Do : Financial Results for the 1st Halfyear 2021/2022

C O R P O R A T E N E W S

Results for the first half year 2021/2022

(1 April 2021 to 30 September 2021)

• very satisfying first half year
• revenue more than doubled, results very pleasing
• DO & CO wins JetBlue home base at New York-JFK
• very high demand in all divisions
• DO & CO back on the growth track

	Q1 2021/2022	Q2 2021/2022	st	HY 2021/2022	1	st	HY 2020/2021
Divisions and Group	1
in m€	in m€		in m€			in m€
Group revenue	102.84	183.18		286.02			111.35
Airline Catering	77.53	130.93		208.46			78.81
International Event Catering	14.13	34.60		48.73			15.33
Restaurants, Lounges & Hotels	11.18	17.65		28.83			17.21
EBITDA	22.34	26.48		48.83			6.59
Depreciation/impairment	-12.34	-12.63		-24.97			-38.16
EBIT	10.00	13.86		23.86			-31.58
Net Result	1.96	5.36		7.32			-37.27
EBITDA margin	21.7%	14.5%		17.1%			5.9%
EBIT margin	9.7%	7.6%		8.3%			-28.4%
Employees	7,496	8,531		8,187			7,891

VIENNA - 18 November 2021 - DO & CO Aktiengesellschaft is publishing its results under IFRS for the first half of the business year 2021/2022 today. In the first half of the business year 2021/2022, the DO & CO Group recorded revenue in the amount of

• 286.02m. This constitutes an increase in revenue by € 174.67m or 156.9% as compared to the same period of the previous year. The EBITDA of the DO & CO Group was € 48.83m (PY: € 6.59m) in the first half of the business year 2021/2022. The EBITDA margin was 17.1% (PY: 5.9%). Consolidated earnings before interest and tax (EBIT) of the DO & CO Group amounted to € 23.86m for the first half of the business year 2021/2022,
• 55.43m higher than in the same period of the previous year. The EBIT margin was 8.3% (PY: -28.4%). The net result increased by € 44.59m from € -37.27m in the previous year to € 7.32m in the first half of the business year 2021/2022.

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Encouragingly, DO & CO can report on a sensational first half as well as, in particular, second quarter of the business year 2021/2022. All business segments of the DO & CO Group continue to be affected by the impact of the COVID-19 pandemic. However, business is increasingly recovering as legal restrictions for containment of the pandemic have been progressively eased. In all divisions, demand is extremely favourable. Moreover, DO & CO has put great emphasis on creating new distribution channels and developing new business models.

In the second quarter of the business year 2021/2022, revenue increased by nearly 80.0% on the previous quarter. As compared to the previous year, revenue has more than doubled (+132.2%). At the same time and thanks to successful crisis management, the Company has been able to report a positive net result for four consecutive quarters. As a result of management consistently implementing measures to reduce running costs and to secure liquidity, the amount of cash and cash equivalents even increased in the second quarter of the business year 2021/2022 as compared to the first quarter, amounting to € 209.49m as at the reporting date.

The development of net debt as compared to EBITDA is also particularly pleasing. The net debt to EBITDA ratio, which amounted to 7.42 as at 31 March 2021, decreased to 3.71 as at 30 September 2021 within only six months, showing a reduction of 50.0%.

Below, a detailed account is given on the development of the three divisions of the DO & CO Group:

1. AIRLINE CATERING

Airline Catering	1st HY 2021/2022	1st HY 2020/2021	Change	Change
in m€	in m€	in m€	in %
Revenue	208.46	78.81	129.65	164.5%
EBITDA	38.40	6.66	31.75	476.9%
Depreciation/impairment	-18.81	-21.71	2.90	13.3%
EBIT	19.59	-15.05	34.64	230.1%
EBITDA margin	18.4%	8.4%
EBIT margin	9.4%	-19.1%
Share in consolidated revenue	72.9%	70.8%

After air traffic was almost entirely brought to a standstill in the first quarter of the business year 2020/2021 due to the COVID-19 pandemic, all Airline Catering locations recorded a significant increase in revenue in the first half of the business year 2021/2022 as compared to the previous year.

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DO & CO is particularly proud about the partnership with Delta Air Lines which started at the end of March. We are working extremely well together. Delta Air Lines aims to distinguish itself on the US market by offering innovative products and has high quality standards. Only one quarter after starting work together, the meals in the economy class on all long-haul flights ex Detroit were changed from frozen products purchased from third parties to fresh DO & CO meals. As in all DO & CO kitchens, all meals are freshly produced every day - without using additives. The meals are flavourful, healthy and sustainable. Delta and DO & CO pursue the same ESG objectives and primarily use fresh local products from the region.

DO & CO was also able to acquire other new customers in the first half of the business year 2021/2022. Since the beginning of June 2021, DO & CO has provided catering on board All Nippon Airways ex Frankfurt and Munich. At these two locations, DO & CO will also take over the culinary services for Etihad Airways as of November 2021. After taking over the entire catering services for all Iberia and Iberia Express flights ex Madrid-Barajas in February 2020, DO & CO has also been responsible for buy-on-board catering on all Iberia Express flights since 16 June 2021.

Despite the unfavourable market environment, the Airline Catering division generated a massive increase in revenue of 164.5% as compared to the previous year. Revenue in the first half of the business year 2021/2022 amounts to € 208.46m (PY: € 78.81m). At

• 38.40m, EBITDA is € 31.75m higher than the figure for the same period of the previous year. EBIT amounts to € 19.59m (PY: € -15.05m).

2. INTERNATIONAL EVENT CATERING

International	st	HY 2021/2022	1	st	HY 2020/2021	Change	Change
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Event Catering		in m€			in m€	in m€	in %
Revenue		48.73			15.33	33.40	217.8%
EBITDA		10.93			3.09	7.84	254.0%
Depreciation/impairment		-2.47			-2.10	-0.37	-17.8%
EBIT		8.45			0.99	7.47	756.4%
EBITDA margin		22.4%			20.1%
EBIT margin		17.3%			6.4%
Share in consolidated revenue		17.0%			13.8%

The second quarter of the business year 2021/2022 was also the strongest quarter in terms of revenue since the beginning of the COVID-19 crisis for the International Event Catering division. At a revenue of € 34.60m solely in the second

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quarter of the business year 2021/2022, the division has nearly reached the pre-crisis level.

Using innovative concepts to ensure COVID-19 safety, which were developed together with the organisers, the first major sports events since the outbreak of the pandemic were hosted without any infections and with a high degree of customer satisfaction.

At the UEFA EURO 2020 European Football Championship, DO & CO was a hospitality partner of UEFA for the fifth time in a row, responsible for implementing hospitality and catering programmes at all eight matches in London (including the final) and all four matches in Munich.

As has been the case since 2002, DO & CO was once again the culinary host for the VIP guests at the ATP Masters in Madrid at the beginning of May 2021, a unique ATP tournament which is part of the Masters 1000 series. Furthermore, DO & CO hosted the UEFA Champions League final for the 15th time, this time held in Porto.

In the second quarter, DO & CO likewise provided exceptional gourmet entertainment for more than 5,000 guests at the CHIO Aachen. DO & CO has now been culinary partner of the world's largest and most famous equestrian tournament since 1997.

At the end of August 2021, the first home game of FC Bayern Munich with spectators since the outbreak of the pandemic took place at the Allianz Arena in Munich, where DO & CO has provided culinary services since 2013. While initially only a limited number of spectators were permitted, it has been permissible to utilise the full capacity of 75,000 guests again since October 2021.

DTM, the Deutsche Tourenwagen Masters, is a new customer in DO & CO's portfolio for whom DO & CO has developed an innovative catering and hospitality concept together with the new owners. In a successful first season, the teams were provided with culinary services in all eight races. Since COVID-19 restrictions had been eased, it was even possible to open the VIP area at two races.

DO & CO has been active for Formula 1 for as many as 30 consecutive seasons, providing culinary services for the world champions team of Mercedes and the Broadcast Center at all races. The Paddock Club was only reopened to VIP guests with the races at the

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Spielberg Ring in Austria and immediately afterwards in Silverstone at the beginning of July 2021, and enjoyed great popularity.

In the first half of the business year 2021/2022, revenue in the International Event Catering division increased by 217.8% on the previous year to € 48.73m (PY: € 15.33m). At € 10.93m, EBITDA is € 7.84m higher than the figure for the same period of the previous year. EBIT amounts to € 8.45m (PY: € 0.99m).

3. RESTAURANTS, LOUNGES & HOTELS

Restaurants, Lounges	1st HY 2021/2022	1st HY 2020/2021	Change	Change
& Hotels	in m€	in m€	in m€	in %
Revenue	28.83	17.21	11.62	67.5%
EBITDA	-0.50	-3.15	2.65	84.0%
Depreciation/impairment	-3.68	-14.35	10.67	74.3%
EBIT	-4.19	-17.51	13.32	76.1%
EBITDA margin	-1.7%	-18.3%
EBIT margin	-14.5%	-101.7%
Share in consolidated revenue	10.1%	15.5%

The Restaurants, Lounges & Hotels division comprises the business areas of restaurants and Demel cafés, lounges, hotels, staff restaurants, retail and airport gastronomy.

Revenue also strongly increased in this division as compared to the previous year. Immediately after the COVID-19 pandemic began, the development of new business models and distribution channels was commenced in all divisions to keep DO & CO flexible and competitive even in this difficult phase. In the first half of the business year 2021/2022, DO & CO was thus able to generate revenue at a pre-crisis level particularly in the retail segment.

During the pandemic, the Henry concept was further improved, and a new shop was opened in Vienna. The new Henry market concept with an optimised layout and a product portfolio with a large selection of healthy products is highly popular among customers, reporting consistently favourable revenues. Freshly prepared food from Demel, such as the very successful "Kaiserschmarrn", croissant and baguettes produced in-house, and other fresh desserts, were also included in the product portfolio for the first time. Following the opening of the first shop, the new concept was also successfully introduced in several staff restaurants in Vienna.

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