Slide 1: Full Year Results 2024
Full Year Results 2024 12 March 2025 1
Slide 2: Agenda
AGENDA 01 FY 2024 02 Financial Update 02 Outlook 03 Conclusion 04 Appendix 22
Slide 3: FY 2024
FY 2024 3
Slide 4: Highlights 2024
Highlights 2024 Financials Capital Allocation Commercial & Digital +8.9% CER revenue growth, organic Leverage year-end 2.1x, down 0.5x from Robust business development in all growth +6.3% (+7.7% Excl. Argentina) 2023, and 1.9x net of treasury share regions and channels purchases CORE EBITDA increase
Slide 5: Region & Category Performance
Region & Category Performance FY 2024 Regional Performance CORE Turnover OG YoY Geographic Mix1 (CHFm) FY 2024 LfL OG YoY (Excl. Argentina) 51% 32% 12% 4% EMEA 6,928 9.4% 9.4% N.America 4,297 5.4% 5.6% EMEA NA LATAM APAC LATAM 1,572 -4.7% -3.1% 7.0% Business Lines APAC 579 12.3% 3.5% Group 13,473 6.
Slide 6: EMEA
EMEA Overview and Key Highlights ▪ Key awards: Nikola Tesla Airport in Belgrade (Serbia), Varna and Burgas airports in Bulgaria, Edinburgh Airport, Lagos (Nigeria), CORE Turnover CHF 6.9b Türkiye, entry in Saudi Arabia and in Tunisia (2025) ▪ Significant performance of renovated Spanish concessions
Slide 7: North America
North America Overview and Key Highlights ▪ Healthy business development opportunities in the region • Key awards: JFK T8 11+ year duty-paid, F&B and CORE Turnover CHF 4.3b convenience contracts, T6 18-year contract duty-free, travel convenience, specialty retail and hybrid Countries 2 ▪ Present in
Slide 8: LATAM
LATAM Overview and Key Highlights ▪ Full Year OG +7.0% excl. Argentina ▪ Selective growth CORE Turnover CHF 1.6b • Key awards: ten-year contract at Manaus Airport, and 4 Countries 22 new Norwegian Cruise Line ships ▪ First LATAM hybrid store opened in Mexico City, followed closely Stores 429 by new
Slide 9: APAC
APAC Overview and Key Highlights ▪ Returning back to growth after period of portfolio optimization ▪ Chinese PAX continues to recover CORE Turnover ▪ Growth opportunities in entire region e.g. India and Indonesia CHF 0.6b ▪ Progressively addressing commercial footprint Countries 12 • Key awards: Per
Slide 10: Bringing Customer-Centricity to life
Bringing Customer-Centricity to life Innovative new concepts ▪ Evolving store offerings with refurbishments ▪ Merger of physical retail and digital innovation ▪ Fusing luxury, innovation, and sustainability • Presented By at Zayed Airport, Abu Dhabi Local ▪ Strengthening local sense of place ▪ Leani
Slide 11: Delivering on Digital Transformation
Delivering on Digital Transformation Club Avolta ▪ Expanded coverage to all our business lines: Duty Free, Duty Paid and F&B ▪ New benefits with airport lounge, mobility and lifestyle partners, such as status match with leading airlines and hotel chains (e.g. Raddison Hotels) ▪ Offered over 200 uniq
Slide 12: Financial Update
Financial Update 12
Slide 13: Key Figures for 2024
Key Figures for 2024 REVENUE EBITDA EFCF CHF CHF CHF 13.5b 1,267m 425m GROWTH EBITDA MARGIN EFCF CONVERSION +6.3% Organic +8.9% CER 9.4% 33.5% 13
Slide 14: CORE Profit & Loss
CORE Profit & Loss Significant increase in Turnover CHFm 2024 % 2023 % Net sales 13,241 12,329 ▪ FY CORE turnover +8.9% CER, up +6.3% on an organic basis (+7.7% excl. Argentina) Advertising income 232 206 Turnover (CORE) 13,473 100.0% 12,535 100.0% ▪ Q4 CORE turnover +5.7% organic (+7.8% excl. Argen
Slide 15: Cash Flow Statement
Cash Flow Statement Robust EFCF performance CHFm 2024 2023 CORE EBITDA 1,267 1,130 ▪ EFCF CHF 425m, conversion 33.5%, +490bps YoY Changes in net working capital1 7 37 Capital expenditures -473 -433 ▪ Performance supported by: % of Turnover -3.5% -3.5% • Strong CORE EBITDA contribution Cash flow rela
Slide 16: Balance Sheet
Balance Sheet CHFm Dec 24 Dec 23 Delta Balance Sheet mainly affected by ASSETS Property, plant & equipment 1,296 1,131 165 ▪ New and extended concessions Right of use assets 7,785 7,237 548 Intangible assets 1,935 2,144 -209 ▪ Purchase of Free Duty concessions Goodwill 3,111 2,979 133 Inventories 1,
Slide 17: Financial Net Debt and Leverage
Financial Net Debt and Leverage Financial Net Debt CHFm Net Debt CHF 2,663m 3,344 ▪ Leverage1 to 2.1x Net Debt/ CORE EBITDA 7,0 3,102 3,080 6,5 (1.9x net of treasury share purchases) 2,811 2,696 2,663 ▪ Mid-term target ratio 1.5x-2.0x 2019 2020 2021 2022 2023 2024 Evolution of Credit Ratings Leverag
Slide 18: Maturity Profile & Liquidity Position
Maturity Profile & Liquidity Position Maturity Profile CHFm Well diversified financing structure EUR 500m Senior Notes EUR 2,400m 2,750m RCF undrawn RCF extension EUR 2,400m 2,750m RCF drawn ▪ Maturity extended by 2 years to 2029 EUR 725m Senior Notes EUR 750m Senior Notes ▪ Margin reduction driving
Slide 19: Outlook
Outlook
Slide 20: Medium-Term Outlook
Organic Growth +5% – 7% Medium-Term EBITDA Margin (%) +20 – 40 bps Outlook EFCF Conversion (%) +100 – 150 bps (per annum at CER) 20
Slide 21: Capital Allocation Policy
Capital Allocation Policy ▪ 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 ▪ Target net de
Slide 22: Focus on Per Share Metrics
Focus on Per Share Metrics 2 Dividend Share Buyback Dividend & SBB ▪ FY 2024 dividend CHF 1.00/share (+43% YoY) ▪ 2024 share cancellation totalled CHF 200m and ▪ Combined 2024 dividend (to be paid following to be paid following 2025 AGM approval represented 4% of outstanding shares 2025 AGM approval
Slide 23: Corporate Governance
Corporate Governance ▪ Proposal to shareholders at upcoming AGM to approve Capital Range of +10%/-10% Use of Equity versus the range approved by shareholders in 2024 of +20%/-10% Further alignment of remuneration with shareholder interest considering feedback received ▪ Total GEC compensation 2024 v
Slide 24: Conclusion
Conclusion 24
Slide 25: Conclusion
Conclusion Key Financial Highlights Key Operational Highlights Shareholder Value ▪ Strong FY 2024 +8.9% CER ▪ Robust business development in ▪ Cancellation of 6.1m shares revenue growth, OG +6.3% all regions and channels (4% of issued share capital) (+7.7% Excl. Argentina) ▪ 800+ entertainment initi
Slide 26: Avolta
dD) Avolta
Slide 27: Appendix
Appendix 27
Slide 28: Income Statement 2024 – IFRS to CORE Bridge
Income Statement 2024 – IFRS to CORE Bridge CHFm IFRS Actual FY24 CORE Adjustments CORE Actual FY24 Net sales (IFRS) / (CORE) 13,493 -252 13,241 Advertising income 232 0 232 Turnover (IFRS) / (CORE) 13,725 -252 13,473 Cost of sales (IFRS) / (CORE) -4,924 234 -4,690 Gross profit (IFRS) / (CORE) 8,801
Slide 29: Selected Events and Contact
Selected Events 14 May Avolta AGM 15 May Q1 Trading Update 26 June Avolta Capital Markets Day, Barcelona 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 29
Slide 30: 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