The Twelve Warehouses in BetweenNarrow moat

Dino Polska (DNP) — moat facet

A 400-square-metre store holds almost no stock, so the replenishment network is not support for the format — it is the format.

Between the factory and the shelf sits the part of Dino nobody sees.

Stores per distribution centre511 : 12015295 : 12020253 : 12025One centre in 2015, five in 2020, twelve in 2025, with a thirteenth approved in March 2026.
The ratio has improved as the estate grew, which is what a roll-out not deferring logistics capital looks like.

The company runs a centrally managed warehousing and distribution system spanning its own distribution centres and a network of independent transport companies, with products distributed through twelve distribution centres at the end of 20251. The progression tracks the estate: one centre for 511 stores in 2015, five for 1 473 in 2020, twelve for 3 033 in 20252.

That ratio — roughly 250 stores per centre — is what makes the format work at range. A 400-square-metre store cannot hold much stock, so it depends on frequent, reliable replenishment; the fresh categories that differentiate Dino depend on it absolutely, and they are 41% of sales delivered daily3. Three thousand small drops a day is a harder logistics problem than a few hundred large ones, and it is the part of the format a rival would have to rebuild rather than buy.

The cost of running it shows in the accounts: external services, which carry the third-party haulage Dino uses alongside its own fleet, rose 18,5% to 1 086,0 million złoty in 20254. Centralised distribution is also where the buying scale becomes a cost advantage rather than just a better invoice price, because Dino sources most products directly from producers rather than through wholesalers5.

The system is being extended. In March 2026 the board decided to build a thirteenth centre at Zawiercie in Silesia, with estimated capital expenditure of about 150 million złoty net, financed from the company's own funds6.

The measure is stores per distribution centre. Rising sharply would mean the logistics network is being stretched to defer capital; the March 2026 decision suggests Dino is choosing not to do that.

Moat trajectory: Widening

Twelve distribution centres at the end of 2025 against five in 2020, with a thirteenth approved in March 2026 at about 150 million złoty. The network is being extended ahead of need.

The number that tests this moat
Moat Explorer calc
Stores per distribution centre
About 253 — 3 033 stores across twelve centres

A 400-square-metre shop holds almost no stock, so replenishment frequency is the constraint on the format. A rising ratio would mean logistics capital is being deferred; the thirteenth centre approved in March 2026 says it is not.

How it's calculated: 3 033 stores at the end of 2025 divided by twelve distribution centres, both from the 2025 results presentation.
Source: Dino Polska 2025 results presentation ↗
⚠ Threats to the moat
⚠ THREAT 01
Logistics Is Where a Roll-Out Actually Breaks
Shops can be built faster than warehouses, and the gap shows up as empty shelves eighteen months later.
References
  1. ReportedThe company runs a centrally managed warehousing and distribution system spanning its own distribution centres and a network of independent transport companies, with products distributed through twelve distribution centres at the end of...
    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 ↗
  2. ReportedThe progression tracks the estate: one centre for 511 stores in 2015, five for 1 473 in 2020, twelve for 3 033 in 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 ↗
  3. ReportedA 400-square-metre store cannot hold much stock, so it depends on frequent, reliable replenishment; the fresh categories that differentiate Dino depend on it absolutely, and they are 41% of sales delivered daily.
    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 ↗
  4. ReportedThe cost of running it shows in the accounts: external services, which carry the third-party haulage Dino uses alongside its own fleet, rose 18,5% to 1 086,0 million złoty in 2025.
    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 ↗
  5. ReportedCentralised distribution is also where the buying scale becomes a cost advantage rather than just a better invoice price, because Dino sources most products directly from producers rather than through wholesalers.
    Dino Polska Management Board's Activity Report for 2025 - Section 7, sustainability reporting (55,9 thousand employees at the year end and roughly 30 thousand jobs created over five years, photovoltaic installations on 94% of stores totalling 117 MW, energy consumption and heat recovery) — FY2025 · publ. March 2026 · source ↗
  6. ReportedIn March 2026 the board decided to build a thirteenth centre at Zawiercie in Silesia, with estimated capital expenditure of about 150 million złoty net, 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 ↗
Sources
Generated September 24, 2026