Avolta Ag Unsp/Adr (DUFRY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon here in the Zurich airport. Good evening, good morning on the call. And very welcome to the full year 2025 of ALTA results presentation. I'm Xavier Rossignol, the CEO, and I'm joined here with our CFO, Yves Gester. Let me start by straight on the highlights of 2025. We have reported an organic growth of 5.5%. Very strong organic growth in three of our four regions, 8.2% in EMEA, 7.4% in Latin America, and 6.9% in Asia-Pacific. The only region that has not been growing so strongly is the U.S. with a flattish growth. So if you take the group without North America, the organic growth would have been 7.9%. We have once more increased the EBITDA margin from 9.4% last year to 9.7% in 2025. And that's the fourth year in a row where we increased the EBITDA margin. In 2022, it was 8.8%. Equity-free cash flow has reached 487 million. This is a 15% increase between 2025 and 2024, with a massive improvement on the cash flow conversion from 33.5% to 36.8%, clearly ahead of our own expectations. Equity free cash flow per share has increased by 18%, also supported by the reduction of the number of shares through the share buyback. Earnings per share, a fantastic 33%. This is a combination of a strong EBITDA and good performance in all the other lines of the P&L, plus the consequences of the reduction of number of shares. Leverage, very important for us, has again reduced from 2.1 times net debt to EBITDA to 1.96, crossing for first time in many, many years the barrier of two times. And that is including all the payments we have done on dividend and all the money we have invested in the share buybacks. Return on invested capital increased again from 9.5 in 2024 to 11.4 in 2025. We've been, for the last four years, on a ROIC ahead of the ROIC we had as a company before...