Three Thousand One Hundred and Seventy-SixThin moat

Dino Polska (DNP) — moat facet

The store count is the growth and the countdown at the same time, because Poland contains a finite number of suitable towns.

Every number in Dino's growth record is really the same number: how many shops there are.

Stores and distribution centres5112015 stores1 4732020 stores3 0332025 stores3 176Jun 2026 storesDistribution centres over the same period: 1, then 5, then 12, with a 13th approved.
The store count is the growth record and the countdown at once, because Poland has a finite number of towns.

The series is 511 stores in 2015, 1 473 in 2020, 3 033 at the end of 20251, and 3 176 by 30 June 2026 — 341 more than a year earlier, with 86 opened in the second quarter alone2. Revenue followed the same shape, from 4 462,8 million złoty in 2017 to 33 634,2 million in 2025.

The company describes room to increase density in existing areas as well as to expand into new regions3, and it has a construction machine that raised its opening rate 22% in 20254. On the current pace the four-thousandth store arrives around 2029.

Sales area tells the same story with the compounding visible: 238 000 square metres ten years ago, 1,06 million at the end of 2024, 1,2 million at the end of 20255. The floor space grew 13% in a year that revenue grew 14,9% — for the first time in this record, the estate and the sales it produces are growing at close to the same rate.

The question the count cannot answer is what each additional one earns. Revenue of 33 634,2 million złoty across the estate is roughly 11 million złoty per store per year, and the like-for-like figure — 4,4% in 2025, 2,2% in the first half of 2026, 0,3% in the second quarter67 — says the stores already open are contributing progressively less of the growth.

Count openings against like-for-like, not on their own. Three hundred stores a year against 4% like-for-like is a compounding retailer. Three hundred against 0,3% is a construction company that happens to sell groceries.

Moat trajectory: Narrowing

Every store opened is a town used up. The count rises and the remaining supply of suitable catchments falls with it.

The number that tests this moat
Reported
Stores in the network
3 176 at 30 June 2026, from 511 in 2015

The growth and the countdown in one number. Poland contains a finite quantity of towns that fit a 400-square-metre grocer, and each opening consumes one of them.

Source: Dino Polska Management Report for the first half of 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
The Towns Are Finite
Sites are taken in order of quality, so the last store is by construction the worst one.
References
  1. ReportedThe series is 511 stores in 2015, 1 473 in 2020, 3 033 at the end of 2025, and 3 176 by 30 June 2026 — 341 more than a year earlier, with 86 opened in the second quarter alone.
    Dino Polska Management Board's Activity Report for 2025 - Section 3,4, growth strategy (345 stores opened in 2025, 22% more than the prior year and ahead of target, the intention to increase density in existing areas as well as expand into new regions, and the process for securing new sites) — FY2025 · publ. March 2026 · source ↗
  2. ReportedThe series is 511 stores in 2015, 1 473 in 2020, 3 033 at the end of 2025, and 3 176 by 30 June 2026 — 341 more than a year earlier, with 86 opened in the second quarter alone.
    Dino Polska Management Board's Activity Report for 2025 - Section 3,4, growth strategy (345 stores opened in 2025, 22% more than the prior year and ahead of target, the intention to increase density in existing areas as well as expand into new regions, and the process for securing new sites) — FY2025 · publ. March 2026 · source ↗
  3. ReportedThe company describes room to increase density in existing areas as well as to expand into new regions, and it has a construction machine that raised its opening rate 22% in 2025.
    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 ↗
  4. ReportedThe company describes room to increase density in existing areas as well as to expand into new regions, and it has a construction machine that raised its opening rate 22% in 2025.
    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 ↗
  5. ReportedSales area tells the same story with the compounding visible: 238 000 square metres ten years ago, 1,06 million at the end of 2024, 1,2 million at the end of 2025.
    Dino Polska Management Board's Activity Report for 2025 - letter from the Management Board and financial highlights (the ten-year series of store counts, sales area rising from 238 to 1 200 thousand square metres, headcount, and the summary income statement and balance sheet) — FY2025 · publ. March 2026 · source ↗
  6. Moat Explorer calcRevenue of 33 634,2 million złoty across the estate is roughly 11 million złoty per store per year, and the like-for-like figure — 4,4% in 2025, 2,2% in the first half of 2026, 0,3% in the second quarter — says the stores already open are...
    Moat Explorer calculation - arithmetic on figures reported in Dino's own filings: gross margin (7 911 077 over 33 634 155), net margin for each year from 2017 to 2025, revenue per store (33 634 155 thousand złoty over roughly 3 000 stores), own production as a share of revenue (3 945 315 over 33 634 155), the share of plant output sold internally (3 945 315 less 264 656), selling costs as a share of revenue (5 576 262 over 33 634 155), and stores per distribution centre — FY2017-FY2025 · publ. September 2026 · source ↗
  7. Moat Explorer calcRevenue of 33 634,2 million złoty across the estate is roughly 11 million złoty per store per year, and the like-for-like figure — 4,4% in 2025, 2,2% in the first half of 2026, 0,3% in the second quarter — says the stores already open are...
    Moat Explorer calculation - arithmetic on figures reported in Dino's own filings: gross margin (7 911 077 over 33 634 155), net margin for each year from 2017 to 2025, revenue per store (33 634 155 thousand złoty over roughly 3 000 stores), own production as a share of revenue (3 945 315 over 33 634 155), the share of plant output sold internally (3 945 315 less 264 656), selling costs as a share of revenue (5 576 262 over 33 634 155), and stores per distribution centre — FY2017-FY2025 · publ. September 2026 · source ↗
Sources
Generated September 24, 2026