Organic Growth Acceleration

Driven by like-for-like growth and contribution from new concessions, organic growth sequentially improved during 2019 and stood in line with the mid-term average organic growth target.

Strengthening and Extending the Concession Portfolio

Dufry extended its concession contract with AENA to operate duty-free shops up to 5 years in all Spanish airports and signed several new contracts across the globe, such as in Mexico, Brazil and Finland.


million customers included in our CRM system.

The roll-out of our loyalty program has accelerated and RED by Dufry is becoming an important part of our digital strategy focused on driving sales.


Equity Free Cash Flow

In 2019, Dufry generated an Equity Free Cash Flow of CHF 383.3 million in line with our annual target of CHF 350–400 million, growing with top line.


Dufry executed three important acquisitions, increasing its footprint in both duty-free and duty-paid, and adding new F&B concessions in North America.


Dufry opened its first border duty-free shop in Brazil and further expanded the cruise channel.

Refining Governance and Evolving ESG Reporting

Dufry has further refined its corporate governance structure and evolved its ESG reporting in accordance with the Global Reporting Initiative (GRI) CORE option.

Debt Reduced and Financing Further Optimized

As per December, 2019 net debt reached CHF 3,102 million, the lowest level since 2015. New EUR 750 million Senior Notes were issued at lower rates, thus refinancing the existing Senior Notes as well as reducing bank debt and financing costs.


Present in 65 countries

In line with its geographic diversification strategy, Dufry has further expanded its footprint.

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Annual Report: At A Glance

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Dufry Investment Case

Corporate Governance

Our Strategy

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