Good morning, everyone, and thank you for joining today's presentation of our 2025 full year results. I'm Nicola Frampton, I've been a Dominoid for almost five years, most recently as Chief Operations Officer, and today I have the privilege of speaking to you as Interim CEO.

I'll start with our operational progress in 2025, then I'll hand over to Richard, who will take you through our financial performance. After that, I'll return to share our priorities for 2026, our strategy, where we're focused, and the growth opportunities ahead.

I do want to say this first: although my title is interim, my commitment to this brand, our teams, our franchisees, and our investors is absolute. Since stepping into the role in November, my focus has been on stability with forward progress.

As we enter 2026 with both confidence and momentum, having set strong foundations for sustainable growth. Domino's operates from a real position of strength.

We continue to be the number one pizza brand in the UK by market share. We have almost 1,400 trading stores across the UK and Ireland thanks to our fantastic franchisees who continue to invest in the brand.

We have over 12 million customers, with 8 million using our app, which continues to grow in scale and in value. Our supply chain capability is world class, and we ended the year with over £80 million in free cash flow.

2025 also brought external recognition across many elements of our operations, from brand strength, marketing creativity, training excellence, through to diversity inclusion and customer service. These achievements underline the strength of our core and reinforce our confidence in the opportunities ahead.

We closed 2025 with more than 52% market share in takeaway pizza, a result of relentless focus on brand, outstanding service, and product innovation. When the market is challenging like this, you have to take share.

It's worth noting that independents are also taking share. That tells us the category remains relevant, with customers continuing to choose pizza, but their preferences have evolved.

Those who respond successfully will continue to grow. Importantly, though, we are not just outperforming in pizza.

We've grown to 7.3% share of the total £22 billion QSR market. This is a strong platform for us, yet demonstrates significant runway for the future expansion.

Today is about our 2025 results, but it's also important that you understand our focus for '26. Our strategy centers around four clear priorities: growing revenue through our core capabilities, increasing our addressable markets, accelerating digital and AI opportunities, and doing this whilst driving operational efficiency and cost discipline.

Richard will now take you through the financials, and then I'll expand on each of these areas. Richard.

Thank you, Nicola. I will now run through the highlights of our 2025 results and our guidance for 2026.

As the charts Nicola has just shown, 2025 was a challenging year for the QSR industry and pizza delivery segment. In this context, getting the Domino's system to almost £1.6 billion with system sales growth of 1.5% across 71.1 million customer orders was a great performance.

DPG itself delivered underlying EBITDA of £133.9 million on £685.4 million of revenue, in line with our expectations, but lower than 2024 for reasons I will come on to in a moment. Free cash flow generation, a key feature of our business model, was again strong at £80.7 million.

The board has recommended a final dividend of 7.7 pence per share, up 3% on 2025, reflecting its confidence in the opportunities we have ahead of us. As I said a moment ago, the Domino's system in the UK and Ireland grew by 1.5% last year.

On the right-hand side, you can see the quarterly trends. Now, in order to mitigate the impact of the 2024 UK budget, which brought higher employee taxation and minimum wage levels, overall system ticket rose by about 2.5%.

Reflective of a weaker UK economy, the overall system orders declined by 0.9%, which had a knock-on impact on supply chain profits. Whilst these quarterly trends very much reflected this environment, we had a good run into Christmas, and the positive momentum we saw then has continued into this early part of 2026.

On the left, you can see performance by channel. Collection has done particularly well, as you would expect, in a tougher environment for customers.

Looking next at system and DPG revenue trends. Overall, the UK and Irish system grew by 1.5%, with the UK stores growing by 1.4%.

The Irish market showed stronger growth, reflecting the benefit of the increase in the Irish store estate from 61 at the end of 2023 to 71 at the end of 2025. Now, DPG's statutory revenues rose overall by 3.1% to £685.4 million.

Corporate stores revenue showed strong growth, up 75% to £92.9 million, with a full-year contribution from Shorecal that we acquired in March 2024 and from the Northern Irish subsidiary Victor where we acquired control in March '25. Supply chain revenue declined by around 4%, partly driven by lower volumes, as I discussed earlier.

NAF and e-commerce spending, and therefore revenue, rose in line with the overall system. Next, let's look at EBITDA by activity.

In FY '25 overall, EBITDA declined by 6.6% to £133.9 million. Although corporate store EBITDA grew almost 60% to £10.6 million, driven by Shorecal and Victor, in the supply chain, reduced volumes and higher franchisee incentives impacted the supply chain center, where EBITDA declined by about 8% to £126.7 million.

Overheads increased by 13%, driven by some one-off items in H1, as we explained at the half-year results, and the annualization impact of investment in skills and capabilities in 2024. As we guided at the half-year results, the increase in H2 for net overheads at 5% was very much lower than we saw in H1.

Cost efficiency is an area of key focus for Nicola and her team for FY '26, as she will come to in a minute. As we flagged previously, technology costs, the specific spend we incurred on our new ERP system and tech platform, stopped in H1, and this line should disappear in our future reporting.

You will already have noted that the items down to underlying PBT are in line with our published guidance. Overall, with EBITDA down 6.6% and higher depreciation and interest, underlying PBT was down 15% to £91.2 million.

Underlying EPS decreased by 13%, slightly better than PBT, due to the benefits of the buybacks undertaken in 2024 and 2025. Turning to non-underlying items, where in 2025 we saw a net charge of £10.1 million.

Let me run through the key drivers of this. Firstly, transaction costs relating to M&A transactions that ultimately did not proceed was £6 million.

As we announced in November, all activity in relation to a second brand has now ceased. Reacquired rights amortization, which relates to the value of sub-franchises we've acquired with Shorecal and Victor deals, have risen due to that M&A activity and will continue in the future.

In terms of asset carrying values, we recorded a £10 million gain on the sale of a long-term investment and a similarly sized impairment on Shorecal. For Shorecal, the impairment charge at £10.4 million, or around 12% of its carrying value, was primarily the result of higher structural employment costs in the UK following the November 2024 budget, and in Ireland following our transition to a paid delivery driver model.

We view these changes as permanent and have therefore adjusted our carrying values. On the positive side, we recorded a £10 million gain on the sale of our Full House joint venture interest for £17 million in December to our franchisee partners, reflecting the significant growth we and they have generated over a long period of time.

Strong and sustained free cash flow generation is a key asset of DPG. Although free cash flow was a little lower than in FY '24 at £80.7 million, it provides us with the ability to invest in the core and to progressively grow dividends, as we have again this year.

On this page, I've set out the group's current capital allocation framework, showing where we generated capital and how we've deployed it in 2025. This framework will be reviewed by our incoming permanent CFO, Andrew Andrea, who will join us in the middle of March.

Overall, you can see that we generated capital sources of around £98 million from the group's free cash flow generation and the sale of Full House in December. We've invested £24 million of that in the core business, paid over £43 million in dividends, and invested £25.6 million in Victor, where we took our control to 70%.

At year end, reflecting in part our £20 million buyback during Q4, debt rose to £285 million from £265 million at the end of 2024. As a result, our gearing rose to 2.3 times, within our target 1.5 to 2.5 times gearing range, but towards the upper end of that range.

In 2025, we continued to invest in the core business, with £6 million in our existing supply chain centers, introducing our first phases of automation, which are now online. We invested around £9 million in our new supply chain, SCC5, where Phase 1 will complete shortly, and we will start operating later this month.

£7 million has been invested in our digital technology, keeping it effective and adding new functionality like flexible meal deals that our franchisees want to help differentiate us in the market. Finally, we've invested £2 million in our corporate stores network.

Looking at current trading, we've built on the momentum we saw at Christmas 2025, and we have seen a good period of positive system sales and order count growth. We are still early in 2026, but these trends are fully supportive of us delivering results consistent with our and market expectations.

Chick 'N' Dip was launched nationwide on the 9th of February and has started well, with initial trends consistent with the trial we ran with franchisees in Ireland and the Northwest of the UK last year. Our FY '26 technical guidance is set out below.

You will note that the completion of SCC5 means that our CapEx levels in FY '26 will be higher than usual, with the bulk of this incurred in H1. I will now hand you back to Nicola to take you through the strategic update.

Thank you, Richard. Now let's talk about our '26 strategy.

Our strategy is anchored in our core business and the capabilities that have made Domino's the clear market leader. Focusing on our core means leveraging the superpowers of our brand, our products, and our service, all underpinned by our infrastructure, distribution centers, store network, and committed franchisees.

Our growth plans for 2026 revolve around three revenue opportunities: giving customers more reasons to choose Domino's, expanding our addressable markets where we can compete, and elevating our digital capabilities to drive retention and loyalty. We will do this whilst continuing to strengthen efficiency and cost discipline to support profitable growth.

Even with 52% pizza market share, we know there remains headroom for further growth. Our ambition is simple: get customers to order one more time.

Our formula is proven, and it hasn't changed. That's because it continues to work: great product, great service, great image, at a price that is considered to offer great value for money.

Getting this balance right has driven a steady 10 percentage point improvement in our value for money score over the last four years. I'll start with pizza.

Our product innovation continues to be a major driver of volume, value, and order frequency, especially amongst our most loyal customers. We have a strong innovation pipeline for '26 across Italian-style pizzas, delicious new sides, seasonal launches, and fashionable flavors.

Our approach to our innovation pipeline also supports evolving customer needs. While Domino's is typically an indulgent treat, many of our customers are increasingly seeking lighter options.

We're focused on three principles: communicate the healthier options we already offer, create lighter appetite choices on our menus, and reformulate thoughtfully over time where it makes sense. This approach ensures we stay aligned with customer expectations without losing what makes Domino's special.

Now, service remains one of our greatest differentiators. No one delivers like Domino's.

Our on-time delivery has steadily improved by 6.8 percentage points over the last four years, with our average delivery time below 25 minutes. Delivering on our service promise drives brand trust, loyalty, and retention.

Our work to improve consistency has meant that more customers experience this more often. When we talk about image, we're really talking about the power of our brand.

Domino's is about belonging, bringing people together. "Let's have a Domino's" is part of the nation's language.

In 2025, we invested strongly in PR and social media activation. Our impressions are up nearly 100%.

Our coverage is up over 50%. Our stunts, cultural moments, and presence in the national conversations help us stay relevant, strengthens emotional connections, and amplify the impact of our marketing.

We've lots more exciting brand activity planned for '26. In a year of inflationary pressure, thoughtful pricing has been essential.

Strengthening our data insights capability really helped us understand the importance of a consistent national value proposition, one that communicates clear value across both delivery and collection. This will remain a priority in 2026 as we continue to work closely with our franchisees to protect our hard-earned value perceptions and drive customer frequency.

Now let's talk about chicken and the role it plays in our growth strategy. As shown earlier, we have a 52% share of the £3 billion pizza market.

The chicken market is similarly sized at another £3 billion, yet we currently hold just 3.8%. That means our addressable market effectively doubles as we expand into chicken.

Our new Chick 'N' Dip sub-brand positions us brilliantly to maximize this growth opportunity. It offers new chicken tenders, new boneless bites, wings, and nine full-flavored dips from around the world.

Trials in the Northwest and Northern Ireland last year were positive. Over 80% of Chick 'N' Dip orders contained both chicken and pizza.

Dip attachment was strong across all order types, even without chicken. Early indications are that our proposition will be incremental.

Uniquely, we have activated this across 1,400 stores instantly with no additional CapEx and deliver in around 25 minutes. No other chicken operator can match that level of scale, speed, or consistency.

If you haven't tried our new Chick 'N' Dip yet, I would really encourage you to do so. Whether you love it hot with our Ghost Chilli or more exotic with our Mexicano Mayo, we have your taste covered.

Turning now to digital. Digital is one of our greatest strengths, and the headroom remains substantial, particularly in personalization, loyalty, and AI-led experiences.

We are digital first. 84% of our orders are online.

Almost 80% are placed through our 4.8-star app. App customers order more frequently and have higher loyalty, making digital a critical engine of growth.

We design our customer experiences primarily for digital to deliver frictionless and highly personalized journeys, all engineered by our in-house digital and data teams. We continue to innovate across the entire customer journey.

Pre-shop, AI tools have been developed with Google and Meta, which have increased our marketing return on investment by 29% since 2022. In-app, investments in personalization and core experiences have delivered 3.9 percentage points of conversion growth.

Post-purchase, DomBot's order tracking and our service recovery program ensures customers stay with us even when things go wrong. We're only at the start.

Our loyalty program reached 1.8 million active members in 2025, and we will be expanding its functionality in '26 to drive both acquisition and retention. We're also rolling out our in-house AI quality tool, now live in half the estate, which assesses product quality in real time, a critical driver of order satisfaction and repeat rates.

We've yet to explore the £9 billion digital gifting market, which will open up another significant growth opportunity and broaden our customer reach. Importantly, operational efficiency sits at the heart of our core growth agenda, supported by our supply chain, productivity initiatives, and disciplined cost management.

Our new Avonmouth supply chain center goes live this month, and this purpose-built site has been designed specifically to support core Domino's growth. It will optimize our radial distribution.

It will improve our routing efficiency. It increases capacity for around 1,000 additional deliveries per week.

This investment strengthens an already outstanding network that delivers 99.9% availability and accuracy across 4,200 deliveries per week. Avonmouth reinforces the beating heart of our operations as the system organically grows.

Across our existing network infrastructure, we have a strong pipeline of productivity projects that will remove around 280,000 hours annually by 2028, helping us to better absorb cost increases. Alongside that, we're maintaining a firm grip on our central costs, ensuring spend remains tightly aligned to our priorities.

Better labor efficiency, smarter processes, asset utilization, and procurement benefits will all help strengthen the system and protect profitability. As I said at the start, our strategy for 2026 is straightforward: grow revenue through the core, broaden the addressable market, accelerate digital, and strengthen efficiency and cost discipline, underpinned by prudent capital allocation.

The opportunity for sustainable growth is compelling. We have unmatched operational capability, we have momentum, and we've a focused strategy aligned to the opportunities ahead.

All of it is built around one simple ambition: to get customers to order one more time with Domino's. Thank you.