Avolta AG

Turnover was CHF 6.437 billion, up 3.7% organically; excluding the Middle East crisis, organic growth would have been 5.2%. Core EBITDA was CHF 583 million, for a 9.1% margin, versus 9.5% excluding the Middle East and Pudong/JFK ramp-up effects. Equity free cash flow was CHF 207 million, slightly below last year’s CHF 216 million, with Q2 cash flow at CHF 370 million. Gross profit margin declined by 20 basis points year over year, and leverage improved to 2.07x, down about 0.1 turn. For the full year, FX is expected to be about minus 3.5% if current rates stay roughly stable. Management reaffirmed the midterm outlook of 5% to 7% organic growth, 20 to 40 basis points of EBITDA margin expansion per year, and increased equity free cash flow year over year.

Xavier Rossinyol framed H1 as resilient despite temporary disruption from the Middle East crisis, Pudong, JFK, and Spirit Airlines. He emphasized that the company is still investing aggressively in new concessions, data and technology, citing JFK, Shanghai Pudong, Saudi Arabia, and Okinawa as strategic wins. His tone was confident but measured: he repeatedly called the outlook "cautiously optimistic" in the near term and more optimistic over the mid and long term.

Yves Gerster highlighted the hard numbers behind the quarter: CHF 6.437 billion turnover, CHF 583 million core EBITDA, a 9.1% margin, and CHF 207 million of equity free cash flow. He said gross margin was down 20 basis points, mainly due to mix and the Pudong ramp-up, while concession and personnel expenses also rose as a percentage of turnover because of ramp-up and APAC mix effects. He also noted leverage improved to 2.07x and said the company remains balanced on maturities, with a 2027 bond already partly refinanced and the remainder expected to be refinanced later this year.

Analysts focused heavily on ramp-up timing at Pudong and JFK, cash flow phasing, regional margin differences, and whether the company can still hit its midterm targets in a fragile demand environment. Management said the two large concessions will keep weighing on 2026 but should improve month by month, with full normalization only in 2027 and a possible small upside in 2028. On the regional margins, management pointed to the Middle East in EMEA, Pudong in Asia Pacific, and said North America’s margin held up because disturbances were less severe there; they also said LatAm was hit by Mexico security issues and FX moves. On Club Avolta, management said member growth is broad-based, with higher penetration at frequent-flyer airports and improving traction in food and beverage.