Half year results for the 26 weeks ended 28 June 2026

POSITIVE TRADING DRIVES EARNINGS AND FREE CASH FLOW GROWTH ON-TRACK TO ACHIEVE FULL YEAR EXPECTATIONS

Financial highlights:

• Strong H1 trading performance, with like-for-like sales (+4.9%) and orders (+1.6%) driven by growth in both Pizza and CHICK ‘N’ DIP as well as an uplift from the World Cup
• Underlying EBITDA¹ increased to £66.2m driven by strong H1 trading
• Higher underlying FCF of £50.2m reflecting higher earnings and improved working capital
• Interim dividend up 2.8% to 3.7 pence per share

Operational highlights:

• Market share gains achieved across the Pizza, Chicken and QSR categories
• Industry-leading delivery times maintained at under 25 minutes throughout the period
• Successful launch of CHICK ‘N’ DIP and Italiano’s Pizza Range
• 1,400^th store opening – 11 stores opened in period
• Opening of SCC5 supporting future operational efficiency

Strategic priorities:

• Focus on 'MORE': MORE customers, MORE frequency, MORE "for less"
• Four key growth initiatives: Chicken, Loyalty, Aggregators and Supply Chain Productivity

Current Trading and Outlook:

• Positive trading in July, supported by the World Cup
• Confident in achieving full year expectations, all major cost lines hedged for FY26 and into FY27
• Strategic plans provide confidence in driving earnings growth in FY27 and beyond.

Commenting on the results, Nicola Frampton, CEO said:

"We have delivered a strong first half, with positive momentum across sales, orders, earnings and cash flow. Pizza remains at the heart of our business, with Italiano’s reinforcing the strength of the category, while the early performance of CHICK 'N' DIP gives us confidence in our ability to grow chicken alongside our core offer.

The progress we are seeing reflects the strength of our strategy. Our growth platforms – chicken, loyalty, aggregators and supply chain productivity – are gaining traction and support our confidence in delivering sustainable long-term growth.

We have carried positive momentum into July and, with our major cost lines hedged through 2026 and into next year, remain confident in delivering our full-year expectations. We will continue to invest in the business to support our growth and franchise partner profitability, creating long-term value for all of our stakeholders."

Contacts
Domino’s Pizza Group plc:
Michael Barker, Director of Investor Relations - +44 (0) 7345 418 580
Brunswick:
Max McGahan / Emilia Smith - 020 7404 5959

Announcement details and Q&A session

We have released a pre-recorded video of the presentation on our website. To view the presentation please register here:

https://www.investis-live.com/dominos/6a452c089f22d3000ee2cd3c/qeth

Nicola Frampton, Chief Executive Officer and Andrew Andrea, Chief Financial Officer, will be hosting a Q&A session at 0900 am, which can be joined (listen only) as below:

https://www.investis-live.com/dominos/6a4530359f22d3000ee2cf92/pyiu

CEO Review

H1 26 trading & financial performance

Domino’s delivered a strong first half trading performance. We entered the year with positive momentum that continued throughout the period with like-for-like sales⁴ up 4.9% and like-for-like orders⁴ up 1.6%, supported by continued pizza growth, encouraging early performance from CHICK ‘N’ DIP following its February launch, and a World Cup trading uplift.  We opened 11 stores in the period including our 1,400^th store in Largs.

Underlying EBITDA¹ increased to £66.2m, driven by higher royalties, supply chain profits and corporate store growth, partly offset by increased net costs and lower investment contributions. Underlying EBIT¹ rose to £54.4m, underlying profit before tax¹ was £44.1m, and underlying EPS¹ increased 5% to 8.8p. Statutory profit after tax was £30.8m, up £0.9m and statutory EPS was up 5% to 8.0p.

Free cash flow before non-underlying items¹ was £50.2m, up £21.5m, benefiting from higher underlying EBITDA¹ and working capital timing. After capital allocation items of £53.1m, including capex, dividends and the additional Victa DP investment, net debt is £290.1m and leverage remained within the target range at 2.3x.

The Board has proposed an interim dividend of 3.7p per share, up 3%, payable on 25 September 2026 to shareholders on the register on 14 August 2026.

STRATEGIC PRIORITIES

Our stated strategy to focus on sustainable growth within the core business has delivered an encouraging first half performance, demonstrating the resilience of the Domino’s brand and the strength of our execution in a consumer environment that continues to be value-led.

Positive momentum across our key metrics of customer numbers, system sales, like-for-like sales and orders, together with earnings and cash flow expected to be ahead year on year, gives us a strong platform for the second half. We are encouraged by the breadth of progress across the business and on track to achieve our full year expectations.

Our Strategic Objectives are underpinned by three pillars.

1. More Customers – Continued customer recruitment

   With approximately 14 million UK customers, Domino’s has a strong base from which to drive growth. Although still at an early stage, as described in more detail below, CHICK ‘N’ DIP not only attracts new chicken customers but also provides an opportunity to engage the key decision-maker for an occasion, who may not currently be a pizza customer.

   In addition, our strengthened marketing team is focused on event-led activities to attract new customers. In the first half, campaigns around the Tyson Fury fight and the World Cup recruited new customers while also increasing frequency among existing customers.

2. More Often – Driving more orders per year

   Average orders per customer have improved in recent years and increasing frequency remains a significant growth opportunity for Domino’s and its franchise partners. Our internal “One More Time” agenda focuses on encouraging customers to order more often, supported by the core capabilities that have enabled Domino’s to grow share in both the pizza and QSR markets.

   Our menu innovation has been a key driver of sales, volume and frequency, helping retain and grow Domino’s most valuable customers through products tailored to different occasions, tastes and seasonal events. During the period, we strengthened the proposition with successful innovation, including CHICK ‘N’ DIP and our Italiano’s pizza range, both of which have performed strongly since launch, driving incremental sales through wider menu choice and larger basket sizes. Importantly, the CHICK ‘N’ DIP and Italiano’s products are attracting new customers who perceive both products as healthier propositions.

   Our enhanced customer insight capabilities are deepening our understanding of purchasing behaviour, basket composition and customer preferences. These insights support predictive modelling, targeted experimentation and greater personalisation, improving the customer experience and increasing customer value.

3. “More for Less” – Focus on driving efficiency through the organisation

   We remain focused on delivering supply chain productivity initiatives to support a sustainable and consistent margin. Through continued operational efficiencies and disciplined cost management, we expect these initiatives to underpin profitability while supporting future growth.

   In addition, the Group is maintaining a disciplined approach to overhead management reflecting a continued focus on cost control and operational efficiency.

These objectives will be delivered through a focus on four key growth initiatives:

1. CHICK ‘N’ DIP – Innovation into a new market:

   Launched nationwide in February 2026, CHICK ‘N’ DIP enables the Group to strengthen its presence in the fast-growing chicken category and responds to increasing consumer demand for chicken-based meals. CHICK ‘N’ DIP expands Domino’s relevance across more meal occasions and is expected to drive incremental sales through broader menu choice and larger basket sizes.Importantly, the launch of CHICK ‘N’ DIP has demonstrated our ability to organically develop and launch a brand, with minimal capital outlay, leveraging Domino’s existing kitchens, delivery network and supply chain infrastructure, CHICK ‘N’ DIP has been rolled out efficiently and with minimal operational complexity.

   Our aspiration is to significantly grow our current 4.2% market share⁵ of this expanding market in the next few years, and supporting our ambition to increase our current 7.7% share of the QSR market⁵.Whilst we are still at an early stage, trading figures so far have demonstrated the highly complementary nature of the proposition with the mix of chicken standing at around 9% of total sales, up from c7.5% pre-launch.Our initial customer observations are that the range is proving attractive to our high frequency champion customers, as well as attracting new customers and creating new sharing occasions.Importantly, initial customer feedback has been strong, and we have an agile team to develop the brand at pace in response to our customers' needs.

2. Loyalty – Leveraging the existing customer base

   The pilot of the Domino’s loyalty programme is continuing to deliver positive results, with around 2.2 million customers now subscribed, representing a 27% sign-up rate across the UK.It has shown that participating customers demonstrate higher engagement, including higher order frequency and improved retention. Importantly, participation is strong across all of our customer cohorts.

   Following the successful pilot, we see the loyalty programme as a key driver of the “One More Time” ambition.The Group is planning to launch the loyalty platform across the business in the final quarter of this year.As well as extending this across the database, we will also be enhancing the loyalty functionality within our app as part of the rollout plan, which will further enhance the loyalty proposition.

3. Aggregators

   Aggregator partnerships continue to perform strongly and generate incremental customers for the brand. Analysis indicates that a large proportion of aggregator customers are either new or reactivated customers. We continue to view aggregators as an effective acquisition and reactivation channel, that is additive to our strong direct ordering proposition and supportive of increased total customer reach, and we are developing a close partnership with aggregators to continue to evolve this key trading channel.

4. Supply Chain Productivity

   We have always been focused on supply chain productivity to support sustainable margins. Continued operational efficiencies and disciplined cost management will underpin our profitability while supporting future growth.

   The Group’s supply chain is a core driver of revenue and EBITDA, providing market-leading service levels for franchise partners and strengthening the competitiveness of the Domino’s system. Supply Chain Centre 5 (‘SCC5’) in Avonmouth commenced operations earlier this year and will provide additional capacity equivalent to approximately 1,000 deliveries per week, while supporting future network efficiency.

   Alongside this expansion, we continue to drive productivity improvements across supply chain operations. Fourteen productivity initiatives have been identified for delivery by 2028, with seven of these initiatives expected to be complete by the end of 2026.  Further opportunities include warehouse and production automation, such as automated de-boxing, storage and picking solutions, and robotics in dough mixing and production.

Capital Allocation Framework

The Group's capital allocation framework is designed to support sustainable growth while delivering attractive returns to shareholders.

The priority is to invest in the core business, applying rigorous capital expenditure hurdles to opportunities that support long-term growth, enhance operational capability and strengthen the competitiveness of the Domino's system.

The Group remains committed to a sustainable and progressive dividend policy as evidenced by the proposed interim dividend for the current financial year.  We are aspiring to a typical dividend payment profile where the interim dividend will represent approximately one-third of the total dividend for the year.

Any excess cash flow is allocated between maintaining an efficient balance sheet and returning surplus capital to shareholders. The Group operates within a leverage range of 1.5x to 2.5x net debt to EBITDA and aims to remain towards the lower end of this range over time, providing financial flexibility to invest in growth opportunities while maintaining a prudent capital structure and delivering long-term shareholder returns.  Our current preference is to pursue a programme of debt and leverage reduction, further strengthening the balance sheet.  As we highlighted last year, we do not anticipate allocating capital to any acquisition opportunities, given our focus on organic growth initiatives and opportunities as outlined above.

Current trading and outlook

Positive trading has continued in July supported by the World Cup. As previously announced, our major costs remain hedged for the current financial year with some costs hedged into 2027.

The Board remains confident in achieving our earnings expectations for the full year which remain in line with current market expectations.

Looking ahead, we are focused on building on the strong momentum established in the first half and converting it into sustainable long-term growth. Our priorities for the second half are clear: continue to execute the core growth levers, support franchisee profitability, maintain strong cash discipline and scale the initiatives that are already demonstrating results.

With a stronger platform, a clear plan and increasing evidence that our strategy is working, we believe Domino’s is well positioned to deliver attractive organic growth, generating strong cashflow and creating significant value for customers, franchise partners and shareholders in the years ahead.

Our technical guidance for FY26 is as follows:

• Underlying depreciation & amortisation: c.£25m
• Underlying interest (excluding foreign exchange movements): c.£21m
• Estimated underlying effective tax rate: c.25% for the full year
• Capital investment: c.£35m
  
  • Main investment is in finalising SCC5 development

About Domino’s Pizza Group

Domino's Pizza Group plc is the UK’s leading pizza brand and a major player in the Irish market. We hold the master franchise agreement to own, operate and franchise Domino’s stores in the UK and the Republic of Ireland. At 28 June 2026, we had 1,410 stores in the UK and Ireland. The Group also has a 12% shareholding in Domino’s Pizza Poland.

Cautionary statement

Certain statements made in this announcement are forward-looking statements. Such statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results expressed or implied in these forward-looking statements. Persons receiving this announcement should not place undue reliance on forward-looking statements. Unless otherwise required by applicable law, regulation or accounting standard, Domino’s does not undertake to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Notes

¹ The performance of the Group is assessed using a number of Alternative Performance Measures (‘APMs’). The Group’s results are presented both before and after non-underlying items. Underlying profitability measures are presented excluding non-underlying items as we believe this provides both management and investors with useful additional information about the Group’s performance and aids a more effective comparison of the Group’s trading performance from one period to the next and with similar businesses. Underlying profitability measures are reconciled to unadjusted IFRS results on the face of the income statement with details of non-underlying items provided in note 4. Definitions are included in the glossary.
² H1 26 is the 26 weeks to 28 June 2026. H1 25 is the 26 weeks to 29 June 2025.
³ System sales represent the sum of all sales made by both franchised and corporate stores to consumers in UK & Ireland. These are excluding VAT and are unaudited.
⁴ Like-for-like (excluding splits) system sales performance is calculated for UK & Ireland against a comparable period in the prior period for mature stores which were not in territories split in the current period or comparable period. Mature stores are defined as those opened prior to 29 December 2024. Excluding splits means that stores which have lost delivery territory to enable a new store opening are not included in like-for-like system sales.
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