Dino grocer prepares for more store openings in 2026; two distribution centres opened per year

"We have more and more investment processes underway, which affects CAPEX. We want to prepare for more openings next year, and this process is lengthy, so it is already having some impact on this year's capital expenditure. We have also had two logistics centres under construction," CFO Krauze told the conference call.

The management board of Dino expects that in 2025, the number of new store openings will increase by several percent, and total capital expenditure will amount to PLN 1.8-2.0 billion (421.9-468.8 mln), which, in addition to the development of the store network, will include expenditure on logistics facilities and increasing the production capacity of Agro-Rydzyna.

When announcing its first quarter results, the company assumed that CAPEX in 2025 would be lower, amounting to PLN 1.7-1.8 billion (EUR 398.5-421.9 mln).

According to Krauze, the cost of building the logistics centre is estimated at PLN 130-150 million (EUR 30.5-35.2 mln).

"At the moment, we are at a stage where we are opening about two centres a year," said Dino's CFO.

In the second quarter of 2025, Dino Polska opened 89 new stores. In total, 147 new stores were opened in the first half of the year, up from 98 in the prior year period. At the end of June 2025, the Dino chain comprised 2,835 stores, 331 more than a year ago.

When asked about the development of the chain in large Polish cities, Dino's CFO pointed out that the company has several dozen stores in such locations.

"We are starting to open stores in Warsaw because we have reached that city with our geographical expansion and we have logistics that are capable of serving stores in that area," said Krauze.

The Dino group has lowered its LFL sales target for this year. It expects mid single-digit LFL sales growth in 2025, whereas previously it had forecast high single-digit growth.

LFL sales increased by 4.8 percent in the first half of 2025, against a 6.4 percent growth in the prior year period. In the second quarter alone, Dino's LFL sales rose by 8.8 percent versus 1.8 percent last year.

As reported, the main factor positively influencing LFL sales growth (at around 3-4 percent) in the second quarter was the shift of Easter from the first quarter to the second quarter of 2025.

When asked whether LFL growth could be expected to accelerate in the second half of the year, CFO Krauze replied: "The bad weather continued in July. (...) We are hopeful and are doing everything we can to increase sales volumes."

He pointed out that there are still many unknowns regarding the deposit system, which is why the company is trying to remain very flexible.

"I think that the impact on this year's financial statements will not be significant," member of Dino's management board assessed.

pel/ ao/