Dino Polska (DNP) Q2 2026 earnings summary

Executive summary

• Opened 148 new stores in H1 2026, expanding the network to 3,176 stores, a 12% year-over-year increase and 12.4% net sales area growth.

• H1 2026 revenue reached PLN 17,971 million, up 12.5% year-over-year, driven by network expansion and 2.2% like-for-like sales growth.

• EBITDA rose 4.0% to PLN 1,230 million, but EBITDA margin declined to 6.84% from 7.40% a year earlier.

• Net profit increased 1.0% to PLN 716.3 million.

• Continued sustainability initiatives, with 3,048 stores equipped with photovoltaic installations.

Financial highlights

• Operating profit was PLN 930.2 million, down 1.2% year-over-year.

• Net cash from operating activities was PLN 769.7 million, nearly flat year-over-year.

• Capital expenditures in H1 were PLN 1,043 million.

• Total assets increased 2.8% since year-end 2025 to PLN 15,593.8 million.

• Net debt/EBITDA at 0.03x as of H1 2026, indicating low leverage.

Outlook and guidance

• Store expansion expected to accelerate in H2, targeting full-year growth in the teens percentage over 2025.

• Like-for-like sales and profitability expected to improve gradually in H2, though cost growth may outpace revenue.

• No formal financial forecasts were published for 2026.