DO & CO (DOC) Q2 2027 earnings summary

Executive summary

• H1 FY2026/27 revenue rose 8.4% to €1,340.65m, or 13.2% at constant FX; net result increased 24.7% to €66.69m, the strongest first half on record.

• Revenue and earnings grew across all three divisions; International Event Catering led growth, while management expects continued expansion subject to stable market conditions.

Financial highlights

• H1 EBITDA rose 11.5% to €166.82m and EBIT increased 12.5% to €120.08m; result before tax was €121.18m, up 22.8%.

• Q2 revenue was €698.54m, up 11.7%; EBITDA was €88.56m, EBIT €63.58m and net result €35.52m.

• H1 result after tax reached €85.66m, up 18.0%; basic and diluted EPS were €6.07 versus €4.87.

• H1 operating cash flow was €129.47m and free cash flow €117.49m; cash and cash equivalents were €288.68m at 30 September 2026.

Outlook and guidance

• FY revenue growth guidance remains 6%–8% and EBIT margin 8.6%–9%; management expects to finish toward the upper ends if H2 brings no negative surprises, with current revenue-growth expectation of 7%–7.5%.

• Management expects Q3 below Q2 and Q4 to be the weakest quarter; full-year expectations are conditional on stable market conditions.

• FY CapEx guidance is €80m–€90m; next-year CapEx is expected at €90m–€100m. New kitchen designs may reduce typical kitchen CapEx by 20%–25%.

• Mid-term EBIT margin goals: 10% group-wide in 2–3 years, 9% for Airline Catering, slightly above 10% for Event Catering and 15% for Restaurants, Lounges and Hotels.

• New airline contracts are expected to contribute increasingly from Q3; Event Catering has a strong order book, while Restaurants, Lounges & Hotels expects solid growth and good margins.