The Revenue LinesNarrow moat

Dino Polska (DNP) — moat facet

Nine złoty in ten is branded groceries priced against the discounters; the tenth is meat Dino makes itself.

Dino reports its revenue in three parts. In 2025 sales of goods bought for resale were 29 650,3 million złoty, sales of products, which are the meat products made by its own plant, 3 945,3 million, and rental income 38,6 million, out of 33 634,2 million 1. Goods were 88% of revenue and own production 11,7% 2.

Dino revenue by type, 2025 (zl 33 634m)Goods bought for resale — 88%Own production (meat) — 12%Dino Polska 2025 financial statements; excludes rental income of 38,6m zł
Nine złoty in ten is somebody else's brand; the tenth is Dino's own meat.

Almost all of it is one kind of sale. Retail sales to individual customers in Dino's own and leased shops were about 99% of revenue, and no customer reached 10% 3. The meat plant, Agro-Rydzyna, sells most of its output through those shops; its sales to outside customers were 264,7 million złoty in 2025 4.

Dino reports profit for one segment only. The core segment, the stores, earned operating profit of 2 033,9 million złoty in 2025; everything else, mainly the plant's outside sales, earned 7,4 million 5. So neither line on the chart has its own disclosed margin.

The leaves follow the chart's two bands; the small rental line is mentioned here only. The test for the two together is own production's share of revenue, 11,7% in 2025 and 11,6% in 2024 6: a rising share would mean the meat counter is doing more of the work of bringing customers in.

Moat trajectory: Holding steady

Own production held at 11,6-11,7% of revenue in 2024-25 while both lines grew about 15%.

The number that tests this moat
Moat Explorer calc
Own production as a share of revenue
11,7% in 2025 (3 945,3m zł of 33 634,2m zł), 11,6% in 2024

A rising share would mean the meat counter is doing more of the work of bringing customers in.

How it's calculated: Revenue on sales of products / total revenue
Source: Dino Polska 2025 financial statements ↗
Dig deeper
DIG DEEPER 01
Goods bought for resale
Growth comes from new stores; in the existing ones like-for-like sales slowed to 2,2%.
DIG DEEPER 02
Own production (Agro-Rydzyna)
A meat plant that earns almost nothing selling outside and earns its keep at Dino's own counters.
References
  1. ReportedIn 2025 sales of goods bought for resale were 29 650,3 million złoty, sales of products, which are the meat products made by its own plant, 3 945,3 million, and rental income 38,6 million, out of 33 634,2 million .
    Dino Polska Group consolidated financial statements for 2025 - sales revenue note (goods, products, rental), operating segments (core segment and all other segments), group companies — FY2024-FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcGoods were 88% of revenue and own production 11,7% .
    Moat Explorer calculation from Dino's 2025 financial statements: shares of revenue (29 650,3 and 3 945,3 of 33 634,2m), external share of own production (264,7 / 3 945,3), segment operating margins (8,2 / 189,8 and 7,4 / 264,7), growth rates — FY2024-FY2025 · publ. 2026-09-23 · source ↗
  3. ReportedRetail sales to individual customers in Dino's own and leased shops were about 99% of revenue, and no customer reached 10% .
    Dino Polska Group consolidated financial statements for 2025 - sales revenue note (goods, products, rental), operating segments (core segment and all other segments), group companies — FY2024-FY2025 · publ. March 2026 · source ↗
  4. ReportedThe meat plant, Agro-Rydzyna, sells most of its output through those shops; its sales to outside customers were 264,7 million złoty in 2025 .
    Dino Polska Group consolidated financial statements for 2025 - sales revenue note (goods, products, rental), operating segments (core segment and all other segments), group companies — FY2024-FY2025 · publ. March 2026 · source ↗
  5. ReportedThe core segment, the stores, earned operating profit of 2 033,9 million złoty in 2025; everything else, mainly the plant's outside sales, earned 7,4 million .
    Dino Polska Group consolidated financial statements for 2025 - sales revenue note (goods, products, rental), operating segments (core segment and all other segments), group companies — FY2024-FY2025 · publ. March 2026 · source ↗
  6. Moat Explorer calcThe test for the two together is own production's share of revenue, 11,7% in 2025 and 11,6% in 2024 : a rising share would mean the meat counter is doing more of the work of bringing customers in.
    Moat Explorer calculation from Dino's 2025 financial statements: shares of revenue (29 650,3 and 3 945,3 of 33 634,2m), external share of own production (264,7 / 3 945,3), segment operating margins (8,2 / 189,8 and 7,4 / 264,7), growth rates — FY2024-FY2025 · publ. 2026-09-23 · source ↗
Sources
Generated September 24, 2026