Cake Box (CBOX) H2 2025 earnings summary

Executive summary

• Achieved strong sales and profitability in FY2025, with double-digit growth in underlying EBITDA and EPS, accelerated H2 growth, and successful execution of strategic initiatives including digital transformation and operational efficiency improvements.

• Expanded store estate with 26 new Cake Box stores and completed the acquisition and seamless integration of Ambala Foods Limited, enhancing the product portfolio and growth opportunities.

• Enhanced digital sales and customer engagement through a successful loyalty program and CRM initiatives.

Financial highlights

• Group revenue increased 13% year-on-year, with Ambala contributing £800,000 post-acquisition.

• Franchise sales rose 9.5% to £86.3m; like-for-like franchise store sales up 3%.

• Underlying EBITDA up 17.1% to £8.7m; underlying profit after tax up 19.8% to £5.3m.

• Dividend per share increased 13.3% to £0.102; underlying EPS up 19.4% to £0.1318.

• Online franchise sales grew 19% to £19.1m, now representing 23.5% of total franchise sales.

Outlook and guidance

• Positive start to the new fiscal year with total franchise sales up 14.2% and like-for-like sales up 6.5% since March 2025.

• Targeting 25 new Cake Box store openings and 10 Ambala stores annually, with continued focus on digital transformation and customer engagement.

• Ongoing integration of Ambala expected to deliver synergies and operational efficiencies.