Ad hoc announcement pursuant to Art.53 LR

Avolta reports another solid set of results for the first half of 2025

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Delivering on all KPIs with +7.1% CER revenue growth, a CORE EBITDA margin of 9.3%, EPS growth of +28.7% and CHF 216m EFCF. Avolta reaffirms its medium-term outlook.

H1 2025 HIGHLIGHTS:

  • Strong financial performance H1 2025
    • Turnover reported CHF 6,734m, CORE CHF 6,613m
    • CORE revenue growth +7.1% CER1, organic growth +5.7%
    • CORE EBITDA +7.7% YoY to CHF 612m, margin 9.3%, +30 bps YoY
    • CORE EPS (basic) of CHF 1.57, up +28.7% YoY
    • EFCF CHF 216m, conversion 35.3%
  • Shareholder value creation in line with capital allocation policy
    • Leverage 2.15x
    • Dividend CHF 1.00/share (+43% YoY) paid on 20 May, 2025
    • Share buy-back of 2.3m shares/CHF 92m2 of the up to CHF 200m programme
  • Medium-term targets confirmed, building on strong 2024 base
    • July YTD organic growth in line with H1

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 Others3

 

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 capital5

 

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

Organic Growth

Europe, Middle East and Africa

 

1,925

 

1,842

 

4.5%

 

-3.6%

 

9.3%

North America

 

1,054

 

1,159

 

-9.1%

 

-8.8%

 

-0.2%

Latin America

 

385

 

392

 

-1.8%

 

-8.8%

 

7.7%

Asia Pacific

 

198

 

138

 

43.5%

 

-9.4%

 

8.1%

Avolta Group

3,562

3,558

0.1%

-6.1%

6.0%

CORE Turnover (CHFm)

H1 2025

H1 2024

Reported Growth

FX Impact

Organic Growth

Europe, Middle East and Africa

 

3,337

 

3,112

 

7.2%

 

-2.0%

 

9.2%

North America

 

2,046

 

2,133

 

-4.1%

 

-3.9%

 

-0.2%

Latin America

 

802

 

767

 

4.6%

 

-3.1%

 

8.1%

Asia Pacific

 

428

 

282

 

51.8%

 

-3.8%

 

5.1%

Avolta Group

6,613

6,343

4.3%

-2.8%

5.7%

 

 

 

 

 

IFRS/CORE TURNOVER RECONCILIATION6

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

 

 

 

1CER Constant Exchange Rate.
2CHF 92m is cash outflow related to the share buyback, transactional amount totaled CHF 93m as per the share buyback report on IR Website.
3Includes selective restructuring and exits.
4CER Constant Exchange Rate.
5Includes “non-cash items and changes in lease obligations”.
6Net Sales (CORE) and cost of sales (CORE) differs from the IFRS amount because they exclude fuel sales and fuel cost of sales.