DO & CO (DOC) Q3 25/26 earnings summary

Executive summary

• Revenue reached €1,867.1m for Q1–Q3, up 5.2% at reported rates and 18.3% at constant currency, marking the strongest period in company history.

• EBITDA rose 15.5% to €227.7m, EBIT up 17% to €163m, and net result increased 15.9% to €84.6m.

• Margins improved across all divisions, with EBITDA margin at 12.2%, EBIT margin at 8.7%, and net result margin at 4.5%.

• Free cash flow nearly doubled to €182.9m, equity ratio strengthened to 41.5%, and net debt/EBITDA reduced to 0.2.

• Cash and cash equivalents increased to €266.9m, and market capitalization rose to €2,273.58m.

Financial highlights

• Revenue growth was driven by all segments: Airline Catering up 6%, International Event Catering up 1%, Restaurants, Lounges & Hotels up 8%.

• Q3 revenue reached €630m, with organic growth at 15.9% despite FX headwinds.

• EPS for the period was €7.70, up 15.9% year-over-year.

• Gross cash flow from operations up 47.7% year-over-year to €199.6m.

• ROCE at 39.8%, and ROS at 8.2% (up from 7.2%).

Outlook and guidance

• EBIT margin guidance for the year raised to 8.5%+, with next year targeted at 8.5%+ as well.

• Top-line guidance adjusted to €2.4–2.45bn due to FX headwinds.

• Double-digit organic growth expected to continue, especially in event catering and new business segments.

• CapEx for the year expected at €50–60m, with €100m planned for next year to support expansion.

• Management expects continued strong demand and growth, especially in premium segments, and is confident in meeting planned goals.