Revenue excl. VAT. Miss Q’s and Lola’s were split out of the former Jaspas entity during 2025–26, so their year-on-year lines are not like-for-like — taken together they are 2.81bn₫ against a combined 2.83bn₫ last August, effectively flat.
Delivery is only 14% of revenue but is by far the most member-dense channel: two thirds of every delivery dong comes from an identified member, against 15% on takeaway.
Share of net sale attributable to a Rewards Plus member.
Al Fresco’s online orders, August 2026. iOS remains the single largest own channel; Android is stuck at one in ten.
From the August deck — group figures across all delivery brands.
Spend is the sum of the awareness / interest / consideration / decision stages reported in the August deck, VAT inclusive. Google ROAS is as Google reports it (online conversions only); Meta returns are campaign-level and appear in the leaderboard below because they include modelled offline revenue.
Three-month trend. Decision-stage ROAS is where both brands earn their return; Pepperonis stepped up hard in August after cutting awareness spend to zero.
Budget was deliberately moved out of inbox generation and into conversion in August. The trade landed: enquiries fell 18% but the drop in bookings and covers was steeper.
Every bill containing at least one promotion counts once at full bill value, so the bars measure exposure to deal mechanics, not discount cost. Pepperonis runs at nearly twice the group rate — and is the brand whose revenue is flattest.
Member revenue grew 3.0% on fewer bills — the whole gain is basket size, up 8.1% to 701,169₫.
Six-month look-back cohorts. Growth is entirely in the one-visit tier; every repeat tier is smaller than a year ago.
4,738 new members in August, a record for the programme and up 3% on July.
Two thirds sign up in a restaurant and a quarter through web delivery. The app and takeaway counters contribute almost nothing — a fixable gap given the app carries 1,797 Al Fresco’s orders a month.
Redemption reached 71% revenue-after-redeem for Al Fresco’s (2025: 69%). Programme cost ran at 2.62% of member revenue, or 3.19% including platform cost.
Group revenue of 43.72bn₫ is up 2.0% on August 2025 and 10.0% on July, but member bills fell from 26,179 to 24,938. Spend per member bill rose 8.1% to 701,169₫. Premium combo mechanics — Sườn Trứ Danh and Bò Hảo Hạng at 595–745k — are doing the work.
Every repeat tier is below last August: 2 visits at 96%, 3 at 91%, 4 at 85%, 5 at 83%, 6+ at 85%. Only the one-visit tier grew (+5.6%). Total active membership is flat YoY at 75,018 because acquisition is refilling a leaking bucket.
Three-month activation cohorts confirm it: of 12,651 members activated Jun–Aug, 11,277 have made exactly one visit and only 45 have reached six.
Al Fresco’s partner revenue is up 37.8% YoY to 2.98bn₫ while own web/app fell 5.1% and phone fell 5.9%. Own channels are now 21.2% of delivery revenue, down from 23.8%. Pepperonis is further along: partners up 43.2%, phone down 4.1%.
Margin follows the mix. Partner gross margin runs around 66% before AFG’s own promo funding; an own-channel order carries none of that commission.
Promotion-attached bills equal 58.9% of Pepperonis revenue against 32.2% at Al Fresco’s and 35.4% group-wide. Pepperonis revenue is up just 0.1% YoY. Thursday Deal, Monday Deal and Daily Deal Pizza alone carry 1.34bn₫ of bill value.
Total August digital spend was 175.5M₫, or 0.40% of revenue. Al Fresco’s Google ROAS rose to 13.81 and Pepperonis to 17.65, both the best of the last three months. Five Al Fresco’s campaigns returned between 59x and 163x on modelled total revenue.
At this spend level the constraint is budget, not efficiency. The honest caveat: offline conversion is modelled at a ~28% match rate and grossed up 3.5x, so the absolute ROAS numbers are indicative.
Enquiries fell 17.5% (2,328 → 1,920) but bookings fell 31.4% and covers 23.3%, taking estimated booking revenue from 239.9M₫ to 185.6M₫. Al Fresco’s took the whole hit: 862 messages down to 328. Pepperonis, which kept spending, grew enquiries.
Caveats. Meta offline revenue is modelled: roughly 40% of transactions carry member data and about 70% of those match a Facebook profile, so reported conversions are grossed up 3.5×. Promotion figures are the value of bills containing a deal, not discount given. The deck lists identical Meta spend (6,889,392₫) for both Tiệc Hè Tại Nhà and Tuesday Deal, which is likely a transcription error — those two ROAS figures should be treated as approximate. The POS extract and the deck’s brand table agree on group revenue to within 3,000₫; the POS extract is used throughout. Al Fresco’s Hanoi differs by 2.9M₫ (0.02%) and Papa Joe’s by 2.9M₫ between the two sources.