October 30, 2025
Avolta delivers strong nine-month 2025 trading update
Latest results indicate an increase in core turnover of 5.8% year-on-year at constant exchange rates, and 5.4% in organic terms
Global travel experience player Avolta has issued its nine-month trading update, maintaining a strong performance with 5.4% organic growth, 10.2% CORE EBITDA margin and Equity Free Cash Flow (EFCF) a record CHF503 million (US$629 million) in the nine months, up +13% year-on-year.
Highlights include:
• Turnover reported CHF10,609 million (US$13,280 million), CORE CHF10,407 million (US$13,026)
• CORE revenue growth +5.8% CER1, organic growth +5.4%
• CORE EBITDA CHF1,065m (US$1,333 million), margin 10.2%, plus 30 basic points year-on year
• EFCF amounted to CHF503 million (up 13% year-on year), EFCF conversion of 47.2%. Q3 EFCF totaled CHF287 million (up 23.7% YoY) “and comfortably ahead of expectations”.
Medium-term targets were confirmed, with expected October organic growth of +6.0% reflecting encouraging inflection in North America, and an increasingly confident outlook for the full year.
In Q3, CORE turnover grew +3.8% CER and +4.8% organic and, for October 2025, the group expects to generate organic growth of +6.0% YoY, with some good signs in North America.
Avolta said it achieved these strong YoY results, “despite significant FX headwinds affecting reported results”. The group’s financial net debt decreased to CHF2,445 million as at end-September 2025.
Q3 2025 Key Operational Highlights
Avolta continued its global growth and geographical diversification in Q3, securing new contracts and entering new markets. This includes the entry into Japan through a new F&B concession at Kansai International Airport, a key milestone in Asia-Pacific growth. In North America, Avolta secured long-term retail and dining contracts at major airports including Atlanta, San José, Dallas Fort Worth, and San Antonio, enhancing presence in important travel hubs. Additionally, as announced yesterday, Avolta won the long-term duty-free contract at JFK International Airport’s Terminal 8, marking the eighth significant contract win at the airport over the past year.
In Q3, the company marked one-year of its global loyalty program, Club Avolta, now counting more than 15 million members, and launched several partnerships, all with the target of providing additional advantages to customers and increasing the potential of data. Over time this increased access to data is expected to boost Avolta’s financial performance.
Avolta’s focus on people, innovation, and sustainability was reflected through the highest industry recognition of the 2025 Frontier Awards, receiving multiple honors including Future of Retail award, as well as Best Specialty Concept, People & Planet award, Influential Woman in Travel Retail award and Team of the Year award.
Xavier Rossinyol, CEO of Avolta, commented: “9M revenues are in line with expectations. As a seasonal business, our Q3 revenues were affected by a strong basis of comparison, specifically in Europe and Argentina. As we entered Q4 we saw an acceleration of organic growth to +6.0% YoY in October, and positive growth in North America.
Furthermore, the increase in the 9M EBITDA margin ( up 30bps to 10.2%) reflects an active approach to cost and productivity, while the record EFCF performance and continued deleveraging demonstrates our financial discipline and highlights our ability to achieve our targets despite ongoing global volatility. Overall, this underscores the power of our agile business model and our deep customer connections. We continue our commitment to our capital allocation policy, growing the business, deleveraging, and delivering strong returns to shareholders.”
Avolta confirmed 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 -3%.
