DO & CO (DOC) H1 24/25 earnings summary

Executive summary

• Achieved record half-year revenue of €1,131.14m, up 28.5% year-over-year, with strong growth across all divisions.

• Net result attributable to shareholders rose 24.6% to €44.22m, with basic EPS at €4.03.

• Airline Catering led growth, supported by new contracts and expansion in key markets.

• International Event Catering and Restaurants, Lounges & Hotels also posted double-digit EBITDA growth.

• Maintained high cash and cash equivalents of €263.63m and improved equity ratio to 30.3%.

Financial highlights

• Revenue increased by €251.03m (28.5%) year-over-year; EBITDA up 25.6% to €120.34m.

• EBIT rose 28.0% to €83.37m; net result margin at 3.9% (prior year: 4.0%).

• Free cash flow improved to €76.90m from €61.32m year-over-year.

• Net debt reduced to €162.07m (from €216.38m), net debt/EBITDA at 0.72.

• Cash flow from operating activities reached €103.87m, up from €88.41m.

Outlook and guidance

• Positive macro outlook for travel and tourism, with airlines expecting higher occupancy and increased frequencies.

• Airline Catering to benefit from new contracts and rising passenger numbers; further expansion planned.

• International Event Catering has a full event calendar, including major sports and corporate events.

• Restaurants, Lounges & Hotels expect continued solid growth and margins, with new openings and renovations underway.

• Management confident in meeting planned company goals, assuming stable market conditions.