Domino's Pizza Group Plc · LSE:DOM
Domino's Pizza — FY2024 Earnings Presentation
42 slides from Domino's Pizza's earnings presentation, Mar 11, 2025
Slide 1: Full Year Results 2024
Ph oe Domino's _ P—2 WE GOT Tis GOT We Gor THIS FULL YEAR RESULTS 2024. +) « DOMINO’S PIZZA GROUP PLC | 52 WEEKS ENDED 29 DECEMBER 2024 11 MARCH 2025 Ai
Slide 2: Agenda
YS AGENDA Overview — Andrew Rennie, CEO 2. Financial performance — Edward Jamieson, CFO 3. Delivering on our potential —- Andrew Rennie, CEO 4. Q&A
Slide 3: Disciplined Execution Delivers Growth
DISCIPLINED EXECUTION DELIVERS GROWTH Improving momentum and continued shareholder returns Strong operational performance and profit growth Agreed new five-year framework agreement with franchise partners Strategic progress with Shorecal and corporate stores disposal Continue to assess portfolio opt
Slide 4: Agenda
YS AGENDA 1. Overview — Andrew Rennie, CEO Financial performance — Edward Jamieson, CFO 3. Delivering on our potential —- Andrew Rennie, CEO 4. Q&A
Slide 5: FY24 Financial Highlights
FY24 FINANCIAL HIGHLIGHTS Growth across key metrics ORDER GROWTH MMM LFLSALES'GROWTH fmm = DPGREVENUE [iM EBITDA? GROWTH 71.7m +0.7% £664.5m £143.4m +1.7% Q4 +3.0% -0.4% +6.4% | FREE CASHFLOW | EPS?GROWTH INCREASED DPS SHARE BUYBACKS £84.7m 20.4p 11.0p £20m -12.7% +13.3% +4.8% Completed 1. Excluding
Slide 6: LFL ex splits sales growth and total order count growth
5.0% 3.5% 3.0% 2.1% 0.6% 0.7% 0.7% -0.5%-0.8% -0.4% LFL ex splits sales growth % Total order count growth %
Slide 7: Sales Performance
7 SALES PERFORMANCE Consistent revenue performance &m FY24 FY23 %change! 52weeks 52weeks vs. FY23 UK system sales 1,492.5 1,458.9 2.3% Ireland system sales 79.0 81.6 (3.2)% Total system sales 1,571.5 1,540.5 2.0% Supply chain revenue 443.7 470.7 (5.7)% Royalty, rental & other revenue 83.3 83.5 (0.2)
Slide 8: Underlying EBITDA
UNDERLYING EBITDA Growth primarily driven by Shorecal & lower technology platform costs &m FY24 FY23 % change! 52 weeks 52 weeks vs. FY23 . + Supply chain centre EBITDA decline primarily Supply chain centre EBITDA 137.1 139.7 (1.9)% driven by the pass through of lower food costs Net royalties 44.0 4
Slide 9: Income Statement
INCOME STATEMENT Underlying EBITDA +6.4%, PBT +8.4%, EPS +13.3% % change! . FY24 FY23 Underlying, £m 52 weeks 52 weeks vs. FY23 Group EBITDA 143.4 134.8 46.4% Depreciation & Amortisation (18.4) (21.6) +14.8% Finance costs (17.7) (14.2) (24.6)% Profit before tax 107.3 99.0 +8.4% Taxation (27.0) (25.3
Slide 10: Free Cash Flow
FREE CASH FLOW Continued strong cash generation £m FY24 FY23 Continuing operations EBITDA 143.4 138.1 + Hi working capital outflow largely reversed in H2 Remove contribution from + Dividends received relates to Full House and investments (3.3) (2.0) Shorecal, prior to its acquisition IFRS16-netlease
Slide 11: Our Capital Allocation Framework
OUR CAPITAL ALLOCATION FRAMEWORK Disciplined Framework for deploying, recycling and returning capital PRIORITIES FOR CAPITAL PHILOSOPHY OUTCOMES FOR FY24 | Invest in the business to drive ) Returns-based approach to ) Capital investment of £18.5m | long-term organic growth investment in core busines
Slide 12: Accretive Investment, Recycling Capital & Shareholder Returns
ACCRETIVE INVESTMENT, RECYCLING CAPITAL & SHAREHOLDER RETURNS Leverage in middle of range after investment in growth opportunities £67.9m £27.1m £25.6m _ £22.4m shareholder Accretive investment Accretive investment invest in core returns and capital recycling (March 2025) 2, h h ( \ Cag? 11.4 \ 25.6
Slide 13: Investing to Drive Sustainable Growth
INVESTING TO DRIVE SUSTAINABLE GROWTH c.£25m capex in FY25 Accelerating Initial work on a 5 Investing in automation projects supply chain centre innovation of existing across the existing app supply chain centres Shorecal store acceleration & Dominos: ee IS FULL YEAR RESULTS 2024 We GOT THIS
Slide 14: Outlook & Guidance
OUTLOOK & GUIDANCE Outlook Good strategic progress during 2024, with trading momentum accelerating as the year progressed Although the UK economic environment remains uncertain, in the first ten weeks of the year, our growth has been positive with total sales +2.4%, total orders up 0.7% and like-for
Slide 15: Agenda
YS AGENDA 1. Overview — Andrew Rennie, CEO 2. Financial performance — Edward Jamieson, CFO Delivering on our potential - Andrew Rennie, CEO 4. Q&A
Slide 16: Continued Operational Delivery
CONTINUED OPERATIONAL DELIVERY Relentless operational focus gaining traction and driving momentum FRANCHISEE FASTER DELIVERY MORE ON TIME EBITDA GROWTH TIMES DELIVERIES £168k 24.5 minutes 80.0% +6.6%! Half a minute +1.2ppt! faster STABLE APP MORE ORDERS CUSTOMER BASE THROUGH APP MORE STORES c.9.5m 7
Slide 17: Driving Long Term Growth in Core Business
DRIVING LONG TERM GROWTH IN CORE BUSINESS Number one priority is to continue investing in and growing the UK & Ireland Franchisee profitability Value for money Convenience INOS” HIS FULL YEAR RESULTS 2024 We GOT THIS & Domino's:
Slide 18: Franchisee Profitability
FRANCHISEE PROFITABILITY Driving franchisee EBITDA and margin growth in FY24 <> £168k £158k £145k 13% 14% FY19 FY23 FY24 * Continued to increase franchisee financial strength + Putting the Domino’s brand and franchisees in a strong position to navigate 2025 headwinds Dominos: ee HIS FULL YEAR RESULT
Slide 19: Continuing to improve the delivery experience
©} VALUE FOR MONEY Continuing to improve the delivery experience Average delivery time Delivered on time Late deliveries 26.3 1 1 180.0%! 5.1% 78.8% N Q x Ysloston enltetontentantontontestoato FY22 FY23 FY22 < Nn B i: 19 FULLYEARRESULTS 2024
Slide 20: Value for Money
VALUE FOR MONEY Enhanced value offering to customers by providing best in class service, innovative high-quality products COMPELLING OFFERS STEPL. | corauncoras | SL 8 £10 SMALL MEDIUM LARGE aS. —_ — eR aaa ra =e aTHE ULTIMATE a GREAT PRODUCT & Dominos: wie oor THs FULL YEAR RESULTS 2024
Slide 21: Successful first phase of loyalty trial
© DIGITAL ACCELERATION Successful first phase of loyalty trial, ahead of expectations First loyalty trial phase —_—, Second loyalty trial phase Started August 2024 February 2025 c.630k customers c.3m customers 6 month test period Potential full roll-out 2026 21 FULL YEAR RESULTS 2024
Slide 22: Convenience - Store Openings
GD CONVENIENCE - STORE OPENINGS Expect to open in excess of 50 new stores in FY25 + 54newstores in FY24 by 21 different franchise partners * 25 new territories and 29 splits * 25 new territories all have address counts less than 15k * Trading well ahead of expected average weekly unit sales + Pipeli
Slide 23: Convenience - Aggregators
GD CONVENIENCE - AGGREGATORS Now fully rolled out on Just Eat and Uber Eats ube Both partners continue to be highly incremental, attracting new customers < PRICE £8 fm ev Ly sen lot Com Is © * PRICE ep S17 ¢: SuICE SHAL_MEpWm LARce Complementary geographical presence Uber Eats roll-out will annualis
Slide 24: #1 in UK and Ireland Pizza
#1IN UK AND IRELAND PIZZA Strengthening position in branded pizza with market share continuing to grow +84 stores 13401372 1288 -96 stores 491 405 395 Domino's Pizza Group Branded pizza competitor 1 mJun-23 mJun-24 ™Dec-24 24 FULL YEAR RESULTS 2024 Source: Company data, publicly available informatio
Slide 25: Significant Strategic Delivery in 2024
SIGNIFICANT STRATEGIC DELIVERY IN 2024 Building a larger, more cash-generative business PROFITABILITY & GROWTH + 5-year framework vs. prior 3-year MoU FRAMEWORK * Unanimous support from franchise partners Successful acquisition, £5.5m contribution to FY24 EBITDA SHORECAL ACQUISITION * — Significant
Slide 26: Long-Term Sustainable Growth
LONG-TERM SUSTAINABLE GROWTH On track to deliver targets, now underpinned by PGF UK & Ireland stores Total system sales (£m) t 2,004 | 2,500+ | 1,600+ i | 2,000-+ 1372 1,572 1,184 i [ | } 1 2019 2024 2028 2033 2019 2024 2028 2033 A clear plan to deliver meaningful earnings and cashflow growth over t
Slide 27: New Five-Year Profitability & Growth Framework
NEW FIVE-YEAR PROFITABILITY & GROWTH FRAMEWORK Framework underpins store and system sales targets Previous MoU (2022-2024) Alignment accelerated strategic progress + New store openings accelerated * Successful national value campaigns * Service times significantly improved * App customers doubled *
Slide 28: Acquisition of Majority Share in Northern Ireland JV
ACQUISITION OF MAJORITY SHARE IN NORTHERN IRELAND JV Builds on successful Shorecal acquisition * Acquisition of majority stake in our Victa, our Northern Ireland JV,' to drive further growth * Part of our island of Ireland growth strategy SMALL PI Mer Wzas | EDOM bend * Increases our shareholding fr
Slide 29: Ireland Is a Significant Growth Opportunity
IRELAND IS A SIGNIFICANT GROWTH OPPORTUNITY Victa follows successful Shorecal acquisition Domino's + Underpenetrated in Ireland compared to England, Scotland and Wales * Recent investment in supply chain capacity to drive growth + FY24 acquired 34 stores in the Rol and Northern Ireland with Shorecal
Slide 30: Second Brand and International
SECOND BRAND AND INTERNATIONAL World-class franchisees - hungry for growth Large active customer base Outstanding supply chain Digital team and capabilities IT infrastructure Marketing capability Strong DPGteam Significant growth runway Scalability Brand and product fit Synergies with DPG assets Pro
Slide 31: Additional Growth Opportunities
ADDITIONAL GROWTH OPPORTUNITIES Significant progress since December 2023 Additional growth opportunities Corporate Second Other stores, JVs& UK & Ireland Domino’s associates brand markets SHORECAL CONTINUE TO DP POLAND ACQUISITION Y ASSESS Y INVESTMENT v CORPORATE STORE DISPOSAL Y VICTA INVESTMENT v
Slide 32: Classification: Confidential
Classification: Confidential
Slide 33: Disciplined Execution Delivers Growth
DISCIPLINED EXECUTION DELIVERS GROWTH Strong operational performance and profit growth Agreed new five-year framework agreement with franchise partners Strategic progress with Shorecal and corporate stores disposal Continue to assess portfolio optimisation and second brand options Our brand, people,
Slide 34: Draft
Draft
Slide 35: Appendix
Appendix
Slide 36: Franchisee Trading
FRANCHISEE TRADING FY 24 franchise partner profit returns to growth Adjusted for VAT FY24 FY23 FY22 FY21 FY20 FY19 Store level Average EBITDA £168k £158k £166k £172k £170k £145k EBITDA margin 14% 13% 14% 16% 16% 14% Unadjusted for VAT FY24 FY23 FY22 FY21 FY20 FY19 Store level Average EBITDA £168k £1
Slide 37: FY24 UK & Ireland LFL Sales Growth
FY24 UK & IRELAND LFL SALES GROWTH Improved H2 performance Reported basis Comparable basis LFL sales growth exc VAT H124 H2 24 FY 24 LFL sales growth exc VAT H124 H2 24 FY 24 Excluding splits Excluding splits UK (1.2)% 2.4% 0.6% UK (0.3)% 2.2% 1.0% Ireland (2.6)% 0.0% (1.3)% Ireland (0.8)% (0.6)% (0
Slide 38: Store Numbers
STORE NUMBERS Growing store numbers in the UK & Ireland 29 Dec 31Dec &m 2024 2023 %change nnn in. anaes Franchise 1,292 1,227 +5% Corporate 12! 31 -61% Franchise 44 61 -28% Corporate 242 {e) Nm UR ROMO cen RRL, BST PE 1. 12 corporate stores in UK are Shorecal stores 2. 24 Republic of Ireland corpora
Slide 39: Non-Underlying Movements
NON-UNDERLYING MOVEMENTS £9.9m total movement in FY24 £m FY24 FY23 Underlying profit after tax 80.3 73.7 * Corporate store profit includes £0.5m of . transaction costs London corporate store disposal 21.4 - . . * Net reversionary includes income of £5.3m offset Net reversionary share scheme ae by £0
Slide 40: Group Balance Sheet
GROUP BALANCE SHEET 29December 31December £m 2024 2023 Intangible assets 98.1 (28. 8 Property, plant and equipment _ 103.5 ti 97.6 - Right-of-use assets en 208 LC 193 Lease receivables ee... co Trade and other receiv Inventory Investments Cash and cash equivalents woe i — “52252. beterred considerat
Slide 41: Group Balance Sheet (continued)
GROUP BALANCE SHEET (CONTINUED) 29December 31December &m 2024 2023 Lease liabilities (229.7) (230.3) Trade andother payables Ss (118.9)_-—S((111.6). Rcrend PP eee ea, Share buy back obligation - (6.1) aaa! i marr provisions (7) (3.8) Total liabilities (685.1) (646.5) Net liabilities (82.2) (134.0) c
Slide 42: Forward-Looking Statements Caution
FORWARD-LOOKING STATEMENTS CAUTION These full year results, our Annual Report and the Domino's Pizza website may contain certain "forward-looking statements" with respect to Domino's Pizza Group plc and the Group's financial condition, results of operations and business, and certain of Domino's Pizz