Avolta delivers a strong set of 2024 financials with revenue growth of +8.9% CER, a 9.4% CORE EBITDA margin and CHF 425m Equity Free Cash Flow, +32% YoY

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

Building on its strong 2024, Avolta confirms its medium-term outlook. Management continues to deliver on creating shareholder value in line with its capital allocation policy, anchored on business growth, deleveraging, increasing dividends and share buybacks.

2024 HIGHLIGHTS:

• Strong Financial Performance 2024
  • Turnover reported CHF 13,725m, CORE CHF 13,473m 
  • Revenue growth +8.9% CER¹, organic growth +6.3%
  • CORE EBITDA increased +12.2% YoY to CHF 1,267m, margin 9.4%, +40 bps YoY
  • EFCF CHF 425m, very healthy conversion +4.9% 
• Shareholder value creation in line with capital allocation policy
  • Leverage year-end 2.1x and 1.9x net of treasury share purchases 
  • Cancellation of 6.1m shares (4% of issued share capital) in December 2024
  • Dividend CHF 1.00/share (+43% YoY) to be proposed at May 2025 AGM 
  • Share Buyback 2025 of up to CHF 200m launched
• Medium-term targets confirmed, building on strong 2024 base 
  • Strong start to 2025; 28 February YTD revenue growth +9.5% YoY, organic +6.0%

FY 2024 KEY FINANCIAL HIGHLIGHTS

Consolidated reported turnover totalled CHF 13,725m with CORE turnover of CHF 13,473m representing growth of +8.9% CER, up +6.3% on an organic basis (+7.7% excluding Argentina). In Q4, CORE turnover grew +5.7% organic (+7.8% excluding Argentina). This momentum reflects continued strong business delivery on the base of passenger growth and demand across our main markets and channels.

CORE EBITDA up from CHF 1,130m in 2023 to CHF 1,267m with a CORE EBITDA margin of 9.4%, +40bps YoY. For Q4, a low season quarter, the EBITDA margin was 7.8%, +30bps YoY. 

Equity Free Cash Flow (EFCF) 2024 reached CHF 425m, +32% YoY. 

These KPI improvements reflect disciplined cost control and active portfolio management.

The group’s financial net debt stood at CHF 2,663m as at end of December 2024, representing a leverage ratio (net debt/CORE EBITDA) of 2.1x (vs. 2.6x 2023). The leverage ratio net of treasury share purchases to the amount of approx. CHF 200m in 2024 amounts to 1.9x.

Avolta successfully refinanced its EUR 800m bond due October 2024 and extended the Revolving Credit Facility (RCF) by 2 years, to 2029. The margin reduction on the RCF extension will result in interest savings of c. CHF 10m per annum.

FY 2024 KEY OPERATIONAL HIGHLIGHTS 

Avolta’s key strategic growth projects are progressing as planned. While we continue to strengthen the foundations of Avolta with a number of key initiatives, for 2024 we highlight:

Successful business development opportunities across all Avolta regions. The company entered Saudi Arabia at Riyadh’s King Kahlid International Airport, and most recently (2025), entered Tunisia through five of the country’s largest airports. Likewise in Latin America, we have continued to grow our cruise channel with four new NCL ships, and importantly, welcomed our first F&B concept in early 2025.

In North America, the recently announced JFK awards are testimony to the appeal of our ability to deliver value in duty-free, duty-paid, F&B and hybrid in the same location. The purchase of the Free Duty concessions complements Avolta’s long-standing partnership (2018) with the Mass Transit Railway (MTR) in Hong Kong. Avolta now has a presence in all MTR border store locations and a boosted footprint in Asia Pacific.

Avolta continues to innovate. Club Avolta, our global loyalty program with >10m members, is live across Avolta’s 5,100 outlets worldwide, accounting for more than 5% of Avolta’s annualized revenues in 2024. Our latest Avolta NEXT innovation hub provides a physical space dedicated to accelerating tech innovations focused on the business. In addition to these, and amongst many others, we have our award-winning new hybrid concepts, combining travel retail and F&B, our smart stores, and our internally-fenced AI tool, Avolta GPT; all working together to enrich our data lake, deepening our understanding and knowledge of our customers, enabling us to identify emerging trends and better market our business.

Xavier Rossinyol, CEO of Avolta: “Avolta remains committed to driving growth through innovative business development, commercial and digital transformation, capitalizing on our global platform. By focusing on delivering exceptional value to our customers, concession- and brand partners, we are revolutionizing the travel experience. Our strategic approach emphasizes cost discipline to achieve profitable and cash-generative growth, while simultaneously working towards deleveraging and enhancing shareholder value. 

For two consecutive years we have exceeded our expectations with strong organic growth, driving the travel experience revolution. The recent launch of Club Avolta epitomizes our dedication, integrating travel retail and food & beverage into a seamless, data-driven loyalty program that enhances customer experience. Leveraging our new shop and restaurant concepts, using our framework of Flexible, Smart, Local, Cross-selling and Hybrid, we adapt dynamically, infusing local flavors, entertainment, and design trends into our travel hubs.

We are very pleased with our performance in 2024, and I thank each team member for their remarkable contributions. Looking ahead to 2025, despite global uncertainties and geopolitical challenges, our diversified presence in more than 70 countries gives us confidence in delivering on our medium-term targets and generating shareholder value. Our estimated reported revenue growth of +9.5% and +6.0% organic YoY as of 28 February 2025 further reinforces this confidence.

The company leads the global revolution of travel retail and food & beverage, redefining the overarching travel experience. On behalf of the management team, I extend our heartfelt thanks to everyone who continues to support and believe in our vision."

OUTLOOK

Avolta confirms its organic growth target of 5%-7% p.a., and is committed to delivering +20-40bps of CORE EBITDA margin improvement and +100-150bps EFCF conversion p.a.. At current exchange rates, 2025 currency translation is expected to be broadly neutral. 

¹CER Constant Exchange Rate
²Excluding Argentina, FY Like-for-Like +7.8% YoY
³CER Constant Exchange Rate
⁴IFRS reconciliation provided in Avolta’s FY 2024 financial report pages 268-269.
⁵CORE Turnover throughout this news release is excluding net sales from motorway fuel business; income from fuel sales included in CORE other operating income.

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