Consolidated reported turnover totalled CHF 6,734m with CORE turnover of CHF 6,613m representing growth of +7.1% CER.

Avolta released its H1 2025 results today (31 July), which showed solid organic growth of 5.7% and like-for-like growth of 4.9% as turnover reached CHF6,734m ($8.2bn).

The travel retailer says the growth reflects the continued momentum of its transformation, driven by consumer-centric innovation and digital initiatives that are increasing SPP.

Organic growth totalled +5.7%. In Q2, organic growth was +6.0%.

This momentum, Avolta stated, underscores its strong and resilient business performance, driven by sustained growth in passenger numbers and spend per passenger.

Avolta noted these KPI improvements reflect its management’s focus on effectively merging growth objectives with a focus on cost and efficiency optimisation.

Avolta added that the first half of 2025 was marked by continued operational improvements, successful business development, and welcomed recognition of its leading position within the industry, which has helped to strengthen its diversified portfolio across geographies, channels, and both F&B and retail concepts.

Regional performance

Business development contributed with net new concessions growth of +0.8%.

In Europe, Middle East and Africa, the region increased its footprint in Denmark with five new F&B stores and the launch of new F&B concept Alembic in the United Kingdom, LOAF at Amsterdam Schiphol Airport in the Netherlands and Früh bis Spät in Germany’s Cologne Bonn Airport.

In North America, the company continued to grow its commercial footprint, with two additional landmark contracts at JFK International Airport, including a ten-year deal to refurbish the T5 dining experience. The region saw key openings at the newly refurbished Vancouver and Toronto duty free stores, among others.

Avolta’s performance in North America remained broadly in line with the prior year due to softer passenger traffic in the US.

In Latin America, the company secured a nine-year retail contract extension across four major Mexican airports, as well as a five-year agreement to expand operations at Guadalajara International Airport, Mexico’s third busiest airport.

In Asia Pacific, the company boosted its presence to nine stores at China’s Shanghai Pudong Airport. Furthermore, the company continues to actively evaluate its concession portfolio to ensure long-term strategic alignment and financial efficiency.

Avolta saw the greatest growth in APAC at 51.8%, which negated a 4.1% dip in North America.

In selected cases, Avolta noted this may include the early termination or restructuring of concession agreements under mutually agreed financial terms; such exceptional transactions are included under M&A and Other.

Loyalty programme Club Avolta grew by 30% in the first half of 2025, reaching over 13 million members.

Xavier Rossinyol, CEO of Avolta, stated: “We are very pleased with the performance of the business over the first half, especially with the softer backdrop in North America and challenges in the Middle East. Our organic growth of +5.7% is testimony to the resilience of our strategy and diversified portfolio. Across the regions over recent weeks, we have observed a more stable environment. We look forward to the second half with cautious optimism and reaffirm our outlook.”

Outlook

Avolta confirmed its organic growth target of 5%-7% p.a. and said it 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%.

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