Category: 3. Business

The UK gambling sector won an extra £1bn from punters in the year to March, according to new data expected to buoy calls for the chancellor to raise betting taxes in Wednesday’s budget.

Betting companies made £12.6bn from services excluding lotteries in latest 12-month reporting period, the Gambling Commission revealed on Tuesday, marking a 9.3% rise on the £11.5bn the industry won during the previous year.

The numbers were inflated by an almost 15% increase in winnings from online casino players, which rose to £5.0bn from £4.4bn during the prior period. The £5bn of online casino game winnings are now 55% higher than at the start of the 2020 Covid-19 pandemic.

Online casino games have been criticised for being one of the most addictive forms of gambling available in the UK, leading to calls for a rise in online gaming duty by campaigners including former prime minister Gordon Brown.

The release of the data comes after the gambling industry has been actively lobbying the Treasury in an apparent effort to persuade Rachael Reeves to shy away from announcing large rises in a range of betting duties during her set-piece speech to the Commons on Wednesday.

The industry has the backing of some powerful supporters, with the Sun newspaper running a campaign called “Save Our Bets”. Last week the tabloid reported that Joanne Whittaker, the boss of the bookmaking chain BetFred, is arguing that even a modest increase to machine games duty – levied on machines located in premises that give cash prizes such as slot and quiz machines – will have a “devastating impact” and “significantly” cut the industry’s tax contribution, rather than contribute more revenue to the Treasury.

Whittaker’s latest intervention follows similar messaging from Betfred last month, when the company said it would close all 1,287 of its high street betting shops if Reeves raised taxes on the gambling industry. Earlier that month the company behind William Hill also said it was considering closing up to 200 betting shops if the chancellor raised taxes.

Elsewhere in the data, adult gaming centres (AGCs) reported that their winnings rose by 10% during the 12 months to March, with the industry making £682.9m from its customers, up from £623.3m.

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AGCs have attracted the attention of some anti-gambling campaign groups because they appear to target poorer areas of the country and have been criticised for failing to help problem gamblers self-exclude.

• Fourth quarter revenue of $3.08 billion, with year-over-year growth across all end markets, led by Communications and Industrial
• Fiscal 2025 revenue of $11.0 billion, up 17% versus 2024
• Fiscal 2025 operating cash flow of $4.8 billion and free cash flow of $4.3 billion or 44% and 39% of revenue, respectively
• Returned 96% of free cash flow to shareholders in fiscal 2025, including $2.2 billion of share repurchases and $1.9 billion of dividends

WILMINGTON, Mass., Nov. 25, 2025 /PRNewswire/ — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal fourth quarter and fiscal year 2025, which ended November 1, 2025.

“ADI’s strong fourth quarter capped a robust year of both cyclical and idiosyncratic growth,” said Vincent Roche, CEO and Chair. “These results reflect the strength and resilience of our business model, and our intense commitment to leveraging superior technology and domain expertise to solve our customers’ toughest problems. Our keen focus on our customers’ market success has enabled us to build a deep trust that pays dividends in the form of strong, profitable growth and a fast-growing design pipeline. As such, we remain firmly confident in our ability to deliver sustained, long-term value for shareholders.”

“Healthy bookings trends continued in the fourth quarter with growth in Industrial and notable strength in our Communications market. While macro uncertainty will likely influence the shape of our fiscal 2026, we believe we are well positioned to continue capitalizing on the ongoing cyclical recovery and our secular growth opportunities,” said Richard Puccio, CFO. 

Outlook for the First Quarter of Fiscal Year 2026

For the first quarter of fiscal 2026, we are forecasting revenue of $3.1 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 31.0%, +/- 130 bps, and adjusted operating margin of approximately 43.5%, +/- 100 bps. We are planning for reported EPS to be $1.60, +/- $0.10, and adjusted EPS to be $2.29, +/- $0.10.

Our first quarter fiscal 2026 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $0.99 per outstanding share of common stock. The dividend will be paid on December 22, 2025 to all shareholders of record at the close of business on December 8, 2025.

Conference Call Scheduled for Today, Tuesday, November 25, 2025 at 10:00 am ET

ADI will host a conference call to discuss our fourth quarter and fiscal 2025 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company’s use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.

Management uses non-GAAP measures internally to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company’s core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company’s core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company’s ability to pay dividends, purchase common stock, make investments and fund acquisitions, and in the absence of refinancings, to repay its debt obligations. 

The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage.

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding: certain acquisition related expenses¹, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue.

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses¹ and special charges, net², which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses¹ and special charges, net², which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.

Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses¹, which is described further below.

Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses¹ and special charges, net², which are described further below.

Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items³, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes. 

Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses¹, special charges, net², and tax related items³, which are described further below. 

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue. 

¹Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.

²Special Charges, Net: Expenses, net, incurred as part of the integration of Maxim, in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

³Tax Related Items: Income tax effect of the non-GAAP items discussed above, deferred tax expense related to the remeasurement of GILTI-related deferred tax assets and liabilities attributable to the One Big Beautiful Bill Act and certain other income tax expenses associated with prior periods. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

About Analog Devices, Inc.

Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that help drive advancements in automation and robotics, mobility, energy and data centers, and healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $11 billion in FY25, ADI ensures today’s innovators stay Ahead of What’s Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding our 2026 financial performance; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, free cash flow returns, and other financial results; expected market and technology trends; market size, market share gains, market position, and growth opportunities; economic and trade uncertainty, tariffs, geopolitical conditions, demand, and other market conditions; business cycles and supply chains; capital expenditures and investments, including those related to digital, software, and artificial intelligence; our opportunity pipeline; expected product solutions, offerings, technologies, capabilities, and applications, including those that may incorporate, or be based upon, software or artificial intelligence technology; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers, including those that may incorporate, or be based upon, software or artificial intelligence technology; future dividends and share repurchases; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures;  our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

ANALOG DEVICES, INC.
REVENUE TRENDS BY END MARKET
(Unaudited)
(In thousands)

The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.

For more information, please contact:

Jeff Ambrosi
781-461-3282
Senior Director, Investor Relations
[email protected]

SOURCE Analog Devices, Inc.

Dubai, United Arab Emirates –25 November 2025: National Bank of Kuwait (NBK), Kuwait’s leading financial institution and a cornerstone of regional banking excellence, celebrated the official inauguration of its new branch in Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region. The event underscores NBK’s commitment to deepening economic ties between Kuwait and the UAE, while reinforcing cross-border banking solutions within one of the world’s most dynamic financial 
landscape.

Attended by senior executives, regulatory officials, and key stakeholders, the inauguration reflects NBK’s strategic vision to drive sustainable growth, innovation, and cross-border collaboration  across the Middle East, Africa, and South Asia (MEASA) region. The new DIFC branch, holding a Category 1 license from the Dubai Financial Services Authority (DFSA), the independent regulator for business undertaken from or in DIFC, is NBK’s fourth in the UAE, complementing its strategic footprint across the country. The branch serves as a key hub for NBK’s international operations, providing a comprehensive range of financial services that support its diverse client base across global markets. 

Leveraging DIFC’s world-class legal and regulatory framework and connectivity, NBK aims to facilitate seamless cross-border capital flows, empower clients navigating complex markets, and contribute to the UAE’s economic diversification and broader GCC integration. This expansion coincides with renewed focus on GCC financial cooperation, highlighted during the 124th GCC Financial and Economic Cooperation Committee meeting in Kuwait, emphasising regional collaboration. 

During the ribbon-cutting ceremony, NBK leadership shared insights on the strategic drivers behind this expansion. 

Isam Al-Sager, Vice Chairman and Group CEO of NBK, addressed the gathering, emphasising the profound alignment between Kuwait and the UAE. “The unbreakable bond between Kuwait and the UAE has long been a catalyst for regional prosperity, rooted in shared history, mutual respect, and a vision for collective advancement,” said Al-Sager.

“This new DIFC branch is more than an expansion, it’s a testament to our dedication to greater financial integration and the seamless flow of cross-border capital that fuels economic growth across the GCC”. 

“In DIFC, a globally renowned financial powerhouse, we are establishing a presence that forges pathways for innovation, stability, and opportunity benefiting generations to come. NBK remains steadfast in its role as a bridge-builder, leveraging its expertise to navigate geopolitical complexities and deliver value that strengthens the region’s global standing,” Al-Sager added.

His Excellency Essa Kazim, Governor of DIFC, said: “The addition of National Bank of Kuwait to our financial ecosystem reflects DIFC’s growing appeal as the destination of choice for GCC banks seeking global scale. As more regional institutions establish operations here, they are capitalising on DIFC’s world-class legal and regulatory framework, connectivity, and depth of capital markets to serve regional and international clients and capture new opportunities. This valuable addition underscores our position as the leading global financial hub in the MEASA region.”

NBK envisions the DIFC branch as a strategic platform to drive digital innovation, foster sustainable finance, and provide next-generation advisory solutions in line with its commitment to responsible and forward-looking banking. Supported by strong credit ratings from all major global agencies and recognised through numerous awards across diverse categories, NBK continues to demonstrate financial strength, operational excellence, and strategic foresight. The branch reinforces the Group’s strategy to capture growth opportunities, enhance cross-border client services, and contribute to sustainable economic development.

This strategic foothold in DIFC enhances NBK’s ability to serve its clients across the region while advancing the broader GCC vision for integrated and resilient economies. Leveraging DIFC’s dynamic growth, spirit of innovation, and its prominent concentration of private wealth, NBK is poised to deliver solutions that connect markets, manage risk effectively, and empower regional trade and investment.

 

Initial 50 megawatts received at Kamoa-Kakula; expected to increase to 100 megawatts by Q1 2026 as grid improvements are completed, and 150 megawatts by 2027

Over 10 years of partnership between Ivanhoe Mines and Société Nationale d’Electricité (SNEL) in the refurbishment of 250 megawatts of renewable, hydropower capacity

Kolwezi, Democratic Republic of the Congo–(Newsfile Corp. – November 25, 2025) – Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President and Chief Executive Officer Marna Cloete are delighted to announce that the first 50 megawatts (MW) of clean, hydroelectric power from the newly refurbished 178-MW Turbine #5 at the Inga II dam is now being received at the Kamoa-Kakula Copper Complex. The feed of hydroelectric power, from Inga II to Kamoa Kakula, is expected to increase to 100 MW in Q1 2026 and then increase to 150 MW as grid improvements are completed.

Watch the video summarizing over 10 years of partnership with the DRC state utility, SNEL, in refurbishment and return to operation of 250 MW of clean, hydropower capacity: https://vimeo.com/1140019977/45383e1c1d?fl=pl&fe=sh

Initial 50 megawatts of clean, hydropower delivered to Kamoa-Kakula from newly refurbished 178-megawatt Turbine #5 at Inga II

Installation of replacement mechanical and electrical equipment at Turbine #5 at the Inga II hydroelectric facility was completed in Q3 2025, followed by synchronization and energization of Turbine #5 in early Q4 2025. The newly refurbished Turbine #5 has since ramped up to full capacity, delivering approximately 180 MW of clean, hydroelectric power into the DRC grid. Of the 180 MW being delivered into the grid, Kamoa-Kakula is currently receiving an initial 50 MW, bringing its total domestically sourced power to approximately 110 MW, as shown in Table 1. Hydroelectric power delivery to Kamoa-Kakula, from Turbine #5, is expected to increase to 100 MW in Q1 2026 and to 150 MW thereafter as grid upgrades are completed.

The grid improvement initiatives primarily focus on upgrades to substations at Inga (SCI) and Kolwezi (SCK). The first upgrade, consisting of resistor banks at the Inga substation, was completed in May 2025. Corresponding resistor upgrades at the Kolwezi substation are expected to be completed imminently, improving voltage stability to Kamoa-Kakula. In addition, the static compensator at the Kolwezi substation is scheduled to be completed in early Q1 2026, increasing the power delivery from Inga II to the Kamoa-Kakula up to 100 MW. The remaining workstreams to upgrade the filter banks at SCI and SCK will occur in phases over the next 18 months, ultimately increasing the total power received from Turbine #5 to 150 MW during H1 2027. As shown in Figure 1, by the end of 2027, total domestically-sourced, renewable grid-supplied power is expected to be approximately 210 MW.

Table 1. Kamoa-Kakula’s projected power supply and demand balance from 2025 to 2028.

		Dec 25	Dec 26	Dec 27	Dec 28
TOTAL POWER DEMAND	MW	208	271	292	347
SNEL (national grid)	MW	110	180	210	210
Third-party purchases (Imports)	MW	100	100	100	100
On-site solar	MW	–	60	60	60
TOTAL SUPPLIED POWER	MW	210	340	370	370
On-site backup generators	MW	178	214	214	214

 

Representatives from DRC state-owned power utility, Société Nationale d’Electricité (SNEL), engineering and construction contractors Gruner Stucky AG and VOITH, and Kamoa Copper, standing on top of the recently refurbished Turbine #5, inside the turbine hall at the Inga II hydroelectric facility.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3396/275861_ivanhoe2en.jpg

(L-R) Kasper Badenhorst, Kamoa Copper, Construction Manager, and Papy Enona, Mechanical Engineer, Gruner Stucky AG, reviewing commissioning plans during the commissioning of Turbine #5

Qualified Persons

Disclosures of a scientific or technical nature at the Kamoa-Kakula Copper Complex in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience, and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is Ivanhoe Mines’ Executive Vice President, Projects. Mr. Amos has verified the technical data disclosed in this news release.

Ivanhoe has prepared independent, NI 43-101-compliant technical report for the Kamoa-Kakula Copper Complex, which is available on the company’s website and under the company’s SEDAR+ profile at www.sedarplus.ca:

• Kamoa-Kakula Integrated Development Plan 2023 Technical Report dated March 6, 2023, prepared by OreWin Pty Ltd.; China Nerin Engineering Co. Ltd.; DRA Global; Epoch Resources; Golder Associates Africa; Metso Outotec Oyj; Paterson and Cooke; SRK Consulting Ltd.; and The MSA Group.

The technical reports includes relevant information regarding the assumptions, parameters, and methods of the mineral resource estimates on the power demand balance at the Kamoa-Kakula Copper Complex cited in this news release, as well as information regarding data verification, exploration procedures, and other matters relevant to the scientific and technical disclosure contained in this news release.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal operations in Southern Africa; the Kamoa-Kakula Copper Complex in the DRC, the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the tier-one Platreef platinum-palladium-nickel-rhodium-gold-copper mine in South Africa.

Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula Copper Complex, including the high-grade discoveries in the Makoko District. Ivanhoe is also exploring for new sedimentary copper discoveries in new horizons, including Angola, Kazakhstan, and Zambia.

Information contact

Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X.

Forward-looking statements

Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the company, its projects, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance, and results and speak only as of the date of this release.

Such statements include, without limitation: (i) statements that hydroelectric power delivery from Turbine #5 is expected to increase to 100 MW in Q1 2026 and to 150 MW, by end of 2027, as grid upgrades are completed; and (ii) statements with respect to Kamoa-Kakula’s projected power supply and demand balance from 2025 to 2028 as set out in Table 1.

Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to those discussed above and under the “Risk Factors” section in the company’s MD&A for the three and nine months ended September 30, 2025, and its current annual information form, and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; changes in the rate of water ingress into underground workings; the continuation of seismic activity; the state of underground infrastructure; delays in securing underground access; changes to the mining methods required in the future; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.

Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

The company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors outlined in the “Risk Factors” section in the company’s MD&A for the three and nine months ended September 30, 2025, and its current annual information form.

The boss of Domino’s Pizza Group who suggested the UK may have reached peak pizza as he expanded the chain into fried chicken has been ousted after tensions with its board.

Andrew Rennie is leaving after just two years at the helm, and will be replaced on an interim basis by the company’s chief operating officer, Nicola Frampton, while Domino’s searches for a new leader.

Rennie, who worked for Domino’s for more than two decades, has sought to shift Britain’s biggest pizza delivery company towards fried chicken, telling the Financial Times earlier this month there was not “massive growth” left in the UK’s pizza market. He said chicken was the fastest-growing protein in the world.

It is understood that there was friction between Rennie and the board over his focus and approach to the business, although Domino’s statement said he was stepping down “by mutual agreement”.

In September, Domino’s launched its Chick ’N’ Dip brand – which Rennie described as a “bold new chapter” for the group – and is trialling it in 210 outlets in the north-west of England and Northern Ireland.

While the company is still going to roll it out across its nearly 1,400 branches next year as planned, it sees fried chicken as complementary to its core pizza business.

Ian Bull, the Domino’s chair, said: “The board believes that there are a number of opportunities to drive further growth and value creation in Domino’s core business. We are focused on identifying the right chief executive to lead the disciplined execution of that growth strategy.”

Earlier this month, Domino’s, which has 13 million customers in the UK and Ireland, said orders dipped by 1.5% in the third quarter. In August, it warned that the takeaway market had “become tougher” as it blamed weaker consumer confidence in the run-up to Wednesday’s budget and rising wage costs for weaker-than-expected sales and a 15% drop in half-year profits.

Other pizza operators are also struggling. Pizza Hut announced the closure of 68 restaurants a month ago, after the company behind its UK venues fell into administration.

Trying to keep up with consumer trends towards healthier eating, Domino’s has launched lower-calorie products, such as its Thin & Crispy range of pizzas below 400 calories as well as plant-based and gluten-free pizzas. A large pepperoni pizza has 2,311 calories. A large cheese and tomato pizza has 2,171, while a small has 909 calories.

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Frampton has been with Domino’s since 2021, and previously worked for the gambling company William Hill. It is thought that she does not want to take on the chief executive role permanently.

She said: “We have a number of ongoing growth and performance initiatives that we will be focused on executing at pace.”

She said these included further work on the company’s supply chain and product development, and its loyalty scheme.

Domino’s is also without a permanent chief financial officer until 16 March, when Andy Andrea joins from the Irish cider and beer maker C&D Group. Until then, Richard Snow serves as interim finance chief.

ASEAN shall develop friendly relations and mutually beneficial dialogues, cooperation and partnerships with countries and sub-regional, regional and international organisations and institutions. This includes external partners, ASEAN entities, human rights bodies, non-ASEAN Member States Ambassadors to ASEAN, ASEAN committees in third countries and international organisations, as well as international / regional organisations.