DPC Dash Ltd Announces Full Year 2025 Financial Results

Mar 25 2026 08:55 BST

Revenues increased to RMB5.38 billion, representing 24.8% year-over-year growth

Adjusted net profit reached RMB187.9 million, representing 43.3% year-over-year growth

Store-level operating profit grew by 18.5%; Adjusted group EBITDA increased by 28.2%

EPS increased 157.1% YoY to RMB1.08, Diluted EPS increased 150.0% YoY to RMB1.05

HONG KONG , March 25, 2026 /PRNewswire/ -- DPC Dash Ltd - Domino's Pizza China ("DPC Dash" or the "Company", together with its subsidiaries, the "Group") (1405.HK), Domino's Pizza's exclusive master franchisee in the China Mainland, the Hong Kong Special Administrative Region of China, and the Macau Special Administrative Region of China, today announced its audited consolidated financial results for the year ended December 31, 2025 ("FY2025").

FY2025 HIGHLIGHTS ^[1]

Revenues reached RMB5.38 billion, representing an increase of 24.8% from RMB4.31 billion in the year ended December 31, 2024 ("FY2024").
Opened 307 net new stores and entered into 21 new cities in FY2025. Total stores reached 1,315, across 60 cities, with 517 stores in Tier 1 cities and 798 stores in non-Tier 1 cities, as of December 31, 2025.
Same-store sales growth (SSSG) was -1.5%, compared to 2.5% for FY2024 and -1.0% in the first six months of 2025. Tier 1 City markets delivered positive SSSG during FY2025 and in both the six months ended June 30 and December 31, 2025.
Store-level EBITDA was RMB1,001.0 million, representing an increase of 20.4% from RMB831.4 million in FY2024. Store-level EBITDA margin was 18.6%, compared to 19.3% in FY2024.
Store-level operating profit was RMB739.7 million, representing an increase of 18.5% from RMB624.0 million in FY2024. Store-level operating profit margin was 13.7%, compared to 14.5% for FY2024.
Adjusted EBITDA was RMB634.6 million, representing an increase of 28.2% from RMB495.2 million in FY2024. Adjusted EBITDA margin was 11.8%, compared to 11.5% for FY2024.
Adjusted Net profit was RMB187.9 million, representing an increase of 43.3% from RMB131.2 million in FY2024. Adjusted Net Profit margin was 3.5%, compared to 3.0% for FY2024.
As of December 31, 2025, the Group held RMB1,001.5 million in cash and bank balances, as compared to RMB1,069.3 million as of December 31, 2024.
Total loyalty program membership was 35.6 million, representing an increase of 45.3% from 24.5 million in FY2024.

^[1] Please refer to the section "KEY DEFINITIONS" below for detailed definitions on certain terms used.

Ms. Aileen Wang, CEO & Executive Director of DPC Dash commented, "We delivered another year of strong growth in 2025, with revenue increasing 24.8% to RMB5.38 billion and 307 net store openings expanding our footprint to 1,315 stores across 60 cities as of year end. Our 4D strategy continues to drive results across our network. Stores in Tier 1 cities delivered solid growth driven by positive same-store sales growth, demonstrating the resilience and sustained brand strength in our most mature markets. Meanwhile, non-Tier 1 markets now contribute nearly 60% of revenue, with new stores achieving exceptional unit economics and strong capital efficiency. We remain confident in our ability to capture the significant pizza market opportunity while delivering sustainable, long-term value for our shareholders."

Ms. Helen Wu, CFO of DPC Dash, added, "Our 2025 results reflect both strong top-line momentum and enhanced operating efficiency, with adjusted EBITDA growing 28.2% to RMB634.6 million and adjusted net profit increasing 43.3% to RMB187.9 million. These results reflect our consistent cost discipline and targeted store‑level investments, as well as the increasing benefits of scale and efficiency at the corporate level. Looking ahead, supported by our solid balance sheet, we are well positioned to advance our 'Go‑Deeper' and 'Go‑Broader' strategy in a disciplined manner, maintaining a strong focus on efficiency as our footprint expands and stores ramp up."

FY2025 Financial Results

	Year ended
	Dec 31,	Dec 31,
(in RMB millions, except percentages and per share data)	2025	2024	YoY
Revenue	5,382.0	4,314.1	+24.8 %
Store-level EBITDA^[1]	1,001.0	831.4	+20.4 %
Store-level EBITDA margin^[1]	18.6 %	19.3 %	-0.7
Store-level operating profit	739.7	624.0	+18.5 %
Store-level operating profit margin	13.7 %	14.5 %	-0.8
Adjusted EBITDA^[1]	634.6	495.2	+28.2 %
Adjusted EBITDA margin^[1]	11.8 %	11.5 %	+0.3
Adjusted Net Profit^[1]	187.9	131.2	+43.3 %
Adjusted Net Profit margin^[1]	3.5 %	3.0 %	+0.5
Net Profit	141.9	55.2	157.1 %
Net Profit margin	2.6 %	1.3 %	+1.3
Basic Earnings per share	1.08	0.42	157.1 %
Diluted Earnings per share	1.05	0.42	150.0 %

^[1] Please refer to the section "Non-IFRS Measures" below for detailed definition on certain terms used.

Recent Developments

On December 19, 2025, the Company was recognized as a 2025 Best Employer by Mercer for the fourth consecutive year, and was also honored with the first-time "Star Employer" award.

As of December 31, 2025, the Chinese mainland market ranks as the third-largest international market within Domino's Pizza's global system in terms of store count.

On January 1, 2026, the Company opened 62 stores in 46 cities, the highest daily opening record in its history. Its first store in Dalian generated sales close to RMB700,000 on the grand opening day, setting a new record in Domino's global system.

As of January 31, 2026, the Company held all of the top 50 positions in the global records of Domino's Pizza for the first 30-day sales of new stores, such as the first store in Xuzhou, Handan and Huhehaote.

Outlook

The Group expects to open approximately 350 new stores in 2026. As of March 20, 2026, the Company opened 140 net new stores, with 14 stores under construction, and 65 stores signed, well on track to deliver the 2026 full year opening target of 350 stores.

Conference Call Information

The Company will host a conference call today, Wednesday, March 25, 2026, at 7:00 pm Hong Kong Time (or Wednesday, March 25, 2026, at 7:00 am Eastern Time) to discuss the financial results.

A live audio-only webcast of the call can be accessed directly at https://event.choruscall.com/mediaframe/webcast.html?webcastid=nHRXnD0d.

To participate by phone, participants are strongly encouraged to pre-register for the conference call, by using the link provided below. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.

Pre-registration Link: https://dpregister.com/sreg/10206649/1034ed20f15

An audio-only replay of the call will also be accessible through April 1, 2026, by dialing the following numbers:

United States Toll Free:	+ 1-855-669-9658
International:	+ 1-412-317-0088
Access Code:	2877882

Key Definitions

Store-level operating profit represents revenue less operational costs incurred at the store level, comprising salary-based expense, raw materials and consumables cost, depreciation of right-of-use assets, depreciation of plant and equipment, amortization of intangible assets, variable lease rental payment and short-term rental expenses, utilities expenses, advertising and promotion expenses, store operating and maintenance expenses and other expenses.
Store-level operating profit margin is calculated by dividing store-level operating profit by revenue for the same year.
Store-level EBITDA is defined as store-level operating profit for the year and adding back depreciation of plant and equipment and amortization of intangible assets in store-level.
Store-level EBITDA margin is calculated by dividing Store-level EBITDA by revenue for the same year.
Adjusted EBITDA is defined as Adjusted Net Profit for the year and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net.
Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue for the same year.
Adjusted Net Profit is defined as profit for the year and adding back share-based compensation.
Adjusted Net Profit margin is calculated by dividing Adjusted Net Profit by revenue for the same year.
Net new store openings. The number of gross new stores opened during the year minus the number of stores closed during the period.
Same-store sales growth (SSSG). SSSG compares the sales generated by same stores during the relevant period year-on-year: the SSSG for the year ended December 31, 2025 compares the same-store sales of the year ended December 31, 2025 and that of the year ended December 31, 2024; the SSSG for the six months ended June 30, 2025 compares the same-store sales of the six months ended June 30, 2025 and that of the six months ended June 30, 2024; and the SSSG for the year ended December 31, 2024 compares the same-store sales of the year ended December 31, 2024 and that of the year ended December 31, 2023.

Non-IFRS Measures

To supplement the Group's consolidated financial statements that are presented in accordance with the IFRS, the Group also uses Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with, IFRS.

"Store-level EBITDA" is defined as store-level operating profit for the year and adding back depreciation of plant and equipment and amortization of intangible assets in store-level. "Store-level EBITDA margin" is calculated by dividing Store-level EBITDA by revenue for the same year. "Adjusted Net Profit" is defined as profit for the year and adding back share-based compensation. "Adjusted Net Profit margin" is calculated by dividing Adjusted Net Profit by revenue for the same year. "Adjusted EBITDA" is defined as Adjusted Net Profit for the year and adding back depreciation and amortization (excluding depreciation of right-of-use assets), income tax expense and interest income and expenses, net. "Adjusted EBITDA margin" is calculated by dividing Adjusted EBITDA by revenue for the same year.

The Group believes that these non-IFRS measures facilitate comparisons of operating performance from period to period and company to company. The Group believes that these measures provide useful information to investors and others in understanding and evaluating the Group's results of operations in the same manner as they help the Group's management. However, the Group's presentation of Adjusted Net Profit (non-IFRS measure), Adjusted Net Profit margin (non-IFRS measure), Adjusted EBITDA (non-IFRS measure), Adjusted EBITDA margin (non-IFRS measure), Store-level EBITDA (non-IFRS measure) and Store-level EBITDA margin (non-IFRS measure) may not be comparable to similarly titled measures presented by other companies. The use of such non-IFRS measures has limitations as an analytical tool, and shareholders and potential investors of the Company should not consider them in isolation from, or as substitute for analysis of, the Group's results of operations or financial condition as reported under IFRS.

Forward-Looking Statements

Certain statements in this document and/or the Announcement are forward-looking statements that are, by their nature, subject to significant risks and uncertainties. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events, or performance (often, but not always, through the use of words or phrases such as "will", "expect", "anticipate", "estimate", "believe", "going forward", "ought to", "may", "seek", "should", "intend", "plan", "projection", "could", "vision", "goals", "aim", "aspire", "objective", "target", "schedules", and "outlook") are not historical facts, are forward-looking and may involve estimates and assumptions and are subject to risks (including but not limited to the risk factors detailed in this document and/or the Announcement), uncertainties and other factors some of which are beyond the Company's control. Accordingly, these factors could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company's forward-looking statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to the Company about the businesses that it operates. The risks, uncertainties and other factors, many of which are beyond the Company's control, that could influence actual results include, but are not limited to: the Company's operations and business prospects; its business and operating strategies and ability to implement such strategies; its ability to develop and manage its operations and business; its ability to control costs and expenses; its ability to identify and satisfy customer demands and preferences; the actions and developments of its competitors; general economic, political and business conditions in the markets in which it operates; and changes to regulatory and operating conditions in the industry and geographical markets in which it operates.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or under applicable law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

Since actual results or outcomes could differ materially from those expressed in any forward-looking statements, the Company's shareholders and potential investors are advised not to place undue reliance on the forward-looking statements and to exercise caution in dealing in securities in the Company.

About DPC Dash Ltd

DPC Dash is Domino's Pizza's exclusive master franchisee in the Chinese mainland, the Hong Kong Special Administrative Region of China and the Macau Special Administrative Region of China. Domino's Pizza, Inc., DPC Dash's global franchisor, is one of the most widely-recognized global consumer brands and the world's largest pizza company. Led by a seasoned and visionary management team, DPC Dash is a market leader that differentiates from competitors with, among others, a continually innovated and localized pizza-focused menu, unique expertise and leadership in delivery, technology focus and scalable and replicable store economic model. DPC Dash operates 1,315 stores in 60 cities in the Chinese mainland as of December 31, 2025.

For more information, please visit www.dpcdash.com
For official company announcements, please visit www.hkexnews.hk

Contacts
DPC Dash Ltd Investor Relations:
DPC Dash Ltd
IR@dominos.com.cn

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Year ended December 31
	2025	2024
	RMB'000	RMB'000

Revenue	5,382,047	4,314,093
Raw materials and consumables cost	(1,469,005)	(1,169,799)
Staff compensation expenses	(1,829,886)	(1,509,483)
Depreciation of right-of-use assets	(395,397)	(307,139)
Depreciation of plant and equipment	(261,405)	(208,643)
Amortization of intangible assets	(58,755)	(54,104)
Utilities expenses	(196,772)	(164,104)
Advertising and promotion expenses	(269,236)	(217,623)
Store operation and maintenance expenses	(334,184)	(270,833)
Variable lease rental payment, short-term rental and other related expenses	(144,493)	(121,035)
Other expenses	(160,082)	(137,721)
Other income	18,951	14,560
Other losses, net	(13,861)	(10,589)
Finance costs, net	(64,920)	(57,975)

Profit before income tax	203,002	99,605
Income tax expense	(61,070)	(44,410)

Profit for the year attributable to equity holders of the Company	141,932	55,195

Other comprehensive (loss)/income:
Item that may be subsequently reclassified to profit or loss
Currency translation differences	10,951	(4,670)

Item that may not be subsequently reclassified to profit or loss
Currency translation differences	(21,534)	13,583

Other comprehensive (loss)/income for the year, net of tax	(10,583)	8,913

Total comprehensive income for the year attributable to equity holders of the Company	131,349	64,108

Earnings per share for profit attributable to equity holders of the Company
- Basic earnings per share (RMB)	1.08	0.42
- Diluted earnings per share (RMB)	1.05	0.42

CONSOLIDATED BALANCE SHEET

	As at December 31
	2025	2024
	RMB'000	RMB'000

ASSETS
Non-current assets
Plant and equipment	1,038,359	807,812
Right-of-use assets	1,747,209	1,305,383
Intangible assets	1,208,671	1,211,213
Deposits	104,798	74,822
Deferred income tax assets	161,863	108,336
	4,260,900	3,507,566

Current assets
Inventories	132,065	114,551
Trade receivables	17,349	12,962
Prepayment, deposits and other receivables	234,766	171,745
Cash and bank balances	1,001,511	1,069,302
	1,385,691	1,368,560

Total assets	5,646,591	4,876,126

EQUITY
Equity attributable to equity holders of the Company
Share capital	888,950	882,537
Share premium	2,324,731	2,278,503
Other reserves	148,368	150,240
Accumulated losses	(925,122)	(1,067,054)
Shares held for restricted share units ("RSUs")	(525)	(994)

Total equity	2,436,402	2,243,232

LIABILITIES
Non-current liabilities
Borrowings	199,400	-
Lease liabilities	1,413,606	1,078,957
Other payables	60,178	36,939
	1,673,184	1,115,896

Current liabilities
Borrowings	400	200,000
Lease liabilities	393,684	289,221
Trade payables	279,126	248,645
Contract liabilities	56,008	63,010
Accruals and other payables	778,543	676,051
Current income tax liabilities	29,244	40,071
	1,537,005	1,516,998

Total liabilities	3,210,189	2,632,894

Total equity and liabilities	5,646,591	4,876,126

CONSOLIDATED CASH FLOW STATEMENT

	Year ended December 31
	2025	2024
	RMB'000	RMB'000

Cash flows from operating activities
Cash generated from operations	1,018,322	895,890
Income tax paid	(125,423)	(77,469)
Net cash generated from operating activities	892,899	818,421

Cash flows from investing activities
Purchase of plant and equipment	(454,304)	(373,163)
Purchase of intangible assets	(51,724)	(43,082)
Interest received	17,503	25,288
Proceeds from disposal of plant and equipment	48	127
Decrease in short-term time deposits with original maturities over three months	-	432,444
Net cash (used in)/generated from investing activities	(488,477)	41,614

Cash flows from financing activities
Rental deposit payment	(28,724)	(24,608)
Proceeds from borrowings	200,000	-
Repayment to borrowings	(200,200)	-
Payment of principal element of lease liabilities	(370,212)	(285,213)
Payment of interest element of lease liabilities	(74,024)	(68,092)
Interests paid	(6,584)	(9,318)
Proceeds from exercise of share options	15,853	5,225
Net cash used in financing activities	(463,891)	(382,006)

Net (decrease)/increase in cash and cash equivalents	(59,469)	478,029
Cash and cash equivalents at beginning of year	1,069,102	587,038
Exchange difference on cash and cash equivalents	(8,322)	4,035
Cash and cash equivalents at end of year	1,001,311	1,069,102
Cash at bank and in hand at end of year	1,001,511	1,069,302
Less: Restricted cash at end of year	(200)	(200)

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SOURCE DPC Dash Ltd

Company Announcements

DPC Dash Ltd Announces Full Year 2025 Financial Results