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Original-Research: DO & CO AG - from NuWays AG

04.06.2026 / 09:00 CET/CEST
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Classification of NuWays AG to DO & CO AG

Company Name: DO & CO AG
ISIN: AT0000818802

Reason for the research: Update
Recommendation: BUY
Target price: EUR 250
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller

Q4 preview: Growth case holds altitude

DO & CO looks set to report solid Q4 results on June 11 (see p.2). Here is
what to expect:

Sales are seen up 11% yoy to EUR 583m, carried by Airline Catering (c. 80% of
group), which should grow 13% to EUR 503m on sustained volume growth at the
Istanbul hub and the ramp-up of recently won contracts (e.g. with ANA or Air
Canada); reported growth should also be far less fx-distorted than in the
heavily skewed Q3, where headwinds were a significant drag. International

Event Catering should rise 7% yoy to EUR 37m, helped by an earlier start to
the F1 season, DOC's flagship event contract, which pulled an extra Grand
Prix into the quarter vs. prior year (the Japanese GP moved to late March).
Restaurants, Lounges & Hotels, the smallest division, should be broadly flat
(+1% yoy to EUR 43m) in a seasonally quiet quarter. For the full year, this
implies group sales of EUR 2,450m (+7% yoy).

EBIT is expected to improve 11% yoy to EUR 50m, leaving the group margin
stable at 8.5%. Airline Catering is expected to remain the primary growth
driver: EBIT +18% yoy to EUR 42m and a 0.4pp margin improvement to 8.3%, on
operating leverage from higher kitchen utilisation. While International
Event Catering sales are set to grow, EBIT should ease to EUR 3.5m (-23% yoy):
the prior-year 13.3% margin was flattered by a release of accruals, meaning
this year's 9.6% (eNuW) is compared against a tough base.
Restaurants, Lounges & Hotels EBIT look set to increase 4% yoy to EUR 4.3m
(9.9% margin). On an FY basis, this should lead to group EBIT of EUR 213m
(+16%) and a 0.7pp margin uplift to 8.7%.

Demand at DOC's key partner Turkish Airlines held up during the Middle East
escalation. It carried 7.2m passengers in March (+16% yoy), and the set-up
into FY26/27 is more constructive than the recent soft headline implies.
First, April looks like the trough: group passengers fell 2.9% yoy, yet
Turkish Airlines guides the full April-June quarter to be flat (previously:
+9% yoy), implying a recovery in May-June as the regional disruption eases.
Second, the April drop was entirely a conflict-driven collapse in Middle
East flying (passengers -56%); excluding the region, traffic grew c. 3.5%,
led by the long-haul segments where catering value per flight is
structurally higher. Third, the structural engine is intact: The Turkish
Airlines fleet is up 12% yoy and guided to reach 560-570 aircraft by
year-end (from 534), while DOC's own contract wins (e.g. American Airlines
at Heathrow from April) add volume largely independent of any single
carrier's near-term capacity. On a net basis, Airline Catering growth should
cool from the Q4 pace in early FY26/27, but is seen re-accelerating through
the year.

Meanwhile, recent airline commentary points to a less stretched European
jet-fuel backdrop than feared. Lufthansa and Jet2 are not expecting material
disruptions through the summer flight schedule, i.e. until the end of DOC's
fiscal H1. Also, Ryanair said that the supply disruption risk is receding.
This should reduce concerns around supply-driven schedule cuts, which appear
to have partly weighed on the shares recently.

All in, the growth and margin-expansion case remains intact, with near-term
macro headwinds appearing increasingly contained and priced in. BUY,
unchanged PT of EUR 250, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=cfe03c3538f7179d4c1716786e1ca3bb
For additional information visit our website:
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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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