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

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% CER¹, +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 turnover² 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 EBITDA² 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.

¹CER Constant Exchange Rate.
²Refer to page 266 of the 2025 annual report for the reconciliation of the IFRS and CORE profit and loss statement
³Includes selective restructuring and exits
⁴CER Constant Exchange Rate.
⁵IFRS reconciliation provided in Avolta’s FY 2025 financial report pages 269.
⁶Share Buyback program gross consideration 
⁷Consistent 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.
⁸CORE Turnover throughout this news release is excluding net sales from motorway fuel business; income from fuel sales included in CORE other operating income.