3 Financial Report
Financial Statements of Avolta AG
Avolta Annual Report 2025
Statement of profit or loss for the year ended December 31, 20252025 |
10 786 796 |
(52) (14) (5) (1) (1) (73) |
723 |
In millions of CHF Note
Finance income
Reversal of impairment 6
Total incomePersonnel expenses 7
General and administrative expenses Management fee expenses
Finance expenses Taxes
Total expenses Profit /(loss) for the year2024
19 -19
(33)
(15)
(7) -(1)
(56) (37)251
3 Financial Report
Financial Statements of Avolta AG
Avolta Annual Report 2025
Statement of financial position at December 31, 2025Dec 31, 2025 |
-2 122 124 |
6,160 - 6,160 |
6,284 |
3 2 -109 114 |
114 |
733 6,413 -6 (1,501) 723 (204) 6,170 |
6,284 |
In millions of CHF Note
Assets
Cash and cash equivalents Current receivables subsidiaries Loans to subsidiaries
Current assetsInvestments in subsidiaries 6
Loans to subsidiaries
Non-current assets Total assetsLiabilities and shareholders' equity
Current interest-bearing liabilities Current liabilities third parties Current liabilities subsidiaries
Deferred income and accrued expenses
Current liabilities Total liabilitiesShare capital 4.1
Legal capital reserves
Reserve from capital contribution 4.1
Reserve from capital contribution for own shares held by subsidiaries Legal retained earnings
Other legal reserves Voluntary retained earnings
Results carried forward Profit /(loss) for the year
Treasury shares 5
Total shareholders' equity Total liabilities and shareholders' equity252
Dec 31, 2024
2
3 -5
5,374
461
5,835 5,8401
2
7
87
97 97733
6,547
2
6
(1,464)
(37)
(44)
5,743 5,8403 Financial Report
Financial Statements of Avolta AG
Avolta Annual Report 2025
Notes to the financial statements-
Corporate information
Avolta AG (the "Company") is a publicly listed company. The shares of the Company are listed on the Swiss Stock Exchange (SIX) in Zurich.
Avolta AG was incorporated in 1865 and is registered with the commercial register in the canton of Basel Stadt, Switzerland. The Company has registered offices in Basel, Brunngässlein 12.
-
Accounting policies
Basis of preparation
We have prepared the statutory financial statements in accordance with the accounting principles as set out in Art. 957 to Art. 963b of the Swiss Code of Obligations (CO). Since the consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS"), a recognized accounting standard, the Company has, in accordance with the CO, elected to forego presenting the statement of cash flows, the additional disclosures, and the management report otherwise required by the CO. The financial statements may be influenced by the creation and release of excess reserves.
All amounts are presented in millions of Swiss Francs (CHF). Numbers presented throughout this report may not add up precisely due to rounding.
The financial statements have been prepared on a going concern basis.
Where not prescribed by law, the significant accounting and valuation principles applied are described below.
253
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Financial Statements of Avolta AG
Avolta Annual Report 2025
Summary of significant accounting policies
Investments in subsidiariesInvestments are held at historical cost. The Company reviews the carrying amount of investments annually, and if events and circumstances suggest that this amount may not be recoverable, an impairment or impairment reversal is recognized in the statement of profit or loss. When the recoverable amount exceeds the carrying value, the previous recognized impairment loss is reversed.
Treasury sharesTreasury shares are recognized at acquisition cost and deducted from shareholders' equity. Gains or losses arising out of the sale of treasury shares are recorded in equity.
Share-based paymentsThe Company accrues personnel expenses related to share-based payment plans for the respective period in deferred income and accrued expenses. Any difference between the share-based awards granted and the corresponding accrual created for the plan will be recognized in the statement of profit or loss when the shares are assigned to the participants of the share-based payment plans.
Current and non-current interest-bearing liabilitiesInterest-bearing liabilities are recognized at their nominal value in the statement of financial position.
Exchange rate differencesAll assets and liabilities denominated in foreign currencies are translated into CHF using year-end exchange rates, except investments in subsidiaries, which are recognized at historical values. Net unrealized exchange losses are recognized in the statement of profit or loss and net unrealized gains are deferred within accrued expenses. Realized exchange gains or losses arising from business transactions denominated in foreign currencies are recognized in the statement of profit or loss.
-
Direct subsidiaries
Dufry International AG, Switzerland Dufry Corporate AG, Switzerland
Dufry Holdings & Investments AG, Switzerland
CHF CHF CHF
Currency
Share capital and voting rights Share capital (in thousands)
Dec 31, 2025 | Dec 31, 2024 |
100 % | 100 % |
100 % | 100 % |
100 % | 100 % |
Dec 31, 2025 | Dec 31, 2024 |
1,000 | 1,000 |
100 | 100 |
1,000 | 1,000 |
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Financial Statements of Avolta AG
Avolta Annual Report 2025
-
Share capital
Ordinary shares
Number of shares (in thousands)
Share capital (in millions of CHF)
Reserve from capital
contribution (in millions of CHF)
Balance at January 1, 2024
152,614
763
6,851
Share cancellations
(6,104)
(30)
(201)
Dividend distribution
-
-
(104)
Balance at December 31, 2024
146,510
733
6,547
Dividend distribution
-
-
(143)
Share-based payments
-
-
7
Reserve from capital contribution for own shares held by subsidiaries
-
-
2
Balance at December 31, 2025
146,510
733
6,413
Number of shares (in thousands)
52,387
(45,399)
6,988
6,988
Of the reserve from capital contribution, the Swiss federal tax authorities have formally recognized CHF 3,260 million (2024: CHF 3,403 million) at December 31, 2025.
Conditional share capital
Balance at January 1, 2024Cancellation of conditional share capital
Balance at December 31, 2024 Balance at December 31, 2025Capital Band
Share capital (in millions of CHF)
262(227)
35 35Number of shares (in thousands)
Nominal value (per share in CHF)
Nominal value (in millions of CHF)
At December 31, 2024
Capital band available increase
36,627
5
183
Capital band available decrease
(9,157)
5
(46)
At December 31, 2025
Capital band available increase
14,651
5
73
Capital band available decrease
(14,651)
5
(73)
Within the capital band, the Company's Board of Directors is granted authority to increase or decrease share capital until May 14, 2030.
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Financial Statements of Avolta AG
Avolta Annual Report 2025
Number of Shares 1
(in thousands)
2,217
5,709
(438)
(6,104)
1,384
4,170
(553)
5,001
-
Treasury shares
Balance at January 1, 2024
Purchased shares Distributions Cancellations
Balance at December 31, 2024Purchased shares Distributions
Balance at December 31, 20251 Direct and indirect.
Avolta AG successfully completed its previously announced public share buyback program of up to CHF 200 million, which ran from January 27, 2025 to December 31, 2025.
-
Impairment of investments in subsidiaries
Avolta AG has reviewed the valuation of its investments in Dufry International AG, Dufry Corporate AG, and Dufry Holdings & Investments AG. Based on the assessment performed, the Company has recognized an impairment reversal of CHF 786 million.
-
Personnel expenses
The personnel expenses correspond to the remuneration of selected members of the management.
Avolta AG employed less than 10 employees in 2025 and 2024.
-
Guarantee commitment regarding Swiss value added tax (VAT)
The Company belongs to the Swiss value added tax (VAT) group of Dufry International AG, and thus carries joint liability to the Swiss federal tax administration for VAT. Members of the VAT group are:
In millions of CHF
(90)(202)
15
231
(46)(175)
17
(204)Avolta Participations AG Dufry Corporate AG
DUFRY INTERNATIONAL AG Dufry Holdings & Investments AG
Dufry Trading AG Avolta AG
DUFRY Basel Mulhouse AG Dufry Altay AG
Restoroute de Bavois S.A. The Nuance Group AG
Avolta North America GmbH Autogrill Schweiz AG
Restoroute de la Gruyere S.A.
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Financial Statements of Avolta AG
Avolta Annual Report 2025
-
Contingent liabilities
The Company jointly and severally with Dufry International AG, Dufry Financial Services B.V., and Hudson Group (HG) Inc guarantees the following credit facilities:
2025
In millions
Main bank credit facilities
Maturity
Coupon rate
Currency
Nominal in foreign
currency
Committed revolving credit facility
Oct 28, 2030
EUR
2,202
Subtotal
Money market facilities
Uncommitted bilateral money market facilities
n /a
EUR
50
Uncommitted bilateral money market facilities
n /a
CHF
25
Subtotal
Senior notes
Senior notes
Feb 15, 2027
2.00 %
EUR
750
Senior notes
Apr 15, 2028
3.38 %
EUR
725
Senior notes
Apr 18, 2031
4.75 %
EUR
500
Senior notes
May 23, 2032
4.50 %
EUR
500
Convertible notes
Mar 30, 2026
0.75 %
CHF
500
Subtotal
Guarantee facilities
Ancillary facilities - committed revolving credit facility
Dec 20, 2027
EUR
198
Uncommitted bilateral guarantee facilities
n /a
EUR
166
Subtotal
At December 31, 2025
Drawn amount in
CHF
236
236
-25
25
698
675
465
465
500
2,803
-
-
-
3,064
2024
In millions
Main bank credit facilities
Maturity
Coupon rate
Currency
Nominal in foreign
currency
Committed revolving credit facility
Oct 28, 2029
EUR
2,202
Subtotal
Senior notes
Senior notes
Apr 15, 2026
3.63 %
CHF
300
Senior notes
Feb 15, 2027
2.00 %
EUR
750
Senior notes
Apr 15, 2028
3.38 %
EUR
725
Senior notes
Apr 18, 2031
4.75 %
EUR
500
Convertible notes
Mar 30, 2026
0.75 %
CHF
500
Subtotal
Guarantee facilities
Ancillary facilities - committed revolving credit facility
Dec 20, 2027
EUR
198
Uncommitted bilateral guarantee facilities
n /a
EUR
190
Subtotal
At December 31, 2024
Drawn amount in
CHF
619
619
300
704
681
470
500
2,655
-
-
-
3,274
There were no assets pledged as of December 31, 2025 and 2024.
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Financial Statements of Avolta AG
Avolta Annual Report 2025
-
Participations of the members of the Board of Directors and the Global Executive Committee in Avolta AG
The following members of the Board of Directors or of the Global Executive Committee of Avolta AG (including related parties) held directly or indirectly shares of the Company at December 31, 2025 and December 31, 2024 (members not listed do not hold any shares or options):
December 31, 2025
December 31, 2024
In thousands
Shares
Outstanding unvested PSU 1
Participation
Shares
Outstanding unvested PSU 1
Participation
Members of Board of Directors
J.C. Torres Carretero, Chairman
637.1
-
0.43 %
637.1
-
0.43 %
B. Chiomento, Director
28.0
-
0.02 %
-
-
-
Total Board of Directors
665.1
-
0.45 %
637.1
-
0.43 %
Members of Global Executive Committee
X. Rossinyol, CEO
248.4
340.7
0.40 %
131.8
317.3
0.31 %
Y. Gerster, CFO
64.5
83.6
0.10 %
40.5
78.1
0.08 %
F. Cheung, President & CEO Asia Pacific
10.3
38.3
0.03 %
5.0
26.7
0.02 %
S. Johnson, President & CEO North America
-
83.7
0.06 %
-
57.3
0.04 %
L. Marin, President & CEO Europe, Middle East and Africa
61.6
80.2
0.10 %
37.6
75.5
0.08 %
E. Urioste, President & CEO Latin America
-
38.3
0.03 %
-
26.7
0.02 %
P. Duclos, Group General Counsel
-
92.3
0.06 %
-
84.7
0.06 %
V. Talwar, Chief Digital & Technology Officer
-
77.0
0.05 %
-
52.2
0.04 %
K. Volery, Chief People, Culture & Organization Officer
7.7
36.1
0.03 %
-
25.9
0.02 %
Subtotal for active members at Dec 31, 2025
392.5
870.2
0.86 %
214.9
744.4
0.65 %
C. Rossotto, Chief Public Affairs & ESG Officer
-
-
-
-
37.7
0.03 %
Total Global Executive Committee
392.5
870.2
0.86 %
214.9
781.9
0.68 %
1 Outstanding unvested Performance Share Units (PSU) at target level.
None of the members of the Board of Directors or Global Executive Committee held any options.
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Financial Statements of Avolta AG
Avolta Annual Report 2025
-
Material indirect subsidiaries
The table below lists the material subsidiaries of the Avolta Group, including all entities which contribute more than 0.3 % of turnover and/or 0.3 % of total assets.
H = Holding/Finance O = Operating D = Distribution Center
As at December 31, 2025 Location Country
Type
Ownership
(in %)
Share capital (in thousands)
Currency
Europe, Middle East and Africa (EMEA)
ADF Shops CJSC Yerevan Armenia
O
100
553,825
AMD
Autogrill België N.V. Zaventem Belgium
O
100
8,756
EUR
AC Restaurants & Hotels Beheer N.V. Zaventem Belgium
O
100
3,250
EUR
Dufry Sofia OOD Sofia Bulgaria
O
80
2,500
BGN
WDFG Helsinki Oy Vantaa Finland
O
100
2,500
EUR
Autogrill Coté France S.A.S. Marseille France
O
100
11,293
EUR
Autogrill FFH Autoroutes (SARL) Marseille France
O
100
375
EUR
Autogrill Deutschland GmbH Hamburg Germany
O
100
205
EUR
Le Crobag GmbH & Co KG Hamburg Germany
O
100
895
EUR
Hellenic Duty Free Shops S.A. Athens Greece
O
100
397,535
EUR
Nuova Sidap S.r.l. Novara Italy
O
100
200
EUR
Autogrill Italia S.p.A. Novara Italy
O
100
68,688
EUR
Dufrital S.p.A. Milan Italy
O
60
466
EUR
World Duty Free S.p.A. Novara Italy
H
100
63,720
EUR
Aldeasa Jordan Airports Duty Free Shops Ltd. Amman Jordan
O
100
500
JOD
WDFG SA, Kuwait Branch Kuwait City Kuwait
O
100
2,383
KWD
The Nuance Group (Malta) Limited Luqa Malta
O
52
2,795
EUR
Dufry Maroc SARL Casablanca Morocco
O
100
2,500
MAD
Horeca Exploitatie Maatschappij Schiphol, B.V.
(HEMS) Amsterdam Netherlands
O
100
45
EUR
HMSHost Nederland B.V. Amsterdam Netherlands
O
100
-
EUR
Regstaer-M LLC Moscow Russian Federation
O
60
6,006
RUB
Dufry d.o.o. Beograd Belgrade Serbia
O
100
692,592
RSD
World Duty Free Group S.A.U. Madrid Spain
O
100
19,831
EUR
Sociedad de Distribucion Comercial
Aeroportuaria de Canarias S.L. Telde Spain
O
60
717
EUR
The Nuance Group (Sverige) AB Stockholm Sweden
O
100
100
SEK
DUFRY Basel-Mulhouse AG Basel Switzerland
O
100
100
CHF
The Nuance Group AG Zurich Switzerland
O
100
1,001
CHF
Autogrill Schweiz AG Olten Switzerland
O
100
23,183
CHF
AVOLTA Tunisie SA La Marsa Tunisia
O
100
9,024
TND
Urart Gumrukzus Magaza Isletmeciligi Ve
Ticaret A.S. Antalya Turkey
O
100
3,029
TRY
Dufry Sharjah FZC Sharjah United Arab Emirates
O
50
150
AED
WDFG UK Ltd. London United Kingdom
O
100
360
GBP
WDFG Ferries Limited London United Kingdom
O
100
50
GBP
HMSHost UK Ltd. London United Kingdom
O
100
217
GBP
Asia Pacific
The Nuance Group (Australia) Pty Limited Melbourne Australia
O
100
210,000
AUD
The Nuance Group (HK) Ltd Hong Kong China
O
100
20
HKD
Anway Limited Hong Kong China
H
100
886,391
HKD
Dufry India Retail Private Limited Bangalore India
O
50
300,000
INR
PT Dufrindo Internasional Bali Indonesia
O
100
90
USD
Autogrill VFS F&B Company Ltd. (Vietnam) Ho Chi Minh City Vietnam
O
70
104,462,000
VND
259
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Financial Statements of Avolta AG
Avolta Annual Report 2025
As at December 31, 2025
North America
Location
Country
Type
Ownership
in %
Share capital in
thousands
Currency
Host International of Canada, Ltd.
Multiple airports
Canada
O
100
1,351
CAD
The Nuance Group (Canada) Inc.
Multiple airports
Canada
O
100
-
CAD
WDFG Vancouver Limited Partnership
Vancouver
Canada
O
100
-
CAD
Stellar Partners, Inc.
Multiple airports
USA
O
100
1,264
USD
HMSHost Corporation
Bethesda
USA
H
100
-
USD
Host International, Inc.
Multiple airports
USA
H/O
100
-
USD
HSI MCA LBL LAX T6-TBIT, LLC
Los Angeles
USA
O
75
-
USD
HSI MCA FLL FB, LLC
Fort Lauderdale
USA
O
76
-
USD
HSI Honolulu Joint Venture Company
Honolulu
USA
O
90
-
USD
HSI-Tinsley Joint Venture
Miami
USA
O
84
-
USD
Hudson Group (HG) Retail, LLC
Multiple airports
USA
H/O
100
-
USD
Airport Management Services, LLC
Multiple airports
USA
H/O
100
-
USD
Hudson News O'Hare Joint Venture
Chicago
USA
O
70
-
USD
Seattle Air Ventures-JV
SeaTac
USA
O
75
-
USD
HG Logan Retailers JV
Boston
USA
O
80
-
USD
Hudson Las Vegas JV
Las Vegas
USA
O
73
-
USD
Hudson Group (HG), Inc.
East Rutherford
USA
H
100
-
USD
JFK Air Ventures II JV
New York
USA
O
80
-
USD
WDFG North America LLC
Multiple airports
USA
H/O
100
-
USD
HG BOS Duty Free JV
Boston
USA
O
80
-
USD
JFK T8 Concessionaires JV
New York
USA
O
70
-
USD
JFK T8 Duty Free Concessionaires JV
New York
USA
O
70
-
USD
Latin America
Interbaires S.A.
Buenos Aires
Argentina
O
100
258,191
ARS
Dufry do Brasil Duty Free Shop Ltda.
Rio de Janeiro
Brazil
O
100
825,563
BRL
Dufry Lojas Francas Ltda.
Sao Paulo
Brazil
O
100
1,327,960
BRL
Aldeasa Chile Ltda.
Santiago de Chile
Chile
O
100
2,517
USD
Dufry Colombia S.A.S.
Bogota
Colombia
O
100
100,100
COP
Inversiones Tunc SRL
Santo Domingo
Dominican Republic
O
100
200
DOP
Dufry Mexico SA de CV
Mexico City
Mexico
O
100
1,289,975
MXN
Alliance Duty Free LLC
San Juan
Puerto Rico
O
100
2,213
USD
Navinten S.A.
Montevideo
Uruguay
O
51
151,341
UYU
Dufry Cruise Services, LLC
Miami
USA
O
100
-
USD
Global Distribution Centers
International Operations & Services Company (HK) Limited
Hong Kong
China
D
100
108,000
HKD
DUFRY INTERNATIONAL AG
Basel
Switzerland
H/D
100
1,000
CHF
International Operations & Services (UY) S.A.
Montevideo
Uruguay
D
100
1
UYU
International Operations & Services (USA), LLC
Miami
USA
D
100
-
USD
Other companies
Dufry Financial Services B.V.
Eindhoven
Netherlands
H
100
-
EUR
Dufry One B.V.
Eindhoven
Netherlands
H
100
-
EUR
260
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Financial Statements of Avolta AG
Avolta Annual Report 2025
- Events after reporting date
On February 23, 2026, Avolta AG cancelled 4,861,342 shares relating to the up to CHF 200 million buyback program completed during 2025.
On February 28, 2026, the United States of America and Israel launched a coordinated military campaign against the Iranian regime. In response, the Iranian regime attacked different states in the Middle East, extending beyond U.S. and Israeli targets. Management is assessing the direct impact on the Company and is monitoring the situation. The more indirect impact on the travel and travel retail and food & beverage industry worldwide cannot be assessed reliably at the time of approval of the financial statements.
On March 10, 2026, the Board of Directors has approved a 2026 share buyback program of up to CHF 225 million with a duration of up to 12 months, consistent with Avol-ta's capital allocation policy.
Proposed appropriation of retained earnings and capital distributionThe Board of Directors proposes, subject to approval by the shareholders at Annual General Meeting, to carry forward the profit for the year of CHF 723 million, thereby reducing the cumulative negative retained earnings, and to distribute CHF 1.15 per share which will amount to a total distribution of approximately CHF 163 million. The Board of Directors proposes to distribute the amount from the capital contribution reserve.
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Avolta Annual Report 2025
Deloitte AG Pfingstweidstrasse 11
8005 Zürich Schweiz
Phone: +41 (0)58 279 60 00
Fax: +41 (0)58 279 66 00
https://www.deloitte.ch
To the General Meeting of
Avolta AG, BaselBasel, March 10, 2026
Report on the Audit of the Financial Statements OpinionWe have audited the financial statements of Avolta AG (the Company), which comprise the statement of financial position as at December 31, 2025, the statement of profit or loss for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements, presented on pages 251 to 261, comply with Swiss law and the Company's articles of incorporation.
Basis for OpinionWe conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession that are relevant to audits of the financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit MattersKey audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. We have determined that there are no key audit matters to communicate in our report.
Other InformationThe Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements, the stand-alone financial statements, the remuneration report, and our auditor's reports thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Board of Directors' Responsibilities for the Financial StatementsThe Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and the Company's articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
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Financial Statements of Avolta AG
Avolta Annual Report 2025
Auditor's Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on EXPERTsuisse's website at: https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.
Report on Other Legal and Regulatory RequirementsIn accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of the financial statements according to the instructions of the Board of Directors.
Based on our audit in accordance with Art. 728a para. 1 item 2 CO, we confirm that the proposals of the Board of Directors comply with Swiss law and the Company's articles of incorporation. We recommend that the financial statements submitted to you be approved.
Deloitte AG
Andreas Bodenmann Fabian Hell
Licensed Audit Expert Licensed Audit Expert Auditor in Charge
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Financial Statements of Avolta AG
Avolta Annual Report 2025
Avolta's Alternative Performance MeasuresAvolta believes that disclosing adjusted results of the Group's performance enhances the financial markets' understanding of the Group because the adjusted results enable better comparison across years. These CORE figures exclude exceptional acquisition, respectively disposal related items of income and expense, and also exclude impairments and amortization of acquisition-related intangible assets, which can differ significantly from year to year.
Avolta's profit or loss statement in accordance with IFRS is materially impacted by IFRS 16 lease accounting. CORE figures exclude this IFRS 16 accounting impact. This is achieved by reversing IFRS 16 related profit or loss line items (i.e., depreciation of right-of-use assets and lease interest) and adding the relevant concession fee owed based on the corresponding concession agreement. For this same reason, Avolta considers all of its concession fees and corresponding payments as CORE to its business, in contrast to IFRS 16, which treats fixed payments as a financing activity. In addition, Avolta believes that the straight-line depreciation of right-of-use assets does not reflect the economic reality of its business and the operational performance of the Group. Avolta uses these adjusted results in addition to IFRS as important factors in internally assessing the Group's performance.
In addition, Avolta reclasses net sales and respective cost of sales in relation to fuel sales to other income.
2025 |
3.9 % 1.6 % 5.5 % |
In millions of CHF
Like-for-Like
Net new concessions
Organic growthOrganic growth describes the turnover growth of the Company in CHF, excluding turnover from acquisition and disinvestments to allow for annual comparison of Avolta Group's operational performance. Turnover, consisting of net sales and advertising income, is presented using constant exchange rates (prior year rates).
Organic growth is further split into Like-for-Like (LFL) growth and Net new concessions. LFL growth considers only shops that were open and comparable under same conditions with last year. Shops that are not comparable are adjusted as scope effects and are being reported as Net new concessions.
2024
6.4 %
(0.1 % )
6.3 %264
3 Financial Report
2025 |
13,497 223 13,720 |
(4,786) 8,934 |
(3,553) (2,778) (1,365) 86 1,324 |
(361) 963 |
(138) 825 |
(180) 645 |
147 498 |
3.48 3.41 |
Financial Statements of Avolta AG
Avolta Annual Report 2025 CORE profit or loss | |
In millions of CHF | 2024 |
Net sales | 13,241 |
Advertising income | 232 |
Turnover | 13,473 |
Cost of sales | (4,690) |
Gross profit | 8,783 |
Concession expenses | (3,409) |
Personnel expenses | (2,749) |
Other expenses | (1,474) |
Other income | 116 |
CORE EBITDA | 1,267 |
Depreciation, amortization and impairment | (368) |
CORE EBIT | 899 |
Financial result | (187) |
CORE Profit before tax | 712 |
Income tax | (162) |
CORE Net profit | 550 |
Attributable to | |
Non-controlling interests | 164 |
Equity holders of Avolta AG | 386 |
Earnings per share attributable to equity holders of Avolta AG | |
Basic earnings per share in CHF | 2.62 |
Diluted earnings per share in CHF | 2.57 |
Avolta's CORE profit or loss statement replaces the IFRS related lease expense lines with our concession fees as per the contracts and moves non-shop related leases back to other expenses. Also, the foreign exchange impact on our lease obligations and the financing component of IFRS 16 is removed. In addition, all depreciation and amortization expenses related to previous acquisitions are removed to enable a better view of the performance of the current year. CORE EBITDA is used by Avolta's lenders to calculate covenants under the bank financing agreements. |
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Financial Statements of Avolta AG
Avolta Annual Report 2025 | |||||||||
Profit or loss reconciliation IFRS/CORE | |||||||||
2025 | Acquisition related | Lease | Fuel sales | ||||||
In millions of CHF | IFRS | adjustments | adjustments | adjustments 1 | CORE | ||||
Net sales 1 | 13,760 | - | - | (263) | 13,497 | ||||
Advertising income | 223 | - | - | - | 223 | ||||
Turnover | 13,983 | - | - | (263) | 13,720 | ||||
Cost of sales | (5,029) | - | - | 243 | (4,786) | ||||
Gross profit | 8,954 | - | - | (20) | 8,934 | ||||
Lease expenses (IFRS) /Concession expenses (CORE) | (1,912) | - | (1,641) | - | (3,553) | ||||
Personnel expenses | (2,778) | - | - | - | (2,778) | ||||
Other expenses 2 | (1,301) | - | (64) | - | (1,365) | ||||
Other income | 66 | - | - | 20 | 86 | ||||
Operating profit before D&A (IFRS) /CORE EBITDA | 3,029 | - | (1,705) | - | 1,324 | ||||
Depreciation & impairment of PP&E | (317) | - | - | - | (317) | ||||
Amortization & impairment of intangibles 3 | (215) | 171 | - | - | (44) | ||||
Depreciation & impairment of right-of-use assets | (1,394) | - | 1,394 | - | - | ||||
Operating profit (IFRS) /CORE EBIT | 1,103 | 171 | (311) | - | 963 | ||||
Financial result 4 | (634) | - | 496 | - | (138) | ||||
Profit before tax (IFRS) /CORE EBT | 469 | 171 | 185 | - | 825 | ||||
Income tax expenses 5 | (130) | (47) | (3) | - | (180) | ||||
Net profit (IFRS) /CORE Net profit | 339 | 124 | 182 | - | 645 | ||||
Attributable to | |||||||||
Non-controlling interests | 140 | 2 | 5 | - | 147 | ||||
Equity holders of Avolta AG | 199 | 122 | 177 | - | 498 | ||||
Earnings per share attributable to equity holders of Avolta AG | |||||||||
Basic earnings per share in CHF | 1.39 | 3.48 | |||||||
Diluted earnings per share in CHF | 1.36 | 3.41 | |||||||
1 Net sales (CORE) and cost of sales (CORE) differ from the IFRS amounts because they exclude fuel sales and fuel cost of sales. The net amount is classified as other income (CORE) in accordance with management's protocol for the analysis of Group figures.
2 CHF 64 million non-shop leases included in other expenses (CORE).
3 CHF 171 million amortization and impairment of acquisition related concession rights.
4 CHF 496 million lease interest expenses and IFRS 16 related foreign exchange effect.
5 CHF 47 million deferred taxes on acquisition related concession rights.
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Financial Statements of Avolta AG
Avolta Annual Report 2025
2024 In millions of CHF | IFRS | Acquisition related adjustments | Lease adjustments | Fuel sales adjustments 1 | CORE | ||||
Net sales | 13,493 | - | - | (252) | 13,241 | ||||
Advertising income | 232 | - | - | - | 232 | ||||
Turnover | 13,725 | - | - | (252) | 13,473 | ||||
Cost of sales | (4,924) | - | - | 234 | (4,690) | ||||
Gross profit | 8,801 | - | - | (18) | 8,783 | ||||
Lease expenses (IFRS) /Concession expenses (CORE) | (1,951) | - | (1,458) | - | (3,409) | ||||
Personnel expenses | (2,749) | - | - | - | (2,749) | ||||
Other expenses 2 | (1,416) | - | (58) | - | (1,474) | ||||
Other income | 98 | - | 18 | 116 | |||||
Operating profit before D&A (IFRS) /CORE EBITDA | 2,783 | - | (1,516) | - | 1,267 | ||||
Depreciation & impairment of PP&E | (306) | - | - | - | (306) | ||||
Amortization & impairment of intangibles 3 | (364) | 248 | 54 | - | (62) | ||||
Depreciation & impairment of right-of-use assets | (1,179) | - | 1,179 | - | - | ||||
Operating profit (IFRS) /CORE EBIT | 934 | 248 | (283) | - | 899 | ||||
Financial result 4 | (587) | - | 400 | - | (187) | ||||
Profit before taxes (IFRS) /CORE EBT | 347 | 248 | 117 | - | 712 | ||||
Income tax expenses 5 | (87) | (74) | (1) | - | (162) | ||||
Net profit /CORE Net profit | 260 | 174 | 116 | - | 550 | ||||
Attributable to | |||||||||
Non-controlling interests | 157 | (2) | 9 | - | 164 | ||||
Equity holders of Avolta AG | 103 | 176 | 107 | - | 386 | ||||
Earnings per share attributable to equity holders of Avolta AG | |||||||||
Basic earnings per share in CHF | 0.70 | 2.62 | |||||||
Diluted earnings per share in CHF | 0.68 | 2.57 | |||||||
1 Net sales (CORE) and cost of sales (CORE) differ from the IFRS amounts because they exclude fuel sales and fuel cost of sales. The net amount is classified as other income (CORE) in accordance with management's protocol for the analysis of Group figures.
2 CHF 58 million non-shop leases included in other expenses (CORE).
3 CHF 248 million amortization of acquisition related concession rights.
4 CHF 400 million lease interest expenses and IFRS 16 related foreign exchange effect.
5 CHF 74 million deferred taxes on acquisition related concession rights.
267
3 Financial Report
Financial Statements of Avolta AG
Avolta Annual Report 2025
2025 |
1,324 |
7 56 (509) (127) 3 (133) 621 |
(130) (4) 487 |
(143) (175) (37) 132 |
2,663 2,531 |
In millions of CHF
CORE EBITDAOther non-cash items and changes in lease obligation Changes in net working capital
Capital expenditures
Cash flow related to minorities Dividends from associates Income taxes paid
Cash flow before financingInterest, net
Other financing items
Equity free cash flowDividend to Group shareholders Purchase of treasury shares 1
Foreign exchange adjustments and other
Decrease in financial net debtat the beginning of the period
at the end of the period
1 Gross consideration.
Cash flow before financing is calculated from CORE EBITDA, corrected by changes in net working capital and concession related non-cash items (such as prepayments). In addition, capital expenditure (Capex), cash flows to minorities, and income taxes are deducted. Cash flow before financing provides an effective measure of Avolta's cash flow generation from operations and investing activities.
Equity free cash flow (EFCF) measures the relevant cash generation of the Company and provides the basis for further capital allocation decisions. It therefore can be considered the single-most important KPI from a shareholder perspective, reflecting the amount of cash available for creating value to investors.
2024
1,26791
(84)
(473)
(124)
1
(120)
558(135)
2
425(104)
(202)
(86)
332,696
2,663
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2025 |
2,990 |
(455) (55) 30 (4) 2 -90 (1,767) (220) 11 (160) 25 487 |
Dec 31, 2025 |
3,299 14 (56) (727) 2,531 |
Financial Statements of Avolta AG
Avolta Annual Report 2025 Cash flow reconciliation from operating activities (IFRS) to EFCF | ||
In millions of CHF | 2024 | |
Net cash flow from operating activities | 2,605 | |
Purchase of property, plant and equipment | (434) | |
Purchase of intangible assets | (49) | |
Proceeds from lease income | 29 | |
Loans receivable repaid /(granted) | 1 | |
Proceeds from sale of property, plant and equipment | 10 | |
Proceeds from sale of financial assets, net | 4 | |
Interest received | 91 | |
Lease payments | (1,484) | |
Interest paid | (226) | |
Net contribution with non-controlling interests | 19 | |
Dividends paid to non-controlling interests | (143) | |
Buyout of non-controlling interests and transaction-related costs | 2 | |
Equity free cash flow | 425 | |
Financial net debt | ||
In millions of CHF | Dec 31, 2024 | |
Borrowings (current and non-current) | 3,389 | |
Financial derivatives liability - Borrowings | 38 | |
Less financial derivatives assets - Borrowings | (8) | |
Less cash and cash equivalents | (756) | |
Financial net debt | 2,663 | |
Avolta's financial net debt is not considering IFRS 16 related lease obligations. | ||
Trade net working capital | ||
In millions of CHF | Dec 31, 2024 | |
Inventories | 1,276 | |
Trade and credit card receivables | 56 | |
Less trade payables | (824) | |
Trade net working capital | 508 | |
Working capital management relates to all trade-related items, which is one of the main focus areas. For better transparency, Avolta provides details on its trade-related core net working capital including inventories, trade and credit card receivables and trade payables. | ||
Dec 31, 2025 |
1,198 48 (798) 448 |
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Financial Statements of Avolta AG
Avolta Annual Report 2025
2025 |
(455) (55) 2 (508) |
In millions of CHF
Purchase of property, plant and equipment Purchase of intangible assets
Proceeds from sale of property, plant and equipment
CapexCapex includes purchase of property, plant, equipment, intangible assets, other investing activities and proceeds from sale of property, plant, equipment on a cash basis. Any purchases or proceeds related to financial assets are not included within the definition as not considered core to Avolta's business operations and as those activities might differ over time.
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For the Investor Relations and Corporate Communications contacts as well as a summary of anticipated key dates in 2026, please refer to pages 327/328 of this Annual Report.
2024
(434)
(49)
10
(473)270
25