✦ eZebra, and the Only Thing That Is Not GroceriesThin moat

Dino Polska (DNP) — the future bets

The group's entire diversification is a cosmetics website worth less than one percent of sales.

Dino owns eZebra.pl sp. z o.o., an internet retailer, and it is the only part of the group that is not a grocery business1.

Group scale against its diversification (m zł)15 171,3Total assets264,7Non-retail external revenue33,3All intangible assetseZebra's goodwill and trademark are tested as a separate internet-sales unit.
The entire diversification of a 35bn złoty company is a cosmetics website worth under 1% of sales.

Its scale can be inferred from how it is treated. The goodwill arising from the eZebra acquisition and the eZebra trademark are allocated to a single cash-generating unit covering internet sales2, separate from the store network, and the group's intangible assets total 33,3 million złoty against total assets of 15 171,3 million3. Segment reporting puts every non-retail external sale — Agro-Rydzyna's third-party business and eZebra together — at 264,7 million złoty of 33 634,2 million4.

The company lists eZebra alongside its trademarks as a recognisable brand it intends to use indefinitely, which is a statement of intent rather than of scale. For context on how small that is: Dino spent 2 129,3 million złoty of capital in 20255, more than sixty times the entire intangible balance the eZebra goodwill sits inside.

What eZebra is not is a grocery e-commerce capability. Dino has no online food offer, which in its small-town catchments has so far been a defensible omission rather than a gap — and the shape of the range is part of why. Fresh food is 41% of sales and delivered to stores daily6, which is the hardest category to ship to a house in a village and the last one a customer hands to a delivery van.

The measure is whether non-retail external revenue ever becomes material. At 0,8% of group sales, the diversification is currently a rounding error.

Moat trajectory: Holding steady

Non-retail external revenue is 264,7 million złoty of 33 634,2 million. It has not grown into anything.

The number that tests this moat
Reported
Group intangible assets
33,3m złoty against total assets of 15 171,3m

The scale of everything Dino has ever bought rather than built. eZebra's goodwill and trademark are tested as a separate internet-sales unit, and the whole diversification is a rounding error.

Source: Dino Polska Group consolidated financial statements for 2025 ↗
References
  1. Reportedz o.o., an internet retailer, and it is the only part of the group that is not a grocery business.
    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 ↗
  2. ReportedThe goodwill arising from the eZebra acquisition and the eZebra trademark are allocated to a single cash-generating unit covering internet sales, separate from the store network, and the group's intangible assets total 33,3 million złoty...
    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 ↗
  3. ReportedThe goodwill arising from the eZebra acquisition and the eZebra trademark are allocated to a single cash-generating unit covering internet sales, separate from the store network, and the group's intangible assets total 33,3 million złoty...
    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 ↗
  4. ReportedSegment reporting puts every non-retail external sale — Agro-Rydzyna's third-party business and eZebra together — at 264,7 million złoty of 33 634,2 million.
    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 ↗
  5. ReportedFor context on how small that is: Dino spent 2 129,3 million złoty of capital in 2025, more than sixty times the entire intangible balance the eZebra goodwill sits inside.
    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 ↗
  6. ReportedFresh food is 41% of sales and delivered to stores daily, which is the hardest category to ship to a house in a village and the last one a customer hands to a delivery van.
    Dino Polska Management Board's Activity Report for 2025 - Section 3,1, business profile (the standardised 400 m2 store format carrying roughly 5 000 stock keeping units, fresh food at 41% of sales delivered daily, the small-town and edge-of-town siting, the twelve distribution centres, and the ownership of most store real estate) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026