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

Executive summary

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

• Net result attributable to shareholders rose 20.9% to €53.5 million, with EPS at €4.87, and free cash flow increased 40% to €107.8 million.

• Equity ratio improved to 38.3%, and net debt to EBITDA ratio reduced to 0.4, reflecting strong deleveraging.

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

• Focused on margin improvement, financial stability, and preparing for future growth by investing in talent and education.

Financial highlights

• Revenue rose 9.3% to €1,236.8 million, EBITDA up 24% to €149.7 million, and EBIT up 28% to €106.7 million, with margins at all-time highs.

• Net result margin increased to 4.3%, EBITDA margin to 12.1%, and EBIT margin to 8.6%.

• Free cash flow reached €107.8 million, and gross cash flow rose 22.5% to €155 million.

• Cash and cash equivalents increased to €208.3 million.

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

Outlook and guidance

• Revenue guidance for the full year remains €2,450–2,500 million, with EBIT margin guidance at 8.5%.

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

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

• CapEx guidance unchanged at 3–4% of revenue, with higher spending anticipated in H2.

• Targeting double-digit EBIT and €3 billion in revenues within two to three years.