◆ Inside the Latest Quarter (Q2 2026)

Dino Polska (DNP) — the variant view

Revenue up 10,5%, half-year profit up 1,0%, like-for-like at 0,3% — fine on the surface and hollow underneath.

📈 DNP valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Dino's second quarter of 2026 was, on the headline numbers, comfortably in line and slightly ahead of expectations.

June 2026 quarter (m zł)9 531,4Revenue665,1EBITDA400,1Net profitRevenue +10,5%, net profit ahead of a 391,8m consensus, like-for-like +0,3%.
Fine on the surface: a beat, 86 new stores and a rising share price. Hollow underneath: the estate stood still.

Revenue was 9 531,4 million złoty, up 10,5% on 8 622,6 million a year earlier1. Net profit was 400,1 million against a consensus of 391,8 million2. EBITDA was 665,1 million3. The company opened 86 stores in the quarter, taking the network to 3 176 — 341 more than twelve months earlier — and the shares rose on the release4.

Underneath, three things moved the wrong way.

Like-for-like sales grew 0,3%5. For the first half the figure was 2,2%, against 4,4% for the whole of 20256. Strip out the new stores and Dino's existing shops sold about the same amount of groceries as a year before. The deceleration is orderly rather than sudden — 4,4%, then 2,2%, then 0,3% — which is what makes it harder to dismiss as one weak quarter.

The EBITDA margin fell to 6,98% from 7,54%. Management's account is deflation in parts of the basket and consumers who became markedly more price-sensitive, which pushed the company to protect volume rather than price. That is a defensible choice in a format with heavy fixed costs — owned buildings, a meat plant, 55,9 thousand employees7 — and it is also the behaviour of a retailer without pricing power. The fixed costs are unusually fixed, too: because Dino owns rather than leases, the charge arrives as depreciation, which rose 23,4% in 2025 to 505,0 million złoty8 and does not fall when a quarter disappoints.

And profit stopped following revenue. Across the first half, group net profit rose from 708 962 to 716 270 thousand złoty — 1,0% — while revenue rose 12,5% from 15 976 870 to 17 970 801 thousand9. Twelve and a half points of revenue growth produced one point of profit growth.

The investment continued regardless. Capital expenditure ran near a billion złoty for the half, and in March the board approved a thirteenth distribution centre at Zawiercie at about 150 million złoty, self-financed10. It could be: the company entered 2026 with a net cash position of 199,5 million złoty rather than the 195,8 million of net debt it carried a year earlier11, so nothing about the spending depends on a lender's view of the like-for-like number.

The quarter is therefore a fair summary of the whole company. The machine that opens stores works exactly as advertised, the balance sheet funds it without help, and the shops that were already open are no longer contributing growth. Which of those facts dominates the next three years is the entire investment case.

The number to carry forward is the gap between revenue growth and like-for-like growth: 10,5% against 0,3%. Ten points of it is the store-opening programme. Nothing else.

References
  1. ReportedRevenue was 9 531,4 million złoty, up 10,5% on 8 622,6 million a year earlier.
    Dino Polska Management Report for the first half of 2026 - 3 176 stores at 30 June 2026 (341 more than a year earlier), 86 openings in the second quarter, revenue of 9 531,4m złoty up 10,5%, like-for-like growth of 0,3% in the quarter and 2,2% for the half, and the EBITDA margin of 6,98% against 7,54% — H1 2026 · publ. August 2026 · source ↗
  2. ReportedNet profit was 400,1 million against a consensus of 391,8 million.
    Dino Polska Group consolidated financial statements for 2025 - income statement, balance sheet and notes (revenue split between goods and own production, the segment note, property plant and equipment of 7 765,5m złoty, intangibles, related-party transactions, impairment testing by cash-generating unit, and the Zawiercie distribution centre approved after the reporting date) — FY2025 · publ. March 2026 · source ↗
  3. ReportedEBITDA was 665,1 million.
    Dino Polska Management Report for the first half of 2026 - 3 176 stores at 30 June 2026 (341 more than a year earlier), 86 openings in the second quarter, revenue of 9 531,4m złoty up 10,5%, like-for-like growth of 0,3% in the quarter and 2,2% for the half, and the EBITDA margin of 6,98% against 7,54% — H1 2026 · publ. August 2026 · source ↗
  4. ReportedThe company opened 86 stores in the quarter, taking the network to 3 176 — 341 more than twelve months earlier — and the shares rose on the release.
    Dino Polska Management Report for the first half of 2026 - 3 176 stores at 30 June 2026 (341 more than a year earlier), 86 openings in the second quarter, revenue of 9 531,4m złoty up 10,5%, like-for-like growth of 0,3% in the quarter and 2,2% for the half, and the EBITDA margin of 6,98% against 7,54% — H1 2026 · publ. August 2026 · source ↗
  5. ReportedLike-for-like sales grew 0,3%.
    Dino Polska Management Board's Activity Report for 2025 - Section 4,1-4,3, results of operations (sales revenue of 33 634,2m złoty up 14,9%, gross profit and the 23,5% gross margin, the cost lines including employee benefits up 21,2% and depreciation up 23,4%, EBITDA, and like-for-like growth of 4,4%) — FY2025 · publ. March 2026 · source ↗
  6. ReportedFor the first half the figure was 2,2%, against 4,4% for the whole of 2025.
    Dino Polska Management Report for the first half of 2026 - 3 176 stores at 30 June 2026 (341 more than a year earlier), 86 openings in the second quarter, revenue of 9 531,4m złoty up 10,5%, like-for-like growth of 0,3% in the quarter and 2,2% for the half, and the EBITDA margin of 6,98% against 7,54% — H1 2026 · publ. August 2026 · source ↗
  7. ReportedThat is a defensible choice in a format with heavy fixed costs — owned buildings, a meat plant, 55,9 thousand employees — and it is also the behaviour of a retailer without pricing power.
    Dino Polska Management Board's Activity Report for 2025 - Section 3,2, description of the Group (Agro-Rydzyna, the wholly-owned meat processing plant at Kloda supplying the fresh counters, private label at 6,6% of network sales excluding its output, the eZebra internet business, and the direct sourcing arrangements with producers) — FY2025 · publ. March 2026 · source ↗
  8. ReportedThe fixed costs are unusually fixed, too: because Dino owns rather than leases, the charge arrives as depreciation, which rose 23,4% in 2025 to 505,0 million złoty and does not fall when a quarter disappoints.
    Dino Polska Management Board's Activity Report for 2025 - Section 4,1-4,3, results of operations (sales revenue of 33 634,2m złoty up 14,9%, gross profit and the 23,5% gross margin, the cost lines including employee benefits up 21,2% and depreciation up 23,4%, EBITDA, and like-for-like growth of 4,4%) — FY2025 · publ. March 2026 · source ↗
  9. ReportedAcross the first half, group net profit rose from 708 962 to 716 270 thousand złoty — 1,0% — while revenue rose 12,5% from 15 976 870 to 17 970 801 thousand.
    Dino Polska Management Report for the first half of 2026 - 3 176 stores at 30 June 2026 (341 more than a year earlier), 86 openings in the second quarter, revenue of 9 531,4m złoty up 10,5%, like-for-like growth of 0,3% in the quarter and 2,2% for the half, and the EBITDA margin of 6,98% against 7,54% — H1 2026 · publ. August 2026 · source ↗
  10. ReportedCapital expenditure ran near a billion złoty for the half, and in March the board approved a thirteenth distribution centre at Zawiercie at about 150 million złoty, self-financed.
    Dino Polska Management Board's Activity Report for 2025 - Sections 4,4-4,10, capital expenditure, financing and dividend policy (capital expenditure of 2 129,3m złoty up 38%, 7,7bn reinvested over five years, operating cash flow of 2 697,4m, negative net debt of 199,5m, bank loans, and the decision not to recommend a dividend) — FY2025 · publ. March 2026 · source ↗
  11. ReportedIt could be: the company entered 2026 with a net cash position of 199,5 million złoty rather than the 195,8 million of net debt it carried a year earlier, so nothing about the spending depends on a lender's view of the like-for-like number.
    Dino Polska Management Board's Activity Report for 2025 - Sections 4,4-4,10, capital expenditure, financing and dividend policy (capital expenditure of 2 129,3m złoty up 38%, 7,7bn reinvested over five years, operating cash flow of 2 697,4m, negative net debt of 199,5m, bank loans, and the decision not to recommend a dividend) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026