Do : Financial Results of the Business Year 2021/2022

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

Results for the business year 2021/2022

(1 April 2021 to 31 March 2022)

#comingbackstronger

• revenue almost tripled
• back in the profit zone
• more than 1,700 jobs created
• global growth across all divisions
• more demand than ever before

Divisions and Group	BY 2021/2022	BY 2020/2021	Change	Change
in m€	in m€	in m€	in %
Group revenue	705.20	253.46	451.74	178.2%
Airline Catering	518.65	188.61	330.05	175.0%
International Event Catering	117.21	31.33	85.87	274.1%
Restaurants, Lounges & Hotels	69.34	33.52	35.82	106.9%
EBITDA	96.34	45.04	51.30	113.9%
Depreciation/impairment	-53.94	-72.32	18.38	25.4%
EBIT	42.40	-27.28	69.68	255.5%
Net Result	11.00	-38.33	49.33	128.7%
EBITDA margin	13.7%	17.8%
EBIT margin	6.0%	-10.8%
Employees at the end of the BY	9,222	7,486	1,736	23.2%

VIENNA - 15 June 2022 - DO & CO Aktiengesellschaft is publishing its results under IFRS for the business year 2021/2022 today. In the business year 2021/2022, the DO & CO Group recorded revenue in the amount of € 705.20m. This constitutes an increase in revenue by € 451.74m or 178.2% as compared to the previous year. The EBITDA of the DO & CO Group was € 96.34m (PY: € 45.04m) in the business year 2021/2022. The EBITDA margin was 13.7% (PY: 17.8%). Consolidated earnings before interest and tax (EBIT) of the DO & CO Group amounted to € 42.40m for the business year 2021/2022,

• 69.68m higher than in the same period of the previous year. The EBIT margin was 6.0% (PY: -10.8%). The net result increased by € 49.33m from -38.33m in the previous year to
• 11.00m.

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In the course of the business year 2021/2022, the Group was able to steadily increase revenue each quarter. Both the Airline Catering division and the International Event Catering division even generated new record revenues. The fourth quarter of the business year 2021/2022 was the Airline Catering division's strongest fourth quarter in terms of revenue in DO & CO's corporate history. The International Event Catering division also reported its strongest second half year in terms of revenue. Despite several lockdowns, increased legal restrictions for containment of the COVID-19 pandemic in several countries, and the dramatic depreciation of the Turkish lira, revenue increased to € 705.20m in the business year 2021/2022.

The positive trend also continues with regard to the result. At € 96.34m, DO & CO generated the highest EBITDA in its corporate history in the business year 2021/2022. The quickly implemented restructuring measures at the beginning of the COVID-19 pandemic, the focus on efficient internal processes, the acquisition of numerous new customers, as well as various government support measures made it possible to achieve this record result in a difficult market environment.

Despite the strain resulting from the depreciation of the Turkish lira, cash and cash equivalents also increased to € 207.63m towards the end of the business year 2021/2022.

The net debt to EBITDA ratio, which amounted to 8.24 as at 31 March 2021, was reduced by more than 50% within the business year 2021/2022 and amounts to 3.31 as at 31 March 2022.

Despite achieving a positive net result, the Management Board proposes to the General Meeting of Shareholders that no dividend will be distributed for the business year 2021/2022 due to the ongoing impact of the COVID-19 pandemic and the possibilities to invest in growth opportunities in the near future.

Achieving the turnaround in a difficult market environment was only possible thanks to the employees and their incredible commitment. The most important ingredient in the recipe for our premium offer are our employees, each of whom has their own unique personality and a passion for hospitality. DO & CO is thus both happy and proud that more than 1,700 new employees were hired and trained in the business year under review 2021/2022 (number of full-time equivalents in the reference period March 2021 to March 2022). Approximately 1,000 employees joined the team in the US alone.

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

1. AIRLINE CATERING

Airline Catering	BY 2021/2022	BY 2020/2021	Change	Change
in m€	in m€	in m€	in %
Revenue	518.65	188.61	330.05	175.0%
EBITDA	68.58	33.84	34.74	102.7%
Depreciation/impairment	-41.51	-43.21	1.71	3.9%
EBIT	27.07	-9.38	36.45	388.6%
EBITDA margin	13.2%	17.9%
EBIT margin	5.2%	-5.0%
Share in consolidated revenue	73.5%	74.4%

In the fourth quarter of the business year 2021/2022, a new revenue record was achieved in the Airline Catering division. With revenue amounting to € 166.47m, not only were pre- crisis levels exceeded but the Company also reported the strongest fourth quarter revenue in its history. This underlines the high demand for premium solutions in Airline Catering despite the pandemic.

Despite the ongoing difficult market environment, the Airline Catering division generated a massive increase in revenue of 175.0% as compared to the previous year. Revenue in the business year 2021/2022 amounts to € 518.65m (PY: € 188.61m). At € 68.58m, EBITDA is € 34.74m higher than the figure of the previous year. EBIT amounts to € 27.07m (PY: € -9.38m).

With regard to the development, the following is worth noting:

New DO & CO location in Boston

DO & CO is now also hub caterer for Delta Air Lines in Boston and since January 2022 responsible for the catering and since March 2022 for the handling services for all short and long-haul flights ex Boston. Following the start up of catering services at the Delta Air Lines hub in Detroit in March 2021, DO & CO will thus serve the airline's next important US hub. The new major contract in Boston is another milestone on DO & CO's path to success, once again underlining the great demand for quality. This means that, DO & CO is further expanding its market position in the US and in addition to New York, Los Angeles, Chicago and Detroit, DO & CO now operates a fifth location in the US.

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DO & CO wins home base of JetBlue at New York-JFK

Based on the catering contract for JetBlue's business class ex New York-JFK in 2018, DO & CO was also able to win the airline's catering services ex Los Angeles, Palm Springs and San Diego at the beginning of the business year 2021/2022. Soon after, the cooperation was also extended to Europe, and DO & CO has provided catering for JetBlue guests on board all long-haul flights ex London-Heathrow and Gatwick since the end of summer 2021. In December 2021, DO & CO took over one of the largest and most important JetBlue hubs, New York-JFK, as the sole caterer.

Acquisition of Delta Air Lines in Seoul (Incheon)

DO & CO is proud to be able to further expand its business relationship with Delta Air Lines for the first time outside the USA at an international hub. With up to ten daily flights, Incheon is a particularly important location for Delta Air Lines in Asia.

Win of significant new airline catering customers

Despite the serious impact of the COVID-19 pandemic on the aviation industry, DO & CO is continuing to expand its position as the leading premium airline caterer. In addition to Delta Air Lines in Boston and Seoul, DO & CO was able to acquire a number of renowned new customers at various locations in the business year 2021/2022:

	Etihad Airways	ex Frankfurt, Munich and London Heathrow
	Etihad Airways	ex Chicago and Los Angeles
	Egypt Air	ex Frankfurt, Munich and Düsseldorf
	Saudi Royal Aviation	at all DO & CO locations around the world

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2. INTERNATIONAL EVENT CATERING

International	BY 2021/2022	BY 2020/2021	Change	Change
Event Catering	in m€	in m€	in m€	in %
Revenue	117.21	31.33	85.87	274.1%
EBITDA	20.91	11.36	9.55	84.0%
Depreciation/impairment	-4.84	-4.64	-0.21	-4.5%
EBIT	16.06	6.72	9.34	138.9%
EBITDA margin	17.8%	36.3%
EBIT margin	13.7%	21.5%
Share in consolidated revenue	16.6%	12.4%

Despite the difficult market environment due to the COVID-19 pandemic, DO & CO was once again responsible for successfully hosting numerous top-class events in the business year 2021/2022. 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.

In the business year 2021/2022, revenue in the International Event Catering division increased by 274.1% on the previous year to € 117.21m (PY: € 31.33m). At € 20.91m, EBITDA is € 9.55m higher than the figure for the same period of the previous year. EBIT amounts to € 16.06m (PY: € 6.72m).

With regard to the development, the following is worth noting:

Provision of hospitality services for the UEFA EURO 2020

At the UEFA EURO 2020 European Football Championship, which due to COVID took place from June to July 2021, DO & CO was a partner of UEFA for the fifth time, responsible for providing hospitality and catering programmes at eight matches in London (including the final) and four matches in Munich. In addition to gourmet services, this also includes the areas infrastructure, cleaning, event hosts and hostesses, and entertainment. DO & CO is proud of having been a partner of UEFA for more than 20 years.

30th successive Formula 1 season with DO & CO

DO & CO has worked with Formula 1 for 30 consecutive seasons, providing culinary services for the team of Mercedes and the Broadcast Center at all races. The Paddock Club, which - due to the pandemic - was only reopened to VIP guests at the Spielberg Ring in Austria at the beginning of July 2021, enjoyed great popularity. In the last season,

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