Domino's Pizza Group (DOM) H2 2025 earnings summary

Executive summary

• Ended 2025 as the leading pizza brand in the UK & Ireland with over 1,400 stores and a 52.6% value share, up 7.5ppt year-over-year.

• Over 12 million loyal customers, with 8 million on the app; 90% of system sales are digital.

• Achieved 1.5% system sales growth to nearly £1.6 billion, despite a challenging QSR and pizza delivery market.

• Maintained strong free cash flow of £80.7 million and increased final dividend by 3%.

• Strategic focus for 2026 includes core revenue growth, market expansion, digital acceleration, and operational efficiency.

Financial highlights

• System sales reached £1,595.6m, up 1.5% year-over-year; UK stores up 1.4%, Irish stores up 4.2% from new openings.

• Statutory revenue rose 3.2% to £685.4 million; underlying EBITDA declined 6.6% to £133.9 million.

• Underlying PBT down 15% to £91.2 million; underlying EPS decreased 13.7%, aided by share buybacks.

• Free cash flow at £80.7 million, down 4.7% year-over-year.

• Proposed full-year dividend per share 7.7p, up 2.7%.

Outlook and guidance

• Positive trading momentum from Christmas 2025 has continued into early 2026, with system sales and order count growth.

• FY26 guidance: depreciation/amortisation mid-£20m, interest c.£21m, tax rate c.25%, capex c.£35m.

• CapEx expected to be higher in FY 2026 due to completion of new supply chain center SCC5.

• FY26 gearing expected to end in line with FY25, with higher HY26 due to capex phasing.

• Guidance for 2026 is to deliver results consistent with company and market expectations.