Avolta 9M 2025 delivers another set of strong results with record EFCF and deleverages to 1.9x Donnerstag, 30. Oktober 2025 - 06:32

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BASEL,
October 30, 2025

Press Release (PDF)

NEWS RELEASE

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

Avolta 9M 2025 delivers another set of strong results with record EFCF and deleverages to 1.9x

Avolta maintains a strong performance with 9M 2025 +5.4% organic growth, 10.2% CORE EBITDA margin and CHF 503m EFCF. October organic growth +6.0% underpins the company’s confidence in achieving its outlook.

9M 2025 HIGHLIGHTS

Strong financial performance

• Turnover reported CHF 10,609m, CORE CHF 10,407m 
• CORE revenue growth +5.8% CER1, organic growth +5.4%
• CORE EBITDA CHF 1,065m, margin 10.2%, +30bps YoY 
• EFCF record of CHF 503m, EFCF conversion of 47.2%

Shareholder value creation consistent with shareholder value led capital allocation policy

• Leverage 1.9x - reaching target leverage band of 1.5-2.0x
• Share buyback of 3.2m shares/CHF 129m of the up to CHF 200m program2

Medium-term targets confirmed

• Expected October organic growth of +6.0% reflects encouraging inflection in North America, and increases confidence for the full year 

9M 2025 KEY FINANCIAL HIGHLIGHTS

Turnover reached CHF 10,609m with CORE turnover of CHF 10,407m, +5.8% CER and +5.4% on an organic basis. In Q3, CORE turnover grew +3.8% CER and +4.8% organic. For October 2025, the group expects to generate organic growth of +6.0% YoY, with some good signs in North America. 

CORE EBITDA came in at CHF 1,065m with an EBITDA margin of 10.2%, +30 bps YoY. For Q3, the EBITDA margin was 11.9%, up +37bps YoY, despite continued slower sales growth in North America and thanks to cost and productivity improvements. 

EFCF amounted to CHF 503m (+13.0% YoY), with Q3 EFCF totalling CHF 287m, +23.7% YoY and comfortably ahead of expectations. 

Avolta achieved these strong YoY results, despite significant FX headwinds affecting reported results.

The group’s financial net debt decreased to CHF 2,445 million as at end-September 2025, implying a leverage (net debt/CORE EBITDA) of 1.9x, despite the purchase of shares totalling CHF 129m under its 2025 share buyback program during the nine-month period (amount increasing to CHF167m as at the 28th of October). In October, Avolta extended the maturity of its revolving credit facility (RCF) by one year to 2030. 

Q3 2025 KEY OPERATIONAL HIGHLIGHTS 

Avolta continued its global growth and geographical diversification in Q3, securing new contracts and entering new markets. This includes the entry into Japan through a new F&B concession at Kansai International Airport, a key milestone in Asia-Pacific growth. In North America, Avolta secured long-term retail and dining contracts at major airports including Atlanta, San José, Dallas Fort Worth, and San Antonio, enhancing presence in important travel hubs. Additionally, as announced yesterday, Avolta won the long-term duty-free contract at JFK International Airport’s Terminal 8, marking the eighth significant contract win at the airport over the past year.

In Q3, the company marked one-year of its global loyalty program, Club Avolta, now counting more than 15 million members, and launched several partnerships, all with the target of providing additional advantages to customers and increasing the potential of data. Over time this increased access to data is expected to boost Avolta’s financial performance.

Avolta’s focus on people, innovation, and sustainability was reflected through the highest industry recognition of the 2025 Frontier Awards, receiving multiple honors including Future of Retail award, as well as Best Specialty Concept, People & Planet award, Influential Woman in Travel Retail award and Team of the Year award. 

Xavier Rossinyol, CEO of Avolta: “9M revenues are in line with expectations. As a seasonal business, our Q3 revenues were affected by a strong basis of comparison, specifically in Europe and Argentina. As we entered Q4 we saw an acceleration of organic growth to +6.0% YoY in October, and positive growth in North America. 

Furthermore, the increase in the 9M EBITDA margin (+30bps to 10.2%) reflects an active approach to cost and productivity, while the record EFCF performance and continued deleveraging demonstrates our financial discipline and highlights our ability to achieve our targets despite ongoing global volatility. Overall, this underscores the power of our agile business model and our deep customer connections. We continue our commitment to our capital allocation policy, growing the business, deleveraging, and delivering strong returns to shareholders.”

OUTLOOK

Avolta confirms its organic growth target of 5%-7% p.a. and is committed to delivering +20-40bps of CORE EBITDA margin improvement and +100-150bps EFCF conversion p.a.. At current exchange rates, 2025 currency translation is expected to be -3%. 
 

9M 2025 KEY FINANCIAL TABLES

CORE GROWTH COMPONENTS

REGIONAL PERFORMANCE 9M 2025

IFRS/CORE TURNOVER RECONCILIATION

1CER Constant Exchange Rate
2CHF 129m is cash outflow related to the share buyback, transactional amount totaled CHF 132m as per the share buyback report on IR Website   
3Includes selective restructuring and exits 
4CER Constant Exchange Rate
5Including Distribution Centers with CHF 30m for Q3 2024, and CHF 78m for 9M 2024

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Legal Disclaimer

This document contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, “targets”, ‘intends’, ‘estimates’, ‘future’, “outlook”, or similar expressions or by discussion of, among other things, strategy, goals, plans, intentions or financial performance. All forward-looking statements included in this document are based on current expectations, estimates and projections of Avolta AG (the “Company”) about the factors that may affect its future performance. Factors that could cause the Company’s results to deviate from such forward-looking statements include, among others: global GDP trends, competition in the markets in which the Company operates, unfavorable changes in airline passenger traffic, unfavorable changes in taxation and restrictions on the duty-free sale in countries where the company operates. Although the Company believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved. The Company assumes no obligation to update forward-looking statements included in this document.

The Company does not sponsor, participate in or assist any American Depositary Receipts (“ADRs”) program. ADR holders are not shareholders of the Company and are not entitled to the same rights as holders of bearer shares or registered shares of the Company. To the extent that any ADR depository or ADR holder obtains any information regarding the Company, whether from the Company directly (including but not limited to investor presentations, investor relations materials, or other presentations), or otherwise, the Company does not endorse or support using that information in connection with any such ADR program.

Alternative Performance Measures: This document contains information regarding alternative performance measures. Definitions of these measures and reconciliations between such measures and their IFRS counterparts if not defined in the document may be found on pages 25-26 of the Avolta HY 2025 Financial Report available on our website at https://www.avoltaworld.com/en/investors.

About Avolta

Avolta is the leading global travel retail and F&B player. With the traveler at its strategic core, Avolta maximizes every moment of the traveler’s journey through its combination of travel retail and travel food & beverage, passion for innovation and excellent execution. Avolta’s well-diversified business across geographical, channel and brand portfolio pillars operates in 70 countries and 1,000 locations, with over 5,100 points of sale across three segments – duty-free, food & beverage and convenience – and various channels, including airports, motorways, cruises, ferries, railways, border shops and downtown. An inherent element of Avolta’s business strategy is aiming for sustainable and profitable growth of the company while fostering high standards of environmental stewardship and social equity – making meaningful impact in the local communities. The company’s access to 2.5 billion passengers each year reinforces the power of its more than 77,000 people, committed to surprising guests and delivering solid execution, supporting the company in creating value for all stakeholders.

To learn more about Avolta, please visit www.avoltaworld.com