DO & CO (DOC) Q1 25/26 earnings summary

Executive summary

• Achieved record Q1 revenue of €611.7m, up 10.9% year-over-year, with strong growth and margin improvements across all divisions and regions.

• Net profit rose 44% to €26.8m, with EPS at €2.44, and all key margins improved significantly.

• Free cash flow turned positive at €23.0m, compared to negative €5.8m last year.

• The company is financially healthy, with strong free cash flow, low net debt, and an equity ratio of 37.8%.

• Management expects continued strong demand and growth, driven by innovation and premium positioning.

Financial highlights

• Revenue reached €611.7m (+10.9% YoY); EBITDA rose 32.7% to €73.2m; EBIT up 43.5% to €52.5m.

• Net result was €26.8m (+44.1% YoY); EPS €2.44 (+44% YoY); net result margin 4.4% (+1.0pp YoY).

• Free cash flow improved to €23.0m from negative €5.8m last year.

• Net debt/EBITDA ratio reduced to 0.5; equity ratio improved to 37.8% from 27.9%.

• EBITDA margin improved to 12.0% (prior year: 10.0%); EBIT margin to 8.6% (prior year: 6.6%).

Outlook and guidance

• Full-year sales growth guidance remains at 8-10%, with an EBITDA margin target of 8.5%.

• Midterm targets include organic growth of 8-10% and reaching €3bn in revenue within 2-3 years, aiming for double-digit EBITDA margins.

• Strong demand expected across all divisions, with robust pre-bookings and a full event calendar.

• No change in guidance despite FX headwinds and hyperinflation in Türkiye; natural hedging and IAS 29 adjustments mitigate impact.

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