Ad-hoc | 15 May 2025 06:30


Avolta reports strong first quarter 2025, with CORE turnover growth of +8.2% CER, EBITDA margin of 6.4%, +37bps YoY, and reaffirms outlook

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

Q1 2025 HIGHLIGHTS:

  • Strong Financial Performance
    • Reported turnover CHF 3,105m
    • CORE turnover CHF 3,050m
    • CORE turnover growth +8.2% YoY at constant exchange rate (CER)
    • Organic growth +5.3% (+6.5% w/o leap year effect)
    • CORE EBITDA CHF 196m, +16.3% YoY
    • CORE EBITDA margin 6.4%, +37 bps YoY
    • Equity Free Cash Flow (EFCF) CHF -104m, in line with seasonal patterns
  • Strong Financial Position
    • Leverage (Net Debt / CORE EBITDA) 2.18x, down from 2.55x a year ago
    • Financial net debt CHF 2,820m
    • Share buy-back CHF 49m executed under the up to CHF 200m program 1
  • Outlook and Confidence in Medium-Term Targets
    • April YTD CORE turnover growth +8.5% YoY CER
    • Organic growth +5.7% (+6.6% w/o leap year effect)

Q1 2025 KEY FINANCIAL HIGHLIGHT

Avolta reported turnover totalled CHF 3,105m and CORE turnover CHF 3,050m, reflecting CER growth of +8.2% YoY and organic growth of +5.3% (+6.5% w/o leap year effect). April YTD results show continued momentum with CER growth of +8.5% YoY and an organic growth of +5.7% (+6.6% w/o leap year effect).

CORE EBITDA reached CHF 196m, a +16.3% increase YoY, with a CORE EBITDA margin of 6.4% (up 37bps YoY). EFCF was CHF -104m, compared to CHF -80m in Q1 2024, primarily due to the timing of Easter, as anticipated.

The company’s financial net debt stood at CHF 2,820m as at March 31, 2025 (down from CHF 2,915m as at March 31, 2024), representing a leverage ratio of 2.18x, a solid improvement from the 2.55x as at end Q1 2024. Quarter-end liquidity totalled to CHF 2,017m.

Q1 2025 KEY OPERATIONAL HIGHLIGHTS

Avolta’s key strategic growth projects remain on track. As we continue to reinforce our strong foundations through a range of core initiatives, the following operational highlights in Q1 2025 stand out:

Business development delivered significant progress across all of Avolta’s regions. Notable milestones include the launch of Presentedby at Zayed International Airport in Abu Dhabi – a first-of-its-kind travel retail concept blending digital innovation with physical retail, featuring sneakers and pre-loved luxury items.

In Latin America, Avolta achieved a significant milestone with the opening of its first food & beverage (F&B) location in the region, at Brazil’s São Paulo/Congonhas Airport.

Building on the contract awards at JFK in North America in late 2024, Avolta secured a 15-year F&B contract in Terminal 4 and extended its F&B contract in Terminal 5.

In Asia Pacific, further progress was made with the award of a multi-store retail and F&B contract at Shanghai Pudong International Airport in China, set to open in the first half of 2025.

Innovation continues to be a key driver of Avolta’s growth. Club Avolta, the company’s global loyalty program, added over 1m new members in Q1 2025, building on the base of more than 10m at the end of 2024. The program now spans all channels and is active in over 5,100 outlets worldwide.

Xavier Rossinyol, CEO of Avolta : “Avolta has made a strong start to 2025, driven by the resilience of our diversified global platform and the disciplined execution of our strategy. Two and a half years into our strategic roadmap, we have exceeded expectations on all key performance indicators including top line growth, profitability and cash generation – creating sustainable value for our shareholders.

While North America faced headwinds due to lower traffic volumes in Q1 2025, performance in other regions more than compensated. We are actively monitoring the geopolitical evolution, mitigating against potential impacts as needed with a continued focus on growth and profitability. Our medium-term outlook and capital allocation policy remain firmly in place.

We are proud of our Q1 2025 performance and extend our sincere thanks to the Avolta team members for their dedication and contribution. Your commitment enables us to continually raise the bar and shape the travel experience of tomorrow.”

MEDIUM-TERM OUTLOOK

Avolta reaffirms its organic growth target of 5%-7% p.a. and remains committed to delivering +20-40bps of CORE EBITDA margin improvement and +100-150bps EFCF conversion annually. At current exchange rates, currency translation impact for 2025 is expected to be in the range of 0% to -1%.

Q1 2025 KEY FINANCIAL TABLES

TURNOVER GROWTH

Growth Components

Q1 2025 vs Q1 2024

Like for Like

5.1%

Net new concessions

0.2%

Organic Growth

5.3%

M&A

2.9%

Growth (CER)

8.2%

FX Impact

1.4%

Reported Growth

9.6%

REGIONAL PERFORMANCE

CORE Turnover (CHFm)

Q1 2025

Q1 2024

Reported Growth

FX Impact

Organic Growth

Europe, Middle East and Africa

1,412

1,291

9.4%

0.4%

9.0%

North America

991

974

1.8%

2.0%

-0.2%

Latin America

417

375

11.1%

2.7%

8.5%

Asia Pacific

230

144

59.2%

1.5%

2.3%

Avolta Group

3,050

2,784

9.6%

1.4%

5.3%

IFRS/CORE TURNOVER RECONCILIATION 2

Q1 2025 (CHFm)

Turnover IFRS

Fuel Sales Adjustments

Turnover CORE

Europe, Middle East and Africa

1,467

55

1,412

North America

991

991

Latin America

417

417

Asia Pacific

230

230

Avolta Group

3,105

55

3,050

1 Avolta bought YTD 1.2m Avolta shares representing 0.8% of issued share capital (to be cancelled once 2025 program of up to CHF 200m is completed)
2 CORE Turnover throughout this news release is excluding net sales from motorway fuel business; income from fuel sales included in CORE other operating income.

For further information:

CONTACT

Rebecca McClellan Cathy Jongens
Global Head
Investor Relations 		Director Corporate
Communications
Phone : +44 7543 800 405 Phone : +31 6 28 19 88 28
rebecca.mcclellan@avolta.net cathy.jongens@avolta.net