Our Investors

Avolta is strongly positioned to win through global scale, an integrated travel retail and F&B offering and deep customer insights.
Avolta is committed to delivering long-term, sustainable value for its shareholders. This commitment is underpinned by a resilient business model, disciplined capital allocation and strong cash flow generation.

While scale is a foundation, Avolta’s true competitive advantage lies in how that scale is leveraged. Our integrated travel retail and F&B platform, data ecosystem and ability to rapidly translate passenger insights into tailored concepts enable higher conversion, stronger commercial outcomes and more resilient performance. This combination of customer intelligence, operational integration and execution sets Avolta apart from compeititors.

With a footprint that includes 70 countries, Avolta operates close to 5,100 outlets and addresses 2.5 billion passengers through about 1,000 airports, motorways, cruise liners & ferries, seaports, railway stations and other locations. This global scale provides Avolta with unparalleled access to passenger flows and positions the Group as a preferred partner for concession authorities and global brands.

Our differentiated value proposition for travelers is built on innovative store concepts, hybrid offerings, data-driven customer insights and advanced digitalization, supporting higher customer conversion and spend-per-passenger. These capabilities translate scale into performance and reinforce Avolta’s competitive positioning within structurally attractive travel retail and F&B markets.

A unique opportunity to invest in structurally growing Travel Retail and F&B.

From an organic growth perspective, we continue to expand our footprint across all four regions, each offering strong fundamentals and sustained demand.

In North America, Avolta continuously delivers solid performance supported by 53 new contracts secured this year. Asia-Pacific represents an increasing long-term growth engine with recent milestones including our upcoming entry into Japan in 2026, an industry-first loyalty partnership with King Power, and a new contract at Shanghai Pudong to operate multiple retail and food & beverage
outlets.

Across Europe, the Middle East, Africa, and Latin America, we are refining our business development approach with clear priorities and goals, while actively pursuing opportunities aligned with our long-term vision. Our Destination 2027 strategy is designed to deliver mid-term annual organic turnover growth that outpaces passenger growth in the locations we operate.

The fragmented nature of the industry presents opportunities for cash funded bolt-on M&A with Avolta aligning to its clearly defined capital allocation policy (see dedicated paragraph below).

Resilient business model supported by structural demand and operational flexibility
Despite transient macroeconomic challenges faced by our industry, Avolta maintains a strong conviction that travel retail and F&B is a structurally resilient and growing industry. This resilience is underpinned by continued global passenger growth, a sustained willingness to prioritize travel-related spending, and the essential role of retail and F&B within the overall travel experience.

Operationally, Avolta benefits from flexible cost structures, diversified revenue streams and a balanced concession portfolio, supporting performance across cycles. Future F&B growth is poised to be supported by favorable industry dynamics including limited in-flight offerings, a growing trend of travelers opting for pre-boarding ‘grab and go’ services, increasing interest in regional cuisine and demand for new experiences and concepts.

Medium-term growth in CORE EBITDA is expected to be driven by operational efficiencies, margin discipline and strategic initiatives under Destination 2027.

Sustainable growth strategy focused on organic growth and boosted by selected M&A.

Sustainable profitability and strong cash flow generation
Avolta is committed to delivering turnover growth, improved CORE EBITDA margins and sustainable cash flow generation, as well as evolving our sustainability performance, in line with our mid-term outlook provided to the market. Profitability improvements are driven by zerobased budgeting discipline, active portfolio management and the use of technology to streamline operations, to ensure capital and resources are deployed where they generate the highest returns.

Over a long-term perspective, our travel retail and F&B business has consistently pursued a strategy focused on growth and cash flow generation. We have demonstrated a track record of organic growth aligned with regional passenger trends and passenger mix.

Disciplined capital allocation supporting growth and shareholder returns
In Q3, 2024, Avolta announced its capital allocation policy, with the aim to balance the pursuance of growth opportunities with balance sheet deleverage and shareholder returns. Target leverage under Avolta’s capital allocation framework is 1.5x – 2.0x net debt / CORE EBITDA with near-term flexibility of up to 2.5x for relevant business development and bolt-on M&A opportunities. Furthermore, Avolta
will continue to pay a progressive dividend, returning one-third of annual EFCF to shareholders.

For 2025, this equates to a proposed dividend of CHF 1.15 per share, subject to shareholder approval at the AGM in May 2026. Over and above dividends, Avolta intends to return medium-term excess cash by way of share buybacks; e.g. as the one announced in January 2025. Beyond capital allocation, Avolta remains committed to advancing its sustainability commitments and engagement to all stakeholders.

Member of the SMI MID (SMIM) Index
With a market capitalization of CHF 6,906 million as of December 31, 2025, Avolta is part of the SMI MID (SMIM) Index on the SIX Swiss Exchange. This index includes the 30 largest publicly listed companies in Switzerland that are not already represented in the Swiss Market Index (SMI). Avolta’s trading volume in 2025 remained healthy, with an average daily trading volume of approximately CHF 32.9 million. The SIX Swiss Exchange remains an important trading platform, where the average daily volume of Avolta shares reached around CHF 10.8 million in 2025. Avolta’s trading volumes are mainly concentrated at the SIX 33.0 % and BATS Chi-X OTC 23.0 % platforms.

In 2025, Avolta’s group of longstanding shareholders continued to provide the company with unwavering support. While Edizione continued to be Avolta’s largest shareholder (22.17 % as of December 31, 2025), other large shareholders (>3 %) included Advent International Corp., Qatar Holding LLC, Compagnie Financière Rupert, BlackRock Inc., UBS Asset Management (Switzerland) AG and Helikon Investments Ltd together representing 52.89 % of our share capital.

Strong investment track record for bondholders
Avolta has represented a well-established investment opportunity in the bond market since our first Senior Notes issue in 2012. On the one hand, the bond market represents an important source of financing for the company, while on the other hand, our low operating leverage as well as the strong and resilient cash flow generation capabilities are characteristics welcomed by the fixed income
market.

In May 2025, Avolta priced an additional EUR 500 million in Senior Notes with a seven-year term due in 2032 and an annual interest rate of 4.5 %. Proceeds support the refinancing of 2026 notes and repayment of revolving credit. Furthermore, Avolta extended its RCF by one year to 2030 in October.

Long-term financing strengthened.

These refinancing initiatives allow the company to foster its well-balanced debt structure. Its weighted average maturity is now 3.6 years with the next maturity of CHF 500 million Senior Convertible Notes in March 2026. Currently, Avolta holds a BB+ rating with stable outlook by S&P Global and a Ba2 rating with stable outlook by Moody’s.

Fair and comprehensive market communication
Avolta is committed to open and transparent communications with the financial market. This includes a constant, open dialogue with investors, analysts and the media through direct phone and email exchanges, regular roadshows and conference attendance, one-on-one meetings and dedicated investor days, either in person or virtually.

Senior management actively engages in presenting and discussing Avolta’s strategic pathway and financial delivery on a regular basis, and we provide the financial community and media with detailed reports and information through press and analyst conferences, conference calls and webcasts. In this context, Avolta consistently releases quarterly trading update statements for Q1 and Q3, along with publishing full financial results for the half-year and full-year periods.

As part of our 2025 Investor Relations activities, the Investor Relations team participated in several roadshows and conferences in Europe, North America, the Middle East and Asia to meet investors directly or virtually, with the stand-out event of the year being Avolta’s Capital Markets Day held in Barcelona on June 26.

During 2025, the Investor Relations team met with 177 investors in one-on-one or group meetings and many more in presentations. Additionally, the team welcomed 169 investors and analysts at the Capital Markets Day and answered 188 calls and emails, resulting in a total of 534 contacts with investors and analysts in 2025. For contact details of Investor Relations, please see the contact section in the bottom right hand corner of this page.

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