Dino Polska (DNP) Q1 2025 earnings summary

Executive summary

• Sales revenue in 1Q 2025 reached PLN 7,354 million, up 10.2% year-over-year, driven by 58 new store openings and a 12.9% increase in net sales area.

• EBITDA rose 8.2% to PLN 532.3 million, with a margin of 7.24% (down from 7.38% a year ago).

• Like-for-like (LFL) sales growth slowed to 0.5% year-over-year, compared to 11.9% in 1Q 2024.

• Net profit increased by 5.5% to PLN 311.4 million compared to 1Q 2024.

• 2,569 stores equipped with photovoltaic installations, generating 15.2 GWh in 1Q 2025, up 46% year-over-year.

Financial highlights

• Gross profit on sales increased 16.1% to PLN 1,787.3 million.

• Operating profit grew 4.2% to PLN 414.1 million.

• Operating cash flow for 1Q 2025 was PLN 1,794 million, compared to PLN 1,739 million in 1Q 2024.

• Capex in 1Q 2025 was PLN 386 million, up from PLN 365 million in 1Q 2024.

• Net cash from operating activities dropped sharply to PLN 6.7 million from PLN 435.7 million in 1Q 2024, mainly due to working capital changes.

Outlook and guidance

• Management expects a high double-digit percentage increase in new store openings in 2025 and capex of PLN 1.7–1.8 billion.

• Strategy focuses on continued organic store roll-out, LFL growth, and maintaining profitability.

• Key factors for upcoming quarters include macroeconomic trends, minimum wage hikes, social programs, and consumer behavior shifts favoring convenience retail.

• The war in Ukraine is monitored as a potential risk for supply chain and cost pressures.