Märkte & Kurse

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

13.02.2026 / 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 266
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

Q3 review: fx distorts, margins improve

Q3 25/26 results highlighted encouraging operational momentum, despite fx
noise. Reported sales declined 2% yoy to EUR 630m (eCons: EUR 648m; eNuW: EUR
647m) against a tough comp that in fact had an 8pp fx-tailwind. Importantly,
fx-adj. sales grew 16% yoy, supporting our positive view on underlying
demand. Moreover, the EBIT margin improved to 8.9% (+0.2pp yoy, 0.2pp better
than expected, also see p.2), thanks to a decline in material expenses
(-5.5% yoy).

Q3 Airline Catering sales (c. 80% of group) declined 3% yoy (fx-adj. up 19%
yoy) to EUR 471m. Importantly, profitability held up, showing an EBIT of EUR
39m, broadly stable yoy, supported by a favourable material cost trend
(-4.4% yoy).

The demand setup into 2026 remains constructive for airline catering, with
IATA expecting further passenger growth (c. 5% yoy). Turkey adds a tangible
volume tailwind: Istanbul Airport is targeting roughly 7% passenger growth
in 2026 (close to 90m). At the same time, Turkish Airlines is stepping up
investments at the hub including catering infrastructure and it has the
ambition to double its aircraft fleet within the next 10 years. DOC's new
150,000m² Istanbul gourmet kitchen, for which construction starts in Feb 26,
should put capacity behind that growth.

In addition, DOC is seeing firm tender momentum, having participated in 73
closed tenders in 2025 with a win rate >50% (17 new contracts, remainder
extensions), supporting further growth and visibility in Airline Catering.
With that, we expect reported growth to re-accelerate in Q4 as fx comps
ease.

International Event Catering delivered a "flat but healthy" quarter with
sales of EUR 109m (+1% yoy) and EBIT of EUR 12m (+2% yoy; margin: 11.2%). The
underlying sales run rate remains solid (+13% yoy in 9M 25/26 adj. for the
EURO 2024 event last year), supported by Formula 1 hospitality and strong
utilisation across DOC's Munich venues. Moreover, DOC seems to make progress
on the FIFA world cup in 2026, with details expected in the coming weeks
(eNuW: c. EUR 30m of sales potential, partly reflected in estimates).

Meanwhile, balance sheet quality continues to improve, supported by better
than expected cash generation (FCF: EUR 66m in Q3). DOC has deleveraged to a
net debt/EBITDA of 0.2x, effectively close to net debt neutral (only EUR 52m
after Q3). This provides resilience and financial flexibility.

All in all, DOC maintains exposure to the secular growth in air travel, a
differentiated premium positioning (validated by Turkish Airlines' Skytrax
2025 onboard catering award) and sound contract visibility.

BUY, unchanged PT of EUR 266, based on DCF.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=3b95d9f2ddc10d939560cd3ce641c5a8
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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
++++++++++
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.
++++++++++

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2275964 13.02.2026 CET/CEST

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