Distribuidora Internacional de Alimentación (DIA) H1 2024 earnings summary

Executive summary

• Transformation and portfolio simplification concluded, refocusing operations on Spain and Argentina after exits from Brazil, Portugal, and Clarel.

• Continuing operations returned to profit, with H1 net income of €15.6m; total-group net loss was €93.5m, mainly reflecting Brazil exit losses.

• Spain delivered strong sales and profitability growth; Argentina gained market share despite macroeconomic headwinds.

• Strategy now prioritizes growth, profitability, cash generation, and sustainability in the core markets.

Financial highlights

• Continuing-group net sales rose 6.3% YoY to €2,816m; gross sales under banner were €3,310.7m, up 2.3% YoY.

• Continuing-group adjusted EBITDA reached €128.2m, up 54% YoY, with a 4.7% margin; total-group adjusted EBITDA increased €16m.

• Continuing-group net income was €15.6m, a €46m YoY improvement; total-group net loss was €93.5m, including €107m of Brazil exit losses.

• Continuing operations generated €88m cash; total-group cash generation was €68m. Net financial debt fell €92m YoY to €327m.

Segment performance

• Spain like-for-like sales grew 5.1%; adjusted EBITDA was €114m at a 5.5% margin, and net profit was €25m.

• Spain generated €80m positive cash flow; online sales were €99m, 4.7% of net sales, and digital customers reached 43% of the total.

• Argentina gross sales under banner were €862m, down 5%; adjusted EBITDA was €14m, with margin above 2%. Market share increased despite consumption contraction.

• Argentina ticket count rose 2.7%; online sales were €10m, 1.3% of sales, digital customers were 34.6%, and NPS reached a record 69.