Distribuidora Internacional de Alimentación (DIA) CMD 2025 summary

Transformation and financial position

• From 2019 to 2024, stores declined from 6,626 to 3,343; adjusted EBITDA improved from -€91m to €292m and net debt fell from €1.3bn to €241m, pre-IFRS 16.

• Simplified the portfolio, exiting Portugal and Brazil and selling Clarel; refocused on Spain and Argentina, proximity grocery and a balanced own-brand and manufacturer-brand offer.

• Spain’s franchise model represented 65% of its network; franchisee NPS improved 96 points over three years.

• Spain’s 2024 adjusted EBITDA was €266m at a 6.2% margin, versus a 0.5% margin in 2019; 2024 net leverage was 0.8x.

• December 2024 refinancing raised financing capacity to €885m from €793m, extended maturities and removed the 2025 maturity wall; new terms removed capex and restructuring-cost covenants.

Spain growth plan

• The 2024 network had 2,302 stores and was positioned as Spain’s largest proximity grocery operator; franchise stores were ~65% of the network, with ~300 bps higher adjusted EBITDA margin than owned stores.

• The 2025–29 plan targets 4–6% GSUB CAGR, 2–3% LFL sales CAGR, a 7.5–8.0% adjusted EBITDA margin and a positive net result.

• Add 300 stores by 2029, mainly through franchising; add 1m Club Dia customers and target online sales of 5–6% of total GSUB.

• Refresh the offer with fresh ranges, personalized loyalty offers, leading brands and store and app improvements; fresh products were ~27% of the basket, with more than 2,400 own-brand SKUs launched since 2021.

• Plans include six new premium logistics facilities, eliminating third-party logistics and €125m for refrigeration systems by 2029; logistics upgrades are expected to reduce distribution costs by 0.8–1 percentage point.

Argentina outlook

• More than 1,000 stores and ~15% national share supported a leading proximity position; franchisees represented over 77% of the business.

• In 2024, consumption declined, but volume performance remained ahead of the market; cash generation was €34m and the operation maintained an ~2% EBITDA margin.

• Near-term priorities are to maintain sales volumes, protect market share and preserve self-sufficiency; medium-term growth and network expansion are expected to be funded by generated cash flow.

• Expansion is expected to resume as consumption recovers, using organic and franchise growth with disciplined capex and cost control; 2025 outlook cited 5% GDP growth and easing inflation.