Dufry Ag Basel Namen Stock Earnings Reports

Avolta delivered a resilient H1 performance despite geopolitical headwinds and a softer U.S. domestic travel market. Reported growth (constant currency) was 7.1% with organic growth of 5.7%. EBITDA margin expanded ~30 basis points to 9.3% and equity free cash flow was CHF 216m, allowing net debt/EBITDA to fall to 2.15x (from 2.35x). Management reaffirmed its mid‑term outlook: 5–7% organic growth, 20–40 bps annual EBITDA margin expansion and a 100–150 bps improvement in equity free cash flow conversion. Key commercial priorities are the “Avolta growth engine” (pricing/assortment, flexible/hybrid F&B+retail spaces, entertainment, smarter stores and data), accelerating digital/loyalty adoption (Club of Bolta at 13m members, ~0.5m net adds/month; members spend ~3x average ticket; club-driven sales could reach 6–7% of group sales). Capital allocation remains discipline‑driven: prioritized reinvestment in growth, deleveraging toward a 1.5–2x net-debt/EBITDA target, progressive dividend policy (1/3 of equity free cash flow) and share buybacks (EUR/CHF 200m program, ~half already purchased). Financial actions included refinancing and currency conversion of bonds that materially lower interest costs. Regional notes: broad growth across regions except North America (flat due to U.S. domestic passenger weakness), and a modest estimated 0.2–0.3% Q2 drag from the Middle East crisis. Guidance drivers reiterated: ~4% long‑run CapEx as % sales (used as modeling proxy) and continued selective, value-accretive M&A. Overall messaging emphasizes predictability, profitable growth and shareholder value creation.