Full Year Trading Update

DP Poland PLC

14 January 2026

 

DP Poland PLC

("DP Poland", the "Company" or the "Group")

Full Year Trading Update

Delivering against strategic objectives - FY25 revenue and pre-IFRS EBITDA
in line with market expectations

DP Poland PLC, the operator of Domino's Pizza stores and restaurants across Poland and Croatia, provides an unaudited trading update for Q4 and the full year ended 31 December 2025.

DP Poland's Chief Executive Officer, Nils Gornall, commented:  

"In 2025, DP Poland advanced across its strategic priorities, delivering solid system sales growth, improving profitability and continued progress in executing the Group's franchise-led strategy.

The business continues to capitalise on Poland's strong economic growth and rising disposable incomes, underpinning demand in the pizza category. Building scale and brand awareness, the Group continues to reinforce its position as a leading QSR pizza chain in Poland with a clear ambition to become market leader over the medium term.

DP Poland delivered Group system sales growth of 11.3% in 2025, driven by continued network expansion and improving like-for-like sales performance. Fourth-quarter trading hit record store sales, supported by double-digit growth from converted Pizzeria 105 locations. The shift to a franchise-led, capital-light model accelerated, with one-third of stores now franchise-owned (up from 12% last year). Combined with margin gains, growing profitability, and supply-chain optimisation, this transformation is expected to support sustainable EBITDA growth in 2026 and enhance shareholder value over the medium to long term."

Financial Highlights

·    Group System Sales of £61.4m for FY 2025, a year-on-year ("YoY") increase of 8.3% on a constant currency basis. On a reported currency basis, Group System Sales increased by 11.3%

·    Group System sales growth accelerated towards the end of the year, with Q4 system sales up 14.1% YoY on a constant currency basis (21.8% on a reporting currency basis)

·      Poland Performance:

o  Total System Sales grew by 8.3% YoY, with Q4 growth of 13.9%

o  Total System Orders grew by 3.3% YoY, with Q4 growth of 10.5%

o  LFL System Sales increased 2.0% YoY, with delivery LFL sales up 5.0%

·      Croatia Performance:

o  Total System Sales increased by 8.5% YoY, with Q4 growth of 17.2%

o  Total System Orders declined by 3.6% YoY, with Q4 growth of 5.6%

o  LFL System Sales rose by 6.4% YoY, with delivery LFL sales up 12.6%

o  Order counts declined during the period as the Group navigated inflationary pressures and implemented product pricing adjustments. In 2025, Croatia recorded the third-highest inflation rate in the euro area. The groups disciplined approach is showing early signs of success, as reflected in order count growth of 5.6% in the fourth quarter.

·    Pre-IFRS 16 EBITDA for FY2025 of £2.6m (2024: £1.1m), in line with market expectations, an increase of 136.4% YoY

o  Post-IFRS16 EBITDA for FY2025 of £6.3m, a 31.3% increase YoY (2024: £4.8m)

·   Cash at bank as at 31 December 2025 of £1.6m, reflecting disciplined working capital management, with no drawdown of the loan facility announced on 27 November 2025

Strategic and Operational Highlights

·      Franchise Transition:

o  Franchise-owned stores increased from 12% to 33% during 2025, representing 43 franchised locations

o  17 corporate-owned stores sold to franchise partners during the year

·    Pizzeria 105 acquisition:

o  13 locations were converted to the Domino's brand during 2025

o  Four pilot conversions were completed in Q3, followed by nine conversions in Q4 2025

o  Pilot converted stores delivered double-digit sales growth in H2 2025, achieving approximately 26.3% growth compared with prior performance

o  The pace of conversions is expected to build and remains on track for completion in 2026

·      Supply chain and commissary optimisation:

o Consolidation of commissary and dough production into a single facility, together with automation initiatives, commenced in 2025 and is expected to be completed in Q2 2026

o  These actions are expected to improve utilisation, reduce fixed costs and enhance labour efficiency and product consistency

·      Store network:

o  At year end, the Group operated 135 Domino's stores (129 in Poland and 6 in Croatia), representing 14% year-on-year growth in total Domino's store numbers

o  The Group also operated 75 Pizzeria 105 locations at year end, following their acquisition in March 2025

Trading Update 2025

Poland

PLNm	Q1 2025		Q2 2025		Q3 2025		Q4 2025		FY 2025
	PLNm	% YoY change	PLNm	% YoY change	PLNm	% YoY change	PLNm	% YoY change	PLNm	% YoY change
Total System sales1	66.3	6.5%	70.2	3.4%	69.6	9.2%	80.8	13.9%	286.9	8.3%
LFL System sales2	60.1	2.9%	62.8	-1.6%	58.6	1.1%	70.2	5.7%	251.7	2.0%
Non-delivery	17.0	-2.0%	17.8	-7.3%	16.0	-7.4%	17.5	-3.4%	68.2	-5.1%
Delivery	43.1	4.8%	45.0	0.8%	42.7	4.7%	52.7	9.1%	183.5	5.0%

¹   System Sales- total retail sales including sales from corporate and sub-franchised stores, unaudited (excluding Pizzeria 105 stores).

²   Like-for-like System Sales growth in Polish Złoty, matching trading periods for the same stores or orders growth in units, matching trading periods for the same stores, unaudited (excluding Pizzeria 105 stores).

Croatia

EURm	Q1 2025		Q2 2025		Q3 2025		Q4 2025		FY 2025
	EURm	% YoY change	EURm	% YoY change	EURm	% YoY change	EURm	% YoY change	EURm	% YoY change
Total System sales1	1.0	12.7%	1.0	1.7%	0.9	1.9%	1.2	17.2%	4.0	8.5%
LFL System sales2	1.0	12.7%	1.0	1.7%	0.9	1.9%	1.1	9.4%	3.9	6.4%

¹   System Sales - total retail sales including sales from corporate stores, unaudited.

²   Like-for-like System Sales growth in Euro, matching trading periods for the same stores or orders growth in units, matching trading periods for the same stores, unaudited.

Outlook

DP Poland enters 2026 with a clear focus on accelerating the transition to a franchise-led, capital-light operating model, which is expected to be the primary driver of system sales growth, margin expansion and improved returns. The proportion of franchise-owned stores is expected to continue to increase, building on the progress achieved in 2025, with the objective of having over half of the Domino's system franchised by the end of 2027.

In parallel, the Group remains focused on scaling the network towards its medium-term objective of exceeding 200 stores by the end of 2027. Strategic and operational initiatives are expected to support EBITDA margin improvements, driven by further disposals of corporate-owned stores, supply-chain optimisation and automation-led efficiencies, disciplined pricing actions and improved purchasing power as the store network expands.

The Group anticipates double-digit system sales growth in 2026, supported by the expected Q4 completion of the Pizzeria 105 conversion programme, continued store rollout across both corporate and franchised formats, and ongoing like-for-like system sales growth.

The person responsible for arranging the release of this announcement on behalf of the Company is Nils Gornall, CEO.

Enquiries:

DP Poland plc   

Nils Gornall, CEO

Tel: [phone]

Email: [e-mail] 

Panmure Liberum Limited (Nominated Adviser, Financial Adviser and Broker)

Will Goode / Ailsa Macmaster / Gaya Bhatt

Tel: [phone]

Notes for editors

About DP Poland plc

DP Poland has the exclusive right to develop, operate, and sub-franchise Domino's Pizza stores in Poland and Croatia. The group operates 135 Domino's locations across Poland and Croatia. In addition, DP Poland owns and operates a second pizza brand, Pizzeria 105, with 75 locations across Poland.

 

END