Avolta (AVOL) H1 2025 earnings summary

Executive summary

• Achieved 12 consecutive quarters in line with outlook, with strong performance across key measures despite geopolitical and market challenges.

• CORE turnover reached CHF 6,613m in H1 2025, with organic growth of 5.7% and CER growth of 7.1%.

• CORE EBITDA rose 7.7% YoY to CHF 612m, with a margin of 9.3%, up 30bps YoY.

• CORE EPS (basic) increased 28.7% YoY to CHF 1.57; EFCF was CHF 216m with a 35.3% conversion rate.

• Leverage improved to 2.15x from 2.35x in H1 2024; liquidity stood at CHF 2,189m.

Financial highlights

• Organic growth of 5.7% and reported growth of 7.1% year-over-year for the first half.

• EBITDA margin improved by 30 basis points to 9.3% compared to the same period last year.

• CORE EBITDA was CHF 612 million, up from CHF 568 million in 6M 2024.

• Earnings per share increased by 28.7% year-over-year for H1.

• Dividend per share increased 43% year-over-year to CHF 1, with a total payout of CHF 143 million.

Outlook and guidance

• Mid-term outlook confirmed: 5%-7% organic growth, 20-40 basis points annual EBITDA margin expansion, and 100-150 basis points annual increase in equity free cash flow.

• Expectation of a similarly challenging environment in the second half, but continued performance in line with outlook.

• July YTD organic growth consistent with H1 performance.

• Management expects stronger sales and operating profit in the second half due to seasonality.