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26 June 2025
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3 Strategy – Destination 2027 Powered by our people EXPANSION OF EBITDA MARGIN & EFCF CONVERSION DIVERSIFIED PORTFOLIO & INCREASED RESILIENCE TOP-LINE GROWTH → PAX / SPP → NEW SPACE FOCUS ON SHAREHOLDER
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4 Delivering the travel experience revolution • Key targeted initiatives: refurbishments, entertainment, hybrids etc. deployed across shops and restaurant developments • Actively investing in smart store concepts, leveraging technology to enhance customer experiences, as delivered through Avolta NEXT initiatives & data-driven store designs • Introduction of new loyalty program “Club Avolta”, deployed across 100% of Avolta’ network • Dedicated digital team incl. data analytics • Growth in all key regions • New enhanced and dedicated APAC team • New business development approach with active focus on investment returns • Zero-based budgeting discipline • Dedicated integration team focused on synergy delivery • Active concession portfolio management with increased focus on profitability metrics What we achieved since last CMD 2022… 1 Diversifying our geographical presence2 Fostering a culture of continuous operational improvement3 Driving sustainability and empowering our people4 • Comprehensive development of our people and communities • Sustainability approach to reduce impact and improve business performance Delivering strong set of financials with focus on shareholder returns • Drive long-term growth, sustainable profits and strong cash flow generation • Providing meaningful performance metrics •Focus on shareholder Value Creation Uncompromised execution towards Destination 2027
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5 … Delivering tangible financial performance … TURNOVER (CHFm) 6,878 4,148 2022 2023 2024 11,026* 12,535 13,473 CAGR +10.5% L-f-L Growth (%) 30 85 2023 2024 → Delivered ahead of time EFCF (CHFm) 305 323 425 2022 2023 2024 CAGR +18% EBITDA MARGIN (%) 2022 2023 2024 8.8 9.0 9.4 MERGER SYNERGIES (CHFm) 2022 2023 2024 LfL - PAX LfL - SPP 73.0% 76.5% 65.6% 27.0% 23.5% 34.4% 77.9% 20.2% 6.4% * 2022 numbers pro-forma (Dufry + Autogrill combined), otherwise in charts, 2022 represented as Dufry standalone
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6 … While strengthening the balance sheet & increasing shareholder return LEVERAGE EVOLUTION DIVIDEND PER SHARE (CHF) 0.7 1.0 2023 2024 +43% • FY 2024 dividend CHF 1.00/share (+43% YoY) • 2024 share cancellation of CHF 200m • Share Buyback 2025 of up to CHF 200m launched 2022-2024 * Includes dividend paid in 2024 (CHF 104m) and 2025 (CHF 140m) as well as Share Buyback 2024 (CHF 200m) and 2025 YTD (CHF 70 m) Leverage 2022 on Dufry standalone basis CHF 1.0bn Investment into growth (CAPEX / M&A) CHF 400m Debt reduction CHF 2.5bn Operating Cash Flow before CAPEX CHF 500m Cash return to shareholder via dividends and Share Buyback* 4.8x 2.6x 2022 2023 2024 Leverage Leverage Net of treasury share purchases 2.1x 1.9x
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7 … And creating a UNIQUE GLOBAL PLATFORM with widest DATA ACCESS I. LARGEST GLOBAL NETWORK & REACH II. WIDEST GLOBAL TRAVEL DATA ACCESS III. HIGHEST LEVEL OF DIVERSIFICATION & RESILIENCE 70 Countries > 5,100 Outlets 1,000+ Brands Duty-Paid Duty-Free F&B 31% 36% 34% # of contracts* Growth 2022 Today ~850 ~2,100 Organic growth 5 – 7 % p.a. delivered despite: • Ukraine war • New Chinese DF consumers • Middle East crisis • USA slowdown • … > 1,000 Locations * Year 2022 refers to Dufry legacy estimate before merger with Autogrill Note: Pie-charts as in annual report FY24 81% 10% 5% Airports Motorways Railways 4% Other (DT, Cruises, Border...)
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8 Past & Future: SURPRISINGLY PREDICTABLE! – Growth contributors … PAX GROWTH: - Contributes approx. 2/3 Like-for-Like - PAX numbers expected to double by 2045 - High RESILIENCE in long-term! M&A: - Remains a strategic focus - Accretive bolt-on acquisitions - Financed in line with capital allocation policy CHANGE OF SCOPE: - Active portfolio management - Strict financial discipline - Innovative commercial proposals MARGIN EXPANSION CASH FLOW CONVERSION SPP GROWTH: - Contributes approx. 1/3 Like-for-Like - Affected by regional / category mix - Changing consumer trends & behavior
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9 … Based on a strong AVOLTA GROWTH ENGINE focused on customer experience – that is PREDICTABLY SURPRISING! DUTY- FREE DUTY- PAID F&B DIGITALSPACES RETAIL RETAIL Data & Experience driven! For PASSENGERS, LANDLORDS & BRAND PARTNERS Personalized retail and F&B concepts / customer experiences … … digital transformationcombined with ASSORT- MENT / PRICING FLEXIBLE Stores & restaurants DISTINCTIVE LOOK & FEEL (Sense of place / local) SMART In-store technology DATA Digital enabler LOYALTY Club Avolta F&B + RETAIL ENHANCED (Hybrid) ENTERTAIN- MENT
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10 … To deliver on our mid-term outlook Organic Growth +5% – 7% EBITDA Margin (%) +20 – 40 bps EFCF Conversion (%) +100 – 150 bps Value Creation Levers Mid-Term Outlook p. a. SPP 1/3 Passenger Evolution 2/3 New Space 0.0% - 1.0% L-f-L
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11 Clear Capital Allocation Policy Store Network Upgrade Digital and Technology Transformation Business Development Small/ medium size selective M&A Invest In Growth (Organic & Inorganic) Store network upgrade Digital and technology transformation Business Development / new space Small / medium sized selective M&A Capital Returns Balance Sheet Efficiency Strong credit rating Target net debt / EBITDA 1.5x - 2.0x (flexibility up to 2.5x for selective M&A) Pay a progressive dividend of ~1/3 of EFCF, growing in line with EFCF Medium-term excess cash to be returned via potential Share Buybacks
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Avolta’s Growth Contributors Surprisingly Predictable Avolta's Growth Engine Predictably Surprising Financial Model Shareholder Return & Capital Allocation Conclusion
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01 Avolta’s Growth Contributors – Surprisingly Predictable
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14 We are in a growing industry Global market size – Travel concession sector Note: all market sizes are result of internal triangulation, re -calculation and leveraging multiple sources; based on latest FX Source: Grand View Research, Precedence Research, Mordor Research, Moodie Davitt report, Straits research, Avolta estimates In USDbn Airports Cruises & ferries Motorways Trains Airlines Others Includes ~35 F&B – 30% ~30 Duty-Paid – 26% ~50 Duty-Free – 44% 20302024 ~115 TOTAL ~175 TOTAL CAGR 5.5%
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15 5,062 4,356 4,749 Avolta is the largest & most diversified player in the industry Fragmented travel experience industry: Avolta is the leader, excelling in channel diversity Note: 1 Based on local FX / USD avg. 2024 rate; 2 Area of the majority of sales, indicative and non-exhaustive; 3 2023 figures as 2024 figures unavailable at publishing. Source: Company annual reports, Moodie Davitt Report. Focus area2 Airport Train Cruises & Ports Downtown Motorways Duty-Free Food & Beverages Duty-Paid In USDm, 2024 numbers1 (publicly available numbers only) Smaller regional or local players (non-exhaustive) Avolta CDFG Lagardère Travel Retail Gebr. Heineman SSP Lotte DF3 DFS Shilla DF Shinsegae DF Dubai DF Areas DF Americas WHSmith ARI Qatar DF 14,167
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16 Past & Future: SURPRISINGLY PREDICTABLE! – Growth contributors … SIZE - LEADERSHIP NETWORK TRAVELER ACCESS DATA + AVOLTA UNIQUENESS GROWTH CONTRIBUTORS AVOLTA GROWTH ENGINE + EXPANSION OF EBITDA MARGIN TOP-LINE GROWTH → PAX / SPP → NEW SPACE EFCF CONVERSION
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17 5.3 9.5 18.7 Passenger growth Key driver for 81%1 of Avolta’s airport channel revenues Source: Quotes based on various industry reports on future developments (e.g. Boeing, Airbus and others) ; Numbers in chart: ACI WORLD, Published in FEB 2025 1 Net sales split FY ’24 as per annual report Global Airport Boom (Forecast next 20y) +1,500 new airports are planned & +40,000 new aircrafts ordered → Infrastructure growth is enabling broader access to air travel Travel Affordability ~50% drop in real flight costs since 1990 (IATA), enhancing global travel affordability → Low-cost carriers now represent over 30% of global airline capacity 1979 2010 2024 2045 0.2 Est. 2024 Recovery above 2019 levels 18.7 bn Exp. PAX volume 2045 (~2x to ’24) Global Air Travel >80% of the world’s population has never taken a flight → Massive untapped market CAGR 4.3% 3.3% Numbers in bn. PAX
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18 Traveler centricity: Starts by understanding travelers ... Thanks to unique access to data, possibility to cater tailored offerings to all travelers 20% Business travelers 45% Travel alone Insights through spending behavior of different: • Nationalities • Flight types • Time of day • Channels Insights into cultural preferences & shopping styles Insights into traveler personas: • Leisure vs. business • Solo vs. family • Domestic vs. international AVOLTA UNIQUENESS Data-rich traveler intelligence Data points from global footprint 18.0% 46.0% 27.0% 9.0% Gen Z Gen Y Gen X Baby Boomers SPEND BEHAVIOUR ANALYSIS Dimensions of traveler data LOCAL VS. GLOBAL PATTERNS DEMOGRAPHIC ANALYSIS TRAVELER ARCHETYPES Sources: Avolta Customer Perception Tracking Top46 (2024), DFNI online (November 2024) Illustrative
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19 … And why people are buying while travelling … Airports (Retail) Airports (F&B) Motorways Price 25% Quality of Products 14% Cleanliness 17% Gifting 25% F&B available post-security 13% Quality of Products 16% Assortment 17% Price 12% Value for Money 15% Source: *Avolta Customer Perception Tracking 2024. Base Total Retail Buyers: (n= 16.902) 25% 17% 30% 15% 13% Price / Value Assortment Gifting Treat myself Others Gifting and shopping for others remain most relevant reason to buy Value (Price advantage), while still being relevant, with decreasing importance Convenience and self-indulgence remain key reasons MOTIVATION OF PURCHASE (when travelling)* “What is your no. 1 reason for buying something when you travel?” OFFER EVALUATION CRITERIAS – Differences across channels
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20 ...By identifying various traveler persona based on data-insights... Consumer Perception Tracking (CPT) unlocks insights throughout all channels Source: Avolta Customer Perception Tracking Routine is rejected. Travelers seek surprise, well-being, and discovery. 3 in 4 want brands that help them feel alive — airports are perfect stages for sensory stimulation. Warm, human touchpoints turn moments into memories. ShareCharacteristics Digital hype fatigue drives demand for authentic, human experiences. 3 of 4 want brands that help them feel alive — airports are perfect stages for sensory stimulation. Community matters. Shared passions (music, culture, lifestyle) drive deeper engagement. Visual, interactive, instantly rewarding concepts are key to capturing focus. Warm, human touchpoints turn moments into memories. 20% Young Traveler Experiential Open minded Exploration-oriented 9% Families on Holidays Stressed In control Conciliation-oriented 27% Business Traveler Experienced travelers Rational Time-saving oriented 7% Empty Nesters Traditional Affluent Hedonism-oriented 15% Shopping Lovers Frequent traveler Affluent Shopping oriented 22% Other Travelers Life on fast- forward Post-future fatigue Bored & restless Short attention spans Craving connection Tribal connection Routine is rejected. Travelers seek surprise, well-being, and discovery. Key future trends
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21 Based on holistic traveler understanding – Catering to changing needs through AVOLTA’S GROWTH ENGINE DUTY- FREE DUTY- PAID F&B DIGITALSPACES RETAIL RETAIL Data & Experience driven! For PASSENGERS, LANDLORDS & BRAND PARTNERS ASSORT- MENT / PRICING FLEXIBLE Stores & restaurants DISTINCTIVE LOOK & FEEL (Sense of place / local) SMART In-store technology DATA Digital enabler LOYALTY Club Avolta F&B + RETAIL ENHANCED (Hybrid) ENTERTAIN- MENT Personalized retail and F&B concepts / customer experiences … … digital transformationcombined with
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22 SPP Growth with regional & category differences Avolta increased SPP in recent years >5% 0%-5% 0%- -5% < -5% 1 For North America, SPP data not meaningful due to the nature of F&B and convenience domestic business model. Approximation with average ticket value ATV TOTAL SPP vs LY 2022 2023 2024 2025 Q1 EMEA LATAM APAC North America (ATV)1) SPP vs LY 2022 2023 2024 2025 Q1 Alcohol Confect. & conv. food Perfume & cosmetics Literature & publications Tobacco Watches & jewelry F&B (ATV)1) Other (Electronics, toys) 16.6% 5.0% 3.2% ~3% L-f-L Growth (2023-2025) ~2/3 Avg. Growth CAGR:~ +8% 4-5% 2-3% Avg. Effect ~ -2%/-3% PAX Growth SPP Growth ~1/3 PAX mix Geography mix Mix changes - E.g., Chinese/ Russians - E.g., Argentineans - Avg. SPP differs from country to country - Different SPP growth rates - F&B / Retail - Different category mix
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23 On top of PAX and SPP growth: New space Signing a contract marks the beginning of a strong and enduring partnership • Customer Centricity based on deep knowledge of customer profiles: → Tailored Concepts and Product Range • The Highest in-store Customer Service Standards • Sense of Place and Extensive Local Offer • Strong and Accountable Local Teams: Speed in Execution • Innovation and Digital Capabilities Commercial / Operational • Continuous Revenue Growth: SPP and ATV focus • Partnership approach: Balanced Share of Risk and Rewards • Commitment to invest in the enhancement of the Operations • Data Sharing: Support Joint Efforts and Cooperation • Financial Solidity as a Base for Long Term Perspective • Common Definition of Objectives and Goals Financial Different award approaches Renewals Tenders & RFPs Joint-Ventures (JVs) M&A 94.7% Avg. renewal rate 2022-2024 Direct negotiations Special importance in USA (ACDBE) UNIQUENESS / DIFFERENTIATION → Multiple business channels → Global leadership → Reliability → Unique access to data → Higher SPP → Size → Competitive offerings
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24 New space Active portfolio management – Avolta business development approach Key differences in segments Avolta Approach Growth potential & risk profile Duration Margins before concession fees (CF) Concession fees (potentially MAG) CAPEX Return on Investment / Yield profile Retail F&B 3% 5-10 5% 10-20 CAPEX (in % of TO) Duration (in years) Retail F&B 29% 17% Concession Fees (in % of TO)
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25 Destination 2027 Landlord endorsement
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26 Importance of landlord cooperation Building success: The power of long-term landlord partnerships 1,000+ Airports I believe the cooperation between Pudong Airport and Avolta is a true win-win partnership.“ Huang Zheng Lin President, Shanghai Pudong International Airport We work together to create meaningful moments for passengers and aim to deliver a best-in-class experience worldwide.“ Daniel Ketchibachian CEO, Aeropuertos Argentina Together with Avolta, we are developing a new customer-centric strategy. “ Kleber Almada Meira CEO, Congonhas Airport We share the same philosophy: we place our passengers at the center of everything we do.“ Elena Sorlini CEO, Abu Dhabi Airports Our partnership with Avolta is a strategic one - especially in terms of technology.“ Abdulaziz Al-Asaker COO, Riyadh Airports We have a great partnership with Avolta, and their Destination 2027 initiative is truly exciting for us.“ Sammy Patel Vice President, Vantage Group
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27 How it all comes together – historical growth contributors • PAX growth contributes to approx. 2/3 of organic growth • Productivity increase (SPP and ATV) contributes to approx. 1/3 of organic growth • Depending on the year, net new concessions contribute positively or negatively to growth − Tenders not split evenly across years − Active portfolio management − Disciplined approach to tenders GROWTH CONTRIBUTORS LIKE-FOR-LIKE CONTRIBUTORS (w/o FX-effects) MEDIUM TERM NEW SPACE – GROWTH Note: *2025 Q1: Does not include Easter (vs. PY) TOTAL REPORTED GROWTH 2022 75.7% 2023 16.0% 2024 7.5% 2025 Q1 9.6% 73,0% 27,0% 2022 76,5% 23,5% 2023 65,6% 34,4% 2024 67,1% 32,9% 2025 Q1* 100% LfL - PAX % LfL - SPP % 77.9% 20.2% 6.4% 5.1% -1.8% 2022 1.4% 2023 -0.1% 2024 3.1% 2025 Q1* Change of space
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28 02 Avolta’s Growth Engine – Predictably Surprising
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29 Predictably surprising – Avolta’s growth engine Leveraging Avolta’s unique network, portfolio reach and global data access DUTY- FREE DUTY- PAID F&B DIGITALSPACES RETAIL RETAIL ASSORT- MENT / PRICING FLEXIBLE Stores & restaurants DISTINCTIVE LOOK & FEEL (Sense of place / local) SMART In-store technology DATA Digital enabler LOYALTY Club Avolta F&B + RETAIL ENHANCED (Hybrid) ENTERTAIN- MENT Personalized retail and F&B concepts / customer experiences … … digital transformationcombined with Data & Experience driven! For PASSENGERS, LANDLORDS & BRAND PARTNERS
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30 Assortment & Pricing – Data driven From traveler tailored assortments to dynamic, rule-based pricing ASSORTMENT Passenger profiles change hourly, not yearly: Assortments must flex to reflect flight schedules, nationalities, and travel purpose (business, leisure, transfer) Space is limited - every SKU must earn its place: High-performing, fast-rotating and high-margin products are prioritized, with underperformers quickly rotated out Seasonality and global events are amplified across all channels: Lunar New Year, Ramadan, or school holidays impact footfall and demand Local relevance + global appeal: Strike the balance between destination products and global icons, adjusting based on terminal demographics and airline mix Test, learn, and scale faster: Using pilot locations to validate new brands or formats with rapid decision loops PRICING Pricing as a key lever to improve performance: • Boost sales • Adapt dynamically to each airport’s customer profile • Protect and expand margin Ensuring we offer the right price, to the right traveler, in the right location Price = + Cost Mark Up From a cost- based pricing strategy… …to an advanced rule-based pricing strategy: • Landlord rules • Consistencies • Vendor/Royalty rules • Pricing corridor • Margin corridor • Key value item • Founding policy • Reference market → Rules to determine price 190+ Competitors monitored 150k+ Items daily monitored <1 Avg days to resolution 30k+ Customer Price Perception captured
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31 Flexible stores Transforming travel retail with flexible, adaptive spaces for evolving traveler needs What it means Use case FLEXIBILITY CONCEPT • Stores constantly evolving over the contract lifecycle • Modular spaces and adaptable zones enable rapid reconfiguration • Full brand takeovers and pop-ups activate new trends and categories • 61% have attended or are interested in brand-created experiences, like pop-ups, workshops, or talks Introducing flexible elements that allow spaces to transform throughout the day, season and year, adapting to our evolving traveler. CONSUMER DEMAND P&C Execution Liquor Execution Bangalore visualization of flexible store design — transforming the same core space from a premium beauty takeover into a bold liquor showcase. This seamless shift exemplifies how multifunctional layouts enable brands to tell unique stories, drive relevance, and keep the retail experience fresh and dynamic throughout the contract lifecycle. Multifunctional Spaces - Designing spaces with flexible brand execution, allowing us to adapt based on traveler profiles and local context. Source: Avolta Global Trend Report – Avolta Global Customer Insights (Internal Report) January 2024
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32 Distinctive look & feel – Sense of place / local Strengthening sense of place through new local concepts SENSE OF PLACE Innovation in Local Product & Sense of Place development: • Brand collaborations and co- investments in staffing • On-going activations through a calendar of events and brand-led promotions • Boosted experience & sales via staff training and target merchandising strategies • 54% of global consumers associate something being “locally produced” as natural, environmentally friendly and of good quality CONSUMER DEMAND ~80% of airports have local dedicated sections, including standalone local concepts and stores. Examples: ~30% of retail derived from local products, reflecting regional identity and traveler demand 30-50% of F&B concepts reflect local gastronomy connected with the country / location Local products and a strong sense of place turn a store into a destination. They create emotional connection, drive impulse purchases, and differentiate airport retail from any other channel and between the locations themselves. Agave World Store – Cancun Airport Arlanda Duty-Free – Swedish Home Amore Café – Bologna Airport Source: Avolta Global Trend Report – Avolta Global Customer Insights (Internal Report) January 2024 What it means Use case & commercial impact
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33 • Physical and digital cross-promotions & cross-selling (e.g. integrated campaigns, vouchers, digital offers) • (Travel-) F&B, Convenience and DF are mutually enhancing: − F&B as catalyst for store experience (e.g. tailored F&B offerings based on time-of-day travel patterns) − F&B as attractor for passenger flow − Technology-enabled convenience: Order F&B via retail apps, collect in-store • Branded mixed formats increasing value to suppliers through brand advertising • Combined digital engagement leads to: − Increased number of touch points − Greater CRM opportunities: more earn / burn options to increase value of loyalty for customers − Broader user base driving economies of scale in development − Enhanced data sharing with suppliers F&B and Retail can mutually enhance each other Cross-selling and hybrid formats amplify F&B, Duty-Free, and Convenience synergy What it means Learn & Adapt from F&B, DF & Convenience interlinked behaviors • Leverage real-time behavior data to understand customer preferences and purchasing patterns • AI-powered insights optimize product placement, pricing, and promotions dynamically Cross-promotion / Cross-selling opportunities Mixed store formats (hybrid concepts – “light” and “full”) Use cases Hudson x Toblerone — Avolta’s first hybrid in Sharjah, blending iconic Swiss chocolate with F&B for a bold, brand-led experience. One pic on Hudson and one on sthg else please Hungry Club — A bold collaboration with three-Michelin-star chef Dabiz Muñoz, bringing elevated culinary artistry to airport terminals. This hybrid concept offers locally-inspired menus and seasonal flexibility — delivering a premium, sense-of- place dining experience.
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34 Entertainment & activations Engaging activations that convert and increase SPP & sales What it means IMMERSIVE BRAND ACTIVATIONS Immersive brand activations that turn excitement into commercial impact: • Creates unique value in-terminal through immersive brand experiences • Drives traffic, dwell via interactive formats linked to passion points like F1 • Leverages Club Avolta platform to amplify reach, exclusivity, and conversion • 74% of consumers say brand experiences increase their likelihood to purchase CONSUMER DEMAND Use case & commercial impact Before Activation After Activation Avg. Daily Traffic +84% Avg. Daily Dwells +74% Immersive activations that integrate music, live performance and digital storytelling — powered by proprietary formats. 3,200+ trained Academy Graduates across 70+ countries bring entertainment skills in-house. Impact measurement through data-based in store-tech., e.g., passenger flow analysis Sources: Avolta research , Experiential marketing Flight Simulator Halloween Activation DJ Booth
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35 Smart – In-store technology: Linking physical spaces & digital "Intelligent" stores and restaurants boost SPP, conversions, and operational efficiency Smart stores – Building blocks for integrated data-driven intelligent stores / restaurants →Digitally enhanced retail and food & beverage spaces within travel environments →Leverage advanced technologies to improve and deliver: • Personalized customer journey • Seamless & efficient experiences • Optimize commercial performance • Operational efficiency Camera- analytics / predictive analytics AI-powered personalization / integrated engagement tools Interactive digital signage / digital shelves / smart inventory • Self-checkout kiosks • Mobile payment • QR ordering • Scan-and-go systems • Track movement and dwell time (high-traffic areas, popular product display and customer time spent in section) • Understand commercial actions (best promotional areas and campaign effectiveness by measuring of interactions) • Analyze entertainment activations • Predictive replenishment algorithms • Electronic shelf labels (ESLs) with dynamic pricing • Touchscreen product finders or menu selectors • Location- or time-sensitive advertising displays • Convert curiosity into purchase • Real-time product recommend- actions based on traveler profile or flight data • Dynamic promotions tailored by time of day, destination, or PAX segment Customer experience & engagement Op. efficiency / planning 266K assortment recommendations generated Recommendations every 4 hours Shop Floor Copilot 2.2 average number of items per ticket Deployed cases & impact AI assortment optimization Basket analysis Forecast Hub: Ops sales forecast AI tailors assortments using buying patterns and location needs AI empowers staff with real-time customer targeting AI module reveals product affinities to boost insights. AI Forecast becomes shared asset in Forecast Hub • Operational efficiency i.e., queue management for optimizing staff planning • Improve effectiveness • Define store / restaurant layouts • Optimize in-store operations and product availability
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36 Leveraging global footprint – Avolta’s unique data foundation DATA POOL DATA GRANULARITY Global passenger (air) traffic: 9.5 billion passengers (ACI World, 2024) Avolta passenger exposure: 2.5 billion passengers across 70 countries, 5,100+ outlets and 1,000+ locations Avolta consumers: ~670m # of tickets (26.8% penetration rate) (2024; DC & motorways excluded) +11m Club Avolta members IN-STORE TECH Flow analysis Access to wide data pool… … with a wide variety of data types & granularity CONTEXTUAL DATA CUSTOMER DATA LOYALTY DATA Shelf analysis … Time of day Flights per day … Tickets Nationality Boarding passes Personalized data Mail / phone Geo location DATA TYPE & SOURCE DATA EXPERTS INTERNAL → Dedicated Avolta DATA ANTALYTICS team → AI – powered internal data tools (AVOLTA GPT) EXTERNAL Collaborations with external partners (start-ups & established tech companies)
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37 Loyalty – Extracting value from loyalty customers Club Avolta is not just a loyalty program, it’s a powerhouse of customer data • Rolled out globally across 5,000+ outlets • Database reaches 11M+ members • 3x ATV (average transaction value) of members vs. non-members • A loyalty transaction every 2.5 seconds • 36% of members who received a geo push notification went on to make a purchase • 265k+ gameplays since launch, with users playing games opening 5x more Club Avolta sessions than rest • More than 30k members have joined via our status match program, where they have joined from 70+ major airlines and 15+ leading hotel groups focused around easing the travel experience Premium Tier Perks across the world with exclusives offers Travel & Lifestyle Rewards with a network of airline / hotel points partners Earn & Spend Club Avolta captures and connects data Loyalty value proposition Travel & lifestyle partnerships GLOBAL COVERAGE Accepted in over 5,100+ points of sale MEMBERS SAVE MORE Member pricing & member discounts in Reserve & Collect MEMBERS GET REWARDED Access to exclusive products, experiences & instant rewards MEMBERS TRAVEL BETTER Travel network benefits & premium service across Avolta MEMBERS GIVE BACK Access to Avolta foundations & sustainability focused initiatives
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38 Surprisingly predictable growth & predictably surprising travel experience Leveraging our UNIQUENESS… NETWORK / PORTFOLIO REACH GLOBAL DATA ACCESS AVOLTA’S GROWTH CONTRIBUTORS MARGIN EXPANSION DUTY-FREE DUTY-PAID F&B F&B + RETAIL ENHANCED (Hybrid) FLEXIBLE Stores & restaurants DISTINCTIVE LOOK & FEEL (Sense of place / local) SMART In-store technology DATA Digital enabler LOYALTY Club Avolta DIGITAL SPACES RETAIL RETAIL ENTERTAINMENT CASH FLOW CONVERSION … powered by Avolta’s GROWTH ENGINEDriving GROWTH + MARGINS PRICING & ASSORTMENT BRANDSPAX / SPP LANDLORDS BD
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39 … all powered by OUR PEOPLE! Making people part of the journey by fostering a diverse, inclusive and equitable workplace ` Team members+70k THE AVOLTA FAMILY `Guided by common VALUES ` BRAVE PASSIONATE COLLABORATIVEINCLUSIVE United by the AVOLTA TEAM PASSION – Key to our success!
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40 Destination 2027 People at the center
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41 Brand Universe
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42 Destination 2027 Brand partner endorsement
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43 Importance of travel channel for brands Strong partnerships to maintain a diverse and attractive portfolio of brands ` Avolta’s strong partnerships with suppliers are vital for delivering innovative, high- quality products that drive customer satisfaction and fuel our global growth strategy. 5,000+ Brand partners Our teams have a shared commitment to redefining the travel retail experience through agility and creativity. “ Roberto Vedovotto Founder, President and CEO - Kering Eyewear Our partnership is built on a shared commitment to enhance the consumer experience.“ John R. O’Keeffe President, Asia Pacific - Diageo It’s really about a fully immersive indulgence experience. “ An impressive success story, where strong innovation meets strong execution.“ Adalbert Lechner CEO - Lindt & Sprüngli Our partnership is based on a shared passion for delivering exceptional traveler experiences.“ Laurent Pillet CEO - Pernod Ricard Global Travel Retail Daniele Ferrero CEO - Venchi Avolta has been pushing us in digital and format innovation. “ Paul Brown CEO & Co-Founder - Inspire Brands
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44 03 Financial Model
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45 SURPRISINGLY PREDICTABLE… …PREDICTABLY SURPRISING FOCUS ON SHAREHOLDER RETURNS EXPANSION OF EBITDA MARGIN & EFCF CONVERSION STRONG BALANCE SHEET TOP-LINE GROWTH GROWTH ENGINESTRATEGY GROWTH CONTRIBUTORS Assortment / Pricing Loyalty Flexible Distinctive Look and Feel F&B Retail Enhanced Entertainment Smart Data Financial dynamics: Unlocking Avolta’s value potential
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46 Financial performance – On track for Destination 2027 Turnover TURNOVER 2023 2024 12,535 13,473 pf Delivered Results Outlook Destination 2027 Revenue 2024 PAX Increase SPP Business Development Revenue 2027 M&A Total Growth In CHFm Organic Growth CAGR 5-7% GROWTH YoY 16.0 7.5 2023 2024 In % • Organic Growth: Driven by Passenger Growth (PAX) and Spend Per Passenger (SPP) − Generally, PAX contribution approx. two-thirds and SPP around one-third − SPP enhancement achieved through higher average ticket value and penetration • M&A: Focus on bolt-on adhering capital allocation policy (financing via cash / debt while maintaining leverage targets)
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47 Financial performance – On track for Destination 2027 Profitability pf Delivered Results Outlook Destination 2027 ILLUSTRATIVE P&L (% of Turnover) Duty-Free Convenience F&B Gross Profit Margin 61% 66% 70% Concession Fees -34% -24% -17% Personnel Expenses -10% -22% -31% Other Expenses -7% -11% -12% EBITDA 10% 9% 10% EBITDA 2023 2024 1,130 1,267 In CHFm EBITDA MARGIN 2023 2024 9.0 (+20bps) 9.4 (+40bps) In % • Steady EBITDA growth: Since launching Destination 2027, EBITDA margins have improved in line with outlook provided • Similar EBITDA across channels: Different channels show varying costs per line item but end up with similar EBITDA margins • Better EBITDA through cost control: EBITDA margins improve by tightly managing costs and finding leverage opportunities
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48 Financial performance – On track for Destination 2027 Profitability - Gross profit margin (GPM) Assortment Management • Strategically adjusting product mix towards high-margin products (Retail) • Active ingredients management depending on prices (F&B) • Inventory management (Retail) • Waste reduction (F&B) Active Purchase Price Management • Purchase price negotiation • Advertising income • Brand CAPEX contribution Active Selling Price Management • Pricing policies • Strategic selling price increases • Dynamic pricing • Promotions • Personalized offers • Member-pricing (Club Avolta) Different GPMs per channel 30% 60% 65% 70% Duty-Free Convenience F&B 0%
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49 Financial performance – On track for Destination 2027 Profitability – Concession fees Business Line Split Concession fee trend • Plateauing effect after period of increasing concession fees driven by anticipated growth of Chinese customers, industry consolidation and Minimum Annual Guaranteed (MAG) step-ups • Increased discipline in contract renewals and tender negotiations in recent years Level of concession fee no indication for quality of the contract portfolio or overall performance • Different concepts show varied concession fee levels • Contracts with differing fees can yield similar returns Items Retail F&B Concession Fee ~29% ~17% EBITDA (%) ~9.4% ~9.6% CAPEX (% of sales) ~3% ~5% Contract Duration (years) 5-10 10-20
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50 Financial performance – On track for Destination 2027 Profitability – Continuous improvement culture and strict cost control Note: * Percent of stores with given technology only. System sales weighted average. Personnel Expenses Operational Expenses 460 retail stores utilize self- checkout accounting for 60% of convenience sales*• Automation • Shared Services • Flexible staffing • Contract renegotiation • Standardization & outsourcing • Indirect procurement office Cost Efficiency/ Control Programs Active Portfolio Management Data driven decisions Economies of scale LEVERS MAIN P&L TARGET ITEMS EXAMPLES Zero-based budgeting Streamline global cash and credit card handling reducing fees and ensure a frictionless customer journey Expand SSC scope by adding additional tasks and functions Efficiency improvement by use of AI including AvoltaGPT, Avolta’s Co-Pilot and others
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51 Financial performance – On track for Destination 2027 Cash Flow Delivered Results EFCF Conversion 2024 CAPEX Efficiency Deleverage and Debt Management Others EFCF Conversion 2027 EFCF Conversion Improvement CAGR +100-150 Bps • Asset light model results in strong cash flow conversion • Equity Free Cash Flow yield improvement driven by − CAPEX efficiency improvement: EBITDA margin improvement while CAPEX as percentage of turnover remains constant at 4% − Interest Expenses: Deleverage and active debt management − Continuous improvement ambition on all other lines of the cash flow Outlook Destination 2027 EFCF 323 425 2023 2024 In CHFm EFCF CONVERSION 28.5 33.5 2023 2024 In %
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52 Financial performance – On track for Destination 2027 Cash Flow – Elements Interest Expenses Driven by deleverage and active interest expenses management: • High proportion of long-term fixed-rate debt • Strong available liquidity position allows for opportunistic refinancing ahead of maturities Income Taxes Paid • Expected Income Tax Paid rate of approx. 25% Net Profit to Equity Holders • Relative Income Tax Paid contribution expected to be stable Dividend to Minorities • Inherent part of business model (mainly for US) • Minority engagement sometimes pre-requisite to participate in tender and / or with positive effect on contract terms • Minorities investment in line with their share in the joint venture • Relative minority contribution expected to be stable Trade Net Working Capital • Retail requires more investment in trade NWC compared to F&B • Mid-term change in NWC expected to be neutral CAPEX Mid-term CAPEX guidance around 4% of turnover Combination of Autogrill and Dufry led to efficiency increase • Pre-combination pro forma CAPEX of approx. 4.5% • Efficiency mainly related to standardization (IT, store equipment) and evolution of F&B food preparation (focus on frozen food prepared off premise) Retail F&B 3% 5-10 5% 10-20 CAPEX Duration (in years)
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53 Financial performance – On track for Destination 2027 Highly variable cost structure and sustainable cash conversion Note: Avolta Data as of FY 2024 1 Chart illustrates the effects of an extreme event such as the Covid-19 pandemic 2 NWC includes Trade Working Capital and Non-trade Working Capital; largely variable with delay of some months related to orderin g and payment terms 3 CAPEX largely variable and controlled, in line with contractual agreements with landlords • Asset-light model results in strong EFCF conversion • Variable taxes and minorities; controlled CAPEX and working Capital if required • Interest rates largely fixed at attractive terms • Resilient EBITDA margins thanks to flexible cost base • Protection against inflation thanks to price inelasticity in both Travel Retail and F&B • Cost and business development discipline COGS Concession Fees1 PEX OPEX Approx fix share of cost (in %) Approx variable share of cost (in %) 0% 100% NWC2 CAPEX3 Income Tax Minorities Interest Approx fix share of cost (in %) Approx variable share of cost (in %) 0% 100% Highly Flexible Cost Base Sustainable Cash Conversion
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54 Mid-Term Outlook Organic Growth EBITDA Margin (%) EFCF Conversion (%) Mid-Term Outlook +5% – 7% +20 – 40 bps +100 – 150 bps
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55 04 Capital Allocation and Shareholder Return
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56 Clear Capital Allocation Policy Store Network Upgrade Digital and Technology Transformation Business Development Small/ medium size selective M&A Invest In Growth (Organic & Inorganic) Store network upgrade Digital and technology transformation Business Development / new space Small / medium sized selective M&A Capital Returns Balance Sheet Efficiency Strong credit rating Target net debt / EBITDA 1.5x - 2.0x (flexibility up to 2.5x for selective M&A) Pay a progressive dividend of ~1/3 of EFCF, growing in line with EFCF Medium-term excess cash to be returned via potential Share Buybacks
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57 Clear Capital Allocation Policy Invest in growth Investment Criteria M&A • Small to medium-sized bolt-on • Cash / debt financed • Aligned with capital allocation policy • Shareholder value accretion Focus on ReturnBusiness Development CAPEX • New space & renewals tenders, RFPs and direct negotiations • Includes investment into technology incl. IT and Digital ROIC = Average CORE Invested Capital NOPAT adj. for minorities • Invested Capital follows CORE framework • Post-minority basis to align with Avolta’s business model • Based on L12M to minimize seasonality • Numerator: CORE EBIT * (1 - Tax %) - Minorities NOPAT1 • Denominator: Total Equity + Net Debt + CORE Adj. – Minorities Adj. 1 Tax %: Effective Tax Rate; 2 CORE Adj.: Represents lease obligations net of right-of-use assets; 3 Minorities Adj.: Equity and net debt attributable to minorities • Alignment to strategic goals • Strict supervision by investment committee • Portfolio optimization maximizing returns and resilience • Resolute focus on value creation − Active Portfolio Management − Risk-adjusted WACC − Financial KPIs − IRR on contract basis, ROIC on portfolio ROIC as key capital returns steering metric • Link to strategy and business model • Framing capital allocation decisions • Drive long-term shareholder value creation • Significant performance increase in recent years • No guidance provided
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58 Clear Capital Allocation Policy Balance sheet efficiency (I/II) 4.8x 2.6x Leverage Leverage Net of treasury share purchases 2.1x 1.9x B+ BB- BB BB+ HY22 FY22 HY23 FY23 HY24 FY24 B1 Ba3 Ba2 Ba1 HY22 FY22 HY23 FY23 HY24 FY24 S&P Moody’s 2015 2017 2020 2021 2022 2023 2024 3,956 3,687 3,344 3,080 2,811 2,696 2,663 819 1,198 Mar 2025 Cash & Cash Equivalents Committed credit lines available 2,017 • Strong liquidity position of CHF 2’017m • Avolta well positioned for any upcoming financing requirements Financial Net Debt In CHFm Leverage (Net Debt / CORE EBITDA) 2022 2023 2024 Credit Rating Liquidity
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59 Clear Capital Allocation Policy Balance sheet efficiency (II/II) By Product • Well balanced debt maturity profile (average maturity of PF 4.3 years) • Access to different financing products incl bonds and bank debt • Product mix geared towards fixed rate products with high visibility on interest expenses 13%25%62% Bond Loans Convertible Bond By Currency 3%24%33%38% EUR CHF USD GBP OTHER By Interest 25%75% Fix Floating 500 717 693 932 1,363 478 478 2026 2027 2028 2029 2030 2031 2032 CHF 500m Convertible bond '26 EUR 750m Bond '27 EUR 725m Bond '28 EUR 2,400m RCF '29 (drawn) EUR 2,400m RCF '29 (undrawn) EUR 500m Bond '31 EUR 500m Bond '32 Debt Maturity Profile Debt Overview Note: Pro forma as of December 2024, reflecting the issuance of the € 500m bond in late May 2025. Proceeds were used to refin ance the outstanding CHF 300m Senior Notes due 2026 and to repay borrowings under the revolving credit facility (RCF) In CHFm
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60 Clear Capital Allocation Policy Capital returns CHF 2023 2024 43% 152.6 146.5 2023 2024 2025 CHF 304 347 2024 2025 2.3 2.6 2023 2024 16% EPSEFCF per Share 2.3 2.9 2023 2024 24% No. of shares outstanding (m) • FY 2024 dividend CHF 1.00 per share (+43% YoY) • Medium-term targets and capital allocation policy underpins progressive dividend growth over the foreseeable future • A total of CHF 651m cash is expected to have been returned to shareholders in 2024 and 20251 • Share cancellation CHF 200m in 2024 (4% of outstanding shares) • Share buyback 2025 of up to CHF 200m launched • Medium-term excess cash to be returned via share buybacks Continuous focus on improving governance, capital allocation and remuneration reflects our commitment to transparency & sustainable stakeholder value Dividend Share Buyback (SBB) Dividend & SBB Metric per Share 1 SBB 2025 still ongoing and expected to reach CHF 200m
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61 Avolta brands
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62 05 Conclusion
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63 SURPRISINGLY PREDICTABLE… …PREDICTABLY SURPRISING Assortment / Pricing Loyalty Flexible Distinctive Look and Feel F&B Retail Enhanced Entertainment Smart Data Conclusion – Avolta is surprisingly predictable & predictably surprising Predictable & resilient growth, clear GROWTH CONTRIBUTORS Predictable delivery on financial performance Predictable return to shareholders through dividends & SBB Surprising travelers with new formats and holistic experiences Surprising travelers thanks to digital & data Robust and consolidated GROWTH ENGINE Growth Contributors Outlook Capital Allocation Growth Engine
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65 Appendix
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66 ` Diverse executive team Avolta Global Executive Committee Xavier Rossinyol Chief Executive Officer Yves Gerster Chief Financial Officer Freda Cheung President & CEO Asia Pacific Steve Johnson President & CEO North America Enrique Urioste President & CEO Latin America Luis Marin President & CEO EMEA Pascal C. Duclos Group General Counsel Vijay Talwar Chief Commercial & Digital Officer Katrin Volery Chief People, Culture & Organization Officer
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67 BoD & key shareholders – Balanced ownership & experienced leadership 22.2% 8.7% 4.9% 4.5% 59.7% Edizione Advent Richemont Other Strategic Free Float Juan Carlos Torres Executive Chairman Bruno Chiomento Joaquín Moya- Angeler Cabrera Luis Maroto Camino Mary J. Steele Guilfoile Heekyung Jo Min Lead Independent Director Ranjan Sen Jeanne JacksonEugenia M. Ulasewicz Alessandro Benetton Honorary Chairman Sami Kahale Vice-Chairman Enrico Laghi Vice-Chairman Board of Directors (BoD) Key Shareholders Note: As of 26 June 2025
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68 Journey on
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69 Legal Disclaimer This document contains certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes’, ‘expects’, ‘anticipates’, ‘projects’, “targets”, ‘intends’, ‘estimates’, ‘future’, “outlook”, or similar expressions or by discussion of, among other things, strategy, goals, plans, intentions or financial performance. All forward-looking statements included in this document are based on current expectations, estimates and projections of Avolta AG (the “Company”) about the factors that may affect its future performance. Factors that could cause the Company’s results to deviate from such forward-looking statements include, among others: global GDP trends, competition in the markets in which the Company operates, unfavorable changes in airline passenger traffic, unfavorable changes in taxation and restrictions on the duty-free sale in countries where the company operates. Although the Company believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved. The Company assumes no obligation to update forward-looking statements included in this document. The Company does not sponsor, participate in or assist any American Depositary Receipts (“ADRs”) program. ADR holders are not shareholders of the Company and are not entitled to the same rights as holders of bearer shares or registered shares of the Company. To the extent that any ADR depository or ADR holder obtains any information regarding the Company, whether from the Company directly (including but not limited to investor presentations, investor relations materials, or other presentations), or otherwise, the Company does not endorse or support using that information in connection with any such ADR program. Alternative Performance Measures: This document contains information regarding alternative performance measures. Definitions of these measures and reconciliations between such measures and their IFRS counterparts if not defined in the document may be found on pages 266-272 of the Avolta 2024 Annual Report available on our website at https://www.avoltaworld.com/en/investors.
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