Dino Polska (DNP) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached PLN 15,977 million, up 14.8% year-over-year, with net profit rising 10.2% to PLN 708.96 million.

• EBITDA increased 16.8% to PLN 1,183 million, with the EBITDA margin improving to 7.4%.

• The store network expanded to 2,835 locations, with 147 new stores opened in H1 2025.

• Like-for-like (LFL) sales grew 4.8% year-over-year, with Q2 LFL growth at 8.8%.

• Share split at a 1:10 ratio was completed, increasing the number of shares to 980.4 million.

Financial highlights

• Operating profit rose 15.0% year-over-year to PLN 941.8 million.

• Gross profit on sales increased 19.7% to PLN 3,806.1 million.

• Operating cash flow for H1 2025 was PLN 1,794 million, with capex at PLN 876 million.

• Net cash from operating activities was PLN 773.9 million, down 19.6% year-over-year.

• Net debt/EBITDA stood at 0.2x as of H1 2025, indicating low leverage.

Outlook and guidance

• Management expects single-digit LFL sales growth for 2025, driven by favorable macroeconomic conditions and continued store expansion.

• Capital expenditures for 2025 are projected at PLN 1.8–2.0 billion, focused on store rollout, logistics, and production capacity.