Dino Polska (DNP) Q4 2025 earnings summary

Executive summary

• Achieved 14.9% year-over-year sales growth and 9.9% EBITDA growth for 2025, with 345 new stores opened, expanding the network to 3,033 locations and 12 distribution centers.

• Net sales area increased by 13.1% year-over-year, and like-for-like (LFL) sales grew 4.4% year-over-year.

Financial highlights

• Revenues reached PLN 33,634 million in 2025, up 14.9% year-over-year, maintaining a CAGR of 19.3%.

• EBITDA for 2025 was PLN 2,546.3 million, up 9.9% year-over-year, with a margin decrease of 0.3 percentage points year-over-year.

• Operating cash flow covered 122% of CapEx needs in 2025, reflecting strong cash generation.

Outlook and guidance

• Continued focus on organic store roll-out, with projections for further network expansion in coming years.

• LFL growth targeted at 4.4% for 2025, with ongoing efforts to sustain profitability despite margin pressures.