Slides
Page 1
9M 2026 Trading update O c t o b e r 2026
Page 2
Agenda 01 9M 2026 02 Financial Update 03 Conclusion 2
Page 3
01 9M 2026
Page 4
Highlights 4 Resilience despite external headwinds Increased momentum through Q3 Delivering on Destination 2027 Financial and capital allocation discipline Performance and cash generation remained solid despite geopolitical disruption and the ramp-up of major new operations Growth accelerated and profitability gap narrowed as headwinds moderated and initiatives gained traction Value-creation initiatives including technology, digital and data transformation are strengthening the proposition and supporting performance Executing on strategic investments with continued focus on profitability, cash generation and returns
Page 5
Organic growth accelerated in Q3 5 Organic growth by quarter (YoY) +170bps Q2 → Q3 Q3 organic growth accelerated to +4.6%, supported by a stronger like-for-like performance and continued positive net new concession growth Resilient growth across the portfolio Organic growth reached +5.2% excluding the Middle East; North America continued to deliver positive organic growth Encouraging underlying demand Like-for-like growth accelerated to +4.4% in Q3, from +2.8% in Q2 +0.5% +4.2% Q1 +0.2% +2.8% Q2 +0.2% +4.4% Q3 LfL Net new concessions +4.7% +4.6% +2.9% Organic Growth ME impact -1.2% -1.7% -0.6% Portfolio contribution turning positive M&A and Other contributed +0.1% in Q3, reflecting initial contributions from strategic investments completed during the quarter
Page 6
Unique traveler data powers Avolta IQ 10.2bn Global air PAX (ACI World, Jan 2026) 2.5bn Avolta PAX exposure ~700m # of tickets (28% penetration rate)1 +21m 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 6 12025; DC & motorways excluded Avolta IQ Our proprietary commercial intelligence engine, powered by in-house AI and machine learning on Avolta’s unique data assets Signals Collects data inputs Connections Links, interprets and learns Activations Triggers commercial actions Shared value Improves overall experience
Page 7
Club Avolta: One app for rewards, benefits and enhanced travel 7 Worldwide exclusive benefits Buzz-worthy rewards Enhanced travel One app 5,100 outlets 1,000+ brands 71 countries 6 continents Key figures >21M loyalty members +24% YoY growth in loyalty sales (Q3) 1 in 3 online orders performed via Club Avolta app Q3 milestones PARTNERSHIP Club Avolta expands its loyalty ecosystem New partnership launched with Turkish Airlines RECOGNITION European Loyalty Award – Best Loyalty Initiative in Travel, Leisure, Experience & Entertainment First award for Club Avolta outside the travel retail industry MEMBER ENGAGEMENT +90 member rewards Engagement with rewards content grew by +170% YoY
Page 8
Disciplined capital allocation, medium-term outlook reiterated 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 execution Medium-term outlook reiterated ▪ Preliminary October organic growth around +4.0%, with strength across all regions ▪ Initiatives to support profitability and cash generation gained traction, reinforcing Avolta’s confidence in its medium-term outlook Medium-term outlook Organic growth EBITDA margin (%) +20 – 40 bps +5% – 7% EFCF conversion (%) +100 – 150 bps
Page 9
02 Financial Update
Page 10
10 ▪ Progressive ramp-up of major new operations ▪ Lower Middle East impact ▪ Initiatives supporting profitability and cash generation gained traction ▪ 9M EBITDA margin: ▪ -20bps YoY to 10.0% ▪ +20bps YoY underlying, net of Middle East disruption and ramp-up of major new operations ▪ CHF 501m generated in 9M ▪ CHF 294m generated in Q3 ▪ Continued focus on execution and cash generation Year-on-year margin gap narrowed in Q3 EBITDA1 margin evolution EFCF Performance EBITDA Margin Q1 Q2 Q3 6.4% 6.6% 11.7% 11.1% 11.9% 11.6% 60 bps ~40 bps EFCF evolution 2025 2026 -104 216 503 -164 207 501 Q1 HY 9M 2025 2026 1 CORE: Refer to APM section in H1 Financial Report 2026 (page 23-28) for the reconciliation of the IFRS and CORE profit and loss statement 10.2% 9M 25 10.0% 9M 26 10.4% Underlying
Page 11
11 1 Leverage calculated as Net Debt / CORE EBITDA LTM at constant FX rates 2 CHF 122m remaining of the February 2027 bond (EUR 750m) already refinanced and to be repaid at maturity; therefore, excluded from the chart ▪ Net debt CHF 2,728m ▪ 2.0x Net debt/CORE EBITDA ▪ CHF 191m (vs. CHF 129m LY) repurchased under the ongoing share buyback program ▪ Strategic investments in DFS Okinawa and Penha Duty Free completed during the quarter ▪ Weighted average maturity 4.3 years ▪ Weighted average interest 3.0% ▪ Balance fixed / floating rate 64% / 36% ▪ Debt split: USD: 30%, EUR: 34%, CHF: 29%, other 7% ▪ RCF maturity extended by one year to 2031 ▪ Issued EUR 400m and EUR 350m bonds in June and September, respectively ▪ Except for the EUR 725m bond due in 2028, no refinancing required before 2031 Financial net debt and leverage Leverage Well diversified financing structure Refinancing completed 687 473 331 379 978 473 2026 2027 2028 2029 2030 1’294 2031 2032 2033 EUR 2,400m RCF undrawn EUR 2,400m RCF drawn EUR 500m Senior Notes 2031 EUR 500m Senior Notes 2032 EUR 725m Senior Notes 2028 EUR 350m Senior Notes 2032 EUR 400m Senior Notes 2033 Leverage1 Maturity profile2 CHFm 2.6x 9M 23 2.2x 9M 24 1.9x 9M 25 2.0x 9M 26
Page 12
03 Conclusion 12
Page 13
Conclusion 13 Progress through Q3 reinforces confidence in Avolta’s medium-term targets Growth accelerating +4.6% Q3 organic growth, up from +2.9% in Q2; momentum remained strong into October Margin progression continued 11.6% Q3 CORE EBITDA margin; YoY gap narrowed to approx. 40bps as impacts moderated and initiatives gained traction Strong cash generation CHF 501m 9M EFCF, including CHF 294m generated in Q3 Disciplined capital allocation 2.0x Leverage after completion of strategic investments and ongoing share buyback program
Page 14
One app 5,100 Outlets 1,000+ Brands 71 Countries 6 Continents Join today Thank you! Worldwide exclusive benefits Buzz-worthy rewards Enhanced travel
Page 15
15 Selected Events Full-Year 2026 Results 10 March 2027 Contact +44 7543 800 405 Rebecca.McClellan@avolta.net Global Head Investor Relations Rebecca McClellan
Page 16
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. 16