DP Poland holds the exclusive rights to run and sub-franchise Domino's Pizza in Poland and Croatia, and also owns the smaller Pizzeria 105 brand. At the end of June 2026 it ran 139 Domino's stores and 69 Pizzeria 105 stores, and sales were growing about 20% a year, with a first half-year profit of £0.1m. But the shares have fallen from about 11p in 2024 to about 6p, as the Pizzeria 105 conversion plan has run slower than planned and a new CEO has just taken over.
Domino's master franchisee for Poland and Croatia
DP Poland sells pizza, mostly by delivery. Delivery made up 71% of Polish system sales in H1 2025, and 90% of delivery orders in 2024 were placed online. Poland is the core market. Croatia had seven Domino's stores at June 2026.
Stores are either owned by the group or run by franchisees. Franchisees owned 53 of the 139 Domino's stores, 38%. Where a franchisee runs the store, DP Poland earns franchise fees, royalties and supply income, not the store's full retail sales. A central commissary, a food-preparation and dough-making site, supplies the stores.
In October 2025 the company renewed its ten-year Master Franchise Agreement with Domino's Pizza. It now runs to 31 August 2035 and keeps the exclusive Polish rights. 15 Sep 2026 15 Sep 2025 27 Jun 2025 20 Oct 2025
High Volume Mentality: from losses to a debt-free group
Under CEO Nils Gornall the group chased order volume, fast delivery and cost control, a plan it calls 'High Volume Mentality'. Poland like-for-like sales (stores open a year or more) rose 19.7% in 2023 and 17.9% in 2024. The annual loss shrank from £5.0m in 2023 to £0.5m in 2024. The company closed weak stores along the way.
In March 2024 it raised £20.5m at 9.92p a share. Domino's Pizza Group put in £11.0m and took a stake of about 12%. The stated aim was 200 stores within three years. The Malaccan loan notes were repaid in 2024 and the company ended the year debt-free with £11.3m in cash. The shares held around 11p through 2024. 31 May 2024 27 Jun 2025 27 Mar 2024 16 Apr 2024 19 Apr 2024 17 Sep 2024
Buying Pizzeria 105: a network of 90 franchised stores
In March 2025 DP Poland bought Mastergrupa, which owns Pizzeria 105, for PLN 42.3m (about £8.5m). The deal brought 90 franchised stores run by 76 franchisees. The seller took a third of the price in new shares at 11.4p. Management said the deal would speed the move to franchising and the plan for 200 Domino's stores.
The cash cost showed quickly: cash fell from £11.3m to £3.5m by June 2025 and to £1.4m by December. The 2025 loss widened to £4.3m. The company cited impairment charges, higher depreciation and one-off acquisition and conversion costs. Trading also started 2025 slowly, with Poland like-for-like sales up only 0.5% in H1. The shares slid from 10.6p in June 2025 to 7.2p in December. In November 2025 a subsidiary arranged PLN 15m of new bank facilities with BNP Paribas. 27 Mar 2025 15 Sep 2025 28 May 2026 27 Nov 2025
“2025 was a transformational year for DP Poland, where we significantly strengthened our position in the Polish pizza market through the acquisition of Pizzeria 105.” 28 May 2026
Selling stores to franchisees, converting Pizzeria 105
Management now sells company stores to franchisees and converts Pizzeria 105 shops to the Domino's brand. Franchisee-owned Domino's stores rose from 13 in 2024 to 43 at the end of 2025 and 53 by June 2026. Group revenue grows more slowly than system sales as a result, because the group books fees, not store sales.
Conversions are the weaker part. Thirteen stores were converted in 2025 and 18 by June 2026, with sales up 17.7% after conversion. In September 2025 the plan was to convert about 70% of the Pizzeria 105 stores over 12 to 18 months. In January 2026 the company said the programme would finish in Q4 2026. The H1 2026 report says it is slower than expected and gives no new date. Domino's stores numbered 135 at the end of 2025, against an aim of about 150 set in March 2025. 15 Sep 2025 14 Jan 2026 28 May 2026 15 Sep 2026 27 Jun 2025
“Conversion activity progressed more slowly than anticipated.” 15 Sep 2026
What worked, what lagged
Volume and cost discipline lifted profit, and the shift to franchising cut capital needs and lifted the franchised share from 12% to 38% of Domino's stores in about 18 months. Pre-IFRS 16 EBITDA (profit before lease accounting effects) went from £1.1m in 2024 to £2.6m in 2025.
The acquisition, the conversions and the store targets ran behind plan. The company ended 2025 with £1.4m of cash after paying for the deal, and the 2025 loss widened to £4.3m. Order growth also softened in Poland: like-for-like orders fell 2.3% in Q2 2026 and 7.7% in July and August. 28 May 2026 14 Jan 2026 15 Sep 2026 27 Jun 2025
A new CEO after four years, and shareholders adding
Nils Gornall was CEO for four years. The group grew from 116 stores to over 200 locations under him. Łukasz Ostrowski took over on 3 August 2026. He lists three priorities: complete the Pizzeria 105 integration, advance the franchise-led model, and unlock new franchise openings with a more repeatable offer. David Wild chairs the board. In 2026 David Telford replaced Derk Thijs as Domino's Pizza Group's board representative.
Domino's Pizza Group held about 11.75% in March 2026. The Malaccan Holdings concert party, a shareholder group, bought shares at 6-7p between July and October 2026 and held 29.77% by 9 October. Fidelity's holding fell from 9.84% to 6.44% in July 2026. The company has not said why holders changed their positions. 20 Jul 2026 3 Aug 2026 15 Sep 2026 9 Mar 2026 5 Feb 2026 9 Oct 2026 7 Jul 2026
Profitable at the half-year, but thin on cash
H1 2026 system sales rose 20.6% to £34.8m and revenue 7.1% to £30.7m. Pre-IFRS 16 EBITDA doubled to £1.3m and the group made a £0.1m profit, against a £0.5m loss a year earlier. Croatia grew faster than Poland, with system sales up 34.4% against 16.4%.
Cash was £0.7m at 30 June 2026, down from £1.4m in December, and net debt before leases was £0.6m. Capital spending of £1.8m included the commissary upgrade. The group also holds £5.3m of loans to sub-franchisees, made when it sold company stores. Trading slowed in July and August: Poland like-for-like sales were up only 0.3% as higher prices offset 7.7% fewer orders. Croatia like-for-like sales fell 3.0%, which the company put down to a particularly hot summer. 15 Sep 2026
Double-digit growth and a majority-franchised network
The board says the group trades in line with market expectations for 2026. In July 2026 it expected double-digit system sales growth to continue in H2. It also expects margins to improve from more corporate store sales, the consolidated commissary, supply-chain savings and greater purchasing power.
On franchising the target has moved. In January 2026 the aim was over half of Domino's stores franchised by the end of 2027. In September 2026 it became over 50% of the network franchised by the end of 2026. The store goal, over 200 stores by the end of 2027, is unchanged. The company has said it will accelerate Pizzeria 105 conversions with lower entry costs for franchisees. Full-year 2026 results are due at the end of the year. 15 Sep 2026 14 Jul 2026 14 Jan 2026 14 Apr 2026
Written by AI from DP Poland's own announcements since Oct 2023 · every paragraph links to its sources