Slides
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1 INVESTOR PRESENTATION First Half Year 2025/2026
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Highlights
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2025/26 2025/26 2025/26 2024/25 2024/25 2024/25 Q1 Q2 HY 1 Q1 Q2 HY 1 EBITDA margin 12.0% 12.2% 12.1% 10.0% 11.2% 10.6% + 1.5 pp EBIT margin 8.6% 8.7% 8.6% 6.6% 8.1% 7.4% + 1.3 pp Net result margin 4.4% 4.3% 4.3% 3.4% 4.4% 3.9% + 0.4 pp Group Change vs. PY 1 Highlights Highlights at a glance 3 1st Half Year 2025/2026 vs. HY1 2024/2025 Revenue € 1,236.8m + 9 % EBITDA € 149.7m + 24 % EBIT € 106.7m + 28 % Net Result € 53.5m + 21 %
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1 Highlights Highlights in numbers Airline Catering SALES EBITDA EBIT 981.9 m€ +11 % 115.9 m€ +26 % 81.7 m€ +31 % International Event Catering 164.8 m€ +1 % 20.5 m€ +12 % 16.0 m€ +8 % Restaurants, Lounges & Hotels 90.1 m€ +11 % 13.3 m€ +30 % 9.0 m€ +46 % 1st Half Year 2025/2026 vs. HY1 2024/2025 4
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1st Half Year 2025/2026 1 Highlights Highlights at a glance RESTAURANTS, LOUNGES & HOTELS : • further margin improvement from 7.7 % in HY1 2024/2025 to 10.0 % in 2025/2026 FREE CASHFLOW : € 107.8m - vs. € 76.9m in HY1 2024/2025 (+ 40.2 %) NET DEBT / EBITDA ratio : 0.4 - vs. 0.7 in HY1 2024/2025 EQUITY RATIO : 38.3 % - strong improvement from 30.3 % in HY1 2024/2025 AIRLINE CATERING : • Kick-off for construction of new gourmet kitchen in Istanbul (150,000 sqm) • DO & CO wins numerous tenders and continues to expand its customer base INTERNATIONAL EVENT CATERING : • DO & CO in charge of the world's most prestigious sports events F1 races | Football : FIFA Club World Cup & UEFA CL Final 2025 | Tennis : ATP Madrid DO & CO as the world`s leading premium brand in hospitality business events – airlines – restaurants & cafes first time > € 1.2bn in sales in HY1 | 8.6 % EBIT margin | 4.3 % Net result margin
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The 3 main pillars of the DO & CO DNA committed to our principles Back to the roots - this is what we stand for 6 Sustainable QUALITY Passion for INNOVATION Motivated PEOPLE Leading edge in product, process and systems - development of state-of- the-art culinary Founder-led, entrepreneurial mindset with a long-term vision and motivated, dynamic, detail-oriented company culture THE 3 MAIN PILLARS OF THE DO & CO DNA Highest customer satisfaction through always prioritizing innovation, sustainable high quality and people’s motivation Freshest, finest quality ingredients, no additives, no preservatives - working with trusted long-term suppliers 1 Highlights
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Airline Catering
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8 1st Half Year 2025/2026 vs. HY1 2024/2025 2 Airline Catering € 981.9m Revenue € 115.9m EBITDA € 81.7m EBIT + 11 % + 26 % + 31 % Our mission the best restaurant experience over 39,000 feet • Ongoing good load factors, especially in premium cabins • Numerous new clients through strong tender participation • JFK : strong improvements (high start-up costs in 2024/2025)
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9 2 Airline Catering Status quo & Outlook TÜRKIYE - Turkish Airlines • BEST HOSPITALITY EXPERIENCE in all cabins and lounges • ONGOING PRODUCT INNOVATION • S K Y T R A X AWARDS 2025 : - BEST AIRLINE IN EUROPE for the 10th time ! - WORLD’S BEST BUSINESS CLASS CATERING • 500+ FLIGHTS / DAY (only IST) • 250,000 - 300,000 MEALS / DAY - fresh ingredients only • STRONG MARKET POSITION in TÜRKIYE - third party business growing significantly • NEW GOURMET KITCHEN in IST - construction already started - opening : end of 2027 / Q1 2028 9
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10 2 Airline Catering Status quo British Airways LHR Iberia MAD • VERY PROUD OF THE CLOSE PARTNERSHIP • VERY GOOD OPERATIONAL PERFORMANCE in LHR and MAD • FRESH DO & CO MENUS − in all cabins − very positive customer feedback • IBERIA − award winning guest experience − AMBASSADOR OF SPANISH GASTRONOMY 10
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11 2 Airline Catering Status quo Delta Air Lines One of the world`s biggest fleets • ONE OF THE STRATEGIC PARTNERS IN THE US • CLOSE COOPERATION BETWEEN DELTA AND DO & CO • SERVING IN − Detroit − Boston − Miami − Seoul | Korea − New York - one of Delta’s biggest hubs ~ 220 flights per day 11
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12 2 Airline Catering Status quo USA - Jet Blue • FURTHER STRATEGIC PARTNER IN THE US • CONTRACT EXTENSION 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 - MIAMI - Aer Lingus (Oct 2025) • DO & CO - CHICAGO - Aer Lingus (May 2025) • DO & CO - DETROIT - WestJet Airlines (Apr 2025) 12
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13 2 Airline Catering NEW CONTRACTS – REST OF WORLD Air Canada ex FRA, MUN Air Dolomiti ex VIE All Nippon Airways ex LHR Cathay Pacific ex MUN Egypt Air ex MXP Etihad Airways ex WAW EVA Air ex LHR Oman Air ex IST Scoot ex VIE Vietnam Airlines ex MXP Status quo 13
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International Event Catering
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15 3 International Event Catering 1st Half Year 2025/2026 vs. HY1 2024/2025 € 164.8m Revenue € 20.5m EBITDA € 16.0m EBIT + 1 % + 12 % + 8 % Our mission the world's leading premium hospitality and gourmet entertainment experience • innovative concepts • best quality • personalized service • F1 : strong demand in all races • No EURO this year in comparison to HY 1 2024/2025 • First time catering the FIFA Club World Cup (Miami, New York)
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16 3 International Event Catering Status quo Formula 1 DO & CO's 34th Season • exciting season with Japan, Bahrain, Saudi Arabia, Miami, Emilia-Romagna, Monaco, Spain, Canada, Austria, Silverstone, Belgium, Hungary, Zandvoort, Monza and Baku • strong demand in all locations continues • high customer satisfaction feedback • state of the art hospitality guest experience – benchmark of the sport hospitality industry • DO & CO continues as official supplier to the F1 Paddock Club with a 10-year contract extension 16
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17 3 International Event Catering Status quo 17 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 Champions League final 2025, UEFA Nations League semi final and final • numerous Bundesliga and Champions League matches • music highlight in summer : Guns N’ Roses to play Allianz Arena’s first-ever concert in June 2025, Linkin Park, Helene Fischer and The Weeknd to follow in 2026
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18 3 International Event Catering Status quo Olympic Park big open air and indoor events • DUA LIPA | JOHN LEGEND • TATE MCRAE | ROLAND KAISER • ROBBIE WILLIAMS • DRAKE | CRO • in total : ⁓ 530,000 guests SAP Garden Munich multifunctional set up • Red Bull ice hockey and FC Bayern Munich basketball in one location • sold out basketball and ice hockey games • DBB Supercup : ⁓ 20,000 fans on two days • numerous VIP events at full capacity 18
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19 3 International Event Catering Status quo The most prestigious events in the world - powered by DO & CO • ATP Tennis Masters 1000 Madrid • FIFA Club World Cup • Filmfestival - Rathausplatz • Midsummer Nights Dream - Munich • Super Bloom Festival 19
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Restaurants, Lounges & Hotels
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21 4 Restaurants, Lounges & Hotels 1st Half Year 2025/2026 vs. HY1 2024/2025Our mission Innovative, best quality and personalized customer experience € 90.1m Revenue € 13.3m EBITDA € 9.0m EBIT + 11 % + 30 % + 46 % • Good sales and strong margin improvements • Very satisfying occupancy level in all locations • DO & CO’s DNA since 1981 inspiration for innovation and unique customer experience for all divisions
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22 DEMEL K. u. K. Hofzuckerbäcker since 1786 • improved overall concept meets guests' expectations • clear retail and gastronomy segmentation • 2 floors Viennese coffee house - high turnover with local and international guests • DEMEL KAISERSCHMARRN - has become THE signature product, creating strong frequencies 4 Restaurants, Lounges & Hotels 22 Status quo
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23 4 Restaurants, Lounges & Hotels Status quo 23 DO & CO Restaurants Vienna • Stephansplatz facelift for flagship in progress • Albertina facelift of the terrace complete • ONYX contemporary Asian cuisine DO & CO Restaurants Munich • DO & CO Bistro mediterranean cuisine • DO & CO Restaurant contemporary Asian cuisine Basis for the group’s R & D and innovation activities
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24 4 Restaurants, Lounges & Hotels 24 Status quo DO & CO Hotels Vienna and Munich 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 DO & CO MUNICH : • luxury Boutique Hotel in the heart of the city • repeatedly awarded with “101 Best Hotels DACH” and MICHELIN KEY Award → Hotels and restaurants in both cities are highly popular showing pleasing occupancy rates !
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25 4 Restaurants, Lounges & Hotels Status quo Airport Gastronomy and Airport Lounges Airport Gastronomy Vienna • established partnership for more than 10 years • new restaurants and food concepts and refurbishing completed • increase in air traffic shows positive effect on passenger numbers and sales Lounges • SKYTRAX award-winning Turkish Airlines lounge in Istanbul highly frequented • Emirates lounge contract renewed for 5 years in LHR and GER • strong increase in guest numbers 25 25
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Financials
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27 5 Financials • strong revenue growth over last year as DO & CO delivers € 1,236.8m of revenues in the first half-year of 2025/2026 • HY1 2025/2026 vs. HY1 2024/2025 Revenue + 9.3 % EBIT margin + 1.3 pp Net result + 0.4 pp • number of employees increased from 15,887 to 16,523 1st Half Year 2025/2026 Income statement 1 HY 25/26 1 HY 24/25 Change Change in % Revenue m€ 1,236.8 1,131.1 105.7 9.3% EBITDA m€ 149.7 120.3 29.3 24.4% Depreciation and impairment m€ -42.9 -37.0 -6.0 -16.1% EBIT m€ 106.7 83.4 23.4 28.0% Financial result m€ -8.1 -8.3 0.2 2.1% Result before income tax m€ 98.6 75.1 23.5 31.3% Income tax m€ -26.0 -20.2 -5.8 -28.9% Result after income tax m€ 72.6 54.9 17.7 32.2% Minorities m€ -19.2 -10.7 -8.5 -79.1% Net result m€ 53.5 44.2 9.2 20.9% EBITDA margin % 12.1% 10.6% 1.5 pp EBIT margin % 8.6% 7.4% 1.3 pp Tax ratio % 26.4% 26.9% -0.5 pp Net result margin % 4.3% 3.9% 0.4 pp EPS for the period € 4.87 4.03 0.8 20.9% Number of shares 000 10,983 10,983 0.0 0.0% Number of employees No. 16,523 15,887 636 4.0% Group
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28 Revenue m€ 611.7 625.1 1,236.8 551.5 579.7 643.0 524.0 1,131.1 EBITDA m€ 73.2 76.5 149.7 55.2 65.2 76.7 65.4 120.3 Depreciation and impairment m€ -20.7 -22.2 -42.9 -18.6 -18.4 -20.7 -21.1 -37.0 EBIT m€ 52.5 54.3 106.7 36.6 46.8 56.0 44.2 83.4 Financial result m€ -5.4 -2.7 -8.1 -3.7 -4.6 -3.1 -20.0 -8.3 Result before income tax m€ 47.1 51.5 98.6 32.9 42.2 52.9 24.2 75.1 Income tax m€ -11.4 -14.6 -26.0 -8.8 -11.4 -14.7 -1.6 -20.2 Result after income tax m€ 35.7 36.9 72.6 24.1 30.8 38.2 22.6 54.9 Minorities m€ -8.9 -10.3 -19.2 -5.5 -5.2 -9.5 -3.2 -10.7 Net result m€ 26.8 26.7 53.5 18.6 25.6 28.7 19.5 44.2 EBITDA margin % 12.0% 12.2% 12.1% 10.0% 11.2% 11.9% 12.5% 10.6% EBIT margin % 8.6% 8.7% 8.6% 6.6% 8.1% 8.7% 8.4% 7.4% Tax ratio m€ 24.2% 28.3% 26.4% 26.7% 27.1% 27.7% 6.7% 26.9% Net result margin % 4.4% 4.3% 4.3% 3.4% 4.4% 4.5% 3.7% 3.9% Group 1 HY 25/26 1 HY 24/25Q2 25/26Q1 25/26 Q1 24/25 Q2 24/25 Q3 24/25 Q4 24/25 5 Financials Income statement1st Half Year 2025/2026 • revenue in HY1 2025/2026 is well above the previous year resulting in an 8.6 % EBIT margin • due to high demand in all areas Q2 results : • EBITDA at 12.2 % • EBIT margin at 8.7 % • Net result margin at 4.3 % Tax Ratio : • HY 1 25/26 at 26.4 % • last year at 26.9 %
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29 Q1 25/26 Q2 25/26 1 HY 25/26 Q1 24/25 Q2 24/25 1 HY 24/25 Change PY Change PY in % Revenue m€ 467.2 514.7 981.9 419.6 467.8 887.3 94.6 10.7% EBITDA m€ 54.7 61.1 115.9 40.2 51.7 91.9 24.0 26.1% Depreciation and impairment m€ -16.5 -17.7 -34.2 -15.0 -14.5 -29.5 -4.6 -15.7% EBIT m€ 38.2 43.5 81.7 25.2 37.2 62.4 19.4 31.0% EBITDA margin % 11.7% 11.9% 11.8% 9.6% 11.1% 10.4% 1.4 pp EBIT margin % 8.2% 8.4% 8.3% 6.0% 8.0% 7.0% 1.3 pp Q1 25/26 Q2 25/26 1 HY 25/26 Q1 24/25 Q2 24/25 1 HY 24/25 Change PY Change PY in % Revenue m€ 100.4 64.4 164.8 91.1 71.7 162.8 2.0 1.3% EBITDA m€ 12.0 8.5 20.5 10.2 8.0 18.2 2.3 12.5% Depreciation and impairment m€ -2.2 -2.3 -4.5 -1.6 -1.8 -3.4 -1.1 -32.7% EBIT m€ 9.8 6.1 16.0 8.6 6.2 14.8 1.2 7.8% EBITDA margin % 12.0% 13.1% 12.4% 11.2% 11.2% 11.2% 1.2 pp EBIT margin % 9.8% 9.5% 9.7% 9.4% 8.7% 9.1% 0.6 pp Q1 25/26 Q2 25/26 1 HY 25/26 Q1 24/25 Q2 24/25 1 HY 24/25 Change PY Change PY in % Revenue m€ 44.1 45.9 90.1 40.8 40.2 81.0 9.1 11.2% EBITDA m€ 6.4 6.8 13.3 4.8 5.4 10.2 3.1 30.0% Depreciation and impairment m€ -2.0 -2.2 -4.2 -2.0 -2.0 -4.0 -0.2 -5.7% EBIT m€ 4.4 4.6 9.0 2.8 3.4 6.2 2.8 45.8% EBITDA margin % 14.6% 14.9% 14.7% 11.7% 13.5% 12.6% 2.1 pp EBIT margin % 10.0% 10.1% 10.0% 6.9% 8.5% 7.7% 2.4 pp Restaurants, Lounges & Hotels International Event Catering Airline Catering 5 Financials Divisions1st Half Year 2025/2026 Airline Catering • strong sales increase thanks to good load factors, new routes and new clients International Event Catering • growth (1HY) excluding EURO 2024 (PY): + 22.3 % vs. 1.3 % reported Restaurants, Lounges & Hotels • increased profitability and sales due to rise in guest numbers • revenue increase: + € 9.1m EBIT increase: + € 2.8m * *
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30 30/09/2025 31/03/2025 Change Change in % Intangible assets 23.3 23.6 -0.2 -0.9% Property, plant and equipment 534.1 551.1 -17.0 -3.1% Investment property 2.3 2.4 -0.1 -5.5% Investments accounted for using the equity method 6.2 5.5 0.7 12.4% Other financial assets 14.3 13.5 0.8 6.3% Deferred tax assets 30.3 30.1 0.2 0.6% Other non-current assets 14.1 16.2 -2.0 -12.6% Non-current assets 624.7 642.4 -17.7 -2.8% Inventories 50.6 49.2 1.5 3.0% Trade receivables 310.0 272.1 37.9 13.9% Other financial assets 9.8 13.0 -3.1 -24.1% Income tax receivables 0.9 0.8 0.0 3.9% Other non-financial assets 66.8 65.9 0.8 1.3% Cash and cash equivalents 208.3 174.2 34.1 19.6% Current assets 646.4 575.1 71.2 12.4% Total assets 1,271.1 1,217.6 53.5 4.4% Assets in m€ 5 Financials Balance sheet1st Half Year 2025/2026 • overall extension of the balance sheet in HY1 2025/2026 driven by: − PPE decrease by € -17.0m driven mainly by FX differences from US assets − offset by higher trade receivables → high business demand − strong increase of cash and cash equivalents to € 208.3m
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31 30/09/2025 31/03/2025 Change Change Shareholders' equity and liabilities in m€ in % Shareholders' equity 486.5 457.9 28.5 14.0% Equity ratio in % 38.3% 35.8% 2.5 pp Other financial liabilities 218.5 236.2 -17.7 -7.5% Non-current provisions 27.9 29.3 -1.5 -5.0% Other non-current liabilities 0.0 0.0 0.0 -2.0% Deferred tax liabilities 12.5 15.0 -2.5 -16.6% Non-current liabilities 258.8 280.5 -21.6 -7.7% Other financial liabilities 108.5 108.2 0.3 0.2% Trade payables 209.9 210.7 -0.7 -0.3% Current provisions 39.4 24.0 15.4 64.3% Income tax liabilities 15.4 15.7 -0.3 -1.8% Other liabilities 152.6 120.7 31.9 26.5% Current liabilities 525.8 479.1 46.6 9.7% Total shareholders' equity and liabilities 1,271.1 1,217.6 53.5 4.4% 5 Financials Balance sheet1st Half Year 2025/2026 • rise of equity ratio to 38.3 % thanks to increase in retained earnings and non-controlling interests • decrease in other financial liabilities mainly due to € 9.3m decrease on lease liabilities mostly in US and € 8.0m repayment of loans • repayment of remaining loans during next periods (€ 68.0m) : − o/w € 2.1m in Q3 − o/w € 55.8m in Q4 − o/w € 10.1m in BY 26/27
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32 1 HY 25/26 1 HY 24/25 Change Change in m€ in % Gross cash flow 145.1 118.4 26.7 22.5% Changes in working capital 2.6 2.6 0.0 -1.7% Income tax payments -26.4 -17.2 -9.2 -53.9% Cash flow from operating activities 121.3 103.9 17.4 16.8% Cash flow from investing activities -13.5 -27.0 13.5 50.1% Free cash flow 107.8 76.9 30.9 40.2% Repayment of financial liabilities -24.3 -76.6 52.3 68.3% Interest paid / transaction costs -9.2 -7.5 -1.7 -22.0% Dividend payment to shareholders of DO & CO -22.0 0.0 -22.0 0.0% Dividend payment to non-controlling interests -5.1 0.0 -5.1 0.0% Cash flow from financing activities -60.6 -84.1 23.6 28.0% Increase/decrease in cash and cash equivalents 47.2 -7.2 54.5 753.3% Cash and cash equivalents at bop 174.2 276.7 -102.5 -37.1% Effects of FX changes -13.1 -5.8 -7.3 -124.7% Increase/decrease in cash and cash equivalents 47.2 -7.2 54.5 753.3% Cash and cash equivalents at eop 208.3 263.6 -55.4 -21.0% 5 Financials Cash flow1st Half Year 2025/2026 • increase in cash inflow from operating activities by € 17.4m compared to HY1 2024/2025 due to higher gross cash flow • cash flow from investing activities: thereof – CAPEX : € 29.2m (€ 36.5m PY) • continued strong free cash flow compared to the prior year, continuing the positive Q1 trend • cash decrease by € 55.4m, compared to previous year driven by loan repayments of € 110.1m
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33 Group BY 20/21 BY 21/22 BY 22/23 BY 23/24 BY 24/25 Q2 25/26 EBITDA* m€ 45.0 96.3 143.3 202.1 262.4 291.7 Cash m€ 207.6 207.6 235.2 276.7 174.2 208.3 Debt m€ 578.7 526.1 510.0 493.1 343.0 325.7 Net Debt m€ 371.1 318.5 274.9 216.4 168.9 117.5 Net Debt to EBITDA # 8.2 3.3 1.9 1.1 0.6 0.4 5 Financials • pleasing “Net Debt to EBITDA” driven by high operational result and free cash flow • the actions initiated by the management board resulted in a further reduction of the “Net Debt to EBITDA” ratio to 0.4 for business year 2025/26 (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
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DO & CO Aktiengesellschaft Vienna, 12 November 2025