Dino Polska S.A.
Company Overview
Dino Polska S.A. is a Polish grocery retail chain operating medium-sized proximity supermarkets located close to customers’ places of residence, primarily in smaller cities and rural areas. The Group follows a highly standardized store format (typically ~400 sqm sales area) with a strong emphasis on fresh food, including meat counters supplied by its own Agro-Rydzyna meat processing facility. Dino’s vertically integrated model includes centralized purchasing, proprietary logistics, and a growing network of distribution centers, enabling attractive pricing and consistent margins. As of 30 September 2025, Dino operated 2,933 stores across Poland and continues rapid organic expansion while delivering stable like-for-like sales growth.
Business Segments
- Core grocery retail network (brick-and-mortar stores)
- Fresh food and meat products (own processing via Agro-Rydzyna)
- Ancillary activities (logistics, distribution centers, limited online and other sales)
Key Drivers
- Rapid organic store rollout, with 245 new stores opened in 1Q–3Q 2025
- Consistent like-for-like sales growth (~4–5%) supported by food inflation and traffic
- Vertically integrated logistics and centralized purchasing enabling cost efficiency
- High exposure to everyday food consumption, supporting resilience across cycles
- Operational leverage from network densification and store maturation
Key Risks
- Rising labor costs driven by low unemployment and minimum wage increases
- Execution risk related to sustaining a very high pace of store openings
- Pressure on margins from energy, logistics, and input costs
- Regulatory and tax changes affecting food retail and labor markets
- Macroeconomic slowdown impacting consumer purchasing power
What to Watch
- Annual pace of new store openings and capex intensity
- Like-for-like (LFL) sales growth relative to food inflation
- EBITDA margin stability amid rising operating costs
- Net debt / EBITDA trajectory as expansion continues
- Efficiency gains from new distribution centers and renewable energy investments
Foundational Analysis
Business Model
Dino operates a vertically integrated grocery retail model focused on proximity stores offering everyday food products at competitive prices. Growth is driven primarily by organic expansion of the store network, complemented by stable like-for-like sales growth in mature locations. The Group controls key elements of the value chain, including logistics, distribution centers, and meat processing, which supports margin stability despite rapid scaling. Sales are almost entirely generated in Poland and recognized at the point of sale.
Competitive Positioning
Dino is positioned between discount chains and traditional supermarkets, combining competitive pricing with convenient locations and a strong fresh-food offering. Its focus on smaller towns and rural areas provides access to underpenetrated markets, while high store density improves logistics efficiency and customer loyalty.
Economics & Capital Allocation
The business exhibits strong operating leverage: high fixed-cost absorption as the store base expands, predictable food demand, and moderate EBITDA margins (~8%) that are resilient across cycles. Capital intensity is high due to ongoing store rollout, but returns improve as stores mature.
Capital allocation prioritizes organic growth, with significant annual capex directed toward new stores, logistics infrastructure, and renewable energy installations. Dino maintains conservative leverage, with net debt / EBITDA at ~0.1x as of 3Q 2025, preserving balance sheet flexibility.
Long-term Risks
Sustained cost inflation outpacing pricing power, deterioration in store-level returns due to overexpansion, regulatory intervention in food pricing or labor, and structural changes in consumer shopping behavior.
What Would Break the Thesis
- Material slowdown in store rollout or LFL sales growth
- Structural decline in EBITDA margins below historical levels
- Sharp increase in leverage to fund expansion
- Evidence of saturation or cannibalization within the store network
Contracts Intelligence
No contract data available for this company.
View News InsteadFinancial Performance
Quarterly Data
| Metric | 2023Q1 | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 5.5B | 6.5B | 6.9B | 6.7B | 6.7B | 7.2B | 7.6B | 7.8B | 7.4B | 8.6B | 8.8B |
| Income Statement Gross Profit (Quarterly) | 1.3B | 1.5B | 1.6B | 1.5B | 1.5B | 1.6B | 1.8B | 1.8B | 1.8B | 2.0B | 2.1B |
| Income Statement EBITDA (Quarterly) | 458.2M | 571.4M | 649.5M | 553.5M | 492.1M | 520.6M | 673.4M | 631.4M | 532.3M | 650.5M | 750.0M |
| Income Statement EBIT (Quarterly) | 375.7M | 482.1M | 558.5M | 459.6M | 397.5M | 421.7M | 567.8M | 521.2M | 414.1M | 527.7M | 622.1M |
| Income Statement Net Income (Quarterly) | 270.7M | 362.2M | 424.0M | 348.4M | 295.2M | 348.1M | 438.5M | 423.8M | 311.4M | 397.6M | 482.1M |
| Costs Selling & Distribution Costs | 930.1M | 938.7M | 989.0M | 1.0B | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B | 1.5B | 1.4B |
| Costs Administrative Expenses | 32.0M | 41.2M | 47.0M | 53.5M | 51.7M | 48.6M | 61.4M | 72.0M | 57.6M | 36.7M | 91.9M |
| Cash Flow Operating Cash Flow | 243.3M | 647.4M | 567.6M | 313.3M | 435.7M | 527.0M | 725.2M | 869.5M | 6.7M | 767.2M | 833.4M |
| Cash Flow Capital Expenditure | -311.0M | -514.5M | -277.5M | -1.2B | -329.8M | -701.3M | -434.5M | -1.6B | -515.6M | -995.5M | -532.8M |
| Cash Flow Free Cash Flow | 554.3M | 1.2B | 845.1M | 1.5B | 765.5M | 1.2B | 1.2B | 2.4B | 522.4M | 1.8B | 1.4B |
| Cash Flow Depreciation & Amortization | 82.5M | 89.3M | 91.0M | 94.0M | 94.6M | 98.9M | 105.5M | 110.2M | 118.2M | 122.8M | 127.9M |
| LTM Metrics Revenue (LTM) | 5.5B | 12.1B | 19.0B | 25.7B | 26.8B | 27.5B | 28.2B | 29.3B | 30.0B | 31.3B | 32.5B |
| LTM Metrics EBITDA (LTM) | 458.2M | 1.0B | 1.7B | 2.2B | 2.3B | 2.2B | 2.2B | 2.3B | 2.4B | 2.5B | 2.6B |
| LTM Metrics Net Income (LTM) | 270.7M | 632.8M | 1.1B | 1.4B | 1.4B | 1.4B | 1.4B | 1.5B | 1.5B | 1.6B | 1.6B |
| Profitability Gross Margin | 24.1% | 22.3% | 23.2% | 22.9% | 23.1% | 22.6% | 23.6% | 23.6% | 24.3% | 23.4% | 23.6% |
| Profitability EBITDA Margin | 8.3% | 8.7% | 9.4% | 8.3% | 7.4% | 7.2% | 8.8% | 8.1% | 7.2% | 7.5% | 8.6% |
| Profitability EBIT Margin | 6.8% | 7.4% | 8.1% | 6.9% | 6.0% | 5.8% | 7.5% | 6.7% | 5.6% | 6.1% | 7.1% |
| Profitability Net Margin | 4.9% | 5.5% | 6.2% | 5.2% | 4.4% | 4.8% | 5.8% | 5.5% | 4.2% | 4.6% | 5.5% |
| Profitability ROIC | - | - | - | - | 21.4% | 19.8% | 20.0% | 19.4% | 19.1% | 18.3% | 19.3% |
| Profitability Cash Conversion | 90.0% | 179.0% | 134.0% | 90.0% | 148.0% | 151.0% | 165.0% | 205.0% | 2.0% | 193.0% | 173.0% |
| Balance Sheet Current Assets | 2.5B | 2.8B | 2.9B | 3.3B | 3.2B | 3.2B | 3.4B | 4.4B | 3.9B | 3.9B | 3.8B |
| Balance Sheet Current Liabilities | 3.4B | 3.5B | 3.5B | 3.9B | 3.7B | 3.8B | 4.0B | 5.4B | 4.8B | 4.9B | 4.9B |
| Balance Sheet Inventories | 2.0B | 2.0B | 2.0B | 2.6B | 2.5B | 2.3B | 2.5B | 3.1B | 3.1B | 2.9B | 2.9B |
| Balance Sheet Total Equity | 4.5B | 4.8B | 5.3B | 5.6B | 5.9B | 6.2B | 6.7B | 7.1B | 7.4B | 7.8B | 8.3B |
| Balance Sheet Total Debt | 1.1B | 962.3M | 867.8M | 1.1B | 863.5M | 1.2B | 700.6M | 1.0B | 662.3M | 958.1M | 392.9M |
| Balance Sheet Cash & Equivalents | 227.8M | 479.2M | 638.6M | 218.4M | 403.1M | 415.4M | 573.7M | 891.0M | 377.2M | 495.9M | 574.9M |
| Balance Sheet Invested Capital | 5.3B | 5.3B | 5.5B | 6.5B | 6.4B | 7.0B | 6.8B | 7.2B | 7.7B | 8.3B | 8.1B |
| Ratios Current Ratio | 0.74 | 0.79 | 0.83 | 0.84 | 0.88 | 0.84 | 0.83 | 0.82 | 0.81 | 0.81 | 0.78 |
Revenue (Quarterly) - Visual Analysis
Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.
Recent News & Developments
Sentiment Analysis (Last 6 Months)
| Positive | 40% |
| Neutral | 50% |
| Negative | 10% |
Based on 10 articles
Dino Polska Expands in Warsaw with Third Store, Yet to Open
Dino Polska S.A., one of Poland’s leading supermarket chains, continues its expansion into Warsaw with the completion of its third store in the capital city. Located in the Wesoła district at Gościniec 79, the store's construction was finalized on December 24, 2025, following a three-month building period. However, the store remains closed, and the company has not disclosed an official opening date.
The Wesoła store joins two other Dino locations in Warsaw: the first opened on January 20, 2026, in Praga Północ, and the second in Wilanów, which has faced criticism from local residents. Despite the controversy surrounding the Wilanów store, Dino remains committed to its urban expansion strategy. Recruitment for the Wesoła store is underway, with positions for market employees and managers currently advertised on the company’s website.
While Dino Polska emphasizes its commitment to employee welfare, recent inspections by the State Labour Inspectorate have resulted in recommendations and mandates for the company to address workplace concerns. This development raises questions about the company’s operational practices amidst its rapid growth.
Relevance to Dino Polska S.A.: The article highlights Dino Polska’s strategic expansion into urban markets, a key driver of its growth, while addressing operational challenges that could impact its reputation and workforce stability.
Dino Polska Announces Schedule for 2026 Financial Reports
Dino Polska S.A., one of Poland's leading grocery retail chains, has released its schedule for publishing periodic financial reports for the fiscal year 2026. The company will issue its annual and consolidated annual reports for 2025 on March 26, 2026. Consolidated quarterly reports will be published on May 14, 2026 (Q1) and November 5, 2026 (Q3), while the consolidated semi-annual report for the first half of 2026 is set for release on August 20, 2026.
Dino Polska also announced that it will not publish separate standalone quarterly or semi-annual reports, nor will it issue consolidated reports for Q4 2025 and Q2 2026. The consolidated quarterly reports will include the company's financial information for the respective periods.
This announcement aligns with regulatory requirements outlined in the June 6, 2025, ordinance by Poland's Ministry of Finance regarding the disclosure of financial information by publicly listed companies.
Relevance: The publication schedule is crucial for investors and stakeholders to track Dino Polska's financial performance, which is a key indicator of its growth strategy and market position in Poland's competitive grocery retail sector.
Dino Polska Appoints New Management Board Member
On December 15, 2025, Dino Polska S.A.'s Supervisory Board announced the appointment of Sławomir Niżałowski as a new member of the Management Board. The decision will take effect on January 1, 2026, and Niżałowski will serve for the joint term of the board. This move reflects the company’s ongoing efforts to strengthen its leadership team as it continues its rapid expansion in the Polish grocery retail market.
Relevance to Dino Polska S.A.: The appointment of a new board member is directly tied to Dino Polska's strategic growth and operational management, which are critical to maintaining its position as one of Poland's leading supermarket chains.
Enough is enough at Dino
🛒 Employees at Dino Polska are hitting the boiling point: they are complaining about harsh working conditions, low pay, and above all the lack of social benefits such as a company social fund. Per union representatives, despite Dino’s growth, the company continues to neglect mandatory employee-welfare obligations.
Staff claim many were pressured into signing waivers of benefits under threat of losing their jobs — and those who refused reportedly were let go.
As the chain expands rapidly, adding new stores and staff, the group of dissatisfied workers grows alongside.
Though Dino Polska continues to expand rapidly and invest in infrastructure and growth including new distribution centers and store openings. The human-resources side appears strained: many employees criticize low wages, difficult working conditions, and the lack of a statutory social benefits fund (commonly required for employers above a certain size in Poland). High staff turnover is another red flag: in 2024 nearly 11,000 employees left Dino, amounting to roughly 21.7% of the workforce. The complaints indicate a potential risk for the company’s employer brand - employee dissatisfaction may translate into labour shortages, recruitment difficulties, and reputational damage if not addressed.
Board Member of Dino Polska Reports Share Transactions
Eryk Bajer, a member of the Supervisory Board of Dino Polska S.A., has disclosed recent transactions involving the purchase of the company’s shares. According to the notification, Bajer acquired a total of 40,000 shares in three separate transactions on November 10, 2025, at an average price of 42.1 PLN per share. The transactions were conducted on the Warsaw Stock Exchange (WSE). The disclosure complies with Article 19(1) of the EU Market Abuse Regulation (MAR), ensuring transparency in insider trading activities.
This development highlights the confidence of Dino Polska's leadership in the company’s growth prospects and underscores the importance of regulatory compliance in maintaining investor trust.
Dino Polska Reports Q3 2025 Financial Results with Strong Revenue Growth and Store Expansion
Dino Polska S.A., one of Poland's leading grocery retail chains, reported a net profit of PLN 481.9 million for Q3 2025, marking an increase from PLN 438.2 million in the same period last year. However, the result fell short of the PLN 497.9 million consensus forecast by analysts. The company's EBIT reached PLN 622.1 million, 3.7% below expectations, while EBITDA rose by 11.4% year-on-year to PLN 750 million, slightly under the projected PLN 770.8 million.
Total revenues for the quarter amounted to PLN 8.761 billion, reflecting a 15.2% year-on-year increase, though below the anticipated PLN 8.966 billion. The EBITDA margin stood at 8.6%, a slight decline from 8.9% in the previous year. Like-for-like (LfL) sales growth was recorded at 4.4%.
In terms of expansion, Dino Polska opened 98 new stores during the quarter, bringing its total network to 2,933 supermarkets as of the end of September 2025.
Relevance: This article highlights Dino Polska's financial performance, revenue growth, and aggressive store expansion strategy, which are central to its business model and market position in Poland's grocery retail sector.
Polish Inflation Expected to Drop to 3% in Q4, Says NBP President
Adam Glapiński, President of the National Bank of Poland (NBP), announced during a press conference that inflation in Poland is projected to decline significantly in the coming months, reaching approximately 3% in the fourth quarter of the year. This optimistic outlook is attributed to improved consumer price index (CPI) trends, signaling stabilization in the economy. The NBP's forecast reflects a positive shift in inflationary pressures, which have been a key concern for businesses and consumers alike.
Relevance to Dino Polska S.A.: Lower inflation levels could positively impact consumer spending on food and everyday goods, directly influencing Dino Polska's revenue and like-for-like sales performance.
ETS2 Implementation in Poland Could Drive Inflation Higher by 2 Percentage Points
Poland's central bank governor, Adam Glapiński, has warned that the introduction of the European Union's Emissions Trading System 2 (ETS2), scheduled for 2027, could increase inflation by up to 2 percentage points. Speaking at a recent conference, Glapiński emphasized the potential economic impact of the system, which aims to extend carbon pricing to buildings and road transport. The ETS2 initiative is part of the EU's broader climate strategy to reduce greenhouse gas emissions, but its implementation could significantly affect consumer prices, including food and everyday goods.
The relevance of this development to Dino Polska S.A. lies in the potential inflationary pressures that could influence consumer spending patterns and operational costs, directly impacting the company's revenue dynamics and pricing strategies.
Poland’s Central Bank Adjusts Interest Rates Amid Improving Inflation Outlook
The Monetary Policy Council (RPP) of Poland has announced an adjustment to the National Bank of Poland's (NBP) interest rates during its October meeting, citing improved inflation prospects. The decision reflects a gradual decline in wage growth dynamics within enterprises, signaling a stabilization in economic conditions. This move is expected to influence consumer spending patterns and overall market dynamics, particularly in sectors sensitive to inflation, such as food retail.
Relevance: The adjustment in interest rates and improving inflation outlook directly impact consumer purchasing power and spending habits, which are critical factors for Dino Polska’s revenue and growth in the grocery retail sector.
Notification of Share Transaction by Dino Polska Supervisory Board Member
Dino Polska S.A. has announced that on October 3, 2025, it received a formal notification from Mr. Sławomir Jakszuk, a member of the Supervisory Board, regarding a transaction involving the company's shares. The disclosure complies with Article 19(1) of the Market Abuse Regulation (MAR). Details of the transaction have been shared as part of the official communication.
Relevance: This announcement highlights corporate governance practices and transparency within Dino Polska, which are critical for investor confidence and the company's performance on the Warsaw Stock Exchange (WSE).
2026 EPS Estimates
- Slower expansion pace, higher wage and energy costs, and limited ability to pass cost inflation to consumers
- Mid-teens revenue growth driven by store expansion, LFL growth around 4–5%, EBITDA margin ~8%, and stable financing costs
- Faster-than-expected store rollout, stronger LFL growth, and operating leverage leading to modest margin expansion
Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.
Key Metrics
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Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.