DO & CO (DOC) Q1 24/25 earnings summary

Executive summary

• Achieved record quarterly revenue of €551.5m, up 38% year-over-year, with strong growth across all divisions.

• Net result increased 20% to €18.6m, with EPS at €1.69, driven by higher sales and operational efficiency.

• Airline Catering led growth, with new contracts and expansion in key markets; International Event Catering and Restaurants, Lounges & Hotels also posted double-digit revenue gains.

• Maintained high cash and cash equivalents of €254.7m; equity ratio improved to 27.9%.

• Sustainability initiatives advanced, including SBTi-validated net zero targets and increased renewable energy use.

Financial highlights

• Revenue grew 37.6% year-over-year to €551.5m; EBITDA up 27% to €55.2m; EBIT up 27% to €36.6m.

• Net result margin at 3.4%, EPS for the period at €1.69, up 13% from prior year.

• Free cash flow was negative at €-5.82m, impacted by higher working capital and loan repayments.

• Net debt increased to €232.61m; net debt/EBITDA at 1.09.

• Cash and cash equivalents at €254.7m, up 12% year-over-year.

Outlook and guidance

• Continued high demand expected in all divisions, with further operational improvements planned.

• Airline Catering to benefit from new routes and customers; International Event Catering has a full event calendar.

• Restaurant and hotel segment expects solid growth, with new openings and high occupancy rates.

• Ongoing expansion in airline catering, including new contracts and facility investments.

• Positive customer feedback in event catering driving new business opportunities in the US and UK.