DO & CO (DOC) H2 24/25 earnings summary

Executive summary

• Achieved record results with revenue surpassing €2 billion for the first time, driven by strong growth and margin improvements across all divisions, including premium airline catering, prestigious event contracts, and hospitality.

• Net income rose to €92.4 million, with EBIT margin at 8.0% and net result margin at 4.0% year-over-year.

• Free cash flow reached €125.2 million, and equity ratio improved to 37.6% from 27.4% year-over-year.

• Over 15,000 employees focused on quality, innovation, and personalized service, supporting operational excellence.

Financial highlights

• Revenue reached €2,298.1 million, a 26% increase year-over-year; EBITDA was €262.4 million, EBIT €183.6 million, and net result €92.4 million, all showing strong double-digit growth.

• EBITDA margin increased to 11.4% and EBIT margin to 8.0%; net result margin improved to 4.0%.

• Free cash flow was €125.2 million; net debt to EBITDA ratio improved to 0.6; equity ratio rose to 37.6%.

• Earnings per share grew to €8.42 from €6.24 year-over-year.

• Cash and cash equivalents at €174.17 million after repaying €172 million in bullet loans.

Outlook and guidance

• Organic revenue growth expected at 8%-10% for 2025-2026, with margin targets of 8.4%-8.5%.

• Long-term goal to reach €3 billion in revenue within two years, maintaining double-digit margins.

• Management expects continued sales and margin growth, leveraging innovation, quality, and a unique business model.

• CapEx guidance for next year is 3%-4% of revenue, focusing on people, innovation, and optimization.

• FX headwinds, especially Turkish lira devaluation, are factored into guidance.