years | Germany | Switzerland | UK | US | Other | Average |
Weighted duration of the defined benefit obligations | 14.1 | 11.4 | 12.4 | 8.5 | 10.1 | 12.2 |
2024 Years | ||||||
Weighted duration of the defined benefit obligations | 15.0 | 11.3 | 12.9 | 8.7 | 10.0 | 12.6 |
2023 Years | ||||||
Weighted duration of the defined benefit obligations | 14.9 | 11.2 | 13.7 | 9.2 | 10.4 | 12.8 |
The Group recognizes wages, salaries, social security contributions, paid leave, bonuses, and non-monetary benefits as expenses when the services are rendered. Long-term employee benefits are accrued over the employee’s service period.
The Group operates both defined benefit and defined contribution pension plans, in line with local practices. Major defined benefit plans are typically funded through independent pension or insurance funds, with funding levels determined by actuarial valuations.
Defined benefit plans are recognized as the net of the present value of the defined benefit obligation and the fair value of plan assets. The defined benefit obligation is calculated using the projected unit credit method and discounted using high-quality corporate bond rates that match the terms of the obligation.
Pension costs recognized in the financial statements comprise the following components:
Surpluses in defined benefit plans are recognized as assets only to the extent that they are recoverable through future reductions in contributions or refunds, subject to any legal or regulatory restrictions.
Under defined contribution plans, the Group’s obligation is limited to paying fixed contributions, with no legal or constructive obligation to make additional payments. Contributions to these plans, including those to state-administered schemes, are recognized as personnel expenses in the income statement in the period the related service is rendered.
Other non-current employee benefits, such as jubilee plans and long-service benefits, are measured using the projected unit credit method. Unlike defined benefit plans, changes in actuarial assumptions for these benefits are recognized directly in the Consolidated Income Statement, not OCI. The related liability is recognized on the balance sheet under provisions.
Termination benefits are recognized when the Group is demonstrably committed to terminating employment or offering voluntary redundancy. The liability is measured based on the expected settlement amount. Where termination benefits arise from restructuring, recognition is through a restructuring provision.
The Group provides long-term incentive plans, the cost of which are recognized as personnel expenses in the income statement, with a corresponding liability recorded under provisions until payment is made.
The measurement of defined benefit obligations relies on key actuarial assumptions, including discount rates, inflation, life expectancy, and salary growth. These assumptions significantly affect the obligation and pension costs, with differences between actual and expected outcomes, due to changes in economic or demographic factors, being recognized as actuarial gains or losses in OCI.
For defined benefit plans with surpluses, management evaluates recoverability by assessing potential future contribution reductions or refunds, considering any legal or regulatory restrictions.
Judgment is also required in determining the timing and amounts of termination benefits, particularly in relation to restructuring provisions. Similarly, judgment has to be applied when determining the assumptions for other long-term employee benefits, with resulting changes to provisions being recognized directly in the income statement.
in EUR m | 2025 | 2024 | 2023 |
Current income tax charge | (40.6) | (43.8) | (26.8) |
Deferred tax credit | 11.2 | 30.0 | 25.8 |
Total | (29.4) | (13.8) | (1.0) |
Reconciliation of tax expense | |||
in EUR m | 2025 | 2024 | 2023 |
Loss before tax | (75.8) | (11.0) | (149.1) |
Tax at Swiss tax rate | 13.9 | 2.0 | 27.4 |
+ / - effects of | |||
Deviations from Swiss tax rate | 6.7 | 2.1 | 15.0 |
Unrecognized deferred tax assets | (29.6) | 8.7 | (28.7) |
Deferred taxes related to other periods | (2.8) | 6.7 | 3.7 |
Change in deferred tax due to tax rate change | 1.0 | (0.3) | (0.6) |
Non-deductible expenses | (30.3) | (32.3) | (20.2) |
Income not subject to tax | 3.9 | 1.6 | 7.1 |
Current taxes related to other periods or other countries | 6.0 | (1.6) | (4.0) |
Others(I) | 1.8 | (0.7) | (0.7) |
Total tax expense | (29.4) | (13.8) | (1.0) |
Weighted average effective tax rate | (38.8%) | (125.5%) | (0.7%) |
(I) Others include predominantly foreign exchange adjustments and tax risk provisions
The above table shows the expected tax expense at the Swiss tax rate of 18.4% (2024 and 2023: 18.4%) applied to the Group loss before tax and the reconciliation to the actual income tax expense.
in EUR m | 2025 | 2024 | 2023 |
Deferred income tax assets | 61.0 | 48.2 | 33.4 |
Deferred income tax liabilities | (21.2) | (20.7) | (36.0) |
Balance at December 31 | 39.8 | 27.5 | (2.6) |
Movements in deferred taxes | ||||||
in EUR m | Property, plant and equipment | Intangible assets | Other assets | Liabilities(I) | Tax losses carry forwards | Total |
Balance at January 1, 2025 | (88.7) | (58.6) | (23.0) | 134.5 | 63.3 | 27.5 |
Deferred tax credit/(charge) in the income statement | (7.2) | 16.8 | (19.5) | 36.2 | (15.1) | 11.2 |
Deferred tax credit in OCI | - | - | - | 3.6 | - | 3.6 |
Exchange differences | 5.6 | (0.3) | 0.1 | (8.5) | 0.6 | (2.5) |
Balance at December 31, 2025 | (90.3) | (42.1) | (42.4) | 165.8 | 48.8 | 39.8 |
Balance at January 1, 2024 | (74.7) | (55.8) | (25.6) | 92.5 | 61.0 | (2.6) |
Deferred tax credit/(charge) in the income statement | (11.8) | (2.9) | 3.0 | 40.5 | 1.2 | 30.0 |
Deferred tax charge in OCI | - | - | - | (0.1) | - | (0.1) |
Exchange differences | (2.2) | 0.1 | (0.4) | 1.6 | 1.1 | 0.2 |
Balance at December 31, 2024 | (88.7) | (58.6) | (23.0) | 134.5 | 63.3 | 27.5 |
Balance at January 1, 2023 | (83.5) | (58.8) | (34.0) | 104.6 | 43.8 | (27.9) |
Deferred tax credit/(charge) in the income statement | 8.0 | 4.6 | 9.3 | (11.7) | 15.6 | 25.8 |
Deferred tax credit in OCI | - | - | - | 1.1 | - | 1.1 |
Exchange differences | 0.8 | (1.6) | (0.9) | (1.5) | 1.6 | (1.6) |
Balance at December 31, 2023 | (74.7) | (55.8) | (25.6) | 92.5 | 61.0 | (2.6) |
In 2025, EUR 3.6m of the deferred tax credit recognized in the OCI relates to actuarial gains and losses on defined benefit schemes (2024: deferred tax charge of EUR 0.1m; 2023: deferred tax credit of EUR 1.1m).
Composition of deferred tax assets and liabilities | |||||||||
in EUR m | Assets December 31 | Liabilities December 31 | Net December 31 | ||||||
2025 | 2024 | 2023 | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
Temporary differences | |||||||||
Property, plant and equipment | 5.0 | 5.0 | 5.5 | (95.3) | (93.7) | (80.2) | (90.3) | (88.7) | (74.7) |
Intangible assets | 0.9 | 0.5 | 7.0 | (43.0) | (59.1) | (62.8) | (42.1) | (58.6) | (55.8) |
Other assets | 11.6 | 8.0 | 9.7 | (54.0) | (31.0) | (35.3) | (42.4) | (23.0) | (25.6) |
Retirement benefit obligations, other liabilities, provisions and accruals | 191.3 | 158.4 | 118.3 | (25.5) | (23.9) | (25.8) | 165.8 | 134.5 | 92.5 |
Tax losses | 48.8 | 63.3 | 61.0 | - | - | - | 48.8 | 63.3 | 61.0 |
257.6 | 235.2 | 201.5 | (217.8) | (207.7) | (204.1) | 39.8 | 27.5 | (2.6) | |
Offset of deferred tax assets and liabilities | (196.6) | (187.0) | (168.1) | 196.6 | 187.0 | 168.1 | - | - | - |
Deferred tax assets/(liabilities) | 61.0 | 48.2 | 33.4 | (21.2) | (20.7) | (36.0) | 39.8 | 27.5 | (2.6) |
Composition of deferred tax assets not recognized | |||
in EUR m | 2025 | 2024 | 2023 |
Property, plant and equipment | 3.4 | 4.8 | 5.0 |
Intangible assets | 0.1 | 0.2 | 1.4 |
Other assets | 2.3 | 5.3 | 8.7 |
Retirement benefit obligations, other liabilities, provisions and accruals | 27.3 | 50.1 | 89.1 |
Tax losses | 438.1 | 456.8 | 477.9 |
Deferred tax assets not recognized at 31 December | 471.2 | 517.2 | 582.1 |
The Group does not regard any retained earnings of foreign subsidiaries as permanently invested and does not expect any material additional tax payables beyond the recognized deferred tax liabilities on unremitted earnings of the Group.
Tax loss carry forwards and tax credits which are not recognized are summarized by year of expiry as follows:
in EUR m | 2025 | 2024 | 2023 |
Less than one year | 53.3 | 11.2 | 8.9 |
More than one year and less than five years | 504.2 | 524.2 | 612.8 |
More than five years | 236.2 | 365.0 | 340.3 |
No expiry | 1,149.1 | 1,009.6 | 1,104.8 |
Total | 1,942.8 | 1,910.0 | 2,066.8 |
Tax loss carry forwards which are not recognized are summarized by country of origin as follows: | |||
in EUR m | 2025 | 2024 | 2023 |
Switzerland | 684.6 | 661.6 | 848.2 |
Luxembourg | 354.8 | 310.3 | 367.3 |
Germany | 351.9 | 403.4 | 318.6 |
France | 112.7 | 106.3 | 101.6 |
United Kingdom | 115.8 | 99.2 | 65.4 |
Brazil | 61.8 | 54.8 | 58.2 |
Denmark | 35.0 | 43.5 | 45.2 |
US | 38.7 | 40.5 | 45.4 |
Norway | 39.0 | 38.9 | 38.1 |
Singapore | 27.9 | 29.9 | 28.8 |
Belgium | 21.0 | 22.2 | 24.1 |
Italy | 17.6 | 18.7 | 14.8 |
Others | 82.0 | 80.7 | 111.1 |
Total | 1,942.8 | 1,910.0 | 2,066.8 |
There are no significant unrecognized tax credits.
The Group is within the scope of the Organization for Economic Co-operation and Development (“OECD”) Pillar Two model rules. The Group operates in several jurisdictions where Pillar Two Rules have been enacted, or substantively enacted. In Switzerland, the jurisdiction in which the Company is tax-resident, a gradual implementation of Pillar Two took place with the introduction of a Qualified Domestic Minimum Top-up Tax (“QDMTT”) effective from January 1, 2024, and the Income Inclusion Rule (“IIR”) effective from January 1, 2025. The latter rule requires Switzerland to levy taxes on Pillar Two-qualifying profits not only in Switzerland but of subsidiaries in other jurisdictions not reaching the 15% minimum rate. The Federal Council has decided not to bring the Undertaxed Profits Rule (“UTPR”) into force for the time being. The Group makes use of the Transitional Country-by-Country Reporting Safe Harbor under which the Top-up tax in a jurisdiction shall be deemed to be zero if that jurisdiction passes at least one out of three Transitional Safe Harbor tests. The Group applies the mandatory exception, as provided in the amendments to IAS 12 Income Taxes, to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
Under the Pillar Two Rules, the Group is liable to pay a Top-up tax for the difference between its Global Anti-Base Erosion ("GloBE") effective tax rate per jurisdiction and the 15% minimum tax rate under the IIR or QDMTT. The Group operates in some jurisdictions with a nominal tax rate below 15%, however, the Group might not be exposed to paying a material amount of Pillar Two income taxes due to the application of specific adjustments to the calculation of the Jurisdictional Top-up Tax Percentage envisaged in the Pillar Two Rules. In 2025, the Group identified several jurisdictions that cannot benefit from Pillar Two Transitional Safe Harbour rules. Those jurisdictions are required to undertake full GloBE computation. However, based on the assessment to date, the Group is not expected to have a material impact in 2025 resulting from Pillar Two. The IIR or QDMTT is also not expected to have a material impact in 2026.
The Group keeps closely monitoring Pillar Two developments and potential impact to the Group.
Income tax expense in the Consolidated Income Statement is comprised of current and deferred income taxes. Transactions recognized in OCI include any related tax effects. Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the balance sheet date together with any adjustments to tax payable in respect of previous years.
Deferred income tax is recognized based on the balance sheet liability method, which measures temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred income tax recognized is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. At each balance sheet date, the Group assesses the recoverability of its deferred income tax assets. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are offset only when the Group has a legally enforceable right to offset.
Provisions for income taxes require significant judgment as these are based on transactions and calculations for which the ultimate tax determination is spread over numerous jurisdictions. Deferred tax assets are based on anticipated results for the relevant taxable entity over a period of several years into the future, including interpretations of existing tax laws and regulations.
In 2025, the Group acquired an additional 5.0% equity stake in Servair for a consideration of EUR 24.9m under the existing call-put option agreement linked to the initial acquisition completed in 2017. As the Group continues to consolidate Servair and attributes 100% of the result to the Group, the transaction reflects an increase in legal ownership rather than the acquisition of non-controlling interests. The payment reduces the remaining liability recognized of EUR 130.9m (Note 3.11) in connection with this agreement and is accounted for as a settlement of the fair value of the consideration established at the initial business combination. Accordingly, it is presented as an investing cash flow. As of December 31, 2025, this payment increased the Group’s total legal ownership in Servair to 75.0%.
In 2024, the Group acquired the assets of a leading Spanish packaging company specializing in plastic solutions, which had recently entered pre-insolvency proceedings due to significant market changes and liquidity issues. The acquisition was structured as an asset deal that qualifies as a business combination under IFRS 3 Business Combinations, for which a consideration of EUR 0.4m in cash was paid. This transaction, carried out under the new Spanish insolvency law, allowed the Group to selectively acquire assets and liabilities. The assets acquired totaled EUR 5.4m of which EUR 2.2m were customer contracts, EUR 1.2m were trademarks and EUR 1.0m of property, plant and equipment, whilst EUR 5.1m of non-current liabilities and EUR 0.3m of current liabilities were assumed. This acquisition is in line with the Group’s strategic objective of expanding environmentally friendly packaging solutions, leveraging existing distribution channels and optimizing the product portfolio.
In 2024, the terms of a revised agreement were finalized, which included the purchase of an additional 5.0% equity stake in Servair for EUR 31.9m in the year. This payment is connected to the initial acquisition of Servair in 2017 and forms part of a call-put option agreement. As the Group has already consolidated Servair and attributes 100% of the result to the Group, this transaction does not represent the acquisition of non-controlling interests, but rather an increase in legal ownership. A remaining liability of EUR 146.2m is recognized under this agreement (Note 3.11). The payment is considered part of the settlement of the fair value of the remaining consideration recognized at the time of the initial business combination and is presented as an investing cash flow. As of December 31, 2024, this payment increased the Group’s total legal ownership in Servair to 70.0%.
The Group did not make any payments for acquisitions in 2023.
In November 2025, the Group disposed of its 100% shareholding in SIA Restauration Rapide Côte d'Ivoire SAS. The consideration received amounted to EUR 7.6m whereas the net assets disposed of were EUR 2.4m, including cash and cash equivalents of EUR 0.7m. A net gain on disposal of EUR 2.2m has been recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
The financial effects of the deconsolidation are summarized in the table below:
in EUR m | Disposal of SIA Restauration Rapide Côte d'Ivoire SAS |
Cash and cash equivalents, net of overdrafts | (0.7) |
Other current receivables | (1.2) |
Inventories | (0.8) |
Property, plant and equipment (Notes 3.4, 3.7) | (1.9) |
Intangible assets (Note 3.6) | (4.2) |
Other non-current receivables | (0.1) |
Short-term debt | 0.3 |
Trade and other payables | 0.2 |
Accrued expenses | 0.7 |
Other current payables | 3.9 |
Long-term debt | 1.1 |
Defined benefit obligations (Note 5.3) | 0.3 |
Net assets disposed of | (2.4) |
Consideration received | 7.6 |
Allowance for pre-existing intragroup financing | (2.9) |
Transaction costs and other indemnity provisions | (0.1) |
Gain on disposal before reclassification of translation differences | 2.2 |
Reclassification of translation differences | - |
Gain on disposal | 2.2 |
Consideration received in cash | 7.6 |
Less: Cash and cash equivalents disposed of | (0.7) |
Net cash inflow | 6.9 |
In July 2024, the Group disposed of its 100% shareholding in SIA QSR Ghana Ltd. The consideration received amounted to USD 1.0m whereas the net liabilities disposed of were EUR 0.8m, including cash and cash equivalents of EUR 0.1m. A net gain of EUR 0.4m was recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
In December 2024, the Group disposed of its 100% shareholding in SIA QSR Kenya Ltd. The consideration paid amounted to EUR 0.1m whereas the net liabilities disposed of were EUR 1.4m, including cash and cash equivalents of EUR 0.1m. A net loss of EUR 1.1m was recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
in EUR m | Disposal of SIA QSR Ghana Ltd | Disposal of SIA QSR Kenya Ltd | Total |
Cash and cash equivalents, net of overdrafts | (0.1) | (0.1) | (0.2) |
Trade receivables | (0.2) | (0.1) | (0.3) |
Other current receivables and prepayments | (0.4) | (0.4) | (0.8) |
Inventories | (0.5) | (0.5) | (1.0) |
Property, plant and equipment (Notes 3.4, 3.7) | (0.8) | (0.8) | (1.6) |
Intangible assets (Note 3.6) | (1.3) | (0.7) | (2.0) |
Other non-current receivables | - | (0.1) | (0.1) |
Short-term debt | 0.1 | 0.3 | 0.4 |
Trade and other payables | 2.8 | 2.5 | 5.3 |
Other current liabilities | - | 0.2 | 0.2 |
Long-term debt | 1.2 | 1.1 | 2.3 |
Net liabilities disposed of | 0.8 | 1.4 | 2.2 |
Consideration received/(paid) | 0.9 | (0.1) | 0.8 |
Allowance for pre-existing intragroup financing | (3.3) | (2.3) | (5.6) |
Transaction costs and other indemnity provisions | - | (0.6) | (0.6) |
Loss on disposal before reclassification of translation differences | (1.6) | (1.6) | (3.2) |
Reclassification of translation differences | 2.0 | 0.5 | 2.5 |
Gain/(loss) on disposal | 0.4 | (1.1) | (0.7) |
Consideration received/(paid) in cash | 0.9 | (0.1) | 0.8 |
Less: Cash and cash equivalents disposed of | (0.1) | (0.1) | (0.2) |
Net cash inflow/(outflow) | 0.8 | (0.2) | 0.6 |
In March 2023, the Group disposed of its 51% shareholding in Gate Gourmet Catering Bolivia S.A. The consideration amounted to USD 0.6m, receivable in installments until June 2026, whereas the net liabilities disposed of were EUR 0.8m, including cash and cash equivalents of EUR 0.2m. A net loss of EUR 1.7m was recognized in the Consolidated Income Statement under other gains and losses, net (Note 2.5).
In addition to the exit in Bolivia, in June 2023 the Group reduced its 50.01% shareholding in Sheltair SA to 49.99% and at the same time changed the management structure, resulting in a loss of control over Sheltair SA. The consideration amounted to EUR 2, whereas the net assets disposed of were EUR 0.0m, including cash and cash equivalents of EUR 0.2m. No gain or loss resulted from this transaction.
in EUR m | Disposal of catering activities in Bolivia |
Cash and cash equivalents, net of overdrafts | (0.2) |
Trade receivables | (1.0) |
Other current receivables and prepayments | (2.8) |
Inventories | (0.3) |
Other non-current receivables | (1.1) |
Trade and other payables | 4.5 |
Current income tax liabilities | 0.2 |
Other current liabilities | 0.4 |
Non-current liabilities | 1.1 |
Net liabilities disposed of | 0.8 |
Consideration received | 0.5 |
Non-controlling interests | (0.4) |
Allowance for pre-existing intragroup financing | (2.9) |
Loss on disposal before reclassification of translation differences | (2.0) |
Reclassification of translation differences | 0.3 |
Loss on disposal | (1.7) |
Consideration received in cash | - |
Less: Cash and cash equivalents disposed of | (0.2) |
Net cash outflow | (0.2) |
Assessment of control and significant influence in connection with investments in subsidiaries, associates and joint ventures, require the exercise of judgment, including the level of Board and Management involvement. Business combinations in particular require the exercise of judgment in establishing the fair values of assets and liabilities at acquisition and recognizing the elements of the transaction with the seller.
2025 in EUR m | Associates | Joint ventures | Total |
Aggregated carrying amount | 41.6 | 1.0 | 42.6 |
Share of result of associates and joint ventures | 9.2 | 0.1 | 9.3 |
Share of other comprehensive income | (3.3) | - | (3.3) |
Share of total comprehensive income | 5.9 | 0.1 | 6.0 |
2024 in EUR m | |||
Aggregated carrying amount | 37.3 | 0.9 | 38.2 |
Share of result of associates and joint ventures | 7.5 | 0.1 | 7.6 |
Share of other comprehensive income | 0.8 | - | 0.8 |
Share of total comprehensive income | 8.3 | 0.1 | 8.4 |
2023 in EUR m | |||
Aggregated carrying amount | 31.5 | 0.9 | 32.4 |
Share of result of associates and joint ventures | 7.3 | 0.1 | 7.4 |
Share of other comprehensive income | (1.8) | - | (1.8) |
Share of total comprehensive income | 5.5 | 0.1 | 5.6 |
The unrecognized share of losses of associates and joint ventures is EUR 8.9m as of December 31, 2025 (2024: EUR 10.6m; 2023: EUR 11.8m). A loss on impairment of associates of EUR 1.1m is reported under other gains and losses, net in 2025 (2024: EUR 0.7m; 2023: EUR 2.7m) (Note 2.5).
Associates are those entities in which the Group has significant influence, but no control, over financial and operating policies. Significant influence is presumed to exist when the Group holds, directly or indirectly, between 20.0% and 50.0% of the voting rights of the entity.
The Group has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement and requiring unanimous consent of the parties sharing control for strategic financial and operating decisions, and whereby the parties that have joint control have rights to the net assets of the arrangement.
Associates and joint ventures are accounted for using the equity method and are initially recognized at cost. When the Group’s share of losses in an associate or joint venture equals or exceeds its interest, no further losses are recognized unless there is a legal or constructive funding obligation. If the associates or joint ventures subsequently report profits, then the Group resumes recognizing its share of those profits only after these equal the share of losses not previously recognized. The book value of investments in associates and joint ventures consists of the share of net assets and goodwill.
In reporting the results of associates and joint ventures their accounting policies are changed where necessary to ensure consistency with the policies adopted by the Group.
The key management personnel are defined as the Board and the EMB. Key management compensation consists of:
in EUR m | 2025 | 2024 | 2023 |
Short-term benefits | 13.6 | 14.1 | 9.9 |
Post-employment benefits | 0.9 | 0.8 | 0.6 |
Long-term incentive plans | 43.8 | 14.3 | 7.4 |
Total key management compensation | 58.3 | 29.2 | 17.9 |
2025 in EUR m | Associates | Joint ventures | Total |
Income statement | |||
Revenue | 2.1 | - | 2.1 |
Management services | 2.4 | - | 2.4 |
Dividends received | - | 0.1 | 0.1 |
Balance sheet | |||
Trade and other receivables (Notes 3.1, 3.2) | 8.2 | 1.6 | 9.8 |
Allowance for expected credit losses | (0.1) | (0.9) | (1.0) |
2024 in EUR m | |||
Income statement | |||
Revenue | 1.6 | - | 1.6 |
Management services | 2.5 | - | 2.5 |
Write-offs | (0.1) | - | (0.1) |
Dividends received | 0.4 | - | 0.4 |
Balance sheet | |||
Trade and other receivables (Notes 3.1, 3.2) | 7.0 | 1.5 | 8.5 |
Allowance for expected credit losses | - | (0.9) | (0.9) |
Trade and other current payables (Note 3.9) | - | (0.1) | (0.1) |
2023 in EUR m | |||
Income statement | |||
Revenue | 1.6 | - | 1.6 |
Management services | 1.5 | - | 1.5 |
Purchase of goods | (0.4) | - | (0.4) |
Other costs | (0.1) | - | (0.1) |
Write-offs and guarantee provision releases | (0.5) | 0.6 | 0.1 |
Dividends received | 0.2 | - | 0.2 |
Balance sheet | |||
Trade and other receivables (Notes 3.1, 3.2) | 8.2 | 1.5 | 9.7 |
Allowance for expected credit losses | (1.5) | (0.9) | (2.4) |
Trade and other current payables (Note 3.9) | (0.2) | - | (0.2) |
Management services include certain administrative activities that the Group performed for associated companies and joint ventures.
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.
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 and at December 31, 2025, amounted to EUR 328.8m (2024: EUR 233.4m; 2023: EUR 153.3m) (Note 3.11). At December 31, 2025, a total of EUR 477.8m (2024: EUR 473.4m; 2023: EUR 479.0m) had been drawn (Note 4.4) and the remaining amount of the facility has expired. Interest expenses for related parties, amounting to EUR 92.8m, were accounted for in 2025 (2024: EUR 80.9m; 2023: EUR 69.5m).
No trade and other receivables from the parent companies and no material sale or purchase of goods between the Company and its parent companies have been identified.
in EUR m | 2025 | 2024 | 2023 |
Revenue | 49.2 | 45.7 | 34.3 |
Trade and other receivables (Notes 3.1, 3.2) | 4.5 | 5.2 | 3.6 |
The Group provides catering services to RRJ Capital and Temasek subsidiaries in the airline sector. In general, the Group does not receive any services or goods from RRJ Capital and Temasek subsidiaries. No guarantees have been received.
The principal subsidiaries of the Company as of December 31, 2025, were the following:
Country | Company | Equity interest (in %)(l) | Currency | Share capital |
Argentina | Gate Gourmet Argentina S.r.l., Buenos Aires | 100 | ARS | 5,750,000 |
Australia | Gate Gourmet (Holdings) Pty Ltd, Mascot, NSW | 100 | AUD | 59,299,111 |
Gate Gourmet Services Pty Ltd, Mascot, NSW | 100 | AUD | 44,330,100 | |
Belgium | deSter BVBA, Hoogstraten | 100 | EUR | 22,600,000 |
Gate Gourmet Belgium NV, Zaventem | 100 | EUR | 62,400 | |
Brazil | Gate Gourmet Ltda, São Paulo | 100 | BRL | 107,331,839 |
Burkina Faso | Servair Burkina Faso SA, Ouagadougou | 87 | XOF | 10,000,000 |
Cambodia | Cambodia Air Catering Services Ltd, Phnom Penh | 75 | USD | 500,000 |
Canada | Gate Gourmet Canada Inc., Toronto | 100 | CAD | 17,500,000 |
Pourshins Canada Inc., Toronto | 100 | CAD | 300,000 | |
Chile | Gate Gourmet Catering Chile Ltda, Santiago | 100 | CLP | 1,968,062,000 |
China | Gate Gourmet Hong Kong Ltd, Hong Kong | 100 | HKD | 281,657,350 |
gategroup Trading Hong Kong Ltd, Hong Kong | 100 | USD | 162 | |
Colombia | Gate Gourmet Colombia S.A.S, Bogotá | 75 | COP | 831,229,920 |
D.R. Congo | Fondeg SA (Catering Congo), Kinshasa | 33 | CDF | 93,000,000 |
Denmark | Gate Gourmet Denmark ApS, Tårnby | 100 | DKK | 401,200 |
Ecuador | Gate Gourmet del Ecuador Cia Ltda, Quito | 60 | USD | 2,278,400 |
Finland | Evertaste Oy, Vantaa | 100 | EUR | 603,450 |
France | ACNA SA, Le Mesnil-Amelot | 100 | EUR | 37,500 |
Alphair SAS, Tremblay-en-France | 100 | EUR | 5,000 | |
Eat & Fly Services SAS, Tremblay-en-France | 100 | EUR | 20,000 | |
Gate Gourmet Helvetia SAS, Paris | 100 | EUR | 10,000 | |
Martinique Catering S.à.r.l., Le Lamentin | 98 | EUR | 50,000 | |
Orly Air Traiteur SA, Wissous | 100 | EUR | 8,934,190 | |
Panima SAS, Mamoudzou | 100 | EUR | 500,000 | |
Paris Air Catering (PAC) SA, Tremblay-en-France | 100 | EUR | 100,005 | |
Reunion Catering S.à.r.l., Sainte Marie | 100 | EUR | 197,570 | |
Servair Investissements Aeroportuaires (SIA) SA, Tremblay-en-France | 100 | EUR | 25,000,000 | |
Servair SA, Tremblay-en-France | 100 (II) | EUR | 52,386,208 | |
Sheltair CDG, Tremblay-en-France | 51 | EUR | 1 | |
Société de Restauration Industrielle (SORI) SA, Les Abymes | 50 | EUR | 50,000 | |
Société Guyanaise de Restauration Industrielle (SOGRI) SA, Matoury | 97 | EUR | 225,000 | |
Svrls@La Réunion SAS, Sainte Marie | 50 | EUR | 150,000 | |
Gabon | Servair Gabon SA, Libreville | 55 | XAF | 250,000,000 |
Germany | deSter GmbH, Neu-Isenburg | 100 | EUR | 1,023,000 |
Evertaste GmbH, Alzey | 100 | EUR | 26,000 | |
Gate Gourmet GmbH Deutschland, Neu-Isenburg | 100 | EUR | 7,670,000 | |
Gate Gourmet GmbH Holding Deutschland, Neu-Isenburg | 100 | EUR | 51,129 | |
Gate Gourmet Lounge GmbH, Neu-Isenburg | 100 | EUR | 25,000 | |
Gate Gourmet Objekt und Verwaltungs GmbH, Neu-Isenburg | 100 | EUR | 25,000 | |
Ringeltaube Airport Markt GmbH, Neu-Isenburg | 100 | EUR | 512,000 | |
Ghana | Servair Ghana Ltd, Accra | 57 | GHS | 2,109,089 |
Ireland | Gate Gourmet Ireland Ltd, Dublin | 100 | EUR | 4,500,000 |
Italy | Gate Gourmet Italia S.r.l., Milan | 67 | EUR | 4,795,937 |
Ivory Coast | Servair Abidjan SA, Abidjan | 80 | XOF | 1,364,000,000 |
Japan | Gate Gourmet Japan YK, Chiba-ken | 100 | JPY | 80,000,000 |
Kenya | NAS Airport Services Ltd, Nairobi | 59 | KES | 16,000,000 |
SIA Kenya Holding Ltd, Nairobi | 59 | KES | 1,215,000,000 | |
Luxembourg | Gate Gourmet Luxembourg IV S.à.r.l., Luxembourg | 100 | EUR | 2,707,500 |
gategroup Finance International S.à.r.l. | 100 | EUR | 12,000 | |
gategroup Finance (Luxembourg) S.A., Luxembourg | 100 | EUR | 31,000 | |
gategroup Financial Services S.à.r.l., Luxembourg | 100 | EUR | 42,783,100 | |
Supply Chain S.à.r.l., Contern | 100 | EUR | 12,500 | |
Macau | Macau Catering Services Co Ltd, Taipa | 34 | MOP | 16,000,000 |
Mexico | Gate Gourmet & MAASA Mexico S.A.P.I. de C.V., Mexico City | 51 | MXN | 23,054,158 |
Gate Retail Onboard Mexico S.A.P.I. de C.V., Mexico City | 100 | MXN | 6,100,000 | |
Netherlands | deSter Holding B.V., Amsterdam | 100 | EUR | 3,359,990 |
Gate Gourmet Amsterdam B.V., Schiphol | 100 | EUR | 2,291,590 | |
Gate Gourmet Holding Netherlands B.V., Schiphol | 100 | EUR | 9,792,135 | |
New Zealand | Gate Gourmet New Zealand Ltd, Auckland | 100 | NZD | 4,000,100 |
Norway | Gate Gourmet Norway AS, Oslo | 100 | NOK | 9,083,640 |
Peru | Gate Catering and Retail Solution S.r.l., Lima | 100 | PEN | 3,000 |
Gate Gourmet Peru S.r.l., Lima | 100 | PEN | 20,373,617 | |
Senegal | Dakar Catering SA, Dakar | 65 | XOF | 750,000,000 |
Seychelles | Skychef Ltd, Mahé | 55 | SCR | 313,000 |
Singapore | Gate Gourmet Singapore Pte Ltd, Singapore | 100 | SGD | 72,502,977 |
gategroup Investments Singapore Pte Ltd, Singapore | 100 | USD | 144,778,348 | |
South Korea | Gate Gourmet Korea Co. Ltd, Incheon | 60 | KRW | 133,330,000,000 |
Spain | deSter Sustainable Solutions S.L., Barcelona | 100 | EUR | 5,000 |
Gate Gourmet Spain S.L., Madrid | 100 | EUR | 3,005,061 | |
Sweden | Gate Gourmet Sweden AB, Stockholm | 100 | SEK | 100,000 |
Inflight Service Europe AB, Stockholm | 100 | SEK | 1,000,000 | |
Inflight Service Global AB, Stockholm | 100 | SEK | 100,000 | |
Switzerland | First Catering AG, Bassersdorf | 70 | CHF | 100,000 |
Gate Gourmet Switzerland Holding GmbH, Glattbrugg | 100 | CHF | 20,000 | |
Gate Gourmet Switzerland GmbH, Kloten | 100 | CHF | 2,000,000 | |
Kulinary Holding AG, Zurich | 100 | CHF | 100,000 | |
Thailand | deSter Co. Ltd, Prachinburi | 100 | THB | 135,000,000 |
Togo | Lome Catering SA, Lomé | 26 | XOF | 100,000,000 |
United Arab Emirates | deSter General Trading FZE, Dubai | 100 | AED | 1,000,000 |
United Kingdom | Evertaste Ltd, Middlesex | 100 | GBP | 49,000 |
Fernley (Heathrow) Ltd, Middlesex | 100 | GBP | 85,100 | |
Gate Gourmet Holdings UK Ltd, Middlesex | 100 | GBP | 96,230,003 | |
Gate Gourmet London Ltd, Middlesex | 100 | GBP | 20,000,002 | |
gategroup Guarantee Ltd, London | 100 | CHF | 992,622 | |
Pourshins Ltd, Middlesex | 100 | GBP | 854,350 | |
United States of America | deSter Corporation, Atlanta, GA | 100 | USD | 2,000 |
deSter North America Inc., Wilmington, DE | 100 | USD | 10 | |
Gate Gourmet Inc., Wilmington, DE | 100 | USD | 1,000 | |
Gate Serve llc, Wilmington, DE | 100 | USD | 1 | |
gategroup U.S. Finance Inc., Wilmington, DE | 100 | USD | 1,000 | |
gategroup U.S. Holding Inc., Wilmington, DE | 100 | USD | 1 | |
gateretail North America Inc., Reston, VA | 100 | USD | 1 | |
North America Food Services Inc., Reston, VA | 100 | USD | 10 | |
Pourshins Inc., Reston, VA | 100 | USD | 1,000 |
(l)Rounded to the nearest whole number
(II)As of December 31, 2025, the Group held a 75% legal ownership interest in Servair SA
Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date control ceases.
The acquisition method is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets paid, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Goodwill is measured as the excess of the sum of the fair value of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interest in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in the Consolidated Income Statement.
If a business combination is achieved in stages, the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at each acquisition date and a resulting gain or loss relating to the previously held equity interest is recognized through profit or loss.
Any contingent consideration payable is measured at fair value at the acquisition date and subsequent changes to the fair value are recognized in the Consolidated Income Statement.
All material intercompany transactions and balances, and any unrealized gains or losses arising from intercompany transactions, are eliminated in preparing the Consolidated Financial Statements.
Gains and losses on transactions with non-controlling interests are recorded in equity.
When the Group loses control over a subsidiary the assets and liabilities, any related non-controlling interests and other components of equity are derecognized. Any resulting gain or loss is recognized in the Consolidated Income Statement.
The Consolidated Financial Statements are presented in EUR, which is the Group’s presentation currency. The functional currency of the Company is CHF. Each of the Group’s entities determines its own functional currency based on the primary economic environment in which it operates. Transactions in foreign currencies are accounted for at the exchange rates prevailing on the date of the transaction.
Monetary assets and liabilities of the Group’s entities that are denominated in foreign currencies are translated using year-end exchange rates. Resulting exchange differences are recorded in profit or loss unless they form part of a net investment in a foreign operation. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, the related foreign exchange gains and losses are recognized in OCI and presented in the cumulative translation adjustment within equity.
For the translation of a foreign operation into the Group’s presentation currency (EUR), the following rates are applied:
This policy applies to all foreign-currency operations except for those whose functional currency is that of a hyperinflationary economy, for which all amounts - assets, liabilities, income statement items and cash flows - are translated at year-end exchange rates.
Translation differences arising on consolidation are recognized in OCI. Upon disposal of a foreign operation, the related cumulative translation adjustment is reclassified from equity to the income statement as part of the gain or loss on disposal.
The principal exchange rates used were as follows:
Euro per | 2025 Closing rate | 2025 Annual average rate | 2024 Closing rate | 2024 Annual average rate | 2023 Closing rate | 2023 Annual average rate |
1 Australian Dollar | 0.57 | 0.57 | 0.60 | 0.61 | 0.62 | 0.61 |
1 Swiss Franc | 1.07 | 1.07 | 1.06 | 1.05 | 1.08 | 1.03 |
1 GB Pound | 1.15 | 1.17 | 1.21 | 1.18 | 1.15 | 1.15 |
1 US Dollar | 0.85 | 0.89 | 0.97 | 0.92 | 0.90 | 0.93 |
In 2025, 2024 and 2023, the economy of the Argentine Republic continued to be hyperinflationary. The application of inflation accounting requires restatement of the financial statements of the Argentinian subsidiary into current purchasing power, which reflects a price index at the end of the reporting period, before being included in the Consolidated Financial Statements. Therefore, all non-monetary items are presented in units of measure as of December 31, 2025. All items recognized in the Consolidated Income Statement are restated by applying the change in the price index from the dates when the items of income and expenses were initially earned or incurred. For the restatement, the Group uses a conversion coefficient derived from the consumer price index in the Argentine Republic, published by the Federación Argentina de Consejos Profesionales de Ciencias Económicas. The index increased by 2,427.7 basis points from 7,693.7 as at December 31, 2024, to 10,121.4 as at December 31, 2025 (2024: increase by 4,160.5 basis points; 2023: increase by 2,398.6 basis points). The gain or loss on the net monetary position is recognized in finance result in the Consolidated Income Statement.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.
On January 26, 2026, the Group drew additional borrowings under its existing Term Loan B facilities. The drawdowns amounted to EUR 215.0m and USD 35.0m, respectively, under the EUR and USD tranches of the SFA. The funds will be used amongst others to repay existing indebtedness including but not limited to pay back the outstanding CHF 350.0m Bonds for which a public tender was launched and completed during March 2026.
As of March 31, 2026, the Group signed an agreement to acquire 75% of the shares and voting interests in KLM Catering Services Schiphol B.V. (KCS). The closing of the transaction is expected to take place in the next 3-6 months and is subject to customary closing conditions.
As a result of this agreement, the Group will include KLM Catering Services into its global portfolio, entering into a strategic partnership that builds on KLM's established reputation. As a leading in-flight catering provider for KLM at Schiphol Airport, KLM Catering Services brings a wealth of expertise in the preparation, assembly, and seamless delivery of in-flight services. By aligning its strengths with KLM Catering Services’ focused operations, the Group looks forward to enhancing its service offerings and extending its reach across KLM’s extensive long-haul and European networks. Together, the Group and KLM aim to elevate the passenger experience by combining their shared commitment to operational excellence.
KLM Royal Dutch Airlines will remain a 25% non-controlling shareholder of KCS and the parties will enter into an exclusive 20-years catering agreement at Schiphol airport. Since the agreement was signed shortly before the issuance of this report, the Group cannot provide any information on goodwill, identifiable assets acquired and liabilities assumed. The transaction is expected to add a low- to midsingle digit revenue addition to the Group after its closing. The consideration will be fully funded out of available liquidity and/or undrawn credit lines.
As at April 8, 2026, the date of approval of these Consolidated Financial Statements by the Board, there were no other significant subsequent events that require disclosure or recognition.