Slides
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INVESTOR PRESENTATION 1-3 Quarters 2024/2025
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Highlights 1 Highlights 2 Airline Catering 3 International Event Catering 4 Restaurants, Lounges & Hotels 5 Financials
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1 Highlights Highlights at a glance 3 1-3 Quarters 2024/2025 vs. Q1-Q3 2023/2024 Revenue € 1,774.1m + 31 % EBITDA € 197.0m + 31 % EBIT € 139.4m + 37 % Net Result € 73.0m + 38 % 2024/25 2024/25 2024/25 2024/25 Q1 Q2 Q3 Q1-Q3 EBITDA margin 10.0% 11.2% 11.9% 11.1% EBIT margin 6.6% 8.1% 8.7% 7.9% Group
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1 Highlights Highlights in numbers Airline Catering SALES EBITDA EBIT 1,373.2 m€ +37 % 147.9 m€ +36 % 101.6 m€ +47 % International Event Catering 270.9 m€ +11 % 32.1 m€ +11 % 26.8 m€ +5 % Restaurants, Lounges & Hotels 130.0 m€ +17 % 17.0 m€ +32 % 11.0 m€ +52 % 1-3 Quarters 2024/2025 vs. Q1-Q3 2023/2024 4
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1-3 Quarters 2024/2025 1 Highlights Highlights at a glance 5 Strongest first three quarters in the company's history in terms of sales and earnings RESTAURANTS, LOUNGES & HOTELS : • further margin improvement driven by strong Q3 results due to pleasing Christmas season • strong guest numbers throughout all restaurants, lounges and hotels Strong free cashflow of € 91.9m and solid Net Debt / EBITDA ratio of 0.7 AIRLINE CATERING : • Strong focus of airlines on premium segment increases demand for DO & CO, a leading and expanding quality player worldwide • Rich client portfolio extended by new tenders won at various locations INTERNATIONAL EVENT CATERING : • F1 Paddock Club : 10-years contract extension - Partners in excellence since 1992 • F1 races in Austin, Mexico, Brazil, Las Vegas, Qatar and the grand season final in Abu Dhabi - very good customer feedback Further focus on bottom line growth in all divisions Continuous high demand in all divisions
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Airline Catering 1 Highlights 2 Airline Catering 3 International Event Catering 4 Restaurants, Lounges & Hotels 5 Financials
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7 1-3 Quarters 2024/2025 vs. Q1-Q3 2023/2024 New York JFK : • JetBlue extends contract for another 2 years • financial improvements Rich client portfolio, ongoing good load factors 2 Airline Catering € 1,373.2m Revenue € 147.9m EBITDA € 101.6m EBIT + 37 % + 36 % + 47 % Our mission the best restaurant experience over 39,000 feet
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8 2 Airline Catering Status quo & Outlook TÜRKIYE - Turkish Airlines • BEST QUALITY EXPERIENCE in all cabins and lounges • HONORED WITH FIVE SKYTRAX AWARDS Turkish hospitality at its best • 500 FLIGHTS plus / DAY only in Istanbul • 200,000 - 300,000 MEALS / DAY − home made and hand made − market fresh ingredients only • ONGOING PRODUCT INNOVATIONS • NEW GOURMET KITCHEN in IST − 150,000m2 (21 soccer fields) − Construction starting in 2nd HY 2025 8
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9 2 Airline Catering Status quo British Airways LHR Iberia MAD • VERY GOOD OPERATIONAL PERFORMANCE in both locations • FRESH DO & CO MENUS in all cabins • IBERIA wins PAX INTERNATIONS Award for “Outstanding Food Service by a Carrier in Europe 2024” • IBERIA as an AMBASSADOR OF SPANISH GASTRONOMY • IBERIA LOUNGES Contract renewed for another 5 years 9
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10 2 Airline Catering Status quo Delta Air Lines One of the strategic partners in US SERVING IN • Detroit • Boston • Miami • Seoul | Korea • New York | JFK (since Q1 24/25) − 220 flights per day − one of Delta’s biggest hubs 10
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11 2 Airline Catering 11 USA - Jet Blue • contract has been extended for another 2 years in Dec 2024 • hub caterer in New York, JFK since December 2021 • all long-haul and short-haul flights (up to 180 flights per day) USA - New Clients DO & CO - NEW YORK | JFK & EWR • Austrian Airlines (Jul 2024) • Delta Air Lines (Apr 2024) DO & CO - MIAMI • Turkish Airlines (Oct 2024) DO & CO - CHICAGO • Austrian Airlines (Jul 2024) DO & CO - DETROIT • Aeroméxico (May 2024) • Lufthansa (May 2024) • Royal Jordanian (Jun 2024) Status quo
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12 2 Airline Catering NEW CONTRACTS – REST OF WORLD All Nippon Airways ex VIE beOnd ex MXP China Eastern Airlines ex FRA Ethiopian Airways ex WAW Gulf Air ex MUN Hainan Airlines ex VIE Singapore Airlines ex MXP Swiss ex ICN Vietnam Airlines ex MUN West Jet ex ICN Status quo 12
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International Event Catering 1 Highlights 2 Airline Catering 3 International Event Catering 4 Restaurants, Lounges & Hotels 5 Financials
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14 3 International Event Catering 1-3 Quarters 2024/2025 vs. Q1-Q3 2023/2024 • F1 Paddock Club contract extended by another 10 years – now partner since 1992 • DO & CO further expands its market position at international sports events € 270.9m Revenue € 32.1m EBITDA € 26.8m EBIT + 11 % + 11 % + 5 % Our mission the world's leading premium hospitality and gourmet entertainment experience • innovative concepts • best quality • personalized service
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15 3 International Event Catering Status quo 15 Formula 1 10-years Contract Extension Partners in excellence since 1992 • DO & CO continues as official supplier to the F1 Paddock Club • strong demand in almost all locations continues • high customer satisfaction feedback • state of the art hospitality guest experience – benchmark of the sport hospitality industry 1515
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16 3 International Event Catering Status quo & Outlook Allianz Arena DO & CO is responsible for culinary delights at FC Bayern Munich’s home base • long term partnership with FC Bayern Munich – VIP hospitality and public catering at Allianz Arena • VIP and public catering during UEFA EURO 2024 • 2nd NFL game at Allianz Arena • numerous Bundesliga and Champions League matches • music highlight in summer : Guns N’ Roses to play Allianz Arena’s first-ever concert in June 2025 16
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17 3 International Event Catering Status quo SAP Garden in Munich • new indoor location in Munich • state of the art stadium • multifunctional set up • Red Bull ice hockey and FC Bayern Munich Basketball in one location • grand opening : 27th September • capacity : − 11,000 guests • catering areas : − VIP areas / 11 Skyboxes − 13 public kiosks − 1 Henry Restaurant • multiple events : ~ 40 hockey games and ~ 20 basket ball games per year numerous side events 17
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18 Restaurants, Lounges & Hotels 1 Highlights 2 Airline Catering 3 International Event Catering 4 Restaurants, Lounges & Hotels 5 Financials
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19 • improved sales and margins compared to previous year 4 Restaurants, Lounges & Hotels 1-3 Quarters 2024/2025 vs. Q1-Q3 2023/2024 • very pleasing development in the division over the last quarters • DO & CO Albertina, Vienna | reopening with new concept Our mission Innovative, best quality and personalized customer experience € 130.0m Revenue € 17.0m EBITDA € 11.0m EBIT + 17 % + 32 % + 52 %
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20 DEMEL K. u. K. Hofzuckerbäcker since 1786 • successful new concept • clear retail and gastronomy segmentation • DEMEL KAISERSCHMARRN has become a signature product and creating strong demand 4 Restaurants, Lounges & Hotels 20 Status quo
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21 4 Restaurants, Lounges & Hotels Status quo 21 DO & CO ALBERTINA Vienna CONTRACT EXTENSION FOR 10 YEARS AND REOPENING IN NOVEMBER! • ALBERTINA - one of the leading museums worldwide with 2,000 - 3,000 visitors a day • co-branding DO & CO and DEMEL ALBERTINA x DEMEL co-branded chocolate and gift line • DEMEL Kaiserschmarrn to go • casual offering during the day • cool fine dining in the evening
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22 4 Restaurants, Lounges & Hotels Status quo DO & CO Hotels and Restaurants Munich and Vienna DO & CO MUNICH : • luxury Boutique Hotel in the heart of the city • very proud of first time Michelin Key Award for a DO & CO Hotel • two restaurants at the same location DO & CO STEPHANSPLATZ : • flagship of the group • one of the most scenic locations in the city • basis for the group’s R & D and innovation activities →Hotels and restaurants in both cities are highly popular showing pleasing occupancy rates! 22
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23 4 Restaurants, Lounges & Hotels 23 Status quo Airport Gastronomy and Airport Lounges Airport Gastronomy Vienna • established partnership for more than 10 years • new restaurant and food concepts and refurbishing completed • increase in air traffic shows positive effect on passenger numbers and sales Lounges • Emirates lounge renewed for 5 years in LHR • SKYTRAX award-wining Turkish Airlines lounge in Istanbul highly frequented • strong increase in guest numbers
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Financials 1 Highlights 2 Airline Catering 3 International Event Catering 4 Restaurants, Lounges & Hotels 5 Financials
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25 Q1 - Q3 24/25 Q1 - Q3 23/24 Change in % Revenue m€ 1,774.1 1,358.2 30.6% EBITDA m€ 197.0 150.3 31.1% Depreciation and impairment m€ -57.6 -48.4 -19.1% EBIT m€ 139.4 101.9 36.8% Financial result m€ -11.3 -22.0 48.4% Result before income tax m€ 128.0 79.9 60.2% Income tax m€ -34.9 -22.1 -58.1% Result after income tax m€ 93.2 57.9 60.9% Minorities m€ -20.2 -5.0 -306.7% Net result m€ 73.0 52.9 37.9% EBITDA margin % 11.1% 11.1% 0.0 pp EBIT margin % 7.9% 7.5% 0.4 pp Tax ratio % 27.2% 27.6% -0.4 pp Result after tax margin % 5.3% 4.3% 1.0 pp Net result margin % 4.1% 3.9% 0.2 pp 5 Financials • DO & CO delivers another record revenue growth with over € 1.7bn in 1-3 Quarters 2024/2025 • 1-3 Quarters 2024/2025 vs. 2023/2024 Revenue + 30.6 % EBIT margin + 0.4 pp Net result + 0.2 pp • improvements in financial result thanks to higher financial income due to active management and higher market rates • number of employees inversed from 13,452 to 15,538 in 1-3 Quarters 2024/2025 1-3 Quarters 2024/2025 Income statement
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26 Revenue m€ 551.5 579.7 643.0 1,774.1 400.9 479.2 478.1 1,358.2 EBITDA m€ 55.2 65.2 76.7 197.0 43.3 52.6 54.4 150.3 Depreciation and impairment m€ -18.6 -18.4 -20.7 -57.6 -14.6 -16.2 -17.7 -48.4 EBIT m€ 36.6 46.8 56.0 139.4 28.7 36.4 36.8 101.9 Financial result m€ -3.7 -4.6 -3.1 -11.3 -5.8 -7.9 -8.3 -22.0 Result before income tax m€ 32.9 42.2 52.9 128.0 22.9 28.5 28.5 79.9 Income tax m€ -8.8 -11.4 -14.7 -34.9 -5.3 -6.7 -10.1 -22.1 Result after income tax m€ 24.1 30.8 38.2 93.2 17.6 21.9 18.4 57.9 Minorities m€ -5.5 -5.2 -9.5 -20.2 -2.1 -1.8 -1.0 -5.0 Net result m€ 18.6 25.6 28.7 73.0 15.4 20.0 17.4 52.9 EBITDA margin % 10.0% 11.2% 11.9% 11.1% 10.8% 11.0% 11.4% 11.1% EBIT margin % 6.6% 8.1% 8.7% 7.9% 7.2% 7.6% 7.7% 7.5% Tax ratio m€ 26.7% 27.1% 27.7% 27.2% 23.0% 23.4% 35.4% 27.6% Net result margin % 3.4% 4.4% 4.5% 4.1% 3.9% 4.2% 3.6% 3.9% Group Q1 - Q3 24/25 Q1 - Q3 23/24 Q2 24/25Q1 24/25 Q3 24/25 Q1 23/24 Q2 23/24 Q3 23/24 5 Financials Income statement1-3 Quarters 2024/2025 • revenue in Q1-Q3 2024/2025 is well above the previous year resulting in a 7.9 % margin • thanks to high demand in all areas Q3 results : • EBITDA at 11.9 % • EBIT margin at 8.7 % • Net result margin at 4.5 %
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27 Q1 24/25 Q2 24/25 Q3 24/25 Q1 - Q3 24/25 Q1 23/24 Q2 23/24 Q3 23/24 Q1 - Q3 23/24 Change PY Change PY in % Revenue m€ 419.6 467.8 485.9 1,373.2 294.5 378.0 329.3 1,001.8 371.4 37.1% EBITDA m€ 40.2 51.7 56.0 147.9 30.5 41.9 36.1 108.5 39.5 36.4% Depreciation and impairment m€ -15.0 -14.5 -16.8 -46.4 -11.5 -12.9 -14.8 -39.3 -7.1 -18.0% EBIT m€ 25.2 37.2 39.2 101.6 19.0 29.0 21.2 69.2 32.4 46.8% EBITDA margin % 9.6% 11.1% 11.5% 10.8% 10.3% 11.1% 11.0% 10.8% -0.1 pp EBIT margin % 6.0% 8.0% 8.1% 7.4% 6.4% 7.7% 6.5% 6.9% 0.5 pp Q1 24/25 Q2 24/25 Q3 24/25 Q1 - Q3 24/25 Q1 23/24 Q2 23/24 Q3 23/24 Q1 - Q3 23/24 Change PY Change PY in % Revenue m€ 91.1 71.7 108.2 270.9 71.0 62.0 112.0 245.1 25.9 10.6% EBITDA m€ 10.2 8.0 13.8 32.1 9.2 5.8 13.8 28.9 3.2 11.0% Depreciation and impairment m€ -1.6 -1.8 -1.8 -5.2 -1.2 -1.2 -1.0 -3.4 -1.8 -54.0% EBIT m€ 8.6 6.2 12.0 26.8 8.1 4.6 12.8 25.5 1.3 5.2% EBITDA margin % 11.2% 11.2% 12.8% 11.8% 13.0% 9.4% 12.4% 11.8% 0.0 pp EBIT margin % 9.4% 8.7% 11.1% 9.9% 11.4% 7.4% 11.5% 10.4% -0.5 pp Q1 24/25 Q2 24/25 Q3 24/25 Q1 - Q3 24/25 Q1 23/24 Q2 23/24 Q3 23/24 Q1 - Q3 23/24 Change PY Change PY in % Revenue m€ 40.8 40.2 49.0 130.0 35.3 39.2 36.8 111.4 18.6 16.7% EBITDA m€ 4.8 5.4 6.8 17.0 3.6 4.8 4.5 12.9 4.1 31.8% Depreciation and impairment m€ -2.0 -2.0 -2.0 -6.0 -1.9 -2.0 -1.8 -5.7 -0.3 -6.0% EBIT m€ 2.8 3.4 4.8 11.0 1.7 2.8 2.7 7.2 3.8 52.2% EBITDA margin % 11.7% 13.5% 13.9% 13.1% 10.1% 12.2% 12.4% 11.6% 1.5 pp EBIT margin % 6.9% 8.5% 9.7% 8.4% 4.7% 7.2% 7.3% 6.5% 2.0 pp Restaurants, Lounges & Hotels International Event Catering Airline Catering 5 Financials Restaurants, Lounges & Hotels • increased profitability and sales due to rise in guest numbers • strong sales and margin improvements at DEMEL boosted by the holiday season International Event Catering • DO & CO serving VVIP guests at numerous high-end events • Formula 1 with high demand • EURO 2024 – best EURO in DO & CO history, amazing feedback Divisions1-3 Quarters 2024/2025 Airline Catering • strong sales increase thanks to higher load factors, new routes and new clients
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28 31/12/2024 31/03/2024 Change Change in % Intangible assets 22.8 23.1 -0.3 -1.3% Property, plant and equipment 545.0 499.5 45.5 9.1% Investment property 2.5 2.1 0.3 16.3% Investments accounted for using the equity method 5.5 4.3 1.2 28.2% Other financial assets 14.6 19.7 -5.1 -26.1% Deferred tax assets 22.0 22.9 -1.0 -4.3% Other non-current assets 16.9 16.1 0.8 5.2% Non-current assets 629.2 587.7 41.5 7.1% Inventories 53.5 47.9 5.6 11.7% Trade receivables 287.7 229.6 58.1 25.3% Other financial assets 14.3 12.2 2.1 17.4% Income tax receivables 0.1 0.2 -0.1 -45.9% Other non-financial assets 71.3 37.7 33.6 89.1% Cash and cash equivalents 270.0 276.7 -6.7 -2.4% Current assets 697.0 604.3 92.7 15.3% Total assets 1,326.2 1,192.0 134.2 11.3% Assets in m€ 5 Financials Balance sheet1-3 Quarters 2024/2025 • extension of balance sheet driven by: − PPE increased by € 45.5m − trade receivables → high business demand • slight decrease in the cash position to € 270.0m due to bullet loan repayment
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29 31/12/2024 31/03/2024 Change Change Shareholders' equity and liabilities in m€ in % Shareholders' equity 427.7 326.5 101.2 14.0% Equity ratio in % 32.2% 27.4% 4.9 pp Bond 0.0 2.2 -2.2 -100.0% Other financial liabilities 288.5 293.8 -5.3 -1.8% Non-current provisions 28.1 21.3 6.8 31.9% Other non-current liabilities 0.0 0.0 0.0 1.2% Income tax liabilities 0.0 0.0 0.0 0.0% Deferred tax liabilities 14.0 14.3 -0.3 -1.8% Non-current liabilities 330.7 331.5 -0.9 -0.3% Other financial liabilities 149.9 198.8 -48.9 -24.6% Trade payables 234.0 184.1 49.9 27.1% Current provisions 30.7 34.7 -4.0 -11.5% Income tax liabilities 24.9 16.3 8.6 53.0% Other liabilities 128.4 100.1 28.3 28.3% Current liabilities 567.8 533.9 33.9 6.4% Total shareholders' equity and liabilities 1,326.2 1,192.0 134.2 11.3% 5 Financials Balance sheet1-3 Quarters 2024/2025 • increase of equity position due to bond conversions and higher profits • rise of equity ratio to 32.2 % thanks to bond conversions, increase in retained earnings and non-controlling interests • decrease in other financial liabilities due to repayment of a bullet loan • growth in trade payables related to business increase
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30 Q1 - Q3 24/25 Q1 - Q3 23/24 Change Change in m€ in % Gross cash flow 190.8 142.5 48.3 33.9% Changes in working capital -27.0 9.0 -36.0 -399.2% Income tax payments -28.7 -6.5 -22.2 -341.6% Cash flow from operating activities 135.1 145.0 -9.9 -6.8% Cash flow from investing activities -43.2 -48.1 4.9 10.2% Free cash flow 91.9 96.9 -5.0 -5.1% Repayment of financial liabilities -86.1 -22.9 -63.3 -276.6% Interest paid / transaction costs -12.0 -13.0 1.0 7.8% Dividend payment to shareholders of DO & CO 0.0 -10.3 10.3 100.0% Dividend payment to non-controlling interests -2.3 -4.2 1.9 45.2% Cash flow from financing activities -100.4 -50.4 -50.0 -99.3% Increase/decrease in cash and cash equivalents -8.5 46.5 -55.0 -118.2% Cash and cash equivalents at bop 276.7 235.2 41.5 17.7% Effects of FX changes 1.8 -12.9 14.7 114.1% Increase/decrease in cash and cash equivalents -8.5 46.5 -55.0 -118.2% Cash and cash equivalents at eop 270.0 270.7 -0.6 -0.2% 5 Financials Cash flow1-3 Quarters 2024/2025 • cash decreased slightly by € 0.6m, compared to previous year mostly driven by loan repayments • decrease in cash inflow from operating activities by € 9.9m compared to Q1 – Q3 2023/2024 due to higher working capital and income tax payments • strong free cash flow despite loan repayments
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31 1.3 1.1 1.1 0.7 0.7 5.5 5.5 5.5 5.5 5.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Q3 24/25 Group Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Q3 24/25 EBITDA* m€ 185.1 202.1 214.0 226.6 248.9 Cash m€ 270.7 276.7 254.7 263.6 270.0 Debt m€ 517.3 493.1 487.3 425.7 434.5 Net Debt m€ 246.7 216.4 232.6 162.1 164.5 Net Debt to EBITDA # 1.3 1.1 1.1 0.7 0.7 5 Financials • solid “Net Debt to EBITDA” driven by high operational result and loan repayment • the actions initiated by the management board resulted in a “Net Debt to EBITDA” ratio of 0.7 for Q1-Q3 2024/2025 (result strongly complies with covenant testing of 5.5) • the “Net Debt to EBITDA” ratio includes IFRS 16 effects Net Debt to EBITDACovenant Testing * respective rolling EBITDA of the last four quarters Q3 24/25
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Thank you for your attention! DO & CO Aktiengesellschaft Vienna, 12 February 2025
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Disclaimer 33 The information contained in this document has not been independently verified and no representation or warranty, expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness, or correctness of this information or opinions contained herein. Certain statements contained in this document may be statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. None of DO & CO or any of its affiliates, advisors, or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its content or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.