Slides
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H1 2026 Results J u l y 2 0 2 6
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Agenda 01 H1 2026 02 Financial Update 03 Conclusion 04 Appendix 2
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01 H1 2026
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Highlights H1 2026 4 GROWTH +3.7% Robust Performance ▪ CORE turnover CHF 6,437m ▪ Growth +3.7% organic, +3.1% CER ▪ Organic growth +5.2% excl. Middle East effect ▪ Diversified platform supported performance across regions EBITDA 9.1% EFCF CHF 207m Avolta delivered a resilient performance in H1 2026 despite strong geopolitical headwinds CAPITAL ALLOCATION Profitability Protected ▪ CORE EBITDA CHF 583m, +0.6% CER ▪ CORE margin 9.1%, -0.2% YoY ▪ Excl. Middle East effects and large ramp-ups, margin approx. 9.5% Cash generation accelerated ▪ H1 EFCF CHF 207m ▪ Q2 EFCF CHF 370m Disciplined capital allocation ▪ Organic investments in Pudong and JFK amongst others ▪ Acquisition of DFS Okinawa, Japan, expected to be immediately earnings accretive; closing imminent ▪ Leverage 2.07x vs. 2.15x LY ▪ Shares with a total value of CHF 106m repurchased under the current program 2 Medium-term outlook reconfirmed ▪ Avolta medium-term strategy and sector fundamentals remain intact ▪ July organic growth +4.1% YoY, +4.8% excl. Middle East ▪ Ramp-up of JFK and Pudong progressing in line with plan ▪ Safeguarding measures implemented to support H2 profitability and EFCF ▪ 2026 top-line currency translation is expected to be -3.5% ▪ Temporary Middle East disruption and operational ramp-up effects do not impact medium-term outlook 1Constant Exchange Rate 2As of June 30, 2026
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Diversified footprint, resilient growth H1 2026 Regional Performance NA: CHF 1,936m CORE turnover 2 countries ~1,940 outlets LATAM: CHF 777m CORE turnover 22 countries ~460 outlets EMEA: CHF 3,255m CORE turnover 34 countries ~2,280 outlets APAC: CHF 469m CORE turnover 13 countries ~365 outlets CORE turnover (CHFm) H1 2026 LfL OG YoY EMEA 3,255 +3.5% +1.9% NA 1,936 +2.3% +2.8% LATAM 777 +4.1% +5.2% APAC 469 +5.7% +19.7% Group 6,437 +3.5% +3.7% LfL = Like for Like OG = Organic growth ▪ EMEA OG excl. Middle East effect +4.6% ▪ Group OG excl. Middle East effect +5.2% 5
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Despite external volatility…Avolta continues to invest Avolta continues to selectively deploy capital into platforms that underpin future earnings growth 6 Business development Organic growth platform Shanghai Pudong/JFK ▪ Pudong ▪ Strategic entry into mainland China ▪ Start-up investment in H1 2026 ▪ Ramp-up progressing in line with plan ▪ JFK ▪ Significant contract win, ramp-up continuing into 2027 M&A platform DFS Okinawa ▪ Entry into attractive travel retail market ▪ Expected to be immediately earnings accretive ▪ Strengthened APAC footprint ▪ Closing expected imminently Other business development Contract wins, digital & data ▪ Major contract wins and extensions across all channels ▪ Ongoing investment in customer experience ▪ Pipeline supports future growth Selective investment earnings accretion cash generation shareholder value
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…Avolta continues to transform 10.2bn Global air PAX (ACI World, Jan 2026) 2.5bn Avolta PAX exposure ~682m # of tickets (27% penetration rate)1 +20m Club Avolta members Scale & Data Advantage Pricing Dynamic, customer-led Assortment Demand driven Inventory Optimized availability and flow Staffing Streamlined staff planning Smarter Commercial Decisions Higher Financial Value 7 Growth Cash Generation ROIC 12025; DC & motorways excluded Margins
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…Avolta continues to deliver With disciplined Capital Allocation and medium-term outlook reconfirmed Medium-term outlook reconfirmed ▪ Avolta medium-term strategy and sector fundamentals remain intact ▪ Safeguarding measures implemented to support H2 profitability and EFCF ▪ Temporary Middle East disruption and operational ramp-up effects do not impact medium-term outlook 8 Store Network Upgrade Digital and Technology Transformation Business Development Small/ medium size selective M&A Invest in growth (Organic and Inorganic) ▪ Store network upgrade ▪ Digital and technology transformation ▪ Business development / new space ▪ Small / medium sized selective M&A • Balance sheet funded, no use of equity • Accretive Capital returns Balance sheet efficiency ▪ Strong credit rating ▪ Target net debt / CORE 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 Consistent capital allocation policy H1 2026 ▪ July organic growth +4.1% YoY, +4.8% excl. Middle East ▪ Focused execution to support margin and EFCF progression ▪ Agile response to external volatility while maintaining strategic priorities Medium-term outlook reiterated Organic growth EBITDA margin (%) +20 – 40 bps +5% – 7% EFCF conversion (%) +100 – 150 bps
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02 Financial Update
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9.1% 2.07x+3.7%+3.1% Key H1 2026 figures CORE EBITDA EBITDA MARGIN CHF 583m Approx. 9.5% excl. Middle East and major ramp-up effects EFCF LEVERAGE CHF 207m 2.15x H1 25 1 Constant Exchange Rate CORE TURNOVER GROWTH CHF 6,437m Organic +5.2% excl. Middle East 10 CER1
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Growth contributors 1 CORE Turnover H1 2026 Q2 2026 Like for Like +3.5% +2.8% New concessions, net +0.2% +0.2% Organic Growth +3.7% +2.9% Organic Growth excl. Middle East +5.2% +4.6% M&A and Others -0.7% -0.7% Growth (CER) +3.1% +2.2% FX Impact -5.7% -3.1% Reported Growth -2.7% -0.9% 11 Turnover growth ▪ Resilient organic growth trends ▪ H1 CORE turnover growth +3.1% CER, +3.7% organic ▪ OG excl. Middle East effect +5.2% ▪ Healthy momentum reflects the strength of Avolta's diversified global platform H1 2026 geographical split and organic growth (OG) 51% 30% 12% 6% EMEA NA LATAM APAC TURNOVER1 EMEA 3,255CHFm OG: +1.9% TURNOVER1 NA 1,936CHFm OG: +2.8% TURNOVER1 LATAM 777CHFm OG: +5.2% TURNOVER1 APAC 469CHFm OG: +19.7%
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CORE Profit & Loss CORE financials include acquisition-related, lease and fuel sales adjustments. Reconciliation to IFRS provided in Avolta H1 2026 report page 23-28, published on Avolta’s website 1 All % as % of Turnover except for Income Taxes (% of CORE EBT) and Non-Controlling interest (% CORE Net Profit) Weighted average number of shares (‘000) 140,699 144,103 EPS (in CHF) CORE EPS (Basic) 1.43 1.57 CORE EPS (Diluted) 1.40 1.55 CHFm H1 2026 %1 H1 2025 %1 Net sales 6,318 6,503 Advertising income 119 110 Turnover (CORE) 6,437 100.0% 6,613 100.0% Cost of sales -2,229 -34.6% -2,275 -34.4% Gross profit 4,208 65.4% 4,338 65.6% Concession expenses -1,687 -26.2% -1,722 -26.0% Personnel expenses -1,366 -21.2% -1,370 -20.7% Other expenses (net) -572 -8.9% -634 -9.6% EBITDA (CORE) 583 9.1% 612 9.3% Depreciation, amortization and impairment -174 -2.7% -171 -2.6% EBIT (CORE) 409 6.4% 441 6.7% Financial result -69 -1.1% -79 -1.2% EBT 340 5.3% 362 5.5% Income tax -74 -21.7% -72 -19.9% Net profit 266 4.1% 290 4.4% Non-controlling interests -65 -24.5% -64 -22.1% Profit equity holders (CORE) 201 3.1% 226 3.4% 12 ▪ CORE EBITDA reached CHF 583m, equivalent to a 9.1% margin ▪ Adjusted for Middle East disruption and major ramp-up effects, EBITDA margin was approximately 9.5% ▪ Targeted productivity and cost actions support H2 margin delivery ▪ Focus remains on operational efficiency and cash discipline Productivity drive underpins earnings Quarterly EBITDA margin evolution Q1 H1 9M FY 2022 4.2% 7.8% 9.2% 8.8% 2023 5.7% 8.6% 9.5% 9.0% 2024 6.1% 9.0% 9.9% 9.4% 2025 6.4% 9.3% 10.2% 9.7% 2026 6.6% 9.1%
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Cash Flow Statement ▪ H1 2026 EFCF CHF 207m, conversion 35.5% ▪ Cash generation accelerated significantly in the second quarter ▪ Q2 EFCF reached CHF 370m ▪ Avolta to protect cash generation while continuing to invest selectively CORE financials include acquisition-related, lease and fuel sales adjustments. Reconciliation to IFRS provided in H1 2026 report page 23-28, published on Avolta’s website 1 Share Buyback program and outstanding LTI programs CHFm H1 2026 H1 2025 CORE EBITDA 583 612 Changes in net working capital 20 28 Capital expenditures -213 -247 % of Turnover 3.3% 3.7% Minorities -67 -74 Income taxes paid -57 -34 Cash flow before financing 266 285 Interest, net and other financing items -59 -69 Equity free cash flow 207 216 EFCF Conversion 35.5% 35.3% Dividend to Group shareholders -161 -143 Purchase of treasury shares1 -166 -92 Other financing activities, FX on net debt -44 23 Decrease/ (Increase) in Financial net debt -164 4 Net Debt – beginning of the period 2,531 2,663 – end of the period 2,695 2,659 Robust EFCF performance 13
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1 Leverage calculated as Net Debt / CORE EBITDA LTM at constant FX rates Leverage1 Maturity profile CHFm ▪ Net debt CHF 2,695m ▪ 2.07x Net debt/CORE EBITDA ▪ Weighted avg. maturity 3.9 years ▪ Weighted avg. interest 3.0% ▪ Balance fixed / floating rate 61% / 39% ▪ Debt split: USD: 30%, EUR: 30%, CHF: 33%, other 7% ▪ Completed the partial refinancing of the EUR 750m 2027 bond maturity with the successful issuance of a new EUR 400m bond with a 4.625% coupon, maturing in 2033 Financial net debt and leverage Leverage Well diversified financing structure Avolta enhances financial position 14 366 669 462 462 369 980 2026 2027 2028 2029 1,235 2030 2031 2032 2033 EUR 2’400m RCF drawn EUR 2’400m RCF undrawn EUR 500m Senior Notes 2031 EUR 500m Senior Notes 2032 EUR 750m Senior Notes EUR 725m Senior Notes EUR 400m Senior Notes 2.62x 2.35x 2.15x 2.07x H1 2023 H1 2024 H1 2025 H1 2026
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03 Conclusion
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Conclusion 16 Resilient platform. Improving cash generation. Strategic confidence unchanged. Resilience Diversified global platform supported performance despite unusual temporary headwinds Cash Cash generation accelerated through Q2, with continued focus on EFCF protection Platforms JFK, Pudong and Okinawa strengthen future earnings growth and diversification Execution Safeguarding measures implemented to support H2 profitability and EFCF Confidence Temporary effects do not alter the medium-term outlook or long-term value creation potential
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04 Appendix 17
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Income Statement H1 2026 – IFRS to CORE Bridge 18 CHFm IFRS H1 26 Acquisition related adjustments Lease adjustments Fuel sales adjustments CORE H1 26 Net sales (IFRS) / (CORE) 6,450 - - (132) 6,318 Advertising income 119 - - - 119 Turnover (IFRS) / (CORE) 6,569 - - (132) 6,437 Cost of sales (IFRS) / (CORE) (2,351) - - 122 (2,229) Gross profit (IFRS) / (CORE) 4,218 - - (10) 4,208 Leases expenses (IFRS) / Concession exp. (CORE) (938) - (749) - (1,687) Personnel expenses (1,366) - - - (1,366) Other expenses net (IFRS) / (CORE) (549) - (33) (10) (572) Operating Profit wo D&A / CORE EBITDA 1,365 - (782) - 583 D&A / impairment of PPE (924) 95 655 - (174) Operating Profit / CORE EBIT 441 95 (127) - 409 Financial result (IFRS) / (CORE) (299) - 230 - (69) Profit before Tax / CORE EBT 142 95 103 - 340 Income tax (IFRS) / (CORE) (46) (23) (5) - (74) Net profit / CORE Net profit 96 72 98 - 266 Non-controlling interests 61 1 3 - 65 Profit equity holders 35 71 95 - 201 ▪ Acquisition-related adjustments: Remove amortization and impairment of acquired intangible assets to highlight underlying performance and its development ▪ Lease adjustments: Reverse the accounting impact of IFRS 16 ▪ Fuel sales adjustments: Reclassify net sales and related costs from fuel sales to other income, as Avolta effectively acts as an agent for these transactions on behalf of third parties
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Balance Sheet ▪ Right of Use assets and lease liabilities increase driven by new and modified lease contracts (e.g., Pudong new lease and Zurich extension) ▪ Inventories higher ahead of seasonally stronger summer period ▪ IFRS equity reduction from share buyback program (CHF 106m) and FY 2025 dividends (CHF 161m) Balance Sheet mainly affected by 19 CHFm Jun 26 Dec 25 Delta ASSETS Property, plant & equipment 1,350 1,325 25 Right of use assets 7,926 7,302 624 Intangible assets 1,584 1,664 -80 Goodwill 2,911 2,896 15 Inventories 1,360 1,198 162 Other accounts receivable 739 738 1 Deferred tax assets 129 132 -3 Other non-current assets 252 234 18 Other current assets 163 79 84 Cash and cash equivalents 930 727 203 Total assets 17,344 16,295 1,049 LIABILITIES Equity attributable to equity holders of parent 1,608 1,906 -298 Non-controlling interests 174 145 29 Total equity 1,782 2,051 -269 Borrowings 3,646 3,299 347 Lease obligations 8,815 8,152 663 Deferred tax liabilities 292 309 -17 Other non-current liabilities 183 198 -15 Other current liabilities 2,626 2,286 340 Total liabilities 15,562 14,244 1,318 Total equity and liabilities 17,344 16,295 1,049
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USD 42% EUR 30% GBP 11% Other 17% FX H1 2026 CORE Turnover by currency H1 2026 Q2 development of main currencies YoY Q2 development of other key currencies YoY FX translation impact on turnover YoY 20 Average rates Average rates Q1’ 24 Q2’24 Q3’ 24 Q4’24 1.4% Q1’ 25 Q2’25 Q3’25 Q4’ 25 Q1’ 26 -4.4% 0.0% -1.3% -0.9% -6.1% -4.7% -5.6% -8.8% Q2’ 26 -3.1% -8.7% -2.5% -5.3% USD/CHF EUR/CHF GBP/CHF -10.5% 28.3% USD/BRL USD/ARS
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Worldwide exclusive benefits Buzz-worthy rewards Enhanced travel One app 5,100 Outlets 1.000+ Brands 70 Countries 6 Continents Join today
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22 Selected Events Q3 Trading Update29 October 2026 Contact +44 7543 800 405 Rebecca.McClellan@avolta.net Global Head Investor Relations Rebecca McClellan
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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 the H1 Financial Report 2026 (page 23-28) available on our website at https://www.avoltaworld.com/en/investors. 23