Slide 1: H1 2026 Results
H1 2026 Results July 2026
Slide 2: Agenda
Agenda 01 02 03 04 H1 2026 Financial Conclusion Appendix Update 2
Slide 3: Avolta
Avolta »-4
Slide 4: Highlights H1 2026
Highlights H1 2026 Avolta delivered a resilient performance in H1 2026 despite strong geopolitical headwinds CAPITAL GROWTH +3.7% EBITDA 9.1% EFCF CHF 207m ALLOCATION Robust Performance Profitability Protected Cash generation accelerated Disciplined capital allocation ▪ CORE turnover CHF 6,437m ▪ CO
Slide 5: Diversified footprint, resilient growth
Diversified footprint, resilient growth H1 2026 Regional Performance NA: EMEA: CHF 1,936m CORE turnover CHF 3,255m CORE turnover 2 countries 34 countries CORE turnover H1 2026 LfL OG YoY ~1,940 outlets ~2,280 outlets (CHFm) EMEA 3,255 +3.5% +1.9% NA 1,936 +2.3% +2.8% LATAM 777 +4.1% +5.2% APAC 469 +
Slide 6: Despite external volatility…Avolta continues to invest
Despite external volatility…Avolta continues to invest Business development Organic growth platform M&A platform Other business development Shanghai Pudong/JFK DFS Okinawa Contract wins, digital & data ▪ Pudong ▪ Entry into attractive travel retail market ▪ Major contract wins and extensions across
Slide 7: …Avolta continues to transform
…Avolta continues to transform Scale & Data Advantage 10.2bn 2.5bn ~682m # of tickets +20m Club Avolta Global air PAX (27% penetration rate)1 members (ACI World, Jan 2026) Avolta PAX exposure Smarter Commercial Decisions Pricing Assortment Inventory Staffing Dynamic, customer-led Demand driven Optim
Slide 8: …Avolta continues to deliver
…Avolta continues to deliver With disciplined Capital Allocation and medium-term outlook reconfirmed Consistent capital allocation policy Medium-term outlook reiterated ▪ Store network upgrade Invest in growth ▪ ▪ Digital and technology transformation Store Network Upgrade Business development / new
Slide 9: Financial Update
02 Financial Update
Slide 10: Key H1 2026 figures
Key H1 2026 figures CORE TURNOVER CORE EBITDA EFCF CHF CHF CHF 6,437m 583m 207m GROWTH EBITDA MARGIN LEVERAGE +3.1% +3.7% 9.1% 2.07x CER1 Organic Approx. 9.5% excl. Middle East 2.15x H1 25 and major ramp-up effects +5.2% excl. Middle East 1 Constant Exchange Rate 10
Slide 11: Growth contributors
Growth contributors Turnover growth H1 2026 geographical split and organic growth (OG) H1 2026 Q2 2026 6% Like for Like +3.5% +2.8% 12% New concessions, net +0.2% +0.2% Organic Growth +3.7% +2.9% 51% EMEA Organic Growth excl. Middle East +5.2% +4.6% NA M&A and Others -0.7% -0.7% 30% LATAM Growth (CE
Slide 12: CORE Profit & Loss
CORE Profit & Loss CHFm H1 2026 %1 H1 2025 %1 Productivity drive underpins earnings Net sales 6,318 6,503 Advertising income 119 110 ▪ CORE EBITDA reached CHF 583m, equivalent to a 9.1% Turnover (CORE) 6,437 100.0% 6,613 100.0% margin Cost of sales -2,229 -34.6% -2,275 -34.4% Gross profit 4,208 65.4
Slide 13: Cash Flow Statement
Cash Flow Statement Robust EFCF performance CHFm H1 2026 H1 2025 CORE EBITDA 583 612 ▪ H1 2026 EFCF CHF 207m, conversion 35.5% Changes in net working capital 20 28 Capital expenditures -213 -247 ▪ Cash generation accelerated significantly in the second % of Turnover 3.3% 3.7% quarter Minorities -67
Slide 14: Financial net debt and leverage
Financial net debt and leverage Leverage1 Leverage 2.62x ▪ Net debt CHF 2,695m ▪ 2.07x Net debt/CORE EBITDA 2.35x Well diversified financing structure 2.15x ▪ Weighted avg. maturity 3.9 years 2.07x ▪ Weighted avg. interest 3.0% ▪ Balance fixed / floating rate 61% / 39% H1 2023 H1 2024 H1 2025 H1 202
Slide 15: Conclusion
ae ET Oe (1) Avolta
Slide 16: Conclusion
Conclusion Resilience Diversified global platform supported performance despite unusual temporary headwinds Cash Cash generation accelerated through Q2, with continued focus on EFCF protection Platforms JFK, Pudong and Okinawa strengthen future earnings growth and diversification Execution Safeguard
Slide 17: Appendix
04 Appendix 17
Slide 18: Income Statement H1 2026 – IFRS to CORE Bridge
Income Statement H1 2026 – IFRS to CORE Bridge Acquisition Fuel IFRS Lease CORE CHFm related sales H1 26 adjustments H1 26 adjustments adjustments Net sales (IFRS) / (CORE) 6,450 - - (132) 6,318 Advertising income 119 - - - 119 Turnover (IFRS) / (CORE) 6,569 - - (132) 6,437 Cost of sales (IFRS) / (C
Slide 19: Balance Sheet
Balance Sheet Balance Sheet mainly affected by CHFm Jun 26 Dec 25 Delta ASSETS ▪ Right of Use assets and lease liabilities Property, plant & equipment 1,350 1,325 25 increase driven by new and modified Right of use assets 7,926 7,302 624 lease contracts (e.g., Pudong new lease Intangible assets 1,58
Slide 20: FX H1 2026
FX H1 2026 CORE Turnover by currency H1 2026 FX translation impact on turnover YoY 1.4% Other 17% 0.0% -0.9% USD -1.3% 42% -3.1% GBP 11% -4.4% -4.7% -5.6% -6.1% EUR -8.8% 30% Q1’ 24 Q2’24 Q3’ 24 Q4’24 Q1’ 25 Q2’25 Q3’25 Q4’ 25 Q1’ 26 Q2’ 26 Q2 development of main currencies YoY Q2 development of oth
Slide 21: Worldwide exclusive benefits
Worldwide exclusive benefits Buzz-worthy rewards Enhanced travel Join today One app 5,100 1.000+ 6 70 Outlets Brands Continents Countries
Slide 22: Selected Events Contact
Selected Events 29 October 2026 Q3 Trading Update Contact Rebecca McClellan Global Head Investor Relations +44 7543 800 405 Rebecca.McClellan@avolta.net 22
Slide 23: 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