Avolta delivers accelerating quarterly growth and margin progression in Q3

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

Avolta AG (SIX: AVOL) reported an encouragingly resilient 9M 2026 with IFRS turnover of CHF 10,663m and operating profit of CHF 882m. Organic growth accelerated in Q3, while profitability continued to increase as major new operations ramped up and commercial initiatives gained traction. Avolta confirms its medium-term outlook.

HIGHLIGHTS: 

IFRS:

• Turnover CHF 10,663m
• Operating profit CHF 882m

CORE¹

• 9M Turnover CHF 10,438m, with organic growth of +4.1% (+5.2% excl. Middle East)
  • Q3 organic growth accelerated to +4.6% from +2.9% in Q2
• 9M EBITDA CHF 1,044m, with a margin of 10.0%, -20bps YoY
  • Q3 margin of 11.6%, narrowing the YoY gap to approximately 40bps, from 60bps in Q2   
• Strong 9M EFCF of CHF 501m vs CHF 503m last year
  • Q3 EFCF of CHF 294m vs CHF 287m in Q3 2025

Shareholder value creation in line with Avolta’s capital allocation policy

• Leverage 2.0x
• Strategic investments in DFS Okinawa and Penha Duty Free completed during the quarter
• CHF 191m (vs. CHF 129m in 9M 2025) repurchased under the ongoing share buyback program²

Medium-term outlook confirmed

• 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 

FINANCIAL HIGHLIGHTS

Consolidated reported turnover totalled CHF 10,663m with IFRS operating profit of CHF 882m. On a CORE¹ basis, turnover reached CHF 10,438m. 

Growth accelerated in Q3 with organic growth of +4.6% compared with +2.9% in Q2. M&A and Others turned positive as the aforementioned strategic investments began to contribute. 

For 9M, organic growth was +4.1% with growth at CER³ +3.7%. Excluding the impact of the Middle East, 9M organic growth would have been +5.2%.

9M 2026 CORE EBITDA¹ totalled CHF 1,044m. The CORE EBITDA margin was 10.0%, -20bps YoY. Q3 CORE EBITDA margin reached 11.6%, with the year-on-year margin gap narrowed from 60bps in Q2 to approximately 40bps in Q3. 

Profitability remained affected by the Middle East disruption and the ramp-up of major new operations. These impacts moderated during Q3 as the new operations continued to ramp up and initiatives to support profitability and cash generation gained traction. Excluding these headwinds, the 9M EBITDA margin would have increased by +20bps YoY to 10.4%. 

EFCF amounted to CHF 501m, flat year-on-year, with Q3 at CHF 294m, +2.4% YoY, continuing the progressive recovery quarter on quarter.

The Group’s financial net debt totalled CHF 2,728m as at end-September 2026 and implies a leverage ratio (net debt/CORE EBITDA) of 2.0x. This reflects the acquisitions of both DFS Okinawa and Penha Duty Free as well as the purchase of shares totalling CHF 191m under Avolta’s 2026 share buyback program.

OPERATIONAL HIGHLIGHTS 

Over the quarter, Avolta continued to execute its proven growth strategy, completing its investments in DFS Okinawa and Penha Duty Free in early Q3 2026 and securing contract extensions and new market entries across key locations in Europe Middle East & Africa, North America, Latin America and Asia Pacific.

Avolta also continued to advance its innovation and customer engagement during the quarter, including through its direct wallet-to-wallet stablecoin payments pilot at Zurich Airport, the first in the industry. 

Xavier Rossinyol, CEO of Avolta: “Our third-quarter performance was encouragingly resilient and demonstrated an improving momentum of the business. Organic growth accelerated in Q3 and remained strong into October. At the same time, the profitability gap versus last year narrowed as new operations ramped up and our initiatives to support profitability and cash generation gained traction, alongside our continued focus on technology, digital and data transformation to further improve the business.

On our resilient foundations, we remain focused on converting this progress into profitable growth and strong cash generation. We continue to invest selectively in attractive growth opportunities while returning capital to shareholders. This performance reinforces our confidence in Avolta’s medium-term targets."

OUTLOOK

Avolta confirms its medium-term targets of 5%-7% organic growth p.a., +20-40bps of annual CORE EBITDA margin improvement and +100-150bps of annual EFCF conversion improvement. Based on current exchange rates, currency translation is expected to have an approximately 2% negative impact on reported 2026 turnover versus 2025.

¹Refer to APM section in H1 Financial Report 2026 (page 23-28) for the reconciliation of the IFRS and CORE profit and loss statement
²As of 30th of September 2026
³CER Constant Exchange Rate
⁴Includes selective restructuring and exits 
⁵CER Constant Exchange Rate

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