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

Executive summary

• Revenue reached €1,131.14m in H1 2024/2025, up 28.5% year-over-year, marking the strongest half-year in company history.

• 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 posted double-digit EBITDA growth.

• Cash and cash equivalents stood at €263.63m at period end; equity ratio improved to 30.3%.

Financial highlights

• EBITDA increased 25.6% to €120.34m; EBIT up 28.0% to €83.37m year-over-year.

• EBITDA margin was 10.6% (prior year: 10.9%); EBIT margin stable at 7.4%.

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

• 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

• Strong travel and tourism demand expected to continue, supporting further growth in all divisions.

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

• Event calendar well filled for the remainder of the year, with major sports and corporate events.

• Restaurant and hotel segment anticipates solid growth and good margins; new openings and renovations planned.

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