Domino‘s Pizza Enterprises Ltd (DMP.AX): Conference call feedback

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Domino‘s Pizza Enterprises Ltd (DMP.AX): Conference call feedback

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29 Jul 2026 20:49:13 ET │ 13 pages

Domino's Pizza Enterprises Ltd (DMP.AX)

Conference call feedback

CITI'S TAKE

Neutral We found the call this morning to be reasonably upbeat with the company

indicating “it would like growth next year” but won’t give guidance yet (VA Price (29 Jul 26 16:00) A$17.96

consensus FY27 NPAT: A$124.1mn, + 3.4% from the midpoint of FY26 Target price A$16.90

guidance). Domino's is also planning on growing SSS and order counts in Expected share price return -5.9%

FY27, which is important for labour utilisation, a key focus given it could Expected dividend yield 3.3%

drive franchisee profitability upside. Expected total return -2.6%

Market Cap A$1,702M

WA trial not a drag on SSSg. The WA trial was not a drag on SSSg, in fact pick-up US$1,183M

SSSg was positive, with delivery SSSg the laggard (due to the removal of promotions

on delivery). The business is making changes to pricing on delivery (which is

underperforming carry out) and expects delivery to return to growth in the future. We

believe there may be some level of switching from delivery to pick-up, which may be Food & Beverage Team

impacting the overall WA SSSg figure. Sam TeegerAC

+61-2-8225-4319

sam.teeger@citi.com

SSSg planned to be slightly positive for FY27, but healthy level of scepticism in Eileen Li

Q&A. The company plans to grow sales order count for franchisees in FY27, with

promotions in Australia being launched from Aug/Sep. There was scepticism from

some analysts on the call around whether SSSg would deteriorate given the changes

to pricing and promotions strategy in favour of franchisee profitability (including

changes to its Japan pricing strategy implemented in July 2026) would be a

headwind for SSSg.