Distribuidora Internacional de Alimentación (DIA) investor relations material

Executive summary

• Spain delivered 11.6% sales growth in H1 2026, doubling the market average and gaining 26 basis points in market share, driven by strong like-for-like and organic expansion.

• Argentina showed operational stabilization, with a 4.6% year-on-year volume decline but sequential improvement and a 10 basis point market share gain, despite currency headwinds.

• Group net sales rose 9.2% year-over-year to €3,044.2m, with adjusted EBITDA up 19% to €158.5m.

• Strategic focus remains on profitable growth, organic expansion, operational excellence, and financial discipline.

• Net income attributable to equity holders was €22.9m, with Spain contributing €51m and Argentina reporting a €24.4m loss.

Financial highlights

• Spain's adjusted EBITDA rose 17% to €160m, with margin expanding by 31 basis points to 6.5%.

• Group gross sales under banner reached €3,676.2m, up 5.9% year-over-year.

• Net financial debt in Spain reduced by 18% to €206m, leverage at 0.6x adjusted EBITDA; group net financial debt at €205.9m.

• Operating cash flow in Spain was €172m, up 5% year-over-year.

• Argentina's sales declined 12.4% year-over-year in euros due to currency effects, but adjusted EBITDA margin improved by 30 basis points to -0.2%.

Outlook and guidance

• On track to open 100 net new stores in Spain in 2026, with a medium-term target of 300 stores ahead of schedule.

• Margin improvement trajectory expected to continue, targeting over 7.5% adjusted EBITDA margin by 2029.

• Guidance for like-for-like sales growth remains at 3%-4%, with potential for upward revision as visibility improves into 2027.

• Argentina expected to maintain self-funding and capitalize on gradual consumption recovery as macroeconomic stabilization progresses.

• Management remains focused on profitable growth, operational excellence, and financial discipline.