Dino Polska (DNP) Q1 2026 earnings summary

Executive summary

• Sales revenue in Q1 2026 reached PLN 8,896 million, up 14.8% year-over-year, driven by network expansion and 4.4% like-for-like (LFL) sales growth.

• EBITDA rose 6.1% to PLN 564.9 million, with EBITDA margin declining to 6.7% from 7.2% due to pricing policy and higher operating costs.

• 62 new stores were opened, bringing the total to 3,094 and increasing net sales area by 13% year-over-year.

• Fresh food accounted for 42.4% of revenue in Q1 2026; non-food contributed 11.7%.

• Continued investments in renewable energy, with 2,918 stores equipped with photovoltaic panels.

Financial highlights

• Gross profit on sales rose 13.2% to PLN 2,022.8 million, while cost of sales increased 15.3% to PLN 6,416.6 million.

• Operating profit grew 1.2% to PLN 419.2 million; net profit increased 1.6% to PLN 316.3 million.

• Operating cash flow for Q1 2026 was PLN 1,927 million; net cash from operating activities was PLN 94.7 million.

• Capex for Q1 2026 was PLN 429 million.

• Total assets increased 19.6% year-over-year to PLN 15,318.6 million.

Outlook and guidance

• Strategy focuses on continued organic store roll-out and LFL growth, with new store openings projected to grow by a percentage in the teens and capex around PLN 2.5 billion for 2026.

• Key factors for upcoming quarters include grocery price trends, wage growth, and macroeconomic conditions in Poland.

• Projected ongoing expansion with further store openings in coming years.

• Risks from geopolitical conflicts (Ukraine, Middle East) could impact supply chains and costs, though direct exposure is limited.