Avolta Ag · SIX:AVOL
Avolta — Investor Day (June 2025)
69 slides from Avolta's investor day presentation, Jun 26, 2025
Slide 1: Capital Markets Day 2025
7 Capital Markets Day 2025 26 June 2025 Surprisingly predictable, predictably surprising. (I) Avolta
Slide 2: Why are we here today?
HY ARE WE HERE TODAY?
Slide 3: Strategy – Destination 2027
Strategy – Destination 2027 TOP-LINE GROWTH → PAX / SPP → NEW SPACE EXPANSION OF EBITDA MARGIN & EFCF CONVERSION DIVERSIFIED PORTFOLIO & INCREASED RESILIENCE FOCUS ON SHAREHOLDER Powered by our people 3
Slide 4: Uncompromised execution towards Destination 2027
Uncompromised execution towards Destination 2027 What we achieved since last CMD 2022… 1 Delivering the travel experience revolution • Key targeted initiatives: refurbishments, entertainment, 4 Driving sustainability and empowering our people • Comprehensive development of our people and hybrids etc
Slide 5: Delivering tangible financial performance
… Delivering tangible financial performance … TURNOVER (CHFm) L-f-L Growth (%) EFCF (CHFm) CAGR +10.5% CAGR +18% 77.9% 20.2% 6.4% 12,535 13,473 11,026* 27.0% 23.5% 34.4% 425 6,878 73.0% 76.5% 65.6% 4,148 323 305 2022 2023 2024 2022 2023 2024 LfL - PAX LfL - SPP MERGER SYNERGIES (CHFm) EBITDA MARGIN
Slide 6: Strengthening the balance sheet & increasing shareholder return
… While strengthening the balance sheet & increasing shareholder return LEVERAGE EVOLUTION 2022-2024 4.8x 2.6x CHF 2.5bn 2.1x 1.9x Operating Cash Flow before CAPEX 2022 2023 2024 Leverage Leverage Net of treasury share purchases CHF 1.0bn Investment into growth (CAPEX / M&A) DIVIDEND PER SHARE (CHF)
Slide 7: Unique global platform with widest data access
… And creating a UNIQUE GLOBAL PLATFORM with widest DATA ACCESS I. LARGEST GLOBAL NETWORK & REACH II. WIDEST GLOBAL TRAVEL DATA ACCESS 70 Countries > 5,100 Outlets > 1,000 Locations 1,000+ Brands III. HIGHEST LEVEL OF DIVERSIFICATION & RESILIENCE Railways Other (DT, Cruises, Border...) Duty-Paid Dut
Slide 8: Past & Future: Surprisingly predictable – Growth contributors
Past & Future: SURPRISINGLY PREDICTABLE! – Growth contributors … PAX GROWTH: SPP GROWTH: - Contributes approx. 2/3 Like-for-Like - Contributes approx. 1/3 Like-for-Like - PAX numbers expected to double by 2045 - Affected by regional / category mix - High RESILIENCE in long-term! - Changing consumer
Slide 9: Avolta growth engine focused on customer experience
… Based on a strong AVOLTA GROWTH ENGINE focused on customer experience – that is PREDICTABLY SURPRISING! Personalized retail and F&B concepts / customer experiences … combined with … digital transformation SPACES DIGITAL RETAIL DUTY- FREE RETAIL ASSORT- FLEXIBLE DISTINCTIVE F&B + RETAIL ENTERTAIN-
Slide 10: To deliver on our mid-term outlook
… To deliver on our mid-term outlook Value Creation Levers Mid-Term Outlook p. a. Passenger 2/3 Organic Growth +5% – 7% Evolution L-f-L SPP 1/3 EBITDA Margin (%) +20 – 40 bps New Space 0.0% - 1.0% EFCF Conversion (%) +100 – 150 bps 10
Slide 11: Clear Capital Allocation Policy
Clear Capital Allocation Policy Store Network Upgrade Store network upgrade Invest In Growth Digital Digital andand Technology technology Transformation transformation (Organic & Inorganic) Business Business Development Development / new space Small/ Small medium / medium size sized selective select
Slide 12: Avolta's Growth Contributors
Avolta’s Growth Contributors Surprisingly Predictable Avolta's Growth Engine Predictably Surprising Financial Model Shareholder Return & Capital Allocation Conclusion
Slide 13: Avolta's Growth Contributors – Surprisingly Predictable
Avolta’s 01 Growth Contributors – Surprisingly Predictable
Slide 14: We are in a growing industry
We are in a growing industry Global market size – Travel concession sector In USDbn 2024 2030 ~50 ~35 Duty-Free – 44% F&B – 30% ~115 CAGR ~175 TOTAL 5.5% TOTAL ~30 Duty-Paid – 26% Includes Airports Motorways Airlines Cruises & ferries Trains Others 14 Note: all market sizes are result of internal tr
Slide 15: Avolta is the largest & most diversified player in the industry
Avolta is the largest & most diversified player in the industry Fragmented travel experience industry: Avolta is the leader, excelling in channel diversity In USDm, 2024 numbers1 (publicly available numbers only) Focus area2 14,167 Duty-Free 4,749 Food & Beverages Duty-Paid 4,356 Smaller regional or
Slide 16: Past & Future: Surprisingly predictable – Growth contributors
Past & Future: SURPRISINGLY PREDICTABLE! – Growth contributors … AVOLTA UNIQUENESS GROWTH CONTRIBUTORS AVOLTA GROWTH ENGINE TOP-LINE GROWTH → PAX / SPP SIZE - LEADERSHIP → NEW SPACE NETWORK EXPANSION OF TRAVELER ACCESS + + EBITDA MARGIN DATA EFCF CONVERSION 16
Slide 17: Passenger growth
Passenger growth Key driver for 81%1 of Avolta’s airport channel revenues Global Air Travel 2024 18.7 bn Recovery above 2019 Exp. PAX volume >80% of the world’s population has levels 2045 (~2x to ’24) never taken a flight Numbers in bn. PAX → Massive untapped market 18.7 Global Airport Boom (Forecas
Slide 18: Traveler centricity: understanding travelers
Traveler centricity: Starts by understanding travelers ... Thanks to unique access to data, possibility to cater tailored offerings to all travelers Dimensions of traveler data SPEND BEHAVIOUR ANALYSIS DEMOGRAPHIC ANALYSIS Insights through spending behavior 9.0% 18.0% of different: • Nationalities 2
Slide 19: Why people are buying while travelling
… And why people are buying while travelling … MOTIVATION OF PURCHASE OFFER EVALUATION CRITERIAS – (when travelling)* Differences across channels “What is your no. 1 reason for buying something when you travel?” Gifting and Others 13% shopping for others remain most relevant reason to Treat myself 1
Slide 20: Identifying traveler personas through data insights
...By identifying various traveler persona based on data-insights... Consumer Perception Tracking (CPT) unlocks insights throughout all channels 20% 9% 27% 7% 15% 22% Share Young Families on Business Empty Shopping Other Traveler Holidays Traveler Nesters Lovers Travelers Characteristics Experientia
Slide 21: Catering to changing needs through Avolta's growth engine
Based on holistic traveler understanding – Catering to changing needs through AVOLTA’S GROWTH ENGINE Personalized retail and F&B concepts / customer experiences … combined with … digital transformation SPACES DIGITAL RETAIL DUTY- FREE RETAIL ASSORT- FLEXIBLE DISTINCTIVE F&B + RETAIL ENTERTAIN- SMART
Slide 22: SPP growth with regional & category differences
SPP Growth with regional & category differences Avolta increased SPP in recent years TOTAL 16.6% 5.0% 3.2% ~3% SPP vs LY 2022 2023 2024 2025 Q1 L-f-L Growth (2023-2025) EMEA LATAM PAX Growth 4-5% ~2/3 APAC SPP Growth 2-3% ~1/3 North America (ATV)1) Avg. Growth CAGR:~ +8% SPP vs LY 2022 2023 2024 202
Slide 23: On top of PAX and SPP growth: New space
On top of PAX and SPP growth: New space Signing a contract marks the beginning of a strong and enduring partnership Different award Commercial / Operational approaches • Customer Centricity based on deep knowledge of customer profiles: UNIQUENESS / DIFFERENTIATION → Tailored Concepts and Product Ran
Slide 24: New space: Active portfolio management
New space Active portfolio management – Avolta business development approach Key differences in segments Avolta Approach 29% Growth potential & risk profile 17% Margins before concession fees (CF) Retail F&B Concession Fees (in % of TO) Return on Concession fees (potentially MAG) Investment / Yield
Slide 25: Landlord endorsement
Destination 2027 Landlord endorsement 25
Slide 26: Importance of landlord cooperation
Importance of landlord cooperation Building success: The power of long-term landlord partnerships “ “ I believe the cooperation between We share the same Pudong Airport and Avolta is a true philosophy: we place our passengers win-win partnership. at the center of everything we do. Huang Zheng Lin El
Slide 27: How it all comes together – historical growth contributors
How it all comes together – historical growth contributors GROWTH CONTRIBUTORS TOTAL REPORTED GROWTH MEDIUM TERM 2022 2023 2024 2025 Q1 75.7% 16.0% 7.5% 9.6% LIKE-FOR-LIKE CONTRIBUTORS (w/o FX-effects) • PAX growth contributes to approx. 2/3 of organic growth 77.9% 20.2% 6.4% 5.1% 100% • Productivit
Slide 28: Avolta's Growth Engine – Predictably Surprising
02 Avolta’s Growth Engine – Predictably Surprising 28
Slide 29: Predictably surprising – Avolta's growth engine
Predictably surprising – Avolta’s growth engine Leveraging Avolta’s unique network, portfolio reach and global data access Personalized retail and F&B concepts / customer experiences … combined with … digital transformation SPACES DIGITAL RETAIL DUTY- FREE RETAIL ASSORT- FLEXIBLE DISTINCTIVE F&B + R
Slide 30: Assortment & Pricing – Data driven
Assortment & Pricing – Data driven From traveler tailored assortments to dynamic, rule-based pricing ASSORTMENT PRICING Passenger profiles change hourly, not yearly: Pricing as a key From a cost- …to an advanced Assortments must flex to reflect flight schedules, 190+ lever to improve based pricing r
Slide 31: Flexible stores
Flexible stores Transforming travel retail with flexible, adaptive spaces for evolving traveler needs What it means Use case Introducing flexible elements that allow spaces to transform throughout the day, season and year, adapting to CONSUMER DEMAND our evolving traveler. • 61% have attended or are
Slide 32: Distinctive look & feel – Sense of place / local
Distinctive look & feel – Sense of place / local Strengthening sense of place through new local concepts What it means Use case & commercial impact Local products and a strong sense of place turn a store into a destination. They create emotional connection, CONSUMER DEMAND drive impulse purchases, a
Slide 33: F&B and Retail can mutually enhance each other
F&B and Retail can mutually enhance each other Cross-selling and hybrid formats amplify F&B, Duty-Free, and Convenience synergy What it means Use cases Learn & Adapt from F&B, DF & Convenience interlinked behaviors • Leverage real-time behavior data to understand customer preferences and purchasing
Slide 34: Entertainment & activations
Entertainment & activations Engaging activations that convert and increase SPP & sales What it means Use case & commercial impact Flight Simulator Halloween Activation DJ Booth CONSUMER DEMAND Immersive activations that integrate music, live • 74% of consumers say brand performance and digital exper
Slide 35: Smart – In-store technology
Smart – In-store technology: Linking physical spaces & digital "Intelligent" stores and restaurants boost SPP, conversions, and operational efficiency Smart stores – Building blocks for integrated data-driven intelligent stores / restaurants Customer experience & engagement Op. efficiency / planning
Slide 36: Leveraging global footprint – Avolta's unique data foundation
Leveraging global footprint – Avolta’s unique data foundation Access to wide data pool… … with a wide variety of data types & granularity DATA POOL DATA TYPE & SOURCE DATA EXPERTS Global passenger (air) traffic: Flow analysis INTERNAL 9.5 billion passengers IN-STORE TECH Shelf analysis → Dedicated A
Slide 37: Loyalty – Extracting value from loyalty customers
Loyalty – Extracting value from loyalty customers Club Avolta is not just a loyalty program, it’s a powerhouse of customer data Club Avolta captures and connects data Loyalty value proposition Travel & lifestyle partnerships • Rolled out globally across 5,000+ outlets GLOBAL COVERAGE Premium Tier Pe
Slide 38: Surprisingly predictable growth & predictably surprising travel experience
Surprisingly predictable growth & predictably surprising travel experience Leveraging our UNIQUENESS… Driving GROWTH + MARGINS … powered by Avolta’s GROWTH ENGINE AVOLTA’S GROWTH SPACES NETWORK / PORTFOLIO REACH RETAIL RETAIL CONTRIBUTORS DUTY-FREE DUTY-PAID F&B PRICING & ASSORTMENT FLEXIBLE Stores
Slide 39: All powered by our people
… all powered by OUR PEOPLE! Making people part of the journey by fostering a diverse, inclusive and equitable workplace THE AVOLTA FAMILY +70k` Team members Guided by common ` VALUES BRAVE PASSIONATE INCLUSIVE COLLABORATIVE United by the ` AVOLTA TEAM PASSION – Key to our success! 39
Slide 40: People at the center
Destination 2027 People at the center 40
Slide 41: Brand Universe
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Slide 42: Brand partner endorsement
Destination 2027 Brand partner endorsement 42
Slide 43: Importance of travel channel for brands
Importance of travel channel for brands Strong partnerships to maintain a diverse and attractive portfolio of brands “ Our teams have a shared commitment to redefining the travel retail experience through agility and creativity. “ Our partnership is based on a shared passion for delivering exception
Slide 44: Financial Model
03 Financial Model 44
Slide 45: Financial dynamics: Unlocking Avolta's value potential
Financial dynamics: Unlocking Avolta’s value potential STRATEGY GROWTH ENGINE TOP-LINE GROWTH Assortment / Pricing EXPANSION OF Flexible EBITDA MARGIN & EFCF CONVERSION F&B Retail Enhanced GROWTH CONTRIBUTORS Distinctive Look and Feel STRONG BALANCE SHEET Smart Data Entertainment FOCUS ON SHAREHOLDE
Slide 46: Financial performance – Turnover
Financial performance – On track for Destination 2027 Turnover Delivered Results Outlook Destination 2027 • Organic Growth: Driven by Passenger Growth (PAX) and Spend Per Passenger TURNOVER (SPP) In CHFm − Generally, PAX contribution approx. two-thirds and SPP around one-third 13,473 12,535 − SPP en
Slide 47: Financial performance – Profitability
Financial performance – On track for Destination 2027 Profitability Delivered Results Outlook Destination 2027 EBITDA • Steady EBITDA growth: Since launching Destination 2027, EBITDA margins have improved in line with outlook provided In CHFm 1,267 • Similar EBITDA across channels: Different channel
Slide 48: Profitability – Gross profit margin
Financial performance – On track for Destination 2027 Profitability - Gross profit margin (GPM) Different GPMs per channel Active Purchase Price Management • Purchase price negotiation • Advertising income 70% • Brand CAPEX contribution 65% Active Selling Price Management • Pricing policies • Strate
Slide 49: Profitability – Concession fees
Financial performance – On track for Destination 2027 Profitability – Concession fees Business Line Split Items Retail F&B Concession Fee ~29% ~17% EBITDA (%) ~9.4% ~9.6% CAPEX (% of sales) ~3% ~5% Contract Duration (years) 5-10 10-20 Concession fee trend • Plateauing effect after period of increasi
Slide 50: Continuous improvement culture and strict cost control
Financial performance – On track for Destination 2027 Profitability – Continuous improvement culture and strict cost control LEVERS MAIN P&L TARGET ITEMS EXAMPLES Zero-based budgeting 460 retail stores utilize self- Personnel Expenses checkout accounting for 60% of convenience sales* • Automation Co
Slide 51: Financial performance – Cash Flow
Financial performance – On track for Destination 2027 Cash Flow Delivered Results Outlook Destination 2027 • Asset light model results in strong cash flow conversion EFCF • Equity Free Cash Flow yield improvement driven by In CHFm 425 − CAPEX efficiency improvement: EBITDA margin improvement while C
Slide 52: Cash Flow – Elements
Financial performance – On track for Destination 2027 Cash Flow – Elements CAPEX Interest Expenses Dividend to Minorities Mid-term CAPEX guidance around Driven by deleverage and active interest • Inherent part of business model (mainly for US) 4% of turnover expenses management: • Minority engagemen
Slide 53: Highly variable cost structure and sustainable cash conversion
Financial performance – On track for Destination 2027 Highly variable cost structure and sustainable cash conversion Highly Flexible Cost Base Sustainable Cash Conversion 0% 100% 0% 100% COGS NWC2 CAPEX3 Concession Fees1 Income Tax PEX Minorities OPEX Interest Approx fix Approx variable Approx fix A
Slide 54: Mid-Term Outlook
Mid-Term Outlook Organic Growth +5% – 7% Mid-Term EBITDA Margin (%) +20 – 40 bps Outlook EFCF Conversion (%) +100 – 150 bps 54
Slide 55: Capital Allocation and Shareholder Return
04 Capital Allocation and Shareholder Return 55
Slide 56: Clear Capital Allocation Policy
Clear Capital Allocation Policy Store Network Upgrade Store network upgrade Invest In Growth Digital Digital andand Technology technology Transformation transformation (Organic & Inorganic) Business Business Development Development / new space Small/ Small medium / medium size sized selective select
Slide 57: Clear Capital Allocation Policy – Invest in growth
Clear Capital Allocation Policy Invest in growth Business Development Investment Criteria Focus on Return CAPEX • Alignment to strategic goals ROIC as key capital returns steering metric • Link to strategy and business model • New space & renewals • Strict supervision by investment tenders, RFPs and
Slide 58: Balance sheet efficiency (I/II)
Clear Capital Allocation Policy Balance sheet efficiency (I/II) Financial Net Debt Leverage (Net Debt / CORE EBITDA) In CHFm 4.8x 3,956 3,687 3,344 3,080 2,811 2,696 2,663 2.6x 2.1x 1.9x 2015 2017 2020 2021 2022 2023 2024 2022 2023 2024 Leverage Leverage Net of treasury share purchases Credit Rating
Slide 59: Balance sheet efficiency (II/II)
Clear Capital Allocation Policy Balance sheet efficiency (II/II) Debt Maturity Profile Debt Overview In CHFm By Product 62% 25% 13% 1,363 Bond Loans Convertible Bond By Currency 932 38% 33% 24% 3% 717 693 500 478 478 EUR CHF USD GBP OTHER 2026 2027 2028 2029 2030 2031 2032 By Interest CHF 500m Conve
Slide 60: Capital returns
Clear Capital Allocation Policy Capital returns Dividend Share Buyback (SBB) 43% 152.6 • Share cancellation CHF 200m • FY 2024 dividend CHF 1.00 per in 2024 (4% of outstanding share (+43% YoY) 146.5 shares) • Medium-term targets and capital • Share buyback 2025 of up to allocation policy underpins C
Slide 61: Avolta – one unified Brand
Avolta — one unified Brand (I) oes Avolta aDutry (I) ~~ ClubAvolta @Autogrill 61 WORLDDUTYFREE u A avtoceu Hudson ID_TY FREE SHOPS techonthego AMORE ~\ TRAVEL STAR COLOMBINN, EMERALDS Wor p oF WHISKIES ueeNATTITUDE akeler @)Avolta
Slide 62: Conclusion
05 Conclusion 62
Slide 63: Conclusion – Avolta is surprisingly predictable & predictably surprising
Conclusion – Avolta is surprisingly predictable & predictably surprising Predictable & resilient growth, Growth Engine Growth Contributors clear GROWTH CONTRIBUTORS Robust and consolidated Assortment / Pricing GROWTH ENGINE Flexible Surprising travelers with new Outlook F&B Retail Enhanced formats a
Slide 64: Thank You
Thank You for your attention Avolta’s Capital Markets Day 2025 is sponsored by: LAUDER MesGpee yi Oey Mondeléz, MM Hee & SUNTORY cognizant
Slide 65: Appendix
Appendix 65
Slide 66: Diverse executive team
Diverse executive team Avolta Global Executive Committee ` Xavier Rossinyol Yves Gerster Freda Cheung Steve Johnson Luis Marin Chief Executive Officer Chief Financial Officer President & CEO Asia Pacific President & CEO North America President & CEO EMEA Enrique Urioste Pascal C. Duclos Vijay Talwar
Slide 67: BoD & key shareholders
BoD & key shareholders – Balanced ownership & experienced leadership Board of Directors (BoD) Key Shareholders 22.2% Edizione Juan Carlos Torres Alessandro Benetton 8.7% Advent Executive Chairman Honorary Chairman 4.9% Richemont 4.5% Other Strategic Enrico Laghi Sami Kahale Bruno Chiomento Heekyung
Slide 68: Legal Disclaimer
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
Slide 69: Avolta
dD) Avolta