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

13.02.2026 / 09:00 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.

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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 For additional information visit our website: https://www.nuways-ag.com/research-feed

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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Quelle: dpa-Afx