Avolta Ag · SIX:AVOL
Avolta — FY 2025 Earnings Presentation
33 slides from Avolta's earnings presentation, Mar 11, 2026
Slide 1: Full-Year Results
Full-Year Results
Slide 2: Agenda
AGENDA 01 FY 2025 02 Financial Update 03 Conclusion 04 Appendix 2
Slide 3: FY 2025
01 FY 2025 3
Slide 4: Financial highlights FY 2025 (I/II)
Financial highlights FY 2025 (I/II) Turnover CHF 13.7b EBITDA CHF 1,324m EFCF CHF 487m +0.3% +3.3% +5.5% Organic 9.4% 9.7% 33.5% 36.8% CER1 +5.9% 2024 2025 2024 2025 EPS LEVERAGE ROIC2 +33% +1.9% 3.5 2.10 11.4% 2.6 9.5% 1.96 2024 2025 2024 2025 2024 2025 4 CORE numbers 1 Constant Exchange Rate 2 Def
Slide 5: Financial highlights FY 2025 (II/II) Current trading
Financial highlights FY 2025 (II/II) Capital allocation Disciplined capital Allocation ▪ Investment in the business with ROIC 11.4%, +1.9% ▪ Continued deleveraging to 1.96x ▪ 2025 share buyback program completed, 3.3% of share capital cancelled ▪ Dividend CHF 1.15/share (+15% YoY) to be proposed at
Slide 6: Clear strategy and execution
Clear strategy and execution ▪ Tailored concepts and product ranges Consumer Store Network Upgrade ▪ Highest in-store customer service standards Centricity Digital and Technology Transformation ▪ Innovation and digital capabilities Business Development ▪ Multiple initiatives driving Spend per Passen
Slide 7: Competitive and resilient footprint
Competitive and resilient footprint Resilient performance 2025 despite external Largest global network & reach headwinds 70 countries Slowdown in US passengers ~ 5,100 outlets Liberation day & tariffs ~ 1,000 locations Broader FX impacts 1,000+ brands First ME conflict Business lines: Channel split:
Slide 8: Avolta continues increasing Spent Per Passenger (SPP)
Avolta continues increasing Spent Per Passenger (SPP) Growth engine Increasing SPP SPACES RETAIL RETAIL TOTAL DUTY-FREE DUTY-PAID F&B SPP vs LY 2023 2024 2025 PRICING & ASSORTMENT EMEA LATAM FLEXIBLE APAC Stores & restaurants North America (ATV)1 DISTINCTIVE LOOK & FEEL (Sense of place / local) SPP
Slide 9: Digital & data platform
Digital & data platform Access to wide data pool… … with a wide variety of data types & granularity DATA PLATFORM & ARTIFICIAL DATA POOL MONETIZATION INTELLIGENCE ENGINE Transactional Data Customer Satisfaction / NPS Passengers Global passenger (air) traffic: Product, destination data Customer senti
Slide 10: Club Avolta: first year of recognition, partnership and engagement
Its first year of Recognition, Partnership and Engagement Awards >16m members MEADFA Best Marketing Strategy TREX Two golds Marketing Campaign FAB Winners Airport F&B Digital Initiative Frontier Award Future of Retail Connected travel >7% of group revenues HIGHLIGHTS >3x ATV vs non-member 1 In-store
Slide 11: Smart CAPEX investment driving growth and value generation
Smart CAPEX investment driving growth and value generation CAPEX as growth driver Recent successful showcases ▪ Disciplined capital allocation underpins sustainable value creation ▪ Focused store upgrades are a proven lever to strengthen performance driving top-line growth ▪ Smart data-driven refurb
Slide 12: Medium-term outlook reiterated
Organic growth +5% – 7% Medium-term EBITDA margin (%) +20 – 40 bps outlook reiterated EFCF conversion (%) +100 – 150 bps (per annum at CER) 12
Slide 13: Financial Update
02 Financial Update 13
Slide 14: Key FY 2025 figures
Key FY 2025 figures CORE TURNOVER CORE EBITDA EFCF CHF CHF CHF 13,720m 1,324m 487m GROWTH EBITDA MARGIN LEVERAGE +5.9% +5.5% 9.7% 1.96x CER1 Organic +0.3% YoY 2.1x FY 24 Driven by productivity/efficiencies 1 Constant Exchange Rate 14
Slide 15: Growth contributors
Growth contributors Turnover growth Geographical split and organic growth (OG) FY 2025 Q4 2025 6% Like for Like +3.9% +3.2% 12% New concessions, net +1.6% +2.5% Organic Growth +5.5% +5.7% 53% EMEA M&A and Others +0.3% +0.2% 30% NA Growth (CER) +5.9% +5.9% LATAM FX Impact -4.0% -5.6% APAC Reported Gr
Slide 16: CORE Profit & Loss
CORE Profit & Loss CHFm 2025 %1 2024 %1 Net sales 13,497 13,241 Productivity drive underpins earnings growth Advertising income 223 232 Turnover (CORE) 13,720 100.0% 13,473 100.0% ▪ CORE EBITDA +4.5% YoY, margin 9.7%, +0.3% YoY Cost of sales -4,786 -34.9% -4,690 -34.8% Gross profit 8,934 65.1% 8,783
Slide 17: Income Statement 2025 – IFRS to CORE Bridge
Income Statement 2025 – IFRS to CORE Bridge Acquisition Fuel IFRS Lease CORE CHFm related sales FY25 adjustments FY25 adjustments adjustments Net sales (IFRS) / (CORE) 13,760 - - -263 13,497 Advertising income 223 - - - 223 Turnover (IFRS) / (CORE) 13,983 - - -263 13,720 Cost of sales (IFRS) / (CORE
Slide 18: Cash Flow Statement
Cash Flow Statement Robust EFCF performance CHFm 2025 2024 CORE EBITDA 1,324 1,267 Changes in net working capital 63 7 ▪ EFCF CHF 487m, conversion 36.8%, 3.3% YoY Capital expenditures -509 -473 ▪ Performance supported by strong CORE % of Turnover -3.7% -3.5% EBITDA contribution Cash flow related to
Slide 19: Financial net debt and leverage
Financial net debt and leverage Leverage1 Leverage 4.8x ▪ Net debt CHF 2,531m ▪ 1.96x Net debt/CORE EBITDA 2.6x Well diversified financing structure 2.1x 1.96x ▪ Weighted avg. maturity 3.6 years ▪ Weighted avg. interest 3.0% 2022 2023 2024 2025 ▪ Balance fixed / floating rate 81% / 19% ▪ Debt split:
Slide 20: ROIC as key capital returns steering metric
ROIC as key capital returns steering metric ▪ ROIC embedded across strategy and performance management ▪ Frames capital allocation decisions for all investments ▪ Strict definition considers minorities and income tax ▪ Published on annual basis, no guidance provided, not replacing any KPIs or outloo
Slide 21: Consistent capital allocation policy steered to drive shareholder value
Consistent capital allocation policy steered to drive shareholder value ▪ Store Storenetwork upgrade Network Upgrade ▪ Digital and technology transformation Digital and Technology Transformation Invest in growth ▪ Business development / new space Business Development (Organic and Inorganic) ▪ Small
Slide 22: Capital returns
Capital returns Dividend Share Buyback (SBB) Store Network Upgrade Dividend & SBB ▪ FY 2025 dividend CHF 1.15/share (+15% YoY) Digital and Technology Transformation ▪ 2025 share buyback completed ▪ A total of CHF 1,035m cash is expected to to be proposed at May, 2026 AGM Business Development ▪ 4,861
Slide 23: Conclusion
03 Conclusion 23
Slide 24: Conclusion
Conclusion ▪ Strong performance driven by disciplined execution Top-line 2025 ▪ Operational capabilities strengthened across the business Profitability Performance ▪ Unwavered focus on cash generation and ROIC accretion EFCF ▪ Strong balance sheet with target leverage band reached De-Leverage Capita
Slide 25: Appendix
04 Appendix 25
Slide 26: EMEA
EMEA Key highlights CORE Turnover CHF 7.2b ▪ Launched first F&B concepts at Sofia airport Countries 34 ▪ Introduced Eataly at Schiphol airport ▪ Opened Alembic, first F&B operation at Bristol airport Stores & Restaurants 2,370 ▪ Secured multi-unit F&B contract at Copenhagen airport FTEs 28,924 ▪ Exp
Slide 27: North America
North America Key highlights CORE Turnover CHF 4.0b ▪ Secured an 11-year duty-free contract at JFK airport Countries 2 ▪ Won two 10-year contracts at Atlanta airport ▪ Awarded a 12-year retail contract at San Jose airport Stores & Restaurants 1,898 ▪ Expanded operations at Dallas Fort Worth airport
Slide 28: LATAM
LATAM Key highlights CORE Turnover CHF 1.6b ▪ Opened first regional F&B outlet with Vista Corona at Countries 22 São Paulo/Congonhas Airport Stores & Restaurants 455 ▪ Secured a 12-year duty-free concession at Santiago de Chile airport FTEs 7,816 ▪ Secured a nine-year contract extension in Mexico, c
Slide 29: APAC
APAC Key highlights CORE Turnover CHF 836m ▪ Kansai International airport contract win representing first Japan Countries 12 footprint Stores & Restaurants 339 ▪ Secured a multi-store contract at Shanghai Pudong Airport ▪ Completed the refurbishment of duty-free operations at Perth airport FTEs 6,31
Slide 30: Balance Sheet
Balance Sheet CHFm Dec 25 Dec 24 Delta Balance Sheet mainly affected by ASSETS Property, plant & equipment 1,325 1,296 29 Right of use assets 7,302 7,785 -484 ▪ IFRS16 concession portfolio (right of use assets Intangible assets 1,664 1,935 -271 and lease obligations) Goodwill 2,896 3,111 -215 Invent
Slide 31: FX FY 2025
FX FY 2025 CORE Turnover by currency FY 2025 FX translation impact on turnover (vs previous year) Other 18% 1.4% 0.0% USD 41% -0.9% -1.3% GBP 11% -4.4% -4.7% -5.6% -6.1% EUR Q1' 24 Q2'24 Q3'24 Q4' 24 Q1'25 Q2'25 Q3'25 Q4'25 31% Development of main currencies (vs previous year) Development of other k
Slide 32: Selected Events Contact
Selected Events 06 May 2026 Annual General Meeting 12 May 2026 Dividend payment 07 May 2026 Q1 Trading Update 30 July 2026 Half Year Results 29 October 2026 Q3 Trading Update Contact Rebecca McClellan Global Head Investor Relations +44 7543 800 405 Rebecca.McClellan@avolta.net 32
Slide 33: 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