Dino Polska (DNP) Q2 2026 earnings summary

Executive summary

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

• H1 2026 revenue reached PLN 17,971 million, up 12.5% year-over-year, with like-for-like sales growth of 2.2%.

• 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 compared to H1 2025.

• Sustainability initiatives expanded, with 3,048 stores equipped with photovoltaic panels generating 63 GWh and reducing CO2 emissions by ~35,000 tons.

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 2026 totaled PLN 1,043 million, supporting store and logistics expansion.

• Net debt/EBITDA stood at 0.03x, indicating low leverage.

• Gross margin was 23.7% in H1 2026, slightly down from 23.8% in H1 2025.

Outlook and guidance

• Store expansion to accelerate in H2, with most new stores expected in Q4 and full-year new store growth in the teens percentage.

• Like-for-like sales and profitability anticipated to improve gradually in H2 as deflationary pressures ease, though cost growth may outpace revenue.

• Total capital expenditures for 2026 expected to be around PLN 2.5 billion.

• No formal financial forecasts published for 2026.

• Continued focus on organic store roll-out and network expansion.