^ 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 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 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 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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2322074 06.05.2026 CET/CEST

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Quelle: dpa-Afx