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Dino Polska (DNP) investor relations material
Dino Polska Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Sales revenue for 1Q–3Q 2025 reached PLN 24.74 billion, up 14.9% year-over-year, with Q3 revenue at PLN 8.76 billion, a 15.2% increase over Q3 2024.
Net profit for the nine-month period was PLN 1.19 billion, up 10.1% year-over-year; Q3 net profit was PLN 482.1 million, up 9.9% from Q3 2024.
Store network expanded to 2,933 locations as of September 2025, with 245 new stores opened year-to-date and a 14.3% year-over-year increase in selling area.
Like-for-like (LFL) sales growth was 4.7% for January–September 2025 and 4.4% in Q3 2025.
Continued focus on organic expansion and sustainability, including significant investments in solar energy.
Financial highlights
EBITDA for 1Q–3Q 2025 was PLN 1,932.8 million, a 14.6% increase year-over-year, with a stable EBITDA margin year-over-year; Q3 EBITDA was PLN 750 million, up 11.4% year-over-year, with an 8.6% margin.
Operating profit for the nine months was PLN 1.56 billion, up 12.8% year-over-year; Q3 operating profit was PLN 622.1 million, up 9.6%.
Basic/diluted EPS for the nine months was PLN 1.21, up from PLN 1.10 (restated for share split).
Operating cash flow for 1Q–3Q 2025 was PLN 1,739 million; net cash from operating activities in Q3 was PLN 833.4 million, up 14.9% year-over-year.
Capex for 1Q–3Q 2025 was approximately PLN 1.57 billion, mainly for new stores and warehouse expansion.
Outlook and guidance
Management expects mid-single-digit LFL sales growth for 2025, with new store openings to increase by about 20% and total capital expenditures around PLN 2.0 billion.
Strategy emphasizes continued organic store roll-out and maintaining LFL sales growth.
Profitability focus with stable EBITDA margin and ongoing investments in network and sustainability.
Further store network expansion is planned for 2026.
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Frequently asked questions
Polish Supermarkets
Dino Polska is a Polish supermarket chain established in 1999, and its stock trades on the Warsaw Stock Exchange. The company’s stores are generally located in smaller towns and rural areas, oftentimes acting as the largest and most obvious choice for consumers looking for a well-stocked supermarket with generous opening hours. The company started out in the western part of the country but has since expanded to the rest of Poland.
Founding and Outside Investment
The company was founded in 1999 by entrepreneur Tomasz Biernacki, and slowly but surely grew in the following years. The company had a laser focus on the western part of Poland in the early years, but after investment fund Enterprise Investors bought 49% of the shares in the company, expansion kicked into overdrive. After the purchase of the shares in 2010, Dino increased its amount of stores from around 100 to well over 600 while also opening locations in all corners of the country.
Stores and Distribution
As previously mentioned, Dino’s stores are primarily located in less built-up areas and along major roadways, even if some major cities have small branches in downtown areas. A subsidiary of the parent company primarily supplies the stores. Dino operates distribution centers in three different locations in the country, supplying stores with products. Dino has become one of the leading grocery stores in Poland and is competing nationally against large chains like Netto and Lidl. Several of Europe's largest supermarket chains are not publicly traded, but Dino is not entirely unique in being public. A list of publicly traded supermarkets in Europe includes names like Tesco, Carrefour, and Ahold Delhaize.
Unique Selling Points
One of the things that makes Dino stand out against its competitors, outside of their locations, is that nearly all of their stores nationwide are open for business during the same hours. Apart from some smaller convenience stores in city centers, Dino stores across Poland are open from 06:00-22:30 every day. Even if there’s nothing odd about having long opening hours, having this uniform across the country is something that has helped establish the brand's identity. Dino’s stores also have meat counters, where customers can purchase specialty meats and cuts from knowledgeable staff.
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