Avolta (AVOL) Q2 2026 earnings summary

Executive summary

• Delivered resilient H1 2026 results amid geopolitical headwinds, with organic growth of 3.7% (5.2% excluding Middle East and ramp-up effects) and improving momentum in Q2.

• CORE turnover was CHF 6,437m, IFRS turnover CHF 6,569m; EBITDA margin at 9.1% (9.5% excluding temporary effects).

• Equity free cash flow reached CHF 207m, with a record CHF 370m in Q2.

• Strategic investments in JFK, Shanghai Pudong, Riga, Saudi Arabia, and acquisition of DFS Okinawa to drive future earnings.

• Medium-term outlook and strategy reaffirmed despite temporary disruptions.

Financial highlights

• Turnover reached CHF 6,437m (CORE) and CHF 6,569m (IFRS), with organic growth of 3.7%.

• CORE EBITDA was CHF 583m, margin at 9.1%; would be ~9.5% excluding Middle East and ramp-up effects.

• Equity free cash flow at CHF 207m, with strong Q2 recovery.

• Leverage reduced to 2.07x net debt/EBITDA, lowest in a decade.

• Net profit attributable to equity holders CHF 201m (CORE), basic EPS CHF 1.43.

Outlook and guidance

• Medium-term organic growth target of 5–7% and EBITDA margin improvement of 20–40 bps annually.

• July organic growth above 4%, with ramp-up and Middle East headwinds expected to fade.

• Cautiously optimistic for H2 2026 and more optimistic for mid- and long-term.

• EFCF conversion improvement of 100–150bps targeted.