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.

2.3

BILLION CUSTOMERS

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.

5–7 %

CAGR TURNOVER

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.

SUSTAINABLE PROFITS

Operational improvement culture, highly variable cost structure and continuous efficiencies drive mid-term profitability improvements.

YEARS

Close to 6 years of remaining average concession lifetime, across a highly diversified portfolio.

RESILIENT BUSINESS

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.