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Do & Co

DO & CO AG is an Austria-based gourmet entertainment company founded in 1981 by and headquartered in , specializing in premium and services across , events, and dining sectors. The company operates through three primary business segments: , which provides high-end meal services for international airlines; International Event , encompassing planning and execution for global events; and Restaurants, Hotels & Lounges, managing upscale dining venues, airport lounges, and luxury accommodations. With 33 gourmet kitchens in 12 countries across three continents, DO & CO emphasizes fresh, high-quality products and sets industry standards in premium . Renowned for its innovative culinary offerings that blend global traditions with modern elegance, the company serves major airlines, high-profile events, and discerning clientele worldwide, maintaining a commitment to excellence in every aspect of entertainment.

History

Founding and early development

Do & Co was founded in by Doğudan in , , as a premium service initially targeting events and sectors. The company began operations with the opening of its first restaurant in , marking the entry into high-end culinary offerings. Doğudan, a Turkish-Austrian entrepreneur born in 1959, established the firm to provide experiences in a domestic market focused on quality and innovation. In its early years, Do & Co emphasized high-end concepts and services, building a reputation through meticulously prepared dishes for discerning clients. By 1983, the company launched its party services division, expanding into corporate events and private across , which became key milestones in securing initial major contracts during the . These services highlighted the firm's commitment to excellence in for upscale gatherings, fostering rapid growth in the local hospitality landscape. Central to Do & Co's early development was its core philosophy of "Gourmet Entertainment," which integrated culinary artistry with engaging experiential elements to elevate events beyond mere dining. This approach differentiated the company in Vienna's competitive market, attracting partnerships for sophisticated banquets and establishing a foundation for future expansions, including a brief transition into airline catering in 1987. Through the late 1990s, the focus remained on domestic operations, refining its premium event and restaurant services to solidify its position as a leader in Austrian gourmet catering.

Expansion and stock listing

In the mid-1990s, Do & Co pursued aggressive expansion to capitalize on its growing reputation in premium catering, diversifying beyond initial restaurant and event services into the high-end sector. This period saw the company secure key partnerships that solidified its position in Vienna's culinary landscape, including initial contracts for airline catering with in the late 1990s, which built on earlier collaborations and emphasized gourmet meal preparation for premium cabins. A pivotal milestone came on June 30, 1998, when Do & Co listed on the , transitioning from a private entity to a and enabling further scaling through capital markets access. The involved issuing 1,624,000 shares at EUR 40 each, raising funds to support operational growth while Doğudan retained significant control. At listing, the ownership structure comprised 41% held by the Doğudan Private Foundation and 59% free float, ensuring strategic continuity under the founder's influence. Parallel to the listing, Do & Co established additional Vienna-based operations to meet rising demand, including the development of specialized gourmet kitchens dedicated to catering, which enhanced production capacity for high-profile functions and complemented the company's initiatives. This infrastructure investment in the late laid the groundwork for broader diversification, including later extensions into train services.

Post-2010 growth and partnerships

Following the initial renewal of its catering partnership with in 2007, DO & CO expanded its services for the carrier throughout the , including enhancements to premium meal offerings and operational scale at key hubs. This long-term collaboration was further solidified with a extension in , securing services through 2027 and underscoring DO & CO's role in elevating inflight experiences for one of Europe's flagship airlines. In 2018, DO & CO secured a significant ten-year to provide catering for ' long-haul flights departing from London Heathrow, commencing in spring 2020, which marked a major entry into the market and involved building new production facilities. That same year, the company co-founded the Airline Catering Association alongside dnata, , , and Newrest, aiming to promote industry standards, sustainability, and innovation in global inflight services. Additionally, DO & CO entered a with in 2015 to operate premium cafés, starting with a pilot location in that combined high-end coffee with curated food offerings. DO & CO also diversified into rail services from 2012 to 2018 through a partnership with , the , under the "Henry am Zug" brand, providing daily catering for over 160 trains with a focus on premium, regionally inspired meals. In the events sector, the company continued its longstanding role as UEFA's hospitality partner, handling premium catering for EURO 2020 (delayed to 2021) at venues in and , and extending to EURO 2024 across multiple host cities, where it served approximately 47,000 VIP guests, marking its sixth consecutive tournament involvement since 2004. The severely disrupted operations in 2020 and 2021 due to global restrictions, leading to a sharp decline in and event-related . DO & CO demonstrated in the recovery phase, achieving a robust 28% increase in the 2023/2024 as rebounded across all segments. This momentum continued into 2024/2025, with reaching €2.30 billion, a 26.31% increase year-over-year.

Business segments

Airline catering

Do & Co's airline catering division serves as the company's core business segment, delivering premium in-flight dining solutions to over 60 . The division specializes in restaurant-quality meals prepared to exacting standards, encompassing both business and offerings, with a focus on fresh ingredients and customized concepts aligned with each airline's brand philosophy. Operations are supported by 32 dedicated sites worldwide, including state-of-the-art kitchens at key hubs such as and . A hallmark of the division is the "Flying Chefs" concept, where trained chefs accompany passengers on long-haul flights to prepare and present meals live onboard, ensuring optimal freshness and providing personalized service while collecting real-time feedback. Menus are fully customized, incorporating options for select routes and incorporating diverse culinary portfolios to cater to international markets. The division also manages concepts, delivering tailored experiences that extend the premium dining ethos to ground services. These services emphasize , such as in-house for crockery, packaging, and crew training programs. Major clients include longstanding partners like , for which Do & Co has provided exclusive catering services in Austria since 2007, with the contract extended through 2027; , where the company assumed all catering responsibilities at London Heathrow starting in 2018, secured until 2030; and , served through a in since 2006, with agreements extending to 2034. Other prominent airlines include , , , and . Recent additions include Airlines as of April 2025. Innovations in sustainability are integral, with commitments to source 70% of ingredients locally by 2030 (achieving 64% in FY 2024/2025), implement deforestation-free supply chains, and prioritize cage-free eggs and , all enforced via the company's Sustainable Sourcing Policy. On an operational scale, the division produces over 180 million meals annually across its network, with daily output approximately 493,000 units prepared in expert development kitchens using the freshest, high-quality ingredients to maintain uncompromising standards. This capacity supports premium solutions for business and first-class dining, including VIP , while advancing waste reduction through AI-powered tracking and reusable packaging initiatives aimed at eliminating single-use plastics by 2030.

Event and hospitality catering

Do & Co specializes in providing full gourmet catering services for international events, emphasizing high-end culinary experiences tailored to sports, corporate, and large-scale needs. The company offers customized menus featuring innovative dishes, from multi-course banquets to themed dining options, ensuring seamless integration with event atmospheres. These services extend to complete solutions, including setup of temporary venues and , all designed to deliver premium entertainment for VIP guests. In the sports sector, Do & Co has been the exclusive caterer for the Paddock Club since 1992, serving VIP guests at grands prix worldwide with gourmet offerings such as fresh seafood and international cuisines, recently extended through a 10-year agreement announced in December 2024. The company also handles catering for the finals, marking its 16th consecutive event in 2023 by hosting 14,000 VIPs at the in with bespoke setups. Additional partnerships include the ATP Masters in and the Hahnenkamm races in , where Do & Co provides themed culinary programs aligned with the event's prestige. For Euro tournaments, Do & Co has been a since 2004, culminating in EURO 2024 services across 10 stadiums for 51 matches and approximately 47,000 VIP guests. Do & Co's hospitality packages feature VIP lounges, exclusive banquets, and immersive dining experiences at stadiums and venues, often incorporating elements like live cooking stations and premium beverages to enhance guest engagement. These offerings cater to corporate galas and private events, where the company's creative team develops individual concepts for gatherings ranging from intimate parties to large-scale functions. With operations spanning and global locations, Do & Co manages events for over 250,000 guests annually, prioritizing and quality in its high-end, event-specific executions.

Restaurants, lounges, and hotels

Do & Co's Restaurants, Lounges & Hotels division operates as the core of its ground-based hospitality portfolio, emphasizing premium dining experiences in urban centers and travel environments. This segment includes owned and managed properties that integrate high-quality cuisine with luxurious settings, such as the historic in , acquired by Do & Co in 2002 to preserve its tradition of artisan pastries and chocolates dating back to 1786. The division also encompasses employee restaurants, like the innovative Freiraum and Arena One concepts in , which provide varied, high-quality meals to staff from multiple companies, promoting sustainable practices such as repurposing kitchen by-products into stocks and jus. Additionally, it features airport retail dining outlets that deliver fresh, premium options to travelers in key hubs. Central to the division are Do & Co's boutique hotels, which seamlessly integrate catering and dining services to enhance guest experiences. The DO & CO Hotel , located adjacent to St. Stephen's Cathedral, offers 43 rooms alongside venues like the ONYX Restaurant on the sixth floor, specializing in contemporary with and robata grill preparations, and the DO & CO Restaurant Stephansplatz, serving global dishes with panoramic views. Similarly, the DO & CO Hotel , a 31-room property near awarded a Michelin Key in 2024, includes the DO & CO Restaurant on the first floor for Asian and international classics, and a with Mediterranean sharing plates on an outdoor terrace. These hotels exemplify Do & Co's approach to luxury hospitality, where in-house ensures consistent premium standards, including sustainable sourcing of ingredients to minimize environmental impact. Brand extensions further diversify the portfolio, notably through a 2015 joint venture with Nestlé Nespresso to operate Nespresso Cafés, starting with a pilot location in Vienna's Mariahilferstrasse that combines premium coffee service with take-away retail. The division also maintains lounges for partner airlines, providing exclusive, high-end relaxation spaces tied to broader concepts. Daily operations across these assets prioritize handmade, fresh preparations and responsible practices, such as portion control to reduce waste, positioning Do & Co as a leader in sustainable urban and transit dining.

International operations

Turkish DO & CO joint venture

The Turkish DO & CO joint venture, officially named THY DO & CO İkram Hizmetleri A.Ş., was formed in 2007 as an equal 50/50 partnership between DO & CO Aktiengesellschaft and Turkish Airlines, with operations commencing on January 1 of that year to handle all catering for Turkish Airlines flights departing from Turkey. DO & CO maintains control through majority voting rights and operational oversight, allowing full consolidation of the entity in its financial statements. This collaboration leverages DO & CO's expertise in premium gourmet catering to support Turkish Airlines' ambition as a leading global carrier. The joint venture operates nine gourmet kitchens across key locations in Turkey, including major facilities at Istanbul Airport and Sabiha Gökçen Airport, Ankara, and other regional sites, producing high-volume, restaurant-quality meals for inflight service. These kitchens primarily serve Turkish Airlines, which represents the bulk of its business, alongside catering for additional national and international carriers such as Emirates, Etihad Airways, and Saudia. In addition to inflight meals, Turkish DO & CO manages business class lounges at Istanbul Airport, including three dedicated facilities launched with the airport's opening in 2019, offering curated dining and hospitality experiences. The operations emphasize fresh, regionally sourced ingredients and innovative concepts like "Flying Chefs" who prepare dishes onboard for long-haul premium cabins. Growth of the joint venture has been closely aligned with Turkish Airlines' fleet expansion and rising passenger traffic, particularly as Istanbul emerges as a pivotal global aviation hub connecting Europe, Asia, and Africa. Recent additions include catering for All Nippon Airways starting in Q4 2024/2025. A new state-of-the-art gourmet kitchen in Istanbul, Europe's largest, is planned to open in 2028 to support further expansion. Following the COVID-19 downturn, Turkish DO & CO experienced robust recovery, generating €647.72 million in revenue in the 2024/2025 business year—a 37.6% increase from €470.96 million in the prior year—accounting for 28.2% of DO & CO's total group revenue of €2,298.12 million. This expansion underscores the venture's strategic role in enabling premium services for high-demand long-haul routes, with ongoing investments in the state-of-the-art Istanbul kitchen to accommodate further increases in flight volumes.

Global locations and expansions

Do & Co maintains a global presence with 33 locations across 12 countries on three continents—Europe, Asia, and North America—as of Q1 2025/2026. The company's headquarters is based in , Austria, serving as the central hub for strategic oversight and innovation. Key operational sites include facilities in (such as ), the United Kingdom (), the United States (, , ), and Middle East hubs supporting high-profile events in and . The company entered the North American market during the 2010s, focusing initially on event catering before expanding into airline services; a notable milestone was the 2014 renovation and launch of a comprehensive food preparation facility near Chicago's O'Hare Airport. In Asia, growth has been driven by strategic airline partnerships, enabling operations in cities like Seoul and new contracts with carriers such as Air Astana, Nippon Airways, China Eastern, and Singapore Airlines. To support its international operations, Do & Co utilizes centralized supply chains for sourcing ingredients, ensuring consistent quality and freshness worldwide through a vertically integrated model that relies on long-term relationships with trusted suppliers. This logistical framework allows seamless adaptation to diverse regional requirements while upholding premium standards across borders.

Corporate structure

Ownership and leadership

DO & CO Aktiengesellschaft is publicly listed on the under the ISIN AT0000818802, with its shares traded since its initial public offering in 1998. The company's ownership structure features significant influence from the Attila Dogudan Privatstiftung, which holds 30.03% of the shares as of March 31, 2025, while the remaining 69.97% are held by public shareholders in free float. Leadership is provided by a Management Board comprising Attila Dogudan as Chief Executive Officer and founder of the company, Attila Dogudan Jr. as Chief Commercial Officer, Mag. Johannes Echeverria as Chief Financial Officer, and Mag. Bettina Höfinger as Chief Legal Officer. Governance follows a two-tier structure typical of Austrian stock corporations, with a Board responsible for day-to-day operations and strategy, overseen by a Supervisory Board that includes Dr. Andreas Bierwirth as Chairman, Dr. Peter Hoffmann-Ostenhof and Dr. Cem M. Kozlu as Deputy Chairmen, and Mag. Daniela Neuberger as a member. DO & CO adheres to the Austrian Code of emphasizing transparent and responsible management to foster long-term value creation, with family influence evident through the founder's role, his son's position on the Management Board, and the controlling stake held by the family-linked private foundation. As of the 2024/2025 business year, DO & CO employs an average of 15,255 full-time equivalent staff globally, reflecting growth from prior years amid international expansion.

Financial performance

Do & Co Aktiengesellschaft has demonstrated significant revenue growth since 2010, driven by expansions in airline catering and international operations, with total revenue increasing from approximately €466 million in fiscal year 2012 to €636 million in 2014. This upward trajectory continued post-pandemic, reaching €1.82 billion in fiscal year 2023/2024, a 26% year-over-year increase, before surging to €2.30 billion in fiscal year 2024/2025, reflecting robust demand recovery in premium services. For the first nine months of fiscal year 2024/2025, revenue stood at €1.77 billion, up 31% year-over-year, underscoring sustained momentum across business segments. In the first quarter of fiscal year 2025/2026, revenue reached €612 million, marking an 11% year-over-year rise. Profitability metrics have also improved amid this growth, with EBITDA for the first quarter of fiscal year 2025/2026 at €73 million, supporting an EBIT margin of 8.6%. Over the nine months of fiscal year 2024/2025, net income totaled €73 million, while the full-year EBIT margin for fiscal year 2024/2025 expanded to 8.0%, up from 7.5% the prior year, highlighting operational efficiencies despite sector volatility. These figures illustrate Do & Co's ability to high-margin services, which accounted for approximately 79% of total revenue in fiscal year 2024/2025. The company faced substantial challenges during the COVID-19 pandemic, with revenue plummeting to a low of €253 million in due to travel restrictions severely impacting airline-dependent operations. This exposure to the aviation sector, where airlines contribute over 70% of revenue, has resulted in elevated financial leverage and vulnerability to economic disruptions in As of November 16, 2025, Do & Co's shares traded at €180.20, reflecting post-recovery stability. Analysts maintain a BUY rating, with price targets averaging around €266 as of August 2025, signaling optimism for continued expansion in premium catering and hospitality.

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