Dufry's Investment Case
LONG-TERM GROWING INDUSTRY
Mid-term PAX CAGR of 3.5%–4% as global average, with growth opportunities especially in Asia and in F&B.
GLOBAL MARKET LEADER
Close to 20% market share in airport retail and 11% market share in travel retail across all channels pre-COVID, now also leading in travel F&B.
Access to 2.3 billion travelers across global network, re-defining value proposition to customers in close collaboration with concession partners and brands.
TRAVEL CONCESSIONS RECOGNIZED AS IMPORTANT CHANNEL
Collaborating with more than 1,000 Travel Retail suppliers and unparalleled F&B portfolio of more than 300 brands.
Mid-term turnover driven by underlying passenger growth, spend per passenger increase through Travel Retail Revolution and organic business development, with M&A opportunities on top.
COMBINATION WITH AUTOGRILL
Further expanding from USD 86 billion travel retail into resilient USD 28 billion global F&B concession market while transforming boundaries of our industry.
STRONG RISK- ADJUSTED CASH FLOW GENERATION
Long-term track-record of low capital intensity of the business, strong cash generation and fast deleveraging.
TRAVEL EXPERIENCE REVOLUTION
Unique value proposition for travelers with new strategy focusing on enhanced store concepts, data-driven customer insights and digitalization, thus benefitting customer conversion and spending with increase of 1.5%–2% annually.
VAST ARRAY OF UNIQUE CONCEPTS FOR CONCESSION PARTNERS
Dufry has strong relationships with concession partners and airport authorities and is a reliable partner delivering outstanding results for concession partners through a vast offering of unique shop and F&B concepts.
Operational improvement culture, highly variable cost structure and continuous efficiencies drive mid-term profitability improvements.
Close to 6 years of remaining average concession lifetime, across a highly diversified portfolio.
Proven resilience of travel retail and travel F&B further supported by Dufry ́s diversification across geographies, channels, formats and concepts, and its strong stakeholder relations.
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