Slides
Page 1
First Half 2026 Results Presentation August 26, 2026 DPC Dash Ltd (1405.HK)
Page 2
Disclaimer This presentation has been prepared by DPC Dash Ltd (the “Company” and together with its subsidiaries, the “Group”) solely for information purposes and does not constitute a recommendation regarding the securities of the Group or an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Group in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment or investment decision whatsoever. This document, any information therein and any oral information provided in connection with this presentation have been prepared by the Company solely for use at this presentation and you may not forward, publish, distribute, release or disseminate any part of the presentation directly or indirectly to any other person. The information contained herein and any subsequent discussion comprise extracts of operational data and unaudited financial information of the Group that may be subject to further change. The information contained herein may contain certain forward-looking statements regarding the Group’s plans, beliefs, strategies, growth, performance as well as anticipated macroeconomic trends, operating conditions, regulatory conditions and other general conditions in the markets we operate, which are based on various assumptions and subject to risks and uncertainties. In light of these assumptions, risks, and uncertainties, the future facts, events and circumstances described in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. The forward-looking statements are not a guarantee of future performance. The information included in this presentation and subsequent discussion, which does not purport to be complete, comprehensive nor render any form of financial or other advice or appraisals of the assets, securities, business or financials of the Group, has been provided by the Group for general information purposes only. The information contained in this presentation has not been independently verified and cannot be guaranteed. You should refer to the results announcement and interim report for the unaudited results of the Group for the six months ended June 30, 2026, which will be published by the Company in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. This presentation is based on the economic, regulatory, market and other conditions in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this presentation, which neither the Company nor any of its subsidiaries, affiliates, advisors or representatives are under any obligation to update, revise or affirm. None of the Company nor any of its subsidiaries or affiliates, directors, officers, advisors or representatives of the Group shall be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising from or in connection with this presentation. The Chinese version of this presentation is translated from the English version and for reference only. In case of discrepancies between the English and Chinese versions of this presentation, the English version shall prevail. By attending or reading this presentation, you will be deemed to have agreed to the terms, obligations and restrictions set out herein.
Page 3
1H2026 Results Revenue RMB 3,133.8 million +20.8% YoY Growth ____________________ 1) As of August 14, 2026; Opening target including the store opened, under construction, signed or approved Average Transaction Price (ATP) 72.9 RMB 390.4 million Store Operating Profit 1,550 Stores in 75 Cities Store Footprint 96% of 2026 target secured 1 Achieved consecutive double-digit growth since 2020 +235 net new stores +2.9% YoY Growth 11.2% Group Adj. EBITDA +8.6% YoY Growth RMB 350.7 million Group Adj. EBITDA Margin 12.5% Store Operating Profit Margin 3.1% Group Adj. Net Profit +7.4% YoY Growth RMB 98.2 million Group Adj. Net Profit Margin Same-store Transaction Count Growth (SSTG) 7.1% Positive SSTG for 22 consecutive quarters (10%) lower ATP amid the 3PP campaigns+15 new cities Same-store Sales Growth (SSSG) (4.8%) 1
Page 4
Continued Store Expansion & Revenue Growth Store Count and Growth 841 867 903 357 448 647 1H25 2H25 1H26 Initial City markets New City markets 1,198 1,315 1,550 +91 +26 +199 +36 YoY % 31.1% 30.5% 29.4% Revenue and Growth 65% 64% 55% 35% 36% 45% 1H25 2H25 1H26 Initial City markets New City markets (RMB mm) 2,593.4 2,788.7 YoY % 27.0% 22.7% 20.8% 3,133.8 2
Page 5
1H 2026 Environment: Signs of Stabilization 160 160 162 1H25 2H25 1H26 80.7 74.9 72.9 1H25 2H25 1H26 Average Transaction Price (“ATP”) 12,915 12,007 11,833 1H25 2H25 1H26 Average Daily Transaction Counts Per Store (“ADTC”) Average Daily Sales Per Store (“ADS”) (RMB) (RMB) Stabilizing ATP given gradual reduction of 3PP subsidies Consistent ADTC driven by sales initiatives, subsidies and delivery launch in New City, offsetting normalization impact in New City Flattening ADS as solid volumes countered ATP decline Impact of 2025 aggregator war starting to ease in 1H 2026 (7.2%) (2.7%) 1.3% (7.0%) (1.4%) 3
Page 6
1H 2026 SSSG: Sustained SSTG, Mitigating ATP Decline SSTG SSSG 3.9% 6.8% (19.1%) 8.4% 12.0% (7.9%) 7.1% 8.5% 2.2% Group Initial City markets New City markets 1H25 2H25 1H26 (1.0%) 1.1% (19.6%) (1.9%) 0.5% (13.2%) (4.8%) (3.5%) (9.4%) Group Initial City markets New City markets 1H25 2H25 1H26 Transaction volumes were positive across all markets Group SSTG was high-single-digit even as 3PP subsidies moderated New City turned positive in 1H26 despite the normalization drag from high opening bases SSSG was negative due to ATP decline amid 3PP subsidies, despite solid SSTG SSSG set to improve as our initiatives lift ATP and 3PP subsidies continue to decline 4
Page 7
1H 2026 Profitability: Stabilizing Margins Store Level Operating Profit and Margin 1 Margin % (RMB mm) Group Adjusted EBITDA and Margin 2 379.2 360.5 390.4 14.6% 12.9% 12.5% 1H25 2H25 1H26 322.9 311.7 350.7 12.4% 11.2% 11.2% 1H25 2H25 1H26 Margin % (RMB mm) 5 ____________________ 1) Store-level operating profit is calculated as Revenue – operational costs incurred at the store level . All our stores are corporate owned stores. 2) Group adjusted EBITDA is non-IFRS measures.
Page 8
Near-term Initiatives for Growth and Profitability Product Innovation Delivery Marketing & Branding Value Program Growth levers ✓ Continue to lead on pizza taste and innovation ✓ Offer single meals for new occasions ✓ Continue to lead on delivery speed and professionalism ✓ Accelerated delivery build-up in New City ✓ Optimized channel mix ✓ Upgraded CMO talent ✓ Combos replace discounts (i.e. RMB 79 6-item Signature) ✓ Crazy Tue/Wed to New City Cost optimization ✓ Store-level labor costs: Store labour model optimization ✓ Continued corporate-level cost reductions 6
Page 9
Appendix
Page 10
RMB mm Revenue 3,050.7 4,314.1 5,382.0 2,593.4 3,133.8 Growth (%) 51.0% 41.4% 24.8% 27.0% 20.8% Store EBITDA 1 576.6 831.4 1,001.0 502.8 544.5 Margin (%) 18.9% 19.3% 18.6% 19.4% 17.4% Store Operating Profit 419.7 624.0 739.7 379.2 390.4 Margin (%) 13.8% 14.5% 13.7% 14.6% 12.5% Group Adj. EBITDA 2 301.7 495.2 634.6 322.9 350.7 Margin (%) 9.9% 11.5% 11.8% 12.4% 11.2% Adj. Net Profit 2 8.8 131.2 187.9 91.4 98.2 Margin (%) 0.3% 3.0% 3.5% 3.5% 3.1% Reported Net Profit/(Loss) (26.6) 55.2 141.9 65.9 81.0 Margin (%) (0.9%) 1.3% 2.6% 2.5% 2.6% Financial Results Overview ____________________ 1) Store EBITDA is defined as store-level operating profit for the period and adding back depreciation of plant and equipment and a mortization of intangible assets at store -level. Store-level EBITDA margin is calculated by dividing Store -level EBITDA by revenue for the same period. 2) Group adjusted EBITDA and adjusted net profit are non -IFRS measures. 1H26 vs. 1H25 Growth % 2023-2025 CAGR % 32.8% 20.8% 32.7% 2.9% 8.3%31.8% 8.6%45.0% 7.4%362.7% 22.9%n.m. 202520242023 1H261H25 7
Page 11
Store Profitability Impacted by ATP, however Still At Healthy Level ____________________ 1) Includes royalties of 3%, store utility expenses, advertising expenses, and store o peration and other miscellaneous expenses at store level. 2) Includes depreciation of right-of-use assets of leased properties – stores and central kitchens and short -term rental and other related expenses. 3) Staff compensation cost include labour cost of in-store staff comprising full -time and part-time staff and labour cost of our central kitchens. 4) Store-level operating profit is calculated as Revenue – operational costs incurred at the store level, comprising the cost items listed above. All our stores are corporate owned stores. 27.4% 27.1% 27.3% 27.3% 27.6% 26.9% 27.5% 28.0% 27.7% 28.9% 9.8% 9.7% 9.8% 9.8% 10.4% 5.1% 4.8% 4.9% 4.8% 4.9% 17.0% 16.4% 16.2% 15.9% 15.7% 2023 2024 2025 1H25 1H26 Store Cost Items as % of Revenue Staff compensation cost 3 Raw materials and consumables cost Other cost 1 Store Operating Profit and Margin 4 419.7 624.0 739.7 379.2 390.4 13.8% 14.5% 13.7% 14.6% 12.5% 2023 2024 2025 1H25 1H26 (RMB mm) YoY % 48.7% 18.5% 2.9% D&A cost Lease-related cost 2 8
Page 12
Corporate Efficiency Continues: ~4% Improvement Over 2.5 Years (RMB mm) Cash-Based Compensation Cost and as % of Revenue Corporate D&A and as % of Revenue (RMB mm) Adjusted Net Profit and Margin 1 Adjusted EBITDA and Margin 1 (RMB mm) (RMB mm) Corporate G&A and as % of Revenue 53.4 55.4 58.8 29.0 31.3 1.8% 1.3% 1.1% 1.1% 1.0% 2023 2024 2025 1H25 1H26 (RMB mm) 223.8 245.5 274.7 133.5 152.7 7.3% 5.7% 5.1% 5.1% 4.9% 2023 2024 2025 1H25 1H26 301.7 495.2 634.6 322.9 350.7 9.9% 11.5% 11.8% 12.4% 11.2% 2023 2024 2025 1H25 1H26 8.8 131.2 187.9 91.4 98.2 0.3% 3.0% 3.5% 3.5% 3.1% 2023 2024 2025 1H25 1H26 71.8 88.4 97.9 48.6 52.4 2.4% 2.0% 1.8% 1.9% 1.7% 2023 2024 2025 1H25 1H26 9 ____________________ 1) Adjusted EBITDA and adjusted net profit are non -IFRS measures.
Page 13
Reconciliation of Adjusted EBITDA and Adjusted Net Profit 1 10 ____________________ 1) Adjusted EBITDA and adjusted net profit are non -IFRS measures Adjusted Net Profit and MarginAdjusted EBITDA and Margin (RMB mm) 2023 2024 2025 1H25 1H26 Reconciliation from adjusted net profit Adjusted Net Profit 8.8 131.2 187.9 91.4 98.2 Minus: Fair value change of financial liabilities at fair value through profit or loss (119.3) - - - - Share-Based and Equity-Linked Compensation Cost 135.3 76.0 46.0 25.5 17.1 Listing expenses 19.4 - - - - Net Profit / (Loss) for the Period (26.6) 55.2 141.9 65.9 81.0 2023 2024 2025 1H25 1H26 Reconciliation to adjusted net profit Store-level Operating Profit 419.7 624.0 739.7 379.2 390.4 Minus: Corporate overhead 349.0 389.2 431.4 211.1 236.5 Add: Depreciation and amortization 210.3 262.7 320.2 152.6 185.4 Other income 34.0 14.6 19.0 7.3 7.7 Other net (losses)/gains (12.5) (15.8) (13.3) (5.2) 2.9 Net foreign exchange (losses)/gains (0.9) (1.1) 0.6 0.1 0.8 Adjusted EBITDA 301.7 495.2 634.6 322.9 350.7 Minus: Depreciation and amortization 210.3 262.7 320.2 152.6 185.4 Income tax expense 28.9 44.4 61.1 44.2 35.1 Interest income and expenses, net 53.8 56.8 65.5 34.7 32.0 Adjusted Net Profit 8.8 131.2 187.9 91.4 98.2 9.9%(% Margin) 11.5% 301.7 495.2 634.6 322.9 350.7 2023 2024 2025 1H25 1H26 11.8% 12.4% 11.2% (RMB mm) 0.3%(% Margin) 3.0% 3.5% 3.5% 3.1% 8.8 131.2 187.9 91.4 98.2 2023 2024 2025 1H25 1H26