DO & CO (DOC) H2 23/24 earnings summary

Executive summary

• Achieved record results in 2023/2024: revenue up 28.2% to €1,819.45m, net income up 96.8% to €66.22m, and EBITDA up 41% to €202.12m, marking the best year in company history.

• All divisions contributed to growth, with strong expansion in the US and around 2,000 new jobs created.

• Achieved record business year 2023/2024 with strong growth across all segments, driven by premium positioning and global expansion.

• Focused on innovation, customer experience, and sustainability, with significant progress in ESG ratings and initiatives.

• Share price reached an all-time high of €149.80, closing at €138.40, and a dividend of €1.50 per share is proposed.

Financial highlights

• Revenue rose 28.2% year-over-year to €1,819.45m; EBITDA margin improved to 11.1% (PY: 10.1%).

• EBIT increased 58.4% to €135.79m; EBIT margin at 7.5% (PY: 6.0%).

• Net result nearly doubled to €66.22m; EPS at €6.24 (PY: €3.44).

• Cash and cash equivalents at €276.71m; free cash flow at €116.27m.

• Net debt to EBITDA ratio improved to 1.07 (PY: 1.92); equity ratio at 27.4%.

Outlook and guidance

• Management expects continued growth in 2024/2025, driven by qualitative expansion, process optimization, and strong demand in all divisions.

• Major event catering to benefit from UEFA EURO 2024, Formula 1, and new venue contracts.

• Restaurant and retail expansion includes a new Demel location in Manhattan and ongoing renovations in Vienna.

• New Demel concept and international expansion, including entry into New York, expected to drive future sales and margin improvements.

• Airline Catering anticipates further revenue increases from new contracts and expanded US operations.