Avolta AG — Earnings Release 2025

Mar 11, 2026

Ad hoc announcement pursuant to Art. 53 LR

Avolta AG / Key word(s): Annual Results

Avolta reports strong 2025, advancing on sales, profits and cash generation, proposes higher dividend and announces new share buyback

11-March-2026 / 06:30 CET/CEST

Release of an ad hoc announcement pursuant to Art. 53 LR

The issuer is solely responsible for the content of this announcement.

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AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

Avolta AG (SIX: AVOL) delivered strong sales, profit and EFCF in 2025. IFRS turnover increased +1.9% to CHF 13,983m while operating profit rose +18.1% to CHF 1,103m. Equity Free Cash Flow (EFCF) increased +14.6% to CHF 487m. A dividend of CHF 1.15/share, +15% YoY, is to be proposed at the May 2026 AGM. Avolta reaffirms its medium-term outlook and announces new a share buyback of up to CHF 225m in 2026.

2025 HIGHLIGHTS: 

Strong financial performance 2025

IFRS:

• Turnover CHF 13,983m
• Operating profit +18.1% to CHF 1,103m
• Basic EPS CHF 1.39

CORE: 

• Turnover CHF 13,720m, +5.9% CER 1 , +5.5% organic
• EBITDA +4.5% YoY to CHF 1,324m (+9.7% CER), margin 9.7% (+0.3% YoY)
• Basic EPS CHF 3.48, (+33% YoY)
• EFCF CHF 487m, conversion 36.8% (+3.3% YoY) 

Disciplined Capital Allocation 

• Year-end leverage 1.96x
• 2025 share buyback program completed, 3.3% of share capital cancelled
• Dividend CHF 1.15/share (+15% YoY) to be proposed at May 2026 AGM
• Avolta to launch new share buyback of up to CHF 225m 

Medium-term outlook confirmed

• After a slower start to 2026, reflecting the tough January 2025 basis of comparison, February YTD organic growth stands at approximately +4.5% with February at around +5.5%
• Diversified global footprint limits impact from Middle East developments 

FY 2025 KEY FINANCIAL HIGHLIGHTS

Consolidated reported turnover reached CHF 13,983m with CORE turnover 2  at CHF 13,720m, representing growth of +5.9% CER, and +5.5% organic. In Q4, organic growth was +5.7%, reflecting robust demand across Avolta’s main markets and channels.

CORE EBITDA 2 rose +4.5% to CHF 1,324m (+9.7% CER) with a CORE EBITDA margin of 9.7%, +0.3% YoY. Despite Q4 being a traditionally lower season quarter, CORE EBITDA margin was 7.8%. Continuously strengthening operational performance, lower finance expenses, lower minority share and a reduced share count supported CORE basic EPS growth of +33% YoY to CHF 3.48 per share. 

Equity Free Cash Flow (EFCF) increased +14.6% YoY to CHF 487m, underlining the Group’s commitment to value-accretive growth.

Financial net debt stood at CHF 2,531m at December 31, 2025, representing a leverage ratio of 1.96x. In May 2025, Avolta issued EUR 500m of 2032 senior notes at 4.5%. Proceeds were used to refinance, in 2025, the CHF 300m bond due 2026, and together with cash, will be used for the refinancing of the CHF 500m convertible due March 2026.

In line with its disciplined capital allocation framework, Avolta’s focused execution delivered enhanced shareholder returns in 2025. The Group completed its share buyback program during the year and in February 2026 cancelled 4,861,342 shares, representing 3.3% of the registered share capital. 

Reflecting the Group’s strong cash generation and low leverage profile, the Board of Directors will propose a dividend of CHF 1.15 per share, representing an increase of +15% YoY, at the Annual General Meeting in May 2026. 

In addition, Avolta’s Board of Directors has resolved to launch a new share buyback program for Avolta AG registered shares in an amount of up to CHF 225 million for the purpose of a capital reduction, underlining confidence in the business outlook and continued commitment to delivering attractive shareholder returns. The program is expected to launch in the near-term and will have a duration of up to twelve months. Further details regarding the program will be disclosed at https://www.avoltaworld.com/en/sharebuyback . 

In total, including the 2024 share cancellation, it is expected that Avolta will have reduced the share capital by around 10% by the end of the new program.

FY 2025 KEY OPERATIONAL HIGHLIGHTS 

Avolta continued to execute its strategic growth initiatives in 2025, strengthening its portfolio, enhancing financial resilience, and investing in its long-term vision. 

In Europe and the Middle East, it expanded its presence with new retail, F&B stores, and hybrids at Copenhagen Airport, Denmark, Sofia International Airport, Bulgaria, and at Félix Houphouët-Boigny Airport, Côte d'Ivoire, among others. Eataly was introduced at Schiphol Airport, marking the brand’s debut in the Netherlands. The Motorways business introduced a sustainable, next-generation service area integrating retail and F&B in a modern, energy-efficient environment.

In North America, many contracts were won including a series at John F. Kennedy International Airport in the United States, as well as at Florida’s Palm Beach International Airport, Hartsfield-Jackson Atlanta International Airport and San Jose Mineta International Airport, among others. 

In Latin America, the first F&B and hybrid outlets opened in the region, including at Brazil’s São Paulo/Congonhas Airport. Contracts in multiple locations across Mexico were extended, as well as a win at Santiago de Chile International Airport, Chile, reinforcing Avolta’s leadership in the region.

In Asia Pacific, a first-in-a-generation duty-free concession was secured at Shanghai Pudong International Airport in mainland China, as well as entry into Japan’s Kansai International Airport.

Customer engagement and data capabilities continued to advance. Club Avolta closed its first year with more than 16 million members worldwide and a loyalty transaction every two seconds. A dedicated global data department strengthens data-driven decision-making.

Recognition highlights include Best Retailer (MEADFA), Best Specialty Retail Concept (Frontier), and Daring Innovation (FAB) for Hungry Club in Madrid. Club Avolta won Digital Initiative (FAB) and Future of Retail (Frontier), while Avolta’s Presentedby concept at Zayed International Airport in Abu Dhabi received Platinum (London Design Awards). Global EDGE certification underlined the commitment to equity, diversity and inclusion.

Xavier Rossinyol, CEO of Avolta said: “2025 once again, for the fourth consecutive year, demonstrated Avolta’s ability to deliver overall ahead of our strategic, operational, commercial and financial commitments. Through consistent execution and strong cash generation, we continued to strengthen our track record of value creation.

We have built a solid foundation, and our focus is now on using this as a platform for future developments, further widening our competitive advantage. We will continue to invest in new shops, restaurants, and hybrids, future proofing with our flexible store design. Our approach to integrate business lines, powered by digital innovation, data, AI and Club Avolta, delivers organic turnover growth, margin expansion, and increased customer conversion. 

I am particularly proud of the commitment of our teams across all regions and remain thankful for their continued execution. Even within a complex external environment, including the recent conflict affecting parts of the Middle East region, our scale, diversification and clear strategic direction give us confidence as we continue to deliver on Destination 2027 and beyond.”

MEDIUM-TERM OUTLOOK

Avolta confirms its organic growth target of 5%-7% per annum, is committed to delivering +20-40bps of CORE EBITDA margin improvement and +100-150bps EFCF conversion per annum. At current exchange rates, 2026 currency translation is expected to be -5%. 

While Avolta’s direct exposure to Middle East is limited, the Company is mindful of the most recent developments in the region and continues to actively monitor the situation.

FY 2025 KEY FINANCIAL TABLES

ORGANIC GROWTH

		Q4 2025 vs Q4 2024		FY 2025 vs FY 2024
Like for Like		+3.2%		+3.9%
New concessions, net		+2.5%		+1.6%
Organic Growth		+5.7%		+5.5%
M&A and Others 3		+0.2%		+0.3%
Growth (CER) 4		+5.9%		+5.9%
FX Impact		-5.6%		-4.0%
Reported Growth		+0.3%		+1.8%

IFRS AND CORE PROFIT AND LOSS STATEMENT

IFRS / CORE Profit and Loss statement		IFRS FY 2025		Adjustments
In CHFm			Acquisition related	Leases	Fuel sales		CORE FY 2025		CORE FY 2024
Net sales		13,760		-	-	-263		13,497		13,241
Advertising income		223		-	-	-		223		232
Turnover		13,983		-	-	-263		13,720		13,473
Cost of sales		-5,029		-	-	243		-4,786		-4,690
Gross profit		8,954		-	-	-20		8,934		8,783
% Margin		64.0%		-	-	-		65.1%		65.2%
Leases expenses (IFRS) / Concession expenses (CORE)		-1,912		-	-1,641	-		-3,553		-3,409
Personnel expenses		-2,778		-	-	-		-2,778		-2,749
Other expenses, net (IFRS) / Other expenses, net (CORE)		-1,235		-	-64	20		-1,279		-1,358
Operating profit before D&A / CORE EBITDA		3,029		-	-1,705	-		1,324		1,267
% Margin		21.7%						9.7%		9.4%
D&A / impairment intangibles		-317		-	-	-		-317		-306
Amortization & impairment of intangibles (CORE)/(IFRS)		-215		171	-	-		-44		-62
Depreciation & impairment right-of-use assets (IFRS)		-1,394		-	1,394	-		-		-
Operating profit / CORE EBIT		1,103		171	-311	-		963		899
% Margin		7.9%						7.0%		6.7%
Financial result		-634		-	496	-		-138		-187
Profit before Taxes/CORE Profit before Taxes		469		171	185	-		825		712
% Margin		3.4%						6.0%		5.3%
Income tax		-130		-47	-3	-		-180		-162
Net Profit/CORE Net Profit		339		124	182	-		645		550
Non-controlling interests		-140		-2	-5	-		-147		-164
Net Profit/CORE Net Profit to equity holders of the parent		199		122	177	-		498		386
Basic Earnings/CORE Basic Earnings per share (in CHF)		1.39						3.48		2.62
Diluted Earnings/CORE Diluted Earnings per share (in CHF)		1.36						3.41		2.57

CORE CASH FLOW STATEMENT

CORE Cash Flow 5		FY 2025			FY 2024
In CHFm
CORE EBITDA		1,324			1,267
Other non-cash items and changes in lease obligation		7			91
Changes in net working capital		56			-84
Capital expenditures		-509			-473
Cash flow related to minorities and dividends from associates		-124			-123
Income taxes paid		-133			-120
Cash flow before financing		621			558
Interest, net and other financing items		-134			-133
Equity free cash flow		487			425
Dividend to Group shareholders		-143			-104
Purchase of treasury shares 6		-175			-202
Other financing activities, net & Fx effect on net debt and other non-cash items		-37			-86
Decrease/ (Increase) in Financial net debt		132			33
Net Debt
- Beginning of the period		2,663			2,696
- End of the period		2,531			2,663

REGIONAL PERFORMANCE

CORE Turnover (CHFm)		Q4 2025		Q4 2024 7		Reported Growth		FX Impact		Organic Growth
Europe, Middle East and Africa		1,716		1,679		2.2%		-2.2%		+7.4%
North America		980		1,055		-7.1%		-9.0%		+1.9%
Latin America		405		413		-1.9%		-9.1%		+7.2%
Asia Pacific		211		154		37.0%		-10.1%		+8.9%
Avolta Group		3,312		3,301		0.3%		-5.6%		+5.7%
CORE Turnover (CHFm)		FY 2025		FY 2024 7		Reported Growth		FX Impact		Organic Growth
Europe, Middle East and Africa		7,240		7,026		3.0%		-2.2%		+8.2%
North America		4,049		4,297		-5.8%		-6.1%		+0.3%
Latin America		1,595		1,571		1.5%		-5.8%		+7.4%
Asia Pacific		836		579		44.4%		-6.8%		+6.9%
Avolta Group		13,720		13,473		1.8%		-4.0%		+5.5%

IFRS/CORE TURNOVER RECONCILIATION 8

Q4 2025 (CHFm)		Turnover IFRS		Fuel Sales Adjustments		Turnover CORE
Europe, Middle East and Africa		1,778		-62		1,716
North America		980				980
Latin America		405				405
Asia Pacific		211				211
Avolta Group		3,374		-62		3,312
FY 2025 (CHFm)		Turnover IFRS		Fuel Sales Adjustments		Turnover CORE
Europe, Middle East and Africa		7,503		-263		7,240
North America		4,049				4,049
Latin America		1,595				1,595
Asia Pacific		836				836
Avolta Group		13,983		-263		13,720

1 CER Constant Exchange Rate.

2 Refer to page 266 of the 2025 annual report for the reconciliation of the IFRS and CORE profit and loss statement

3 Includes selective restructuring and exits

4 CER Constant Exchange Rate.

5 IFRS reconciliation provided in Avolta’s FY 2025 financial report pages 269.

6 Share Buyback program gross consideration 

7 Consistent with internal reporting as presented to the CODM, Global Distribution Centers, external turnover for 2024 was reallocated to the operating segments to conform with the current year’s presentation.

8 CORE Turnover throughout this news release is excluding net sales from motorway fuel business; income from fuel sales included in CORE other operating income.

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
rebecca.mcclellan@avolta.net	cathy.jongens@avolta.net

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End of Inside Information

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Language:	English
Company:	Avolta AG
	Brunngässlein 12
	4010 Basel
	Switzerland
Phone:	+41612664444
E-mail:	Headoffice@dufry.com
Internet:	https://www.avoltaworld.com/
ISIN:	CH0023405456
Listed:	SIX Swiss Exchange
EQS News ID:	2289246

End of Announcement	EQS News Service

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2289246  11-March-2026 CET/CEST