Slide 1: Q1 Trading Update
Q1 Trading Update 15 May 2025
Slide 2: Agenda
AGENDA 01 Q1 2025 02 Financial Update 03 Outlook 04 Conclusion 05 Appendix 22
Slide 3: Q1 2025
01 Q1 2025 3
Slide 4: Highlights Q1 2025
Highlights Q1 2025 Financials Capital Allocation Commercial & Digital Continuous progress on commercial and Leverage quarter-end 2.18x, CORE turnover growth +8.2% CER*, digital transformation: Club Avolta, Next down from 2.55x YoY Organic +5.3% (+6.5% w/o leap year) Generation Store, entertainment,
Slide 5: Region & Category Performance
Region & Category Performance Geographic Mix Top Line Performance 46% 33% 14% 8% Q1 25/24 Apr YTD EMEA NA LATAM APAC Reported CORE turnover growth 9.6% FX effect 1.4% Business Lines Growth CER 8.2% 8.5% 40% 33% 27% M&A 2.9% 2.8% Duty-Free Dufry Free F&B Duty-Paid Duty Paid Organic growth 5.3% 5.7% C
Slide 6: Avolta Footprint – Global Diversification
Avolta Footprint – Global Diversification NA: EMEA: CHF991m turnover CHF1,412m turnover 2 countries 35 countries 2,046 outlets 2,379 outlets Q1 2025 Regional Performance CORE turnover Q1 2025 LfL OG YoY (CHFm) EMEA 1,412 +8.0% +9.0% NA 991 +1.3% -0.2% LATAM 417 +5.5% +8.5% APAC 230 +3.4% +2.3% LATAM
Slide 7: Bringing customer centricity to life
Bringing customer centricity to life +32 new stores • • • Premium Tea, China, Shanghai Pudong Airport Sao Paulo Walkthrough store Hungry Club Malaga • • • +1m members recruited in Q1 2025 New partnerships: Finnair and Singapore Airlines Unlocked 100+ member benefits in collaboration with our brand p
Slide 8: Financial Update
02 Financial Update
Slide 9: Key Figures for Q1 2025
Key Figures for Q1 2025 CORE TURNOVER CORE EBITDA EFCF CHF CHF CHF 3.05b 196m -104m GROWTH EBITDA MARGIN Leverage +5.3% 6.4% 2.18x Organic (+6.5% w/o leap year) (+37 bps YoY) (down from 2.55x YoY) 9
Slide 10: Margin Expansion, EFCF seasonality
Margin Expansion, EFCF seasonality CORE EBITDA (CHFm) EBITDA Margin 196 • +37bps YoY • Commercial performance 169 • Heightened cost discipline Q1 2024 Q1 2025 • Productivity increases • Active portfolio management Margin % 6.1% 6.4% EFCF performance • In line with typical seasonality EFCF (CHFm) ▪ P
Slide 11: Financial Net Debt and Leverage
Financial Net Debt and Leverage Leverage Leverage 2.18x Net Debt/ CORE EBITDA vs. 2.55x Q1 2024 3.06 • Medium-term target leverage 1.5x-2.0x 2.55 Net Debt CHF 2,820m 2.18 Strong liquidity of CHF 2,017m as of Q1-25 Q1 2023 Q1 2024 Q1 2025 Net Debt / CORE EBITDA LTM at constant FX rates Well diversifi
Slide 12: Outlook
03 Outlook
Slide 13: Medium-Term Outlook Remains Unchanged
Organic growth +5% – 7% Medium-Term Outlook Remains EBITDA margin (%) +20 – 40 bps Unchanged EFCF conversion (%) +100 – 150 bps (per annum at CER) 13
Slide 14: Capital Allocation Policy Unchanged
Capital Allocation Policy Unchanged ▪ Store Network Upgrading ▪ Digital and Technology Transformation Invest In Growth ▪ Business Development in new locations (Organic & Inorganic) ▪ Small/medium size selective M&A • Value accretive • Cash funded Balance Sheet ▪ Strong Credit Rating Efficiency ▪ Tar
Slide 15: Conclusion
04 Conclusion
Slide 16: Conclusion
Conclusion Key Financial Highlights Key Operational Highlights Shareholder Value ▪ CORE turnover growth +8.2% ▪ Continuous progress on the ▪ Leverage quarter-end 2.18x, CER, organic +5.3% (+6.5% w/o commercial and digital transformation down from 2.55x YoY leap-year) ▪ Robust business development ac
Slide 17: Appendix
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Slide 18: Selected Events Contact
Selected Events 26 June Avolta Capital Markets Day 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 18
Slide 19: 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