DO & CO (DOC) investor relations material

Executive summary

• Achieved record results for FY 2025/2026, with revenue up 7.1% to €2.46bn and all-time highs in EBITDA (€300.63m, +14.6%) and EBIT (€212.3m, +16%), meeting all financial and strategic targets.

• Net result improved by 14% to €105.8m, with margin expansion across EBITDA, EBIT, and net result.

• Positioned as a global premium brand, with strong presence at major sporting events and new high-profile contracts, including American Airlines in Chicago and catering for the 2026 FIFA World Cup.

• Well-prepared for the next phase of quality-driven growth, focusing on margin improvements, premium partnerships, and innovation.

• Free cash flow surged 80% to €225.9m, and the equity ratio strengthened to 42.7%.

Financial highlights

• Revenue reached €2,461.6m, up 7.1% year-over-year (17.6% at constant currency), the highest ever.

• EBITDA margin improved to 12.2% (from 11.4%), EBIT margin to 8.6% (from 8.0%), and net result margin to 4.3% (from 4.0%).

• Net debt/EBITDA ratio at 0.05, near net debt-free status; equity ratio improved to 42.7% from 35.8%.

• Cash and cash equivalents increased to €240.8m from €174.17m.

• Free cash flow up 80% to €225.9m; operating cash flow up €70.1m year-over-year.

Outlook and guidance

• Targeting 7%-8% reported revenue growth and double-digit growth at constant currency for 2026/2027.

• EBIT margin guidance for 2026/2027 is 8.6%-9%, with a longer-term goal of reaching 9%-10% as operational leverage and automation increase.

• Major events like the 2026 FIFA World Cup and Formula 1 races expected to boost event catering, with the World Cup expected to contribute $30–$40 million in revenue.

• Focus remains on innovation, employee development, and sustainable margin improvement.

• Geopolitical uncertainty in the Middle East and high kerosene prices present forecasting challenges, but improvement is expected in coming months.