Dino Polska (DNP) Q4 2024 earnings summary

Executive summary

• Added 283 new stores in 2024, expanding to 2,688 locations and 1,061,214 m² of selling area, with significant room for further growth in existing and new regions.

• Created 8,000 new jobs, increasing headcount from 41,900 to 49,900.

• Nearly 40% of revenue came from fresh products, focusing on fruit, vegetables, bread, and fresh meat.

• Continued investments in renewable energy, with 2,476 stores equipped with photovoltaic installations, generating 87 GWh and reducing CO2 emissions by ~52,000 tons in 2024.

Financial highlights

• Revenue reached PLN 29,274 million in 2024, up 14.1% year-over-year, with a CAGR of 29.9% for 2022–2024.

• EBITDA increased by 3.8% year-over-year to PLN 2,317.4 million, with a margin decrease to 7.9% from 8.7% in 2023.

• Net profit increased 7.2% to PLN 1,506.6 million.

• Net debt/EBITDA ratio improved to 0.1x, reflecting a healthy balance sheet and strong operating cash flow.

• Net cash from operating activities increased 44.0% to PLN 2,551.8 million.

Outlook and guidance

• Plans to continue organic store roll-out, with new store count expected to grow by a high-teen percentage in 2025.

• Capital expenditures for 2025 projected at PLN 1.7–1.8 billion.

• Expects high single-digit LFL sales growth in 2025, with some quarterly volatility due to Easter timing.

• Aims to return EBITDA margin to gradual growth in 2025.

• Focus remains on LFL growth and maintaining profitability, despite a slight EBITDA margin contraction in 2024.