Earnings Release • Jul 31, 2025
Earnings Release
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News Details
Ad-hoc | 31 July 2025 06:30
Avolta reports another solid set of results for the first half of 2025
H1 2025 HIGHLIGHTS:
H1 2025 KEY FINANCIAL HIGHLIGHTS
Consolidated reported turnover totalled CHF 6,734m with CORE turnover of CHF 6,613m representing growth of +7.1% CER. Organic growth totalled +5.7%. In Q2, organic growth was +6.0%. This momentum underscores our strong and resilient business performance, driven by sustained growth in passenger numbers and spend per passenger.
CORE EBITDA increased from CHF 568m in H1 2024 to CHF 612m with a CORE EBITDA margin of 9.3%, +30bps YoY. For Q2, the EBITDA margin was 11.7%, +40bps YoY. H1 2025 EPS of CHF 1.57 rose by +28.7%.
EFCF was CHF 216m, in line with expectations and in line with the seasonality of the business.
These KPI improvements reflect management’s relentless focus on the agile execution of Avolta’s strategy, effectively merging growth objectives with a focus on cost and efficiency optimization.
The group’s financial net debt stood at CHF 2,659m as at end of June 2025, representing a leverage ratio (net debt/CORE EBITDA) of 2.15x (vs. 2.35x H1 2024).
Avolta successfully issued EUR 500m seven-year 4.5% senior notes in May 2025. Proceeds from the offering have been used to refinance Avolta’s outstanding CHF 300m senior notes due 2026 and to repay borrowings under its Revolving Credit Facility.
H1 2025 KEY OPERATIONAL HIGHLIGHTS
The first half of 2025 was marked by continued operational improvements, successful business development, and welcome recognition of our industry leading position.
Avolta delivered solid organic growth of +5.7% and like-for-like growth of +4.9% in the first half of 2025, driven by strong performance across Europe, the Middle East, Africa, Asia Pacific, and Latin America. The performance in North America remained broadly in line with the prior year due to softer passenger traffic in the USA. This growth reflects the continued momentum of our strategic transformation, driven by consumer-centric innovation and digital initiatives that are increasing spend per passenger. It also underscores the strength of our diversified portfolio across geographies, channels, and both F&B and retail concepts.
Business development contributed with net new concessions growth of +0.8%. In Europe, Middle East and Africa, the region increased its footprint in Denmark with five new F&B stores and saw the launch of new F&B concepts Alembic in the United Kingdom, LOAF at Amsterdam Schiphol Airport in the Netherlands and Früh bis Spät in Germany’s Cologne Bonn Airport.
In North America, the company continues to grow its commercial footprint, with two additional landmark contracts at JFK International airport, including a ten-year deal to refurbish the T5 dining experience. The region saw key openings at the newly refurbished Vancouver and Toronto duty-free stores, among others.
In Latin America, the company secured a nine-year retail contract extension across four major Mexican airports, as well as a five-year agreement to expand operations at Guadalajara International Airport, Mexico’s third busiest airport.
In Asia Pacific, the company boosted its presence to nine stores at The People’s Republic of China’s Shanghai Pudong Airport. Furthermore, the company continues to actively evaluate its concession portfolio to ensure long-term strategic alignment and financial efficiency. In selected cases, this may include the early termination or restructuring of concession agreements under mutually agreed financial terms, such exceptional transactions are included under M&A and Other.
Avolta continues to be recognized for excellence, picking up a range of awards including 13 Airport Food & Beverage Awards and best overall restaurateur at the Airport Experience Awards. Newsweek ranked six of HMSHost’s outlets in its top ten US airport restaurants for 2025, while innovative dining concept Hungry Club placed in the top three European airport restaurants. Zayed International Airport in Abu Dhabi received a Platinum Award at the London Design Awards. Digital innovation remains a key pillar of our strategy. A clear example is our loyalty program, Club Avolta, which grew by 30% in the first half of 2025 reaching over 13 million members.
Xavier Rossinyol, CEO of Avolta: “We are very pleased with the performance of the business over the first half, especially with the softer backdrop in North America and challenges in the Middle East. Our organic growth of +5.7% is testimony to the resilience of our strategy and diversified portfolio. Across the regions over recent weeks, we have observed a more stable environment. We look forward to the second half with cautious optimism and reaffirm our outlook.”
OUTLOOK
Avolta confirms its organic growth target of 5%-7% p.a. and is committed to delivering +20-40bps of CORE EBITDA margin improvement and +100-150bps EFCF conversion p.a.. At current exchange rates, 2025 currency translation is expected to be -3%.
H1 2025 KEY FINANCIAL TABLES
CORE GROWTH COMPONENTS
| H1 2025 vs H1 2024 | Q2 2025 vs Q2 2024 | |||
| Like for Like | 4.9% | 4.7% | ||
| Net new concessions | 0.8% | 1.2% | ||
| Organic Growth | 5.7% | 6.0% | ||
| M&A and Others 3 | 1.4% | 0.2% | ||
| Growth (CER) 4 | 7.1% | 6.2% | ||
| FX Impact | -2.8% | -6.1% | ||
| Reported Growth | 4.3% | 0.1% |
IFRS AND CORE PROFIT AND LOSS STATEMENT
| IFRS / CORE Profit and Loss statement | IFRS H1 2025 |
Adjustments | |||||||||
| In CHFm | Acquisition related |
Leases | Fuel sales |
CORE H1 2025 |
CORE H1 2024 |
||||||
| Net sales | 6,624 | – | – | -121 | 6,503 | 6,235 | |||||
| Advertising income | 110 | – | – | – | 110 | 108 | |||||
| Turnover | 6,734 | – | – | -121 | 6,613 | 6,343 | |||||
| Cost of sales | -2,386 | – | – | 111 | -2,275 | -2,185 | |||||
| Gross profit | 4,348 | – | – | -10 | 4,338 | 4,158 | |||||
| % Margin | 64.6% | 65.6% | 65.6% | ||||||||
| Leases expenses (IFRS) / Concession expenses (CORE) | -929 | – | -793 | – | -1,722 | -1,588 | |||||
| Personnel expenses | -1,370 | – | – | – | -1,370 | -1,359 | |||||
| Other expenses, net (IFRS) / Other expenses, net (CORE) | -603 | – | -41 | 10 | -634 | -642 | |||||
| Operating profit before D&A / CORE EBITDA | 1,446 | – | -834 | – | 612 | 568 | |||||
| % Margin | 21.5% | 9.3% | 9.0% | ||||||||
| D&A / impairment intangibles | -155 | – | – | – | -155 | -147 | |||||
| Amortization & impairment of intangibles (CORE)/(IFRS) | -117 | 101 | – | – | -16 | -20 | |||||
| Depreciation & impairment right-of-use assets (IFRS) | -693 | – | 693 | – | 0 | – | |||||
| Operating profit / CORE EBIT | 481 | 101 | -141 | – | 441 | 402 | |||||
| % Margin | 7.1% | 6.7% | 6.3% | ||||||||
| Financial result | -354 | – | 275 | – | -79 | -80 | |||||
| Profit before Taxes/CORE Profit before Taxes | 127 | 101 | 134 | – | 362 | 322 | |||||
| % Margin | 1.9% | 5.5% | 5.1% | ||||||||
| Income tax | -39 | -29 | -4 | – | -72 | -69 | |||||
| Net Profit/CORE Net Profit | 88 | 72 | 130 | – | 290 | 253 | |||||
| Non-controlling interests | 61 | 1 | 2 | – | 64 | 71 | |||||
| Net Profit/CORE Net Profit to equity holders | 27 | 71 | 128 | – | 226 | 182 | |||||
| Basic Earnings/CORE Basic EPS (in CHF) | 0.19 | 1.57 | 1.22 | ||||||||
| Diluted Earnings/CORE Diluted EPS (in CHF) | 0.19 | 1.55 | 1.19 | ||||||||
CORE CASH FLOW STATEMENT
| CORE Cash Flow | H1 2025 | H1 2024 | |||
| In CHFm | |||||
| CORE EBITDA | 612 | 568 | |||
| Changes in net working capital 5 | 28 | 44 | |||
| Capital expenditures | -247 | -223 | |||
| Minorities | -74 | -62 | |||
| Dividends from associates | 0 | 0 | |||
| Income taxes paid | -34 | -41 | |||
| Cash flow before financing | 285 | 286 | |||
| Interest, net and other financing items | -69 | -73 | |||
| Equity free cash flow | 216 | 213 | |||
| Dividend to Group shareholders | -143 | -104 | |||
| Purchase of treasury shares | -92 | -129 | |||
| Other financing activities, net | -7 | -23 | |||
| FX effect on net debt and other non-cash items | 30 | -122 | |||
| Decrease/ (Increase) in Financial net debt | 4 | -165 | |||
| Net Debt | |||||
| – Beginning of the period | 2,663 | 2,696 | |||
| – End of the period | 2,659 | 2,861 |
REGIONAL PERFORMANCE
| CORE Turnover (CHFm) | Q2 2025 | Q2 2024 | Reported Growth | FX Impact | ||||||
| Europe, Middle East and Africa | 1,925 | 1,842 | 4.5% | -3.6% | ||||||
| North America | 1,054 | 1,159 | -9.1% | -8.8% | ||||||
| Latin America | 385 | 392 | -1.8% | -8.8% | ||||||
| Asia Pacific | 198 | 138 | 43.5% | -9.4% | ||||||
| Avolta Group | 3,562 | 3,558 | 0.1% | -6.1% | ||||||
| CORE Turnover (CHFm) | H1 2025 | H1 2024 | Reported Growth | FX Impact | ||||||
| Europe, Middle East and Africa | 3,337 | 3,112 | 7.2% | -2.0% | ||||||
| North America | 2,046 | 2,133 | -4.1% | -3.9% | ||||||
| Latin America | 802 | 767 | 4.6% | -3.1% | ||||||
| Asia Pacific | 428 | 282 | 51.8% | -3.8% | ||||||
| Avolta Group | 6,613 | 6,343 | 4.3% | -2.8% | ||||||
IFRS/CORE TURNOVER RECONCILIATION 6
| Q2 2025 (CHFm) | Turnover IFRS | Fuel Sales Adjustments | Turnover CORE | |||
| Europe, Middle East and Africa | 1,991 | -66 | 1,925 | |||
| North America | 1,054 | 1,054 | ||||
| Latin America | 385 | 385 | ||||
| Asia Pacific | 198 | 198 | ||||
| Avolta Group | 3,628 | -66 | 3,562 | |||
| H1 2025 (CHFm) | Turnover IFRS | Fuel Sales Adjustments | Turnover CORE | |||
| Europe, Middle East and Africa | 3,458 | -121 | 3,337 | |||
| North America | 2,046 | 2,046 | ||||
| Latin America | 802 | 802 | ||||
| Asia Pacific | 428 | 428 | ||||
| Avolta Group | 6,734 | -121 | 6,613 | |||
1 CER Constant Exchange Rate.
2 CHF 92m is cash outflow related to the share buyback, transactional amount totaled CHF 93m as per the share buyback report on IR Website .
3 Includes selective restructuring and exits.
4 CER Constant Exchange Rate.
5 Includes “non-cash items and changes in lease obligations”.
6 Net Sales (CORE) and cost of sales (CORE) differs from the IFRS amount because they exclude fuel sales and fuel cost of sales.
For further information:
CONTACT
| Rebecca McClellan | Cathy Jongens |
| Global Head Investor Relations |
Director Corporate Communications |
| Phone : +44 7543 800 405 | Phone : +31 6 28 19 88 28 |
| [email protected] | [email protected] |
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