Do & Co (AO) | Buy | Robust end of the year

Research evidence excerpt

Do & Co (AO) | Buy | Robust end of the year

Do & Co Buy | Target Price: EUR250.00

International Event Catering also delivered a solid year, despite a tough comparison base from EURO 2024. FY revenue reached

EUR323.4m, up 5.9% reported and 7.0% at constant FX. Excluding the EURO 2024 one-off, management says growth would have

been 14.9%. EBIT rose to EUR33.6m, with the margin up 10bps at 10.4%. Q4 was much smaller than Q3 in absolute terms, as

expected, with c. EUR49m revenue and c. EUR5.4m EBIT, but it still delivered a double-digit EBIT margin of c. 11.0%.

The outlook is constructive. Management acknowledges higher forecasting uncertainty from the Middle East conflict, the

cancellation of the Bahrain and Saudi Arabian F1 races, and airlines’ different responses to elevated kerosene prices. However,

the company argues that premium demand remains strong across divisions, supported by geographic diversification, variable

costs and partial cost-plus protection. For FY26/27, the growth pipeline is tangible: new Airline Catering wins include Emirates ex

Boston, Air Canada, Royal Air Maroc and Egypt Air ex Los Angeles, JetBlue ex Milan and Egypt Air ex Chicago, while the new

150,000 sqm Istanbul gourmet kitchen should support the next phase of Turkish Airlines growth going forward.

In Event Catering, DO & CO has won the 2026 FIFA World Cup catering contract for more than 70,000 VIP guests across 20 matches

in Mexico, New York and Miami, partly offsetting F1 disruption risk.

Conclusion: Even though FX and geopolitics create noise, underlying premium demand, margin discipline and balance-sheet

optionality remain intact. We confirm our Buy rating and target price.

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