DO & CO (DOC) Q3 24/25 earnings summary

Executive summary

• Achieved record nine-month results with revenue of €1,774.1m, up 31% year-over-year, and net result of €73.0m, the best in company history.

• All business divisions—Airline Catering, International Event Catering, and Restaurants, Lounges & Hotels—reported significant growth and increased profitability, driven by strong demand.

• Free cash flow reached €91.9m, with a solid Net Debt/EBITDA ratio of 0.7, reflecting robust financial health.

• Focus remains on quality growth, margin improvement, innovation, and sustainable business practices.

Financial highlights

• Revenue for the first three quarters reached €1,774.1m, a 31% increase year-over-year; EBITDA rose 31% to €197.0m; EBIT up 37% to €139.4m; net result was €73.0m.

• EBITDA margin at 11.1% and EBIT margin at 7.9% for the nine-month period; net result margin improved to 4.1% from 3.9%.

• Free cash flow for the period was €91.9m; net debt/EBITDA ratio at 0.7; cash balance stable at €270.0m after €66m loan repayment.

• Equity ratio increased to 32.2% from 27.4% last year.

• Number of employees increased from 13,452 to 15,538.

Outlook and guidance

• FY 2024-2025 revenue guidance set at €2.25–2.3bn with EBIT margin of 7.5–8%; next year’s revenue expected above €2.4bn, targeting EBIT margin of 8% or higher.

• Organic growth of at least 10% is anticipated, with continued investment in people and innovation.

• Q4 revenue expected around €500m, with lower event catering contribution due to fewer races.

• Strong demand expected across all divisions, with positive travel and aviation industry forecasts for 2025.

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