Distribuidora Internacional de Alimentación (DIA) H1 2025 earnings summary

Executive summary

• Net profit reached €38 million for H1 2025, reversing a €93.5M loss in H1 2024, driven by strong growth in Spain and resilience in Argentina.

• Spain delivered 7.5% like-for-like sales growth, outperforming the market and consolidating its position as the fourth largest food distributor.

• Argentina showed resilience amid economic headwinds, maintaining a net cash position and loyalty sales up 9%, with expectations for gradual recovery as the economy stabilizes.

• Share price more than doubled in the last twelve months, with trading liquidity surging tenfold, reflecting renewed investor confidence.

• Major corporate governance enhancements included board expansion, increased independence and diversity, and a new remuneration policy aligned with long-term value creation.

Financial highlights

• Group net sales reached €2.86bn (+5% YoY); adjusted EBITDA rose 4% to €133m (4.7% margin); net income from continued operations was €26m (+64% YoY).

• Spain's net sales grew 7% to €2.2bn; adjusted EBITDA up 20% to €137m (6.2% margin); net income nearly doubled to €48m.

• Argentina's net sales declined 4% to €655m; adjusted EBITDA fell to -€3m; loyalty sales up 9% despite volume decline.

• Free cash flow at Group level reached €98m; net debt reduced by €43m to €199m; liquidity at €423m.

• Gross margin improved to 20.9% (up from 17.8% in H1 2024); EBITDA margin at 7.5%.

Outlook and guidance

• 2025–2029 Strategic Plan targets 4–6% CAGR in gross sales under banner in Spain, Adjusted EBITDA margin of 7.5–8%, and over 300 new store openings by 2029.

• Spain expected to maintain robust, volume-driven growth and high profitability, with continued omnichannel and logistics expansion.

• Argentina expected to see gradual recovery in volumes and profitability from H2 2025 onward, with no plans for inorganic growth or exit.

• Strategic focus remains on customer experience, sustainable expansion, and cost efficiencies.