Slide 1: Half-Year 2025 Results
Half-Year 2025 Results 31 July 2025
Slide 2: Agenda
AGENDA 01 H1 2025 02 Financial Update 03 Conclusion 04 Appendix 22
Slide 3: H1 2025
01 H1 2025 3
Slide 4: Highlights H1 2025
Highlights H1 2025 Strong Financial Performance Commercial Capital Allocation • Net new concession contribution +0.8% • Leverage H1 2025 2.15x, vs. 2.35x H1 • In EMEA, new F&B concept Alembic (UK), LOAF 2024 • Reported turnover CHF 6,734m, CORE (Amsterdam), Früh bis Spät in Germany • H1 2025 liquidi
Slide 5: Region & Category Performance
Region & Category Performance Geographic Mix Top Line Performance 50% 31% 12% 6% Q1 2025 Q2 2025 H1 2025 EMEA NA LATAM APAC Reported CORE turnover growth 9.6% 0.1% 4.3% Business Lines FX effect 1.4% -6.1% -2.8% 39% 33% 28% Growth CER 8.2% 6.2% 7.1% M&A and Others* 2.9% 0.2% 1.4% Duty-Free Dufry Free
Slide 6: Avolta Footprint – Global Diversification
Avolta Footprint – Global Diversification NA: EMEA: H1 2025 Regional Performance CHF 2,046m turnover CHF 3,337m turnover CORE Turnover H1 2025 LfL OG YoY 2 countries 34 countries (CHFm) ~1,970 outlets ~2,420 outlets EMEA 3,337 6.9% 9.2% NA 2,046 1.3% -0.2% LATAM 802 6.3% 8.1% APAC 428 5.4% 5.1% Grou
Slide 7: Surprisingly predictable growth & predictably surprising travel experience
Surprisingly predictable growth & predictably surprising travel experience Driving GROWTH + MARGINS … powered by Avolta’s GROWTH ENGINE AVOLTA’S GROWTH CONTRIBUTORS SPACES RETAIL RETAIL DUTY-FREE DUTY-PAID F&B PAX GROWTH: SPP GROWTH: - Contributes approx. 2/3 Like-for-Like - Contributes approx. 1/3
Slide 8: Avolta’s growth engine – main elements (I/IV)
Avolta’s growth engine – main elements (I/IV) Pricing, assortment & flexible spaces Pricing & Assortment Flexible spaces Assortment key principles: Concept: ➢ Introducing flexible elements that allow spaces to transform ➢ Passenger profiles change hourly, not yearly throughout the day, season and ye
Slide 9: Avolta’s growth engine – main elements (II/IV)
Avolta’s growth engine – main elements (II/IV) Sense of place, local formats and retail / F&B enhanced Sense of place / local Retail / F&B enhanced Distinctive look & feel key principles: Enhance retail and F&B spaces – key principles: ➢ Local products and a strong sense of place turn a store into a
Slide 10: Avolta’s growth engine – main elements (III/IV)
Avolta’s growth engine – main elements (III/IV) Entertainment, activations and smart stores Entertainment Smart / in-store technologies Entertainment key principles: Immersive brand activations that Smart stores – Building blocks for integrated data-driven intelligent turn excitement into commercial
Slide 11: Avolta’s growth engine – main elements (IV/IV)
Avolta’s growth engine – main elements (IV/IV) Data and loyalty Data Loyalty DATA POOL Global passenger (air) traffic: GLOBAL COVERAGE Main program KPIs H1 2025 9.5 billion passengers Accepted in over 5,100+ points (ACI World, 2024) Avolta passenger exposure: of sale MEMBERS SAVE MORE >13m Total mem
Slide 12: Medium Term Outlook
Organic growth +5% – 7% Medium Term EBITDA margin (%) +20 – 40 bps Outlook EFCF conversion (%) +100 – 150 bps (per annum at CER) 12
Slide 13: Capital allocation policy unchanged
Capital allocation policy unchanged Store Network Upgrade Store network upgrade Invest In Growth Digital Digital andand Technology technology Transformation transformation (Organic and Inorganic) Business Business Development development / new space Small/ Small medium / medium size sized selective
Slide 14: Financial Update
02 Financial Update 14
Slide 15: Key Figures for H1 2025
Key Figures for H1 2025 CORE TURNOVER CORE EBITDA EFCF CHF CHF CHF 6,613m 612m 216m GROWTH EBITDA MARGIN LEVERAGE +5.7% Organic 9.3% +30 bps YoY 2.15x 2.35x H1 24 15
Slide 16: CORE Profit & Loss
CORE Profit & Loss CHFm H1 2025 %* H1 2024 %* Turnover Net sales 6,503 6,235 ▪ H1 +7.1% CER, up +5.7% organic growth Advertising income 110 108 Turnover 6,613 100.0% 6,343 100.0% ▪ Q2 +6.0% organic growth Cost of sales -2,275 -34.4% -2,185 -34.4% ▪ Momentum reflects continued strong business deliver
Slide 17: Cash Flow Statement
Cash Flow Statement CHFm H1 2025 H1 2024 Robust EFCF performance EBITDA (CORE) 612 568 Net working capital changes* 28 44 ▪ H1 EFCF CHF 216m CAPEX -247 -223 ▪ Strong CORE EBITDA contribution CAPEX in % of Turnover 3.7% 3.5% ▪ Shareholder cash return Minorities -74 -62 Income taxes -34 -41 • Dividend
Slide 18: Financial net debt and leverage
Financial net debt and leverage Leverage* (Net debt / CORE EBITDA) Leverage* 2.15x Net debt / CORE EBITDA ▪ Mid-term target ratio 1.5x-2.0x 2.62x 2.35x Well diversified financing structure ▪ Weighted avg. maturity 3.8 years 2.15x ▪ Weighted avg. interest 2.9% H1 23 H1 24 H1 25 ▪ Balance fixed / floa
Slide 19: Conclusion
03 Conclusion 19
Slide 20: Conclusion
Conclusion • Store inNetwork Improvements line with Upgrade outlook on all KPIs • CORE turnover Digital growth +7.1% CER*, and Technology +5.7% organic Transformation Financial • CORE EBITDA +30bps at 9.3% performance • Business Development CORE Basic EPS +28.7% YoY • Small/ EFCF CHF 216mmedium size
Slide 21: Appendix
04 Appendix 21
Slide 22: Balance Sheet
Balance Sheet CHFm Jun 25 Dec 24 ASSETS Balance Sheet mainly affected by Property, plant & equipment 1,255 1,296 Right of use assets 7,308 7,785 ▪ Currency movements (mainly USD weakening vs CHF) Intangible assets 1,733 1,935 ▪ CHF 235m returned via share buybacks and dividends Goodwill 2,920 3,111
Slide 23: Income Statement H1 2025 – IFRS to CORE Bridge
Income Statement H1 2025 – IFRS to CORE Bridge Acquisition related Lease Fuel sales In CHFm IFRS adjustments adjustments adjustments CORE Net sales 6,624 - - -121 6,503 Advertising income 110 - - - 110 Turnover 6,734 - - -121 6,613 Cost of sales -2,386 - - 111 -2,275 Gross profit 4,348 - - -10 4,338
Slide 24: Selected Events Contact
Selected Events 31 July Half-Year Results 30 October Q3 Trading Update Contact Rebecca McClellan Global Head Investor Relations +44 7543 800 405 Rebecca.McClellan@avolta.net 24
Slide 25: 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