Xavier Rossinyol: “As we entered Q4, we saw an acceleration of organic growth in October, and positive growth in North America.”

Global travel retailer Avolta achieved organic growth of +5.4%* in the nine months to September, with turnover reaching CHF10.61 billion/$13.26 billion and core turnover at CHF10.41/$13 billion. Europe, the Middle East, and Africa (EMEA) – the company’s most important region – led the way, up +8.3% to reach CHF5.52 billion/$6.9 billion.

While three out of Avolta’s four regions saw growth in the 9M period, North America was flat at -0.2%, generating CHF 3.07 billion/$3.75 billion. Elsewhere, Latin America achieved a solid performance, up +7.4%, and Asia Pacific rose by +5.4% (see chart below).

Avolta’s Q3 and 9M revenue, and breakdown by region. Notes: 5 Including Distribution Centres with CHF30 million for Q3 2024, and CHF 78 million for 9M 2024.

Avolta’s overall revenue growth in the nine months of +5.4% was achieved “despite significant FX headwinds affecting reported results”, the company said in a statement. In Q3, however, turnover rose at a slightly slower rate of +4.8%, though for October, the travel retailer expects to see out the month with an increase of +6.0% year-on-year (YoY), with North America said to have reached an inflection point.

Xavier Rossinyol, CEO of Avolta, commented: “Nine-month revenues are in line with expectations. As a seasonal business, Q3 was affected by a strong basis of comparison, specifically in Europe and Argentina. As we entered Q4, we saw an acceleration of organic growth in October, and positive growth in North America.”

He added that an increase in the 9M EBITDA margin (+30bps to 10.2%) “reflects an active approach to cost and productivity” while a record equity free cash flow (EFCF) and continued deleveraging “demonstrates our financial discipline and highlights our ability to achieve our targets despite ongoing global volatility”. The CEO said: “We continue our commitment to our capital allocation policy, growing the business, deleveraging, and delivering strong returns to shareholders.”

Headline numbers for Avolta in 9M 2025.

Avolta’s Q3 operational highlights

Switzerland-based Avolta has also moved forward with its geographical diversification in Q3 by securing new contracts and entering new markets. Among the highlights has been the retailer’s entry into Japan through a new F&B concession at Kansai International Airport, a major milestone in growing the scale of its Asia-Pacific business.

In North America, Avolta enhanced its presence in important US travel locations by securing long-term retail and dining contracts at major airports, including Atlanta, San José, Dallas-Fort Worth, and San Antonio. Additionally, Avolta has just won a long-term duty-free contract at JFK International Airport’s Terminal 8, marking the eighth major contract win at the New York hub over the past year.

In Q3, the company also marked one year of its global loyalty programme, Club Avolta, which now has more than 15 million members. The scheme has launched several partnerships (see links at the end), in order to provide extra advantages to customers and increase the potential of generating useful customer data. Over time, Avolta expects this increased access to data will help boost its financial performance.

Looking ahead to the year-end, Avolta has confirmed an organic growth target of between 5% and 7% and says it is committed to delivering +20-40bps of core EBITDA margin improvement. Against that, foreign exchange headwinds persist, and the company expects currency translation to be -3% (at current exchange rates).

[* All percentages are organic unless stated otherwise.]

READ MORE: Avolta boosts Australian presence with Perth Airport retail transformation

READ MORE: Avolta and King Power take ‘bold step forward’ with loyalty programme tie-up