Avolta (AVOL) investor relations material

Executive summary

• Reported turnover for the first nine months of 2025 was CHF 10.609 billion, with CORE turnover at CHF 10.407 billion, reflecting 5.8% growth at constant exchange rates and 5.4% organic growth year-over-year.

• CORE EBITDA margin expanded to 10.2%, up 30 basis points year-over-year, with record equity free cash flow (EFCF) of CHF 503 million and leverage reduced to 1.9x.

• October organic growth accelerated to 6.0% year-over-year, driven by positive momentum in North America and global expansion.

• Club Avolta loyalty program surpassed 15 million members, enhancing customer engagement and supporting future growth.

• Secured major contracts in Japan and US airports, including a long-term duty-free contract at JFK Terminal 8.

Financial highlights

• 9M 2025 turnover reached CHF 10.609 billion, with CORE turnover at CHF 10.407 billion (+5.8% CER, +5.4% organic), and like-for-like growth at 4.0%.

• EBITDA margin improved by 30 basis points year-over-year to 10.2%; Q3 margin rose to 11.9%, up 37 basis points.

• Record EFCF of CHF 503 million for the nine months, up 13.0% year-over-year, with a conversion rate of 47.3%.

• Leverage reduced to 1.9x net debt/CORE EBITDA, improved from 2.2x in September 2024.

• CHF 129 million spent on share buybacks (3.2 million shares) by end-September under a CHF 200 million program.

Outlook and guidance

• Medium-term targets confirmed: 5–7% organic growth per annum at CER, 20–40 basis points annual EBITDA margin expansion, and 100–150 basis points annual EFCF conversion improvement.

• October organic growth expected at +6.0% year-over-year, with North America showing an encouraging inflection.

• Q4 free cash flow expected to be flattish to slightly negative, in line with historical seasonality.

• 2025 currency translation expected to be -3% at current exchange rates.