Original-Research: DO & CO AG (von NuWays AG): BUY

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

15.06.2026 / 10:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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 255

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Q4 review: premium demand remains resilient

DO & CO closed FY 25/26 with a strong Q4. Sales grew 13% yoy to EUR 594m and

EBIT improved 10% yoy to EUR 49m (margin: 8.3%), 4% ahead of consensus. This

is despite the Middle East conflict weighing on March operations, which cost

c. EUR 16m in sales and EUR 2-3m in EBIT.

Airline Catering grew Q4 sales by 11% yoy to EUR 497m on broad-based growth

across the network (e.g. Spanish and UK locations) and the ramp-up of

recently won contracts, delivering an EBIT of EUR 39m (margin: 7.9%). Demand

at key partner Turkish Airlines remains intact, with volumes only slightly

below plan in March and April despite the conflict. Moreover, premium and

long-haul demand has proven robust through the crisis, in line with recent

airline commentary. Several new contracts commence in Q1 26/27 (e.g.

Emirates ex Boston), complemented by the newly awarded five-year contract

with American Airlines in Chicago (start: Feb 2027; c. EUR 50m sales impact).

Meanwhile, construction of the 150,000 sqm Istanbul gourmet kitchen is

progressing (operations from 2028) with the EUR 20-25m of related equipment

capex is only due in FY 27/28 (eNuW).

International Event Catering was the Q4 standout, with sales up 43% yoy to EUR

49m, supported by the earlier Japanese GP, FC Bayern's Champions League run

and a busier SAP Garden. The segment's 11.0% EBIT margin faced a tough

comparison against an accrual-flattered 13.3% margin in the prior year. With

the FIFA World Cup now underway DO & CO is catering to more than 70,000 VIP

guests across 20 matches, including the opening match and the final (eNuW: $

30-40m of sales at margins close to the segment avg., eNuW). The cancelled

Bahrain and Saudi Arabia F1 GPs (eNuW: EUR 10m of sales) should be partly

offset by the new Madrid GP (Sep 2026) and an NFL game at the Allianz Arena

(Nov 2026).

Restaurants, Lounges & Hotels grew sales 13% yoy to EUR 48m with the margin up

0.4pp to 10.0%. Current hotel cross-reads remain supportive, with April

industry data pointing to improving occupancy across the upper end of the

European hotel market (source: Hospitality ON). Moreover, a new DO & CO

restaurant and DEMEL are set to open in London in Q1 2027.

Outlook: guided sales growth of 7-8% yoy looks achievable for FY 26/27

(eNuW: +7% yoy), of which 40-50% is to come from new contracts with the

remainder stemming from price and volumes. The EBIT margin is seen at

8.6-9.0% (eNuW: 8.8%), with the upper end contingent on an easing of the

Middle East conflict and the lower end reflecting a further escalation.

All in, the equity story remains intact: DO & CO combines exposure to

structurally growing premium air travel with high revenue visibility (c. 70%

of sales under multi-year contracts), a flexible cost base (c. 80% variable

costs), room for further margin expansion and a strong balance sheet that is

effectively net debt free (0.05x net debt/EBITDA).

BUY, new PT of EUR 255 (old: EUR 250), based on DCF

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=2d442ec2b23a04501d7aa644deac36e1

For additional information visit our website:

https://www.nuways-ag.com/research

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

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=46df2b3c-688c-11f1-8534-027f3c38b923&lang=en

2345994 15.06.2026 CET/CEST

°