Slides
Page 1
1 INVESTOR PRESENTATION 1-3 Quarters Year 2025/2026
Page 2
Highlights
Page 3
2025/26 2025/26 2025/26 2025/26 2024/25 Q1 Q2 Q3 Q1 - Q3 Q1 - Q3 EBITDA margin 12.0% 12.2% 12.4% 12.2% 11.1% + 1.1 pp EBIT margin 8.6% 8.7% 8.9% 8.7% 7.9% + 0.9 pp Net result margin 4.4% 4.3% 4.9% 4.5% 4.1% + 0.4 pp Group Change vs. PY 1 Highlights Highlights at a glance 3 1-3 Quarters 2025/2026 vs. Q1-Q3 2024/2025 Revenue € 1,867.1m + 5 % growth at constant currency + 18 % EBITDA € 227.6m + 16 % EBIT € 163.0m + 17 % Net Result € 84.6m + 16 %
Page 4
1 Highlights Highlights in numbers SALES EBITDA EBIT Airline Catering 1,453.0 m€ +6 % 172.0 m€ +16 % 120.6 m€ +19 % 4 1-3 Quarters 2025/2026 vs. Q1-Q3 2024/2025 Int. Event Catering 274.2 m€ +1 % 35.0 m€ +9 % 28.2 m€ +5 % Restaurants, Lounges & Hotels 139.9 m€ +8 % 20.6 m€ +21 % 14.2 m€ +30 %
Page 5
1 Highlights Highlights at a glance 5 RESTAURANTS, LOUNGES & HOTELS : • DO & CO appointed as catering partner for Vienna Airport’s Terminal 3 south expansion FREE CASHFLOW : € 182.9m - vs. € 91.9m (+ 98.9 %) in Q1-Q3 PY NET DEBT / EBITDA ratio : 0.2 - vs. 0.7 in Q1-Q3 PY EQUITY RATIO : 41.5 % - strong improvement from 32.2 % in Q1-Q3 PY INTERNATIONAL EVENT CATERING : • DO & CO in charge of the world`s most prestigious sports events F1 races | FIFA Club World Cup & UEFA CL Final 2025 | Tennis ATP MAD & VIE first time > € 1.8bn in sales in Q1-Q3 | 8.7 % EBIT margin | 4.5 % Net result margin 1-3 Quarters 2025/2026 DO & CO as the world`s leading premium brand in hospitality business events – airlines – restaurants & cafes AIRLINE CATERING : • kick-off for construction of new gourmet kitchen in Istanbul (150,000 sqm) groundbreaking ceremony in JAN with construction to start in FEB • strong tender performance : participation in 73 closed tenders in 2025 with a win rate > 50 % (17 new contracts, remainder contract extensions)
Page 6
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 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 THE 3 MAIN PILLARS OF THE DO & CO DNA
Page 7
Airline Catering
Page 8
8 1-3 Quarters 2025/2026 vs. Q1-Q3 2024/20252 Airline Catering € 1,453.0m Revenue € 172.0m EBITDA € 120.6m EBIT + 16 % + 19 % Our mission the best restaurant experience over 39,000 feet • Continued strong growth in Türkiye • JFK : strong improvements (high start-up costs in 2024/2025) • Ongoing good load factors, especially in premium cabins • Working on efficiency improvements in all areas + 6 % + 22 % cc* * cc = at constant currency
Page 9
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 - groundbreaking ceremony in JAN - construction to start in FEB - opening : end of 2027 / Q1 2028 9
Page 10
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 − strong partnership with focus on quality and efficiency − AMBASSADOR OF SPANISH GASTRONOMY 10
Page 11
11 2 Airline Catering Status quo 11 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
Page 12
12 2 Airline Catering Status quo USA - Jet Blue • FURTHER STRATEGIC PARTNER IN THE US • 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
Page 13
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
Page 14
International Event Catering
Page 15
15 1-3 Quarters 2025/2026 vs. Q1-Q3 2024/20253 International Event Catering € 274.2m Revenue € 35.0m EBITDA € 28.2m EBIT + 9 % + 5 % Our mission the world's leading premium hospitality and gourmet entertainment experience • innovative concepts • best quality • personalized service • F1 : strong demand in all races • Highlight Abu Dhabi with 10,600 VIPs in Paddock Club on race day • No EURO this year in comparison to Q1-Q3 2024/2025 (growth would be + 13 %) + 1 % + 2 % cc* * cc = at constant currency
Page 16
16 3 International Event Catering Status quo Formula 1 DO & CO´s 34th Season • exciting season with Austin, México, Brazil, Las Vegas, Qatar and Abu Dhabi in Q3 • 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
Page 17
17 3 International Event Catering Status quo 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 : Guns N’ Roses played Allianz Arena’s first-ever concert in June 2025; 9 concerts expected to follow next financial year 17 17
Page 18
18 3 International Event Catering Status quo Olympic Park big open air and indoor events • STING | SIMPLY RED • NINA CHUBA | KATY PERRY • THE OFFSPRING | ED SHEERAN • VOLBEAT | HANS ZIMMER • in total : > 1,000,000 guests SAP Garden Munich multifunctional set up • sold out basketball and ice hockey games • DHB Germany vs. Iceland : sold out with ⁓ 12,000 fans • Oktagon MMA sold out event • Databricks AI World Tour • numerous VIP events at full capacity 18
Page 19
19 3 International Event Catering Status quo The most prestigious events in the world - powered by DO & CO • ATP Tennis Masters 1000 Madrid and Masters 500 Vienna • FIFA Club World Cup, Miami and New York • Filmfestival Rathausplatz, Vienna • Midsummer Nights Dream, Munich • Super Bloom Festival, Munich Pics update only FIFA same 19
Page 20
Restaurants, Lounges & Hotels
Page 21
21 4 Restaurants, Lounges & Hotels Our mission Innovative, best quality and personalized customer experience € 139.9m Revenue € 20.6m EBITDA € 14.2m EBIT + 21 % + 30 % • Good sales and strong margin improvements • Tender won for Emirates Lounge at Milan-Malpensa • DO & CO’s DNA since 1981 inspiration for innovation and unique customer experience for all divisions * cc = at constant currency + 8 % + 18 % cc* 1-3 Quarters 2025/2026 vs. Q1-Q3 2024/2025
Page 22
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 Status quo 22
Page 23
23 4 Restaurants, Lounges & Hotels Status quo 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 update 23
Page 24
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 !
Page 25
25 4 Restaurants, Lounges & Hotels 25 Status quo Airport Gastronomy and Airport Lounges Airport Gastronomy Vienna • established partnership for more than 10 years • DO & CO appointed as catering partner for Vienna Airport’s Terminal 3 south expansion • 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 renewed for 5 years in LHR and GER • new Emirates Lounge in MXP • strong increase in guest numbers
Page 26
Financials
Page 27
27 Q1 - Q3 25/26 Q1 - Q3 24/25 Change Change in % Revenue m€ 1,867.1 1,774.1 93.0 5.2% growth at constant currency % 18.3% EBITDA m€ 227.6 197.0 30.6 15.5% Depreciation and impairment m€ -64.6 -57.6 -7.0 -12.1% EBIT m€ 163.0 139.4 23.6 17.0% Financial result m€ -9.4 -11.3 1.9 16.8% Result before income tax m€ 153.6 128.0 25.6 20.0% Income tax m€ -43.9 -34.9 -9.1 -26.0% Result after income tax m€ 109.6 93.2 16.5 17.7% Minorities m€ -25.0 -20.2 -4.9 -24.1% Net result m€ 84.6 73.0 11.6 15.9% EBITDA margin % 12.2% 11.1% 1.1 pp EBIT margin % 8.7% 7.9% 0.9 pp Tax ratio % 28.6% 27.2% 1.4 pp Net result margin % 4.5% 4.1% 0.4 pp EPS for the period € 7.70 6.64 1.1 15.9% Number of shares 000 10,983 10,983 0.0 0.0% Number of employees No. 16,419 15,538 881 5.7% Group 5 Financials • strong revenue growth over last year as DO & CO delivers € 1,867.1m of revenues in the three quarters of 2025/2026 • Q1-Q3 2025/2026 vs. Q1-Q3 2024/2025 Revenue + 5.2 % EBIT margin + 0.9 pp Net result margin + 0.4 pp • Net result growth of +15.9 % year-over-year • ROCE : Q1-Q3 2025/2026 39.7 % 1-3 Quarters 2025/2026 Income statement
Page 28
28 5 Financials Income statement 1-3 Quarters 2025/2026 TOP-LINE : • Revenue in Q1-Q3 2025/2026 : slightly below PY (FX-effect) • FX in Q1-Q3 - General: TRY : - 19 % (-6 % PY) GBP: - 3 % (+2 % PY) USD : - 7 % (0 PY) • Q3 2025/2026 grows by + 15.9 % at constant currency BOTTOM-LINE : • EBITDA at 12.4 % (vs. 11.9 % PY) • EBIT margin at 8.9 % (vs. 8.7 % PY) • Net result margin at 4.9 % (vs. 4.5 % PY) Revenue m€ 611.7 625.1 630.3 1,867.1 551.5 579.7 643.0 1,774.1 growth at reported currency % 10.9% 7.8% -2.0% 5.2% 37.6% 21.0% 34.5% 30.6% growth at constant currency % 21.7% 17.8% 15.9% 18.3% 45.0% 33.7% 26.4% 34.4% EBITDA m€ 73.2 76.5 77.9 227.6 55.2 65.2 76.7 197.0 EBIT m€ 52.5 54.3 56.3 163.0 36.6 46.8 56.0 139.4 Financial result m€ -5.4 -2.7 -1.3 -9.4 -3.7 -4.6 -3.1 -11.3 Result before income tax m€ 47.1 51.5 54.9 153.6 32.9 42.2 52.9 128.0 Income tax m€ -11.4 -14.6 -17.9 -43.9 -8.8 -11.4 -14.7 -34.9 Result after income tax m€ 35.7 36.9 37.0 109.6 24.1 30.8 38.2 93.2 Minorities m€ -8.9 -10.3 -5.9 -25.0 -5.5 -5.2 -9.5 -20.2 Net result m€ 26.8 26.7 31.1 84.6 18.6 25.6 28.7 73.0 EBITDA margin % 12.0% 12.2% 12.4% 12.2% 10.0% 11.2% 11.9% 11.1% EBIT margin % 8.6% 8.7% 8.9% 8.7% 6.6% 8.1% 8.7% 7.9% Tax ratio m€ 24.2% 28.3% 32.6% 28.6% 26.7% 27.1% 27.7% 27.2% Net result margin % 4.4% 4.3% 4.9% 4.5% 3.4% 4.4% 4.5% 4.1% Turkish Lira % - 12% - 4% - 4% - 19% - 1% - 8% + 3% - 6% Great British Pound % - 1% - 1% - 1% - 3% + 1% + 0% + 1% + 2% US Dollar % - 5% - 2% - 0% - 7% + 1% - 1% + 1% + 0% Q1 - Q3 25/26Group Q1 25/26 Q2 25/26 Q3 25/26 Q1 24/25 Q2 24/25 Q3 24/25 Q1 - Q3 24/25 FX Development Q1 25/26 Q2 25/26 Q3 25/26 Q1 - Q3 24/25 Q1 - Q3 25/26 Q1 24/25 Q2 24/25 Q3 24/25
Page 29
29 Q1 25/26 Q2 25/26 Q3 25/26 Q1 - Q3 25/26 Q1 24/25 Q2 24/25 Q3 24/25 Q1 - Q3 24/25 Change PY Change PY in % Revenue m€ 467.2 514.7 471.12 1,453.0 419.6 467.8 485.9 1,373.2 79.8 5.8% growth at reported currency % 11.3% 10.0% -3.0% 5.8% 42.5% 23.8% 47.5% 37.1% growth at constant currency % 24.5% 21.8% 18.8% 21.5% 51.9% 38.9% 36.2% 41.8% EBITDA m€ 54.7 61.1 56.2 172.0 40.2 51.7 56.0 147.9 24.1 16.3% EBIT m€ 38.2 43.5 38.9 120.6 25.2 37.2 39.2 101.6 19.0 18.7% EBITDA margin % 11.7% 11.9% 11.9% 11.8% 9.6% 11.1% 11.5% 10.8% 1.1 pp EBIT margin % 8.2% 8.4% 8.3% 8.3% 6.0% 8.0% 8.1% 7.4% 0.9 pp Q1 25/26 Q2 25/26 Q3 25/26 Q1 - Q3 25/26 Q1 24/25 Q2 24/25 Q3 24/25 Q1 - Q3 24/25 Change PY Change PY in % Revenue m€ 100.4 64.4 109.4 274.2 91.1 71.7 108.2 270.9 3.3 1.2% growth at reported currency % 10.2% -10.1% 1.2% 1.2% 28.2% 15.6% -3.5% 10.6% growth at constant currency % 10.9% -9.9% 3.2% 2.3% 28.0% 15.8% -3.2% 10.7% EBITDA m€ 12.0 8.5 14.5 35.0 10.2 8.0 13.8 32.1 2.9 9.2% EBIT m€ 9.8 6.1 12.2 28.2 8.6 6.2 12.0 26.8 1.4 5.1% EBITDA margin % 12.0% 13.1% 13.2% 12.8% 11.2% 11.2% 12.8% 11.8% 0.9 pp EBIT margin % 9.8% 9.5% 11.2% 10.3% 9.4% 8.7% 11.1% 9.9% 0.4 pp Q1 25/26 Q2 25/26 Q3 25/26 Q1 - Q3 25/26 Q1 24/25 Q2 24/25 Q3 24/25 Q1 - Q3 24/25 Change PY Change PY in % Revenue m€ 44.1 45.9 49.8 139.9 40.8 40.2 49.0 130.0 9.9 7.6% growth at reported currency % 8.1% 14.3% 1.7% 7.6% 15.6% 2.4% 33.0% 16.7% growth at constant currency % 16.5% 21.4% 15.2% 17.5% 21.4% 11.6% 28.1% 20.1% EBITDA m€ 6.4 6.8 7.3 20.6 4.8 5.4 6.8 17.0 3.6 21.0% EBIT m€ 4.4 4.6 5.2 14.2 2.8 3.4 4.8 11.0 3.3 30.0% EBITDA margin % 14.6% 14.9% 14.7% 14.7% 11.7% 13.5% 13.9% 13.1% 1.6 pp EBIT margin % 10.0% 10.1% 10.5% 10.2% 6.9% 8.5% 9.7% 8.4% 1.8 pp Airline Catering International Event Catering Restaurants, Lounges & Hotels 5 Financials Divisions 1-3 Quarters 2025/2026 Margin expansion on EBIT level across all divisions Restaurants, Lounges & Hotels • EBIT-margin-development: 10.2 % vs. 8.4 % PY International Event Catering • EBIT-margin-development: 10.3 % vs. 9.9 % PY Airline Catering • EBIT-margin-development: 8.3 % vs. 7.4 % PY
Page 30
30 5 Financials overall extension of the balance sheet in Q1-Q3 2025/2026 driven by : − PPE decrease by € -22.0m driven mainly by FX differences from US assets − trade receivables decreased by - € 23.4m mainly driven by payments from Türkiye, UK and US − offset by strong increase of cash and cash equivalents to € 266.9m Balance sheet 31/12/2025 31/03/2025 Change Change in % Intangible assets 23.4 23.6 -0.1 -0.6% Property, plant and equipment 529.1 551.1 -22.0 -4.0% Investment property 2.3 2.4 -0.1 -5.5% Investments accounted for using the equity method 6.3 5.5 0.8 14.7% Other financial assets 14.3 13.5 0.8 5.9% Deferred tax assets 31.3 30.1 1.2 4.0% Other non-current assets 13.5 16.2 -2.7 -16.4% Non-current assets 620.3 642.4 -22.1 -3.4% Inventories 52.7 49.2 3.6 7.3% Trade receivables 248.7 272.1 -23.4 -8.6% Other financial assets 11.5 13.0 -1.4 -11.0% Income tax receivables 3.3 0.8 2.4 290.0% Other non-financial assets 57.3 65.9 -8.6 -13.0% Cash and cash equivalents 266.9 174.2 92.8 53.3% Current assets 640.5 575.1 65.3 11.4% Total assets 1,260.8 1,217.6 43.2 3.5% Assets in m€ 1-3 Quarters 2025/2026
Page 31
31 5 Financials • rise of equity ratio to 41.5 % thanks to increase in retained earnings and non-controlling interests • decrease in other financial liabilities mainly due to € 14.8m decrease on lease liabilities mostly in US of which € 5.7m due to USD FX volatility and € 10.0m repayment of loans • repayment of remaining bank loans during next periods (€ 65.8m) : − o/w € 55.8m in Q4 − o/w € 10.1m in BY 26/27 31/12/2025 31/03/2025 Change Change Shareholders' equity and liabilities in m€ in % Shareholders' equity 523.4 457.9 65.5 14.0% Equity ratio in % 41.5% 35.8% 5.7 pp Other financial liabilities 210.8 236.2 -25.4 -10.8% Non-current provisions 31.6 29.3 2.3 7.9% Other non-current liabilities 0.0 0.0 0.0 -1.1% Deferred tax liabilities 13.8 15.0 -1.1 -7.7% Non-current liabilities 256.2 280.5 -24.3 -8.7% Other financial liabilities 109.0 108.2 0.8 0.8% Trade payables 209.0 210.7 -1.6 -0.8% Current provisions 45.7 24.0 21.8 90.8% Income tax liabilities 23.0 15.7 7.3 46.7% Other liabilities 94.3 120.7 -26.3 -21.8% Current liabilities 481.1 479.1 2.0 0.4% Total shareholders' equity and liabilities 1,260.8 1,217.6 43.2 3.5% Balance sheet 1-3 Quarters 2025/2026
Page 32
32 Q1 - Q3 25/26 Q1 - Q3 24/25 Change Change in m€ in % Gross cash flow 220.2 190.8 29.4 15.4% Changes in working capital 17.1 -27.0 44.0 163.4% Income tax payments -37.7 -28.7 -9.0 -31.3% Cash flow from operating activities 199.6 135.1 64.4 47.7% Cash flow from investing activities -16.7 -43.2 26.5 61.4% Free cash flow 182.9 91.9 91.0 98.9% Repayment of lease liability and interest (IFRS 16) -36.0 -31.2 -4.8 -15.4% Free cash flow including IFRS 16 payments 146.9 60.7 86.2 141.9% Repayment of financial liabilities -35.2 -86.1 50.9 59.2% Interest paid / transaction costs -13.3 -12.0 -1.3 -11.2% Dividend payment to shareholders of DO & CO -22.0 0.0 -22.0 0.0% Dividend payment to non-controlling interests -4.9 -2.3 -2.6 -114.7% Cash flow from financing activities -75.4 -100.4 25.0 24.9% Increase/decrease in cash and cash equivalents 107.5 -8.5 115.9 1368.2% Cash and cash equivalents at bop 174.2 276.7 -102.5 -37.1% Effects of FX changes -14.7 1.8 -16.5 -911.0% Increase/decrease in cash and cash equivalents 107.5 -8.5 115.9 1368.2% Cash and cash equivalents at eop 266.9 270.0 -3.1 -1.2% 5 Financials • increase in cash inflow from operating activities by € 64.4m compared to Q1-Q3 2024/2025 due to higher gross cash flow • cash flow from investing activities including CAPEX of € 43.2m • continued strong free cash flow compared to the prior year, continuing the positive HY1 trend • cash decrease by € 3.1m, compared to previous year driven by dividend payout Cash flow 1-3 Quarters 2025/2026
Page 33
33 5 Financials Covenant Testing Group BY 20/21 BY 21/22 BY 22/23 BY 23/24 BY 24/25 Q3 25/26 EBITDA* m€ 45.0 96.3 143.3 202.1 262.4 293.0 Cash m€ 207.6 207.6 235.2 276.7 174.2 266.9 Debt m€ 578.7 526.1 510.0 493.1 343.0 318.5 Net Debt m€ 371.1 318.5 274.9 216.4 168.9 51.5 Net Debt to EBITDA # 8.2 3.3 1.9 1.1 0.6 0.2 Net Debt to EBITDA * respective rolling EBITDA of the last four quarters • Based on rolling four-quarter EBITDA, this effectively puts us close to a net-debt-free position. • This represents a structural shift in our leverage profile - not a temporary fluctuation. • We now combine strong earnings momentum, high cash conversion and minimal leverage. • That creates resilience, strategic flexibility, and a solid foundation for sustainable shareholder value creation. • The “Net Debt to EBITDA” ratio includes IFRS 16 effects.
Page 34
DO & CO Aktiengesellschaft Vienna, 12 February 2025