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

06.05.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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

Staying on course, chg

Equity story unchanged. The prolonged Strait of Hormuz closure and related
fuel-supply risk warrant a more cautious near-term view. Still, DO & CO's
growth and margin expansion case remains intact, with any potential pressure
seen as temporary.

Route mix to cushion potential volume risk: Airlines are likely to cut less
profitable short-haul routes before reducing long-haul capacity, where
network relevance and yields are higher. For example, Lufthansa is removing
20,000 short-haul flights through October, reducing summer capacity by only
c. 1% in Available Seat Kilometers. This matters for DO & CO, as premium and
long-haul flights carry materially higher catering value than short-haul
routes. Hence, an increasing number of flight cancellations does not imply a
proportional hit to DO & CO-relevant catering volumes, in our view.

Turkish Airlines / IST looks set to benefit from rerouting: Middle East
carrier weakness and regional airspace disruption should favour Turkish
Airlines and Istanbul Airport, both key DO & CO partners. For Europe-Asia
traffic seeking to avoid Gulf disruption, Istanbul is one of the most
logical rerouting hubs. This is already visible in the data: Turkish
Airlines' passenger growth accelerated to +16.0% yoy in March, from +9.4%
yoy in February. At the same time, Istanbul Airport passenger growth rose to
+8% yoy in March, from +2.5% yoy in February. DO & CO is strategically
positioned for this shift, having broken ground on its new 150,000 sqm
Istanbul gourmet kitchen, set to become the world's largest fresh food
gourmet kitchen and a key capacity backbone at the hub.

Flexible cost base to protect margins: DO & CO's Airline Catering model is
structurally margin-protective. Around one-third of sales are open-book
contracts with fixed agreed margins, while the remaining business is
supported by fixed handling fees, volume-linked meal revenues and
pass-through clauses for wage and raw material inflation. Combined with a
lean cost structure, with variable costs equivalent to c. 80% of sales, this
should cushion margins even if flight volumes soften.

Competitive position of strength versus peers: DO & CO is focused on the
resilient premium segment and competes from a much stronger financial
position than key peers. The group runs at c. 8.7% EBIT margin and only 0.2x
net debt/EBITDA, giving it flexibility to defend service quality, invest in
capacity and stay disciplined in tenders. The comparison to gategroup
underlines DO & CO's relative strength. The world's largest airline caterer
remains financially constrained, with negative shareholders' equity, 3.25x
net debt/EBITDA and net losses in each of the last three years.

Action: Estimates are cut to reflect a more cautious near-term macro
backdrop around fuel supply, mainly delaying part of the expected growth and
margin expansion. The revised estimates are still broadly in line with
consensus (eCons 26/27: sales growth 8.8% yoy, EBIT margin 8.9%).

BUY, new PT EUR 250 (old: EUR 266), based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6d3a70a176811e0611d94fb76b2a002a
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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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2322074 06.05.2026 CET/CEST

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