✦ The Thirteenth Distribution CentreNarrow moat
Dino Polska (DNP) — the future bets
The least glamorous 150 million złoty Dino will spend, and the one that decides where it can build in two years' time.
On 19 March 2026 Dino's management board decided to build a new distribution centre at Zawiercie in the Silesian voivodship, with estimated capital expenditure of about 150 million złoty net, to be financed from the company's own funds1.
That single sentence contains most of what makes Dino work. The logistics network has grown in step with the estate — one distribution centre for 511 stores in 2015, five for 1 473 in 2020, twelve for 3 033 at the end of 20252 — and a 400-square-metre shop with a fresh counter cannot hold stock, so replenishment frequency is the constraint on the whole format.
It is also self-financed, like everything else Dino builds3, which is why a 150 million złoty commitment can be announced in a single sentence without a financing plan attached.
Silesia is a densely populated region, which fits the company's stated intention to increase density in existing areas as well as expand into new ones4.
The 150 million złoty is small against what Dino now spends annually — capital expenditure was 2 129,3 million złoty in 2025, up 38%5 — and against a year in which operations generated 2 697,4 million and the company still finished with net cash6. A warehouse of this size is a routine decision for Dino in a way it would not be for a leveraged competitor, and that is the point of the self-funded model.
Watch the interval to the fourteenth. Distribution centres are the leading indicator of where Dino intends to build stores two years out, and they are announced long before the shops appear.
Approved in March 2026 at about 150 million złoty, self-financed. The logistics network is being built ahead of the stores that will need it.
The thirteenth centre is needed when this ratio climbs; a ratio well above 250 is the case for Zawiercie.
- ReportedOn 19 March 2026 Dino's management board decided to build a new distribution centre at Zawiercie in the Silesian voivodship, with estimated capital expenditure of about 150 million złoty net, to be financed from the company's own funds.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 ↗
- ReportedThe logistics network has grown in step with the estate — one distribution centre for 511 stores in 2015, five for 1 473 in 2020, twelve for 3 033 at the end of 2025 — and a 400-square-metre shop with a fresh counter cannot hold stock, so...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 ↗
- ReportedIt is also self-financed, like everything else Dino builds, which is why a 150 million złoty commitment can be announced in a single sentence without a financing plan attached.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 ↗
- ReportedSilesia is a densely populated region, which fits the company's stated intention to increase density in existing areas as well as expand into new ones.Dino Polska 2025 results presentation - the store and distribution-centre history (511 stores and one centre in 2015, 1 473 and five in 2020, 3 033 and twelve in 2025) and the EBITDA bridge — FY2025 · publ. March 2026 · source ↗
- ReportedThe 150 million złoty is small against what Dino now spends annually — capital expenditure was 2 129,3 million złoty in 2025, up 38% — and against a year in which operations generated 2 697,4 million and the company still finished with net...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 ↗
- ReportedThe 150 million złoty is small against what Dino now spends annually — capital expenditure was 2 129,3 million złoty in 2025, up 38% — and against a year in which operations generated 2 697,4 million and the company still finished with net...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 ↗