DO & CO (DOC) H1 25/26 earnings summary

Executive summary

• Achieved record first-half revenue of €1,236.8m, up 9.3% year-over-year, with all divisions contributing to growth and improved profitability.

• Net result attributable to shareholders rose 20.9% to €53.46m, with EPS at €4.87.

• Free cash flow increased by 40.2% to €107.8m, and equity ratio improved to 38.3%.

• Expanded customer base in airline catering, secured major international event contracts, and enhanced restaurant and hotel margins.

• Focused on margin improvement, talent acquisition, and preparing for future growth through education and training initiatives.

Financial highlights

• EBITDA rose 24.4% to €149.7m (margin 12.1%), EBIT up 28% to €106.7m (margin 8.6%), and net result margin increased to 4.3%.

• Free cash flow reached €107.8m, up 40% year-over-year.

• Net debt to EBITDA ratio improved to 0.4, and equity ratio stands at 38.3%.

• Gross cash flow increased by 22.5% to €155m.

• EPS for the period was €4.87, up 20.9% year-over-year.

Outlook and guidance

• Revenue guidance for the year remains €2,450–2,500m, with EBIT margin guidance at 8.5% and CapEx at 3–4% of revenue.

• Management expects continued strong demand across all divisions, driven by premium segment growth and new contracts.

• Construction of a new gourmet kitchen in Istanbul underway, with opening planned for end of 2027/Q1 2028.

• Event calendar for H2 is well booked, with major sports and entertainment events.

• Restaurants, Lounges & Hotels anticipate solid growth and good margins, with new openings planned.