Goods bought for resaleThin moat

Dino Polska (DNP) — moat facet

Growth comes from new stores; in the existing ones like-for-like sales slowed to 2,2%.

Goods bought for resale are everything on a Dino shelf that Dino did not make: branded groceries, drinks and household products, about 5 000 stock-keeping units per store 1. The line was 25 839,0 million złoty in 2024 and 29 650,3 million in 2025, up 14,7% 2, 88% of revenue 3.

Like-for-like sales growth against store growth (%)4,4%LFL 20252,2%LFL H1 2026+12,0%Stores, Jun 2026 vs Jun 2025Dino Polska 2025 activity report and H1 2026 management report; 3 176 stores against 2 835
The estate grows 12% a year; the existing shops grow about 2%.

It is sold at shelf prices set against the discounters. Dino buys mostly direct from producers or their main representatives 4, and its growth comes from opening stores: the network reached 3 176 at 30 June 2026 from 2 835 a year earlier 5.

Existing stores are growing much more slowly. Like-for-like sales rose 2,2% in the first half of 2026 6, against 4,4% in 2025 7.

Its margin is not reported separately, but the group's is: gross profit on sales was 4 250,5 million złoty in the first half of 2026, 23,7% of revenue against 23,8% a year earlier 8. Dino says its EBITDA margin, 6,84% against 7,40%, reflected a pricing policy focused on maximizing volumes 9.

This is a line whose profit per złoty depends on suppliers' prices and the discounters' shelf prices, neither of which Dino sets. The measure is like-for-like growth: 2,2% in the first half of 2026. Below inflation would mean the existing stores are shrinking in real terms while the new ones carry the growth.

Moat trajectory: Narrowing

Like-for-like growth fell to 2,2% in H1 2026 from 4,4% in 2025, and the EBITDA margin to 6,84% on a volume-first pricing policy.

The number that tests this moat
Reported
Revenue on sales of goods
29 650,3m zł in 2025, +14,7%

Growth matching new-store growth with flat like-for-like sales means the estate, not the shops, carries the line.

Source: Dino Polska 2025 financial statements ↗
References
  1. ReportedGoods bought for resale are everything on a Dino shelf that Dino did not make: branded groceries, drinks and household products, about 5 000 stock-keeping units per store .
    Dino Polska management report for the first half of 2026 - store count, like-for-like sales, gross profit, EBITDA margin and pricing policy, costs by nature, store format — H1 2026 · publ. August 2026 · source ↗
  2. ReportedThe line was 25 839,0 million złoty in 2024 and 29 650,3 million in 2025, up 14,7% , 88% of revenue .
    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 ↗
  3. Moat Explorer calcThe line was 25 839,0 million złoty in 2024 and 29 650,3 million in 2025, up 14,7% , 88% of revenue .
    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 ↗
  4. ReportedDino buys mostly direct from producers or their main representatives , and its growth comes from opening stores: the network reached 3 176 at 30 June 2026 from 2 835 a year earlier .
    Dino Polska management report for the first half of 2026 - store count, like-for-like sales, gross profit, EBITDA margin and pricing policy, costs by nature, store format — H1 2026 · publ. August 2026 · source ↗
  5. ReportedDino buys mostly direct from producers or their main representatives , and its growth comes from opening stores: the network reached 3 176 at 30 June 2026 from 2 835 a year earlier .
    Dino Polska management report for the first half of 2026 - store count, like-for-like sales, gross profit, EBITDA margin and pricing policy, costs by nature, store format — H1 2026 · publ. August 2026 · source ↗
  6. ReportedLike-for-like sales rose 2,2% in the first half of 2026 , against 4,4% in 2025 .
    Dino Polska management report for the first half of 2026 - store count, like-for-like sales, gross profit, EBITDA margin and pricing policy, costs by nature, store format — H1 2026 · publ. August 2026 · source ↗
  7. ReportedLike-for-like sales rose 2,2% in the first half of 2026 , against 4,4% in 2025 .
    Dino Polska Management Board's activity report for 2025 - like-for-like sales growth of 4,4% — FY2025 · publ. March 2026 · source ↗
  8. ReportedIts margin is not reported separately, but the group's is: gross profit on sales was 4 250,5 million złoty in the first half of 2026, 23,7% of revenue against 23,8% a year earlier .
    Dino Polska management report for the first half of 2026 - store count, like-for-like sales, gross profit, EBITDA margin and pricing policy, costs by nature, store format — H1 2026 · publ. August 2026 · source ↗
  9. ReportedDino says its EBITDA margin, 6,84% against 7,40%, reflected a pricing policy focused on maximizing volumes .
    Dino Polska management report for the first half of 2026 - store count, like-for-like sales, gross profit, EBITDA margin and pricing policy, costs by nature, store format — H1 2026 · publ. August 2026 · source ↗
Sources
Generated September 24, 2026