Domino's Pizza Enterprises Limited · ASX:DMP
Domino's Pizza Enterprises — Q2 2026 Earnings Presentation
35 slides from Domino's Pizza Enterprises's earnings presentation, Feb 25, 2026
Slide 1: ASX market presentation cover letter
Domino’s Pizza Enterprises Limited ACN: 010 489 326 1/485 Kingsford Smith Drive Hamilton QLD Australia 4007 www.dominos.com.au 25 February 2026 The Manager Market Announcements Office Australian Securities Exchange 39 Martin Place Sydney NSW 2000 Dear Sir or Madam, Market presentation for the half-y
Slide 2: Domino's Pizza Enterprises Ltd HY Results
Domino’s Pizza Enterprises Ltd HY Results Period Ending December2025 25 February, 2026
Slide 3: 1H26 Results Summary
1H26 Results Summary Network Sales EBIT(1) $2.04b (-1.6%) $101.5m (+1.0%) NPAT (1) Free Cash Flow(2) $70.6m (+135.4%) $60.1m (+2.2%) Total Debt Reduction $196.1m (vs FY25) Dividend(3) Franchise Profitability(4) 25.0 cps (+16.3%) $103k (+4.5%) 1. Underlying performance excluding Non-recurring items 2
Slide 4: Market Leading Global QSR Platform
Market Leading Global QSR Platform #1 MARKET SHARE ACROSS 8 (1) MARKETS WITH STRONG ABILITY TO GROW LARGE AND ATTRACTIVE MARKETS WITH SIGNIFICANT WHITESPACE AND GROWTH POTENTIAL IN EUROPE AND ASIA STRONG FRANCHISE PARTNERS, IN-STORE TEAMS AND CULTURE SUCCESSFUL MODEL THAT DRIVES GROWTH, PROFITABILIT
Slide 5: Delivering on Our Plan
DELIVERING ON OUR PLAN We are moving through a reset: getting the foundations right with value equation, systems and capital allocation 1 Reset Leadership Team 2 Executing the Value Equation 3 WA Trial Update Across Product and Pricing • Leadership team now in place, • Simplified menu architecture •
Slide 6: Group CEO & Managing Director Appointment
Group CEO & Managing Director Appointment The Board is Pleased to Appoint Andrew Gregory as the CEO and Managing Director of Domino’s Pizza Enterprises • Appointment of Andrew Gregory as incoming Global CEO following global search • Proven experience in large-scale franchised systems and operational
Slide 7: Applying the Reset: Our Guiding Principles
Applying the Reset: Our Guiding Principles 21 32 43 54 65 16 NO CAPITAL OR SIMPLIFY THE BALANCE SHEET CENTRAL EXECUTE CURRENT DISCIPLINED, PRICING ACTION OFFER BEFORE RESILIENCE OVER ALIGNMENT, LOCAL MILESTONES SELECTIVE WITHOUT OPTIMISING IT SHORT-TERM EPS ACCOUNTABILITY BEFORE SETTING NETWORK GROW
Slide 8: 1H26 Results
WE DELIVER JOY ONE PIZZA AT ATIME
Slide 9: Financial Results Overview
Financial Results Overview NETWORK SALES -1.6% vs. LAST YEAR Current Period Last Year Change vs Change % vs 1H26 1H25 Last Year Last Year • Reduction in network sales driven by a reduction in store count and removal of aggressive discounted coupons with focus on enhancing Franchisee profitability Ne
Slide 10: Geographic Summary
Geographic Summary GROUP EBIT +1.0% vs. LAST YEAR Current Period Last Year Change vs Change % vs • Demonstrates resilience of the portfolio, with stronger results in Europe 1H26 1H25 Last Year Last Year and Malaysia providing meaningful offset to softer trading in ANZ, Japan and France Same Store Sa
Slide 11: Free Cash Flow
Free Cash Flow Current Period Prior Half Change vs FREE CASH FLOW (EXC. DIVESTMENTS) INCREASED BY $40.6M TO Cashflow Reporting Group $70.6M 1H26 1H25 Last Year Underlying EBITDA $171.9m $178.1m -$6.3m • Favourable free cash flow (ex divestments) driven by focused and Change in working capital -$20.6
Slide 12: Investing Activities
Investing Activities 1H26 Net Capex reduced by +$30.0m from 1H25 ($32.7m) Displayed $m DIGITAL INVESTMENTS REDUCED BY +$14.0M (1H25 $22.8M) 32.7 • Reflects a more disciplined approach to digital investment, achieved through the rationalisation of development spend and a focus on targeted improvement
Slide 13: Debt & Capital Management
Debt & Capital Management Completion of Group Debt Refinancing and Deleveraging FINANCIAL RATIOS(1) REFINANCING: Current Period Comparative • Successfully completed debt refinancing of $1.05b in new facilities with terms staggering 1H26 FY25 maturities, and weighted average tenure of ~4.5 years EBIT
Slide 14: Strategy and Operational Update
Section 3 Strategy and Operational Update 13
Slide 15: Update on Cost Savings Initiatives
Update on Cost Savings Initiatives PROGRESS TO DATE • $60m-$70m cost-out program delivering to plan, strengthening unit economics and driving improved network profitability across key markets. $60-70m Annualised cost savings • $55m in annualised savings already actioned, with further opportunities b
Slide 16: Strengthening Franchise Partner Economics
Strengthening Franchise Partner Economics FRANCHISEE PROFITABILITY IMPROVING Average Rolling 12-month EBITDA per • Benefits of DMP cost-out program is lowering the food prices for Store (Global Network) Franchisees • Cost out plus pricing discipline has lifted Franchisee profitability to its 103.0k
Slide 17: Value Equation
Value Equation Holistic Focus on Experience, Quality, and Product Equating to Superior Value for Customers TRANSITION OF OPERATING MODEL EXECUTING ON PLAN • Historically a discount-led model Current Focus on Increasing Customer Counts and Sustainable Growth drove volumes not value • High reliance on
Slide 18: Smart Offers – Protecting Margin While Rebuilding Volume
Smart Offers – Protecting Margin While Rebuilding Volume Smarter Promotions to Improve Contribution Margin and Store Unit Economics OUR UPDATED PROMOTION FRAMEWORK EXAMPLE: SATURDAY PROMOTIONS (AU) • Promotions only deployed with clear PREVIOUSLY SMARTER PROMOTIONS contribution margin and store-leve
Slide 19: Outlook
WE DELIVER JOY ONE PIZZA AT A TIME Outlook
Slide 20: Trading Update
Trading Update ANZ Group SSSg: • Roll-off deep discounting and reduced advertising investment versus PCP has reset the trading 2H26 first 8 weeks -7.2% base • Deploying targeted CRM activation alongside the reintroduction of Tuesday and Saturday carry-out FY26YTD -3.6% offers to restore profitable t
Slide 21: Portfolio Summary
Portfolio Summary Actions Underway in Key Countries to Maximise Contribution and Value for the Group ACCELERATE MAINTAIN / OPTIMISE FIX & REBUILD FUTURE Market Germany ANZ Benelux Japan France MSK/Taiwan Market position 1st 1st 1st 1st 1st 1st/2nd Stores 399 888 506 768 438 340/179 Market population
Slide 22: Outlook
Outlook 1 2 3 Strengthened Execution and Growth and Building Foundations Cost Discipline Momentum • Franchise partner profitability improved +4.5% to • Clear accountability across markets to drive • Strong customer proposition through a shift toward highest level in 3 years operational discipline an
Slide 23: Appendix
APPENDIX 22
Slide 24: A Stronger Leadership Team
A Stronger Leadership Team Andrew Gregory CEO – Group George Saoud CFO & COO - Group • Over 30 years’ of QSR experience • More than 25 years leading ASX-listed • Proven record across franchise, multi- and global organizations with experience market businesses in driving growth, turnarounds and • Str
Slide 25: Our Recipe for Growth
Our Recipe for Growth Simplifying the System 1• Stronger Customer Proposition: Increasing brand relevance and NPS, driven by improvements in food, value, and customer experience Driving Stronger Customer Portfolio 5 1 Proposition Profitability (PQ, NPS) 2• Drive Same Store Sales Growth: Comparable s
Slide 26: Network Store Count
Network Store Count GROUP NETWORK STORE COUNT REGIONAL STORE COUNT AS A % OF NETWORK STORE COUNT Region 1H21 FY21 1H22 FY22 1H23 FY23 1H24 FY24 1H25 FY25 1H26 REGIONAL ANZ STORE COUNT Corporate Store Count 110 100 81 70 94 84 84 59 66 62 61 Franchise Store Count 736 763 782 813 812 813 817 839 831 8
Slide 27: Balance Sheet
Balance Sheet Group Balance Sheet 1H26 FY25 Variance Cash & cash equivalents $71.6m $153.5m ($81.9m) ▪ Trade and other receivables were broadly in line with prior year, Trade and other receivables $154.1m $155.9m ($1.8m) with regional movements reflecting strong December trading in Inventories $50.2
Slide 28: Non-Recurring Items
Non-Recurring Items Non-recurring Items 1H26 Purpose / Outcome Non-Recurring Items are $44.2m, relating to: Restructuring costs predominantly in ANZ and Europe, including employee redundancy and Streamlining of Operations $9.3m termination benefits; aligns with the Group’s cost base reduction in its
Slide 29: Statutory to Underlying Reconciliation
Statutory to Underlying Reconciliation RECONCILIATION – STATUTORY PROFIT TO UNDERLYING – 1H26 Statutory Significant Charges Underlying Network Sales $2,044.4m $2,044.4m Revenue $1,101.8m $1,101.8m EBITDA $144.5m $27.4m $171.9m Dep & Amortisation ($70.3m) ($70.3m) EBIT $74.2m $27.4m $101.5m EBIT Marg
Slide 30: Financial Ratios
Financial Ratios RETURN ON EQUITY RETURN ON CAPITAL EMPLOYED CASH CONVERSION 20% 19.5% 18.4% 15% 100% 18.1% 87.7% 87.1% 81.0% 11.2% 10.8% 11.0% 80% 15% 10% 60% 10% 40% 5% 5% 20% 0% 0% 0% H125 FY25 H126 H125 FY25 H126 H125 FY25 H126 INTEREST COVERAGE NET DEBT NET LEVERAGE 19.8x 750 705.1 724.8 3.0x 2
Slide 31: Financial Ratios
Financial Ratios Return on Equity Interest Coverage $m 1H25 FY25 1H26 $m 1H25 FY25 1H26 12-month Rolling Underlying NPAT 116.8 116.9 118.2 12-month Rolling EBITDA(1) 289.3 281.7 275.8 Average Shareholder Equity 697.5 636.3 654.4 12-month Rolling Interest(2) -20.8 -16.5 -13.9 ROE 19.5% 18.4% 18.1% In
Slide 32: Financial Data summary
Financial Data summary 1H25 1H26 Regional Metrics ANZ Europe Asia Global Total ANZ Europe Asia Global Total Network Sales $746.6m $837.4m $494.0m $2,077.9m $705.5m $908.8m $430.1m $2,044.4m Online Sales $614.0m $674.3m $405.8m $1,694.1m $587.5m $748.9m $360.0m $1,696.3m SSS % 0.6% 0.6% -4.2% -0.6% -
Slide 33: Financial Data summary in Constant Currency
Financial Data summary in Constant Currency (1) 1H25 1H26 Regional Metrics ANZ Europe Asia Global Total ANZ Europe Asia Global Total Network Sales $744.5m $910.5m $505.7m $2,160.7m $705.5m $908.8m $430.1m $2,044.4m Online Sales $612.3m $733.2m $415.0m $1,760.5m $587.5m $748.9m $360.0m $1,696.3m SSS
Slide 34: Historical AUD FX Conversion Rates
Historical AUD FX Conversion Rates 1H25 FY25 1H26 Currency Rate Type Spot YTD Spot YTD Spot YTD EUR 0.5966 0.6108 0.5597 0.5960 0.5692 0.5618 JPY 97.8700 99.7185 94.5000 96.9480 104.7400 98.6377 MYR 2.7815 2.9295 2.7658 2.8529 2.7088 2.7471 NZD 1.1057 1.0997 1.0788 1.0964 1.1499 1.1229 PLN 2.5442 2.
Slide 35: Disclaimer & Important Information
Disclaimer & Important Information • Domino’s Pizza Enterprises Limited (Domino’s) advises that the information in this presentation contains forward looking statements which may be subject to significant uncertainties outside of Domino’s control • DPE does not undertake any obligation to provide re
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