Executive Summary

• Dufry reported FY18 revenues slightly ahead of expectations, with organic growth of 2.7% versus consensus of 2.4%.
• Organic revenue growth was solid in North America, at 6.8%. Organic growth was 15.1% in the Eastern Europe, Middle East, Asia and Australia region: Management pointed to “solid performance” in Cambodia, Macau, Korea and Indonesia.
• Management expects a gradual improvement in organic growth over FY19: In the first two months of 2019, organic growth was above 3%.