DO & CO (DOC) investor relations material

Executive summary

• Achieved record first quarter with revenue up 5.0% year-over-year to €642.11m (10.2% at constant currency), with all divisions contributing to growth and margin improvement.

• Net result increased by 16.3% to €31.16m, with EBITDA up 6.9% to €78.26m and EBIT up 8% to €56.5m.

• Free cash flow more than doubled to €46.93m, and the company achieved a net cash position with net debt/EBITDA at -0.07.

• Strong brand positioning in premium hospitality, with major new contracts and successful expansion in airline and event catering.

• Resilient performance despite a €40m revenue impact from Middle East conflict, with no further impact expected.

Financial highlights

• Revenue: €642.11m (+5.0% y/y at current FX, +10.2% at constant FX); EBITDA: €78.26m (margin 12.2%); EBIT: €56.5m (margin 8.8%).

• Net result: €31.16m (margin 4.9%), EPS: €2.84 (basic/diluted).

• Free cash flow: €46.93m (+104.3% y/y); cash and cash equivalents: €269.13m; equity ratio: 42.9%.

• Net debt-to-EBITDA: -0.07, indicating a net cash position.

• Bank debt reduced to €10.1m in scheduled repayments for the year.

Outlook and guidance

• Guidance maintained: reported revenue growth of 6–8%, constant currency growth of 11–14%; EBIT margin guidance at 8.6–9%.

• Management expects continued strong demand and growth across all divisions, with a focus on innovation, margin improvement, and qualitative growth.

• New airline catering contracts and robust event bookings to drive future growth; no further Middle East conflict impact expected from July onwards.

• CapEx for the year guided at €90–95m, with investment focus on growth and margin improvement.

• Restaurants, Lounges & Hotels division anticipates solid growth, aided by tourism and upcoming renovations.