DO & CO AG (von NuWays AG): BUY

Original-Research: DO & CO AG - from NuWays AG 13.11.2025 / 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. 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:	Henry Wendisch

Q2 review: rising utilizitation drives margin progression

Topic: Yesterday, DOC released a strong set of record breaking Q2 25/26 results, especially driven by stronger utilization rates across kitchens amid continuous intake of customers and overall growing demand.

Q2 revenues increased by 8% yoy despite negative FX effects (USD, TRY & GBP depreciated vs. EUR; +15% yoy in cc) and were largely driven by AC segment (+10% yoy to € 515m) and supported by RLH (+14% yoy, less impacted by FX than AC). The IEC segment showed a decline in revenues by 10% to € 64m, solely due to the strong comparable base in Q2’24/25, which contained the EURO24 as a positive one-off (eNuW: € 19m sales effect in Q2’24/25). Excluding this, IEC would have grown by 23% yoy, highlighting the segment’s strong underlying growth profile.