Dino Polska (DNP) Q3 2026 earnings summary

Executive summary

• 9M revenue rose 11.9% to PLN 27,679m; EBITDA increased 4.3%, while EBITDA margin fell to 7.3% from 7.8%.

• Store network added 256 locations in 9M, including 108 in Q3, reaching 3,283 stores at September-end; LFL sales growth was 1.4% in 9M and 0.1% in Q3.

• Food-price deflation and a volume-focused pricing policy weighed on sales growth and margins; priorities include growing volumes and reversing the EBITDA-margin decline.

Financial highlights

• Q3 revenue was PLN 9.71bn, up 10.8% YoY; gross profit rose 14.7% to PLN 2.38bn, while operating profit dipped 0.3% to PLN 620.2m.

• Q3 EBITDA increased 4.7% to PLN 785.5m; 9M EBITDA was PLN 2,015.5m, up 4.3%.

• Q3 net profit was PLN 483.2m, up 0.2%; 9M net profit rose 0.7% to PLN 1,199.4m, while operating profit fell 0.9% to PLN 1.55bn.

Outlook and guidance

• Targeting ~400 store openings in 2026, with next year’s planned additions at a similar level; FY capital expenditure is expected to be ~PLN 2.5bn.

• Q4 priorities include holiday promotions, sales-volume growth and improved purchasing conditions; deflation and promotions make margin improvement uncertain.

• Deflation was lower in October than September but remained near the Q3 average; management expects further improvement at a slower pace than in Q3.