New concessions, net    +5.3%                 -                     -3.0%     2.8% 
Organic Growth          -22.8%                -69.5%                -60.6%    2.2% 
[Change in Scope]2      -                     0.0%                  0.0%      - 
Growth in constant FX   -22.8%                -69.5%                -60.6%    2.2% 
FX Impact               -2.4%                 -2.1%                 -1.4%     -0.2% 
Reported Growth         -25.2%                -71.6%                -62.0%    2.0%

The category mix reflects the current re-opening patterns with domestic and intra-regional travel recovering earlier as compared to international travel. While airports continue to be the prevalent channel, downtown, hotel, railway stations and border shops increased their revenue share compared to the same period in 2019. Duty-paid continues to see some stronger demand, driven by food & confectionary and convenience product offerings, while perfumes and cosmetic remains the leading category. Spend-per-passenger and average ticket value were at an elevated level on a location-by-location comparison to 2019. Retail gross profit margin was not impacted and stood at 60.3%, the same level as in HY 2019.

Cash flow metrics improved considerably compared to HY 2020 based on decisive actions taken. Adjusted operating cash flow reached CHF -47.7 million in HY 2021 versus CHF -103.5 million in 2020. Equity Free Cash Flow stood at CHF -275.0 million in 2021 compared to CHF -749.1 million in the previous year. Average monthly cash consumption only reached CHF -45.8 million versus CHF -60.0 million expected at the beginning of the year. Cash outflow during the first half of 2021 was mainly attributable to concession fees, financing activities and working capital changes. Despite a year-on-year CHF 399.6 million lower turnover, EFCF improved by CHF 474.1 million. Contributing were overall P&L savings of CHF 780.8 million in HY 2021 versus HY 2019, including minimum annual guarantee (MAG) reliefs of CHF 270.5 million and personnel and other expense savings of CHF 510.3 million.

[2] No changes in overall retail space ('scope'), as positive contribution of the acquisitions of RegStaer Vnukovo (Russia) and the Brookstone airport stores (US), conducted in November and October 2019 respectively, offset by disinvestments in 2019 (defined as closure of all operations in a specific location).

Net debt amounted to CHF 3,351.5 million at the end of HY 2021 compared to CHF 3,659.4 million in HY 2020 and 3,291.2 million in HY 2019. Dufry's liquidity position increased during the first six months of the year to CHF 2,172 million as of June 30, 2021, including: . Cash and cash equivalents of CHF 641.4 million . Committed available lines of CHF 1,425.8 million . Available uncommitted lines, re-confirmed by banks of CHF 104.8 million

The strong liquidity position was, in addition to significant cost savings and tight cash flow management, also supported by the successful execution of the comprehensive refinancing during the first half 2021, with first upcoming maturities now from 2024 onwards. In detail, Dufry issued CHF 500 million new convertible bonds due 2026 with a 0.75% coupon and a conversion price of CHF 87.00, while early converting its existing CHF 350 million 2023 convertible bonds.

Moreover, Dufry priced EUR 725 million 3.375% Senior Notes due 2028 and CHF 300 million 3.625% Senior Notes due 2026 , which are used to refinance existing bank debt. The maturities for the remaining term loans have been extended to 2024, and Dufry has received an extension of the covenant holiday until June 2022. The September and December 2022 testing deadlines require a 5x net debt/adjusted operating cash flow before the company will return to its 4.5x net debt/adjusted operating cash flow threshold in 2023. BUSINESS DEVELOPMENT

During HY 2021, Dufry has continued to manage its capital allocation in a highly disciplined manner. The deployment of capital expenditures (Capex) continues in accordance with Dufry's internal development plan and the recovery trajectory in line with scenarios already provided to the market. The total gross retail space opened during HY 2021 amounted to 5,387 m². Highlights included the opening of Dufry's first Duty Free store in Odessa, Ukraine, in addition to the duty-paid store opened in December, as well as additional stores at Istanbul Sabiha Gökçen International Airport (Turkey). Other locations included Dufry's operations in Greece, including new shops in Athens, Kos, Santorini, and Thessaloniki. The Porto Alegre Megastore duty-paid (Brazil) shops added 700 m² of retail space in early March following an award at this Airport. The sales area was further increased at St. Petersburg Pulkovo Airport (Russia). In the US, Dufry rolled out its Hudson Nonstop concept, supported by Amazon's Just Walk Out technology, with the first store opened at Dallas Love Field Airport in Q1 2021 and the second store opened in Chicago Midway International Airport in Q2 2021. In addition, Hudson opened new stores at Salt Lake City International Airport, a new Automated Retail location at Chicago Midway International Airport, and new stores at the Virgin Hotel Las Vegas.

The cooperation with Hainan Development Holdings (HDH) under the collaboration at the Global Duty Free Plaza at the Mova Mall in the city-center of Hainan's capital Haikou in China further progresses with the second opening of an additional 30,000 m² by the end of Q3 2021. This collaboration aims at developing a presence in the attractive Hainan market and adds to Dufry's strategic partnership with Alibaba Group to operate offline and online travel retail in China.

A total of 8,703 m² was refurbished during HY 2021 including commercial spaces at Pulkovo Airport, St. Petersburg, with an official opening in June 2021, at Rio Galeão Dufry Shopping Megastore (Brazil), at Milano Linate airport with duty-paid walk-through and convenience offerings, Fortaleza arrival duty-free and additional Hudson convenience stores in the US.

Despite a muted environment for new concessions, Dufry reported several concession wins during the first half of 2021, including contracts at Teesside International Airport (UK), further consolidating the footprint in the UK; at Sangster International Airport in Montego Bay, Jamaica, with the renewal of duty-free and new duty-paid operations; at Santiago International Airport, the second largest hub for the Dominican Republic serving international and domestic passengers; at Martinique Aimé Césaire International Airport with the renewal of the current concession for the existing duty-free shop; at Cayenne - Felix Eboué International Airport in French Guiana - representing a new market and store for Dufry, and thus further consolidating Dufry's footprint in the Caribbean, one of the most important tourist destinations worldwide. The current pipeline of opportunities stands at approximately 34,500 m² as of June 2021. OUTLOOK

With the FYR 2020, Dufry provided the market with turnover scenarios for 2021 and respective sensitivities for concession fees, personnel expenses, other expenses, Capex as well as Equity Free Cash Flow. Based on information available to management, Dufry upgrades its previously communicated cost and cash flow scenarios, which are included in Dufry's HY 2021 investor presentation. Dufry expects to over-achieve its initially targeted savings versus 2019 in personnel and other expenses and has signed MAG reliefs for 2021 of CHF 495.4 million as of July 2021.

In line with easing of travel restrictions by governments and resuming of operations by airports and other landlords, Dufry re-opens its retail businesses gradually, following single-location productivity scenarios. At the end of June, more than 1,600 shops globally were open, representing around 75% in sales capacity compared to full-year 2019. Newly re-opened locations include shops across all continents and the majority of the countries, especially in Southern Europe and the Mediterranean, the UK, Central America and the Caribbean, and several locations in the US. At the end of August, Dufry expects to operate around 70% of shops, representing close to 85% of sales capacity.

In July, Dufry estimates net sales to have reached -50.4% compared to the same month in 2019. By region, estimates for Europe, Middle East and Africa were -57.9%, for Asia Pacific -84.6%, and for The Americas -43.9%. Locations with stronger exposure to domestic and intra-regional travel and more flexible travel protocols performed well above group average. Dufry's operations in the US, for example, reached net sales of -23.9% compared to 2019, and Central America, including Mexico, Dominican Republic and the Caribbean Islands, stood at -17.6% versus 2019 (excluding cruises). Within EMEA, Turkey, Greece, Eastern Europe and Middle East advanced most with July net sales at -32.3% compared to 2019.[3] Based on the better than expected cost and cash flow performance, the recent refinancing and strong liquidity preservation, Dufry expects to be well positioned during the reopening while in parallel engaging in strategic initiatives and driving growth acceleration.

[3] All estimates for month of July as of 27 July 2021 HY 2021 PERFORMANCE IN DETAIL Regional performance

In the context of the reorganization first announced in June 2020, Dufry has retrospectively combined its North America and Central & South America operations as of 1 January 2021 into the new reporting segment The Americas. Consequently, Dufry uses for its segment reporting its three regions Europe, Middle East & Africa, Asia Pacific and The Americas as well as its distribution centers. Europe, Middle East and Africa

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August 10, 2021 01:01 ET (05:01 GMT)