Avolta : ESG Report

2  ESG Report

Avolta Annual Report 2023

ESG as core pillar of our Destination 2027 company strategy

Avolta embraces a holistic approach to Environmental, Social and Governance values and is deeply committed to sustainability on a global and local level. The compa- ny's ESG strategy is an integral part of its Destination 2027strategy.

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2  ESG Report

Avolta Annual Report 2023

About Avolta's

ESG Report

Avolta is a global travel experience player active in the travel retail and F&B industry and grew to its current scope through the business combination of the legacy groups Dufry and Autogrill completed in 2023. Avolta operates over 5,100 duty-free and duty-paid shops and restaurants in over 1,000 locations such as airports, cruise liners & fer- ries, seaports, motorways, railway stations and downtown tourist areas. In 2023, we employed 68,459 team members (FTEs) across 73 countries. Avolta is part of the Swiss Market Index MID (SMIM), has a balanced mix of large and small globally diversified shareholders and a free float of 71.2 %. A full description of Avolta's business model and strategy is available on page 28 of the Annual Report 2023. The report is further complemented by several strategy documents, policies and guidelines mentioned also in the ESG Report, such as the ESG Strategy, the Human Resources Policy and the Environmental Management Guidelines.

The report has been prepared in accordance with the GRI Universal Standards 2021 and covers our environmental, social and governance (ESG) activities, performance and approach for the year 2023 focusing on the material matters determined to be of greatest relevance for Avolta and its stakeholders.

For an easier comparison, we continue to include in the ESG Report the UN Sustainability Development Goals (SDGs) and information on the respective GRI indicators and SDG goals, which Avolta covers in the corresponding sections of this report, thus enabling the reader to obtain a better and more transparent understanding of our strategy and ESG successes.

Avolta has been - through its legacy companies Dufry and Autogrill - a signatory member of the UN Global Compact and prepared Progress Reports ever since 2020 and 2022 respectively. Leveraging on this heritage, in February 2024 Avolta confirmed the support to the UN Global Compact becoming a new signatory member.

The Avolta ESG Report is divided into two main sections:

- The ESG Report 2023 - included in the annual report - gives the reader a wider view of Avolta, its relationship with its main stakeholders as well as its ESG strategy and how this is embedded in the business strategy.

• The ESG Report 2023 Annex contains information pre- sented in several tables with quantitative and qualitative indicators as per the GRI Universal Standard indications and is annexed to the Annual Report 2023. Both docu- ments present data as of December 31, 2023.

The Avolta ESG Report includes also the GRI Content Index and the ESG Report Annex as well as the TCFD Report and complements the information of the Annual Report (includ- ing the Corporate Governance Report (page 279) and the Remuneration Report (page 311). All these reports and documents mentioned are also available online as individual files on our corporate website: www.avoltaworld.com.

Avolta published its first TCFD Report in early 2023 based on the business year 2022 and has now expanded the TCFD Report 2023 to fully cover the scope of the combined entity. The TCFD Report takes into account the 2021 «Recommendations of the Task Force on Climate-related Financial Disclosures» and the «Guidance on Metrics, Targets and Transition Plans». This is another step forward in transparency and disclosure in a clear, comparable and consistent manner, by showing detailed information about the risks and opportunities in our business that are triggered by climate change.

Swiss Transparency Requirements on

Non-Financial Matters

The Avolta ESG Report 2023 (which includes the ESG Report 2023 Annex on page 337 ff. of the Annual Report) and the TCFD Report on page 337 ff. (together, the 2023 Non- Financial Reporting) have been prepared in accordance with the requirements regarding transparency on non-financial matters pursuant to article 964a et seqq. of the Swiss Code of Obligations (SCO). The 2023 Non-Financial Reporting was approved by the Board of Directors and will be submitted for shareholder approval as a separate agenda item at Avolta's Annual General Meeting 2024 in accordance with the requirements of Art. 964c SCO. The TCFD Report can be found on page 337 ff. of the Annual Report.

Scope

For the general profile and most of the GRI indicators, the information reported is global and relevant to the whole company. For staff-related indicators information follows a similar structure as the segmentation used in Avolta's financial report. More information about each region may be found on pages 56 - 71 of the Annual Report 2023. Should you have any comments about the content of the report or want to know more about Avolta's ESG engage- ment, please email us to: sustainability@avolta.net.

Data comparability & measurability of initiative effectiveness

Due to the transformative business combination between Dufry and Autogrill and the integration of the two companies in 2023, comparability of the ESG-related data is lim- ited, as 2023 is considered a transition year and will become a new «base year» for further improvements. This also influences the descriptions and comparability of the effectiveness of the ESG initiatives implemented. The company will include the related information in more depth going forward, starting with the business year 2024.

Nevertheless, where possible, the company discloses improvements and related data showing the initiatives' effectiveness already for the business year 2023. Such improvements are listed in full on pages 106 - 107 of this report and include amongst others:

• Improved extension (on a like for like basis) of the Avolta Supplier Code of Conduct recertification process and ad- ditional extension of the recertification process to the F&B business; see details on page 117 of the ESG Report
• Improvement of coverage of electricity consumption through renewable energy; see details on page 125 - 126 of the ESG Report
• First disclosure of total amount of donations including split by type; see details on page 143 of the ESG Report
• Increased reach of dedicated internal training of staff for responsible retailing
• Extended portfolio of sustainable products in F&B; see details on pages 117 - 119 of the ESG Report.

ESG Governance & Compliance

Avolta´s ESG Strategy is supervised by the Board of Direc- tors' dedicated ESG Committee chaired by the Lead Independent Director. The ESG Committee is informed on the progress of Avolta's ESG engagement on a quarterly basis. The operational evolution and implementation of the ESG strategy is managed by the dedicated ESG department, headed by the Chief Public Affairs & ESG Officer, who is a member of the Global Executive Committee and reports to the CEO. A detailed description of our ESG Strategy is available on the Avolta website: Our Impact | Avolta

New Avolta Double Materiality Matrix

Avolta's Materiality Matrix underwent a complete review in the context of the business combination of Dufry and Au- togrill in 2023 and is now structured following the Double Materiality approach.

This approach combines two perspectives:

• Impact Materiality ("inside-out"): considering the impacts (actual and potential, positive and negative) that Avolta generates on economy, environment and people;
• Financial Materiality ("outside-in"): identifying risks and opportunities that might positively or negatively influence

the company's development, performance and position- ing.

The materiality assessment started with a context analysis to identify the relevant material matters for Avolta in light of its business activities and the expectations of the compa- ny's main stakeholders (investors, concession partners, customers, peers, brand partners and employees), thus defining the boundaries of the company's scope of ESG accountability and range of initiatives. In particular, both internal and external documentation was analyzed, such as peers' and partners' publicly available reporting, publications from industry associations and sector trends, ESG rating requirements as well as both public and internal surveys conducted on customers and employees. 22 material matters emerged from the analysis which were then assessed in one-to-one interviews with the global ESG team, the members of the Global Executive Committee and of the Board of Directors. The stakeholders were asked to assess the significance of each potential material matter considering both the related impacts generated (Impact Materiality) and risks and opportunities that might influence the com- pany's performance (Financial Materiality). In the evalua- tion, a medium term time horizon of five years was adopted. Following a prioritization approach and the application of a materiality threshold, a final list of 13 material matters resulted for Avolta's new Double Materiality Matrix, which was validated by the Board of Directors, following the ESG Com- mittee's recommendation.

The impacts of the material matters identified are disclosed in the ESG Report Annex on pages 3 - 5.

Materiality Assessment

Avolta´s materiality assessment helps the company to align its business with the expectations of its stakeholders and of society in general. The materiality assessment process aims to identify and prioritize the issues of the greatest material importance; and it is also the basis for defining our GRI reporting content and the boundaries of the topics. The process follows the principles of stakeholder inclusive- ness, environmental and social context, materiality and completeness according to the GRI requirements.

Our vision of sustainability however is not a static one, and Avolta conducts periodic and comprehensive materiality assessments to identify our most relevant reporting topics from an ESG perspective.

New Avolta

Double Materiality

Matrix

13 ESG topics emerged as material*

for the development of the company's ESG strategy and commitments.

In the context of the business combination

of Dufry and Autogrill, Avolta has reviewed the material matters and stakeholder communities to develop the new Double Materiality Matrix.

• To finalize the list of material matters for Avolta a mathemati- cal treshold of 2.5 (on a scale from 1 to 5) was applied. Only matters above aver- age score were se- lected.

Avolta's new Double Materiality Matrix consists now of 13 key material matters, grouped into four focus areas. Four of them - "Diversity, equity & inclusion", "Climate change, energy & emissions", "Sustainable sourcing & traceability" and "Supply chain management" - emerged as the most material, reflecting the main sustainability challenges of the industry in which the company operates and has the opportunity to stand out.

A detailed description of the material topics and related impacts, risks and opportunities is available in the ESG Report Annex 2023. In addition, the aspects related to governance and regulatory compliance were considered as prerequisites for the business and thus are not represented in the matrix, although being addressed in the report.

2  ESG Report

Avolta Annual Report 2023

Avolta' s

ESG Vision

Rooted

in Avolta's

DNA

Focused on clear commitments and tangible initiatives

Embedded in our way of doing business

Shaped to be a lever of innovation and competitive differentiation

Avolta ESG Strategy House

The 13 ESG material topics have been clustered into four focus areas highlighting Avolta's main ambitions.

• Diversity, Equity & Inclusion
• Employee training & development
• Talent recruitment, engagement & retention
• Health & well-being
• Human rights

Empower Our People

- Supporting Communities

Engage Local Communities

Create Sustainable Travel Experiences

Extention of sustainable product sourcing in F&B

Launch of future shop concept

and hybrid formats in Arlanda Stockholm and Milano Malpensa airports

Sustainable Product Identification Initiative further expanded

mind.body.soul.

Shop-in-shop concept implemented internationally in 11 countries

Increased reach of dedicated

training of staff for responsible retailing

New Avolta Supplier Code of Conduct developed and recertified with suppliers globally

Two Centers of Excellence for food innovation opened in Milan and Amsterdam

Respect

Our Planet

Partnership with Oceana to support marine habitats through sale of reusable bags in 23 countries

Sourcing of electricity from

renewable sources further increased and now covering 40% of consumption (base 2019)

Expansion of TCFD Report assessing climate- related risks and opportunities covering the whole company scope