Profil:
Dino Polska SADino Polska grocer posts PLN 311.2 mln Q1 net profit against PLN 292.3 mln consensus
Listed retailer Dino Polska group's parent company's net profit was PLN 311.2 million (EUR 73.2 mln) in the first quarter of 2025, compared to PLN 295.2 million (EUR 69.5 mln) profit a year earlier, the company said in its quarterly report. The PAP Biznes consensus expected a net profit of PLN 292.3 million (EUR 68.8 mln).
EBIT amounted to PLN 414.1 million (EUR 97.4 mln) vs. PLN 397.5 million (EUR 93.5 mln) a year earlier and was 7.1 percent higher than analysts' expectations of PLN 386.5 million (EUR 90.9 mln).
The group's EBITDA result amounted to PLN 532.3 million (EUR 125.3 mln), up 8.2 percent year on year. PAP Biznes's consensus was for a PLN 499.8 million (EUR 117.6 mln) EBITDA.
The group's revenue amounted to PLN 7.354 billion (EUR 1.73 bln), up 10.2 percent year on year. Analysts had expected revenues of PLN 7.449 billion (EUR 1.75 bln).
The EBITDA margin was 7.24 percent, compared to 7.38 percent a year earlier.
LFL sales growth was 0.5 percent, compared to 11.9 percent in the first quarter of 2024.
The weaker LFL growth, the company said, was driven by the shift of Easter from the first quarter of 2024 to the second quarter of 2025 (which should benefit LFL sales growth in the second quarter of this year), and two fewer shopping days in the first quarter of 2025 compared to the first quarter of 2024.
The company reported that fresh produce, including meat, cold cuts and poultry, accounted for 42 percent of group sales in the first quarter.
Cost of sales increased by 8.5 percent year on year to PLN 5.567 billion (EUR 1.31 bln). Sales and marketing costs increased by 20.9 percent, to PLN 1.318 billion (EUR 310.1 bln). General and administrative expenses increased to PLN 57.6 million (EUR 13.6 mln).
Dino Group's net debt amounted to PLN 735.6 million (EUR 173.1 mln) at the end of March 2025, an increase of PLN 539.8 million (EUR 127 mln) compared to December 31, 2024.
The ratio of net debt to EBITDA for the last 12 months was 0.31x at the end of March 2025. At the end of March 2024, the ratio was 0.39x.
The group generated net cash from operating activities of PLN 6.7 million (EUR 1.58 mln) in the first quarter, down 98.5 percent year on year.
In the first quarter of 2025, Dino Polska opened 58 new shops. At the end of March 2025, the Dino chain comprised 2,746 stores with a total sales floor area of 1,084.5 thousand square metres. (+12.9 percent year on year). A year earlier, in the first quarter, Dino Polska opened 32 shops.
The company's development investments amounted to PLN 516 million (EUR 121.4 mln) in the first quarter and were 56 percent higher than a year ago.
The company's management board expects that in 2025 the number of new shop openings will increase by a high several percent, and the total investment outlays will amount to PLN 1.7-1.8 billion (EUR 399.9-423.4 mln)(which, apart from the development of the shop chain, will include outlays for logistics facilities and for increasing the production capacity of the Agro-Rydzyna meat processing plant).
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Below are Dino Polska's results for the first quarter of 2025 and their relation to the PAP Biznes consensus and previous results.
Data in million PLN.
| Q1 2025 | result | consensus | difference | y/y | q/q |
| Revenue | 7354,3 | 7449,3 | -1,3% | 10,2% | -5,1% |
| EBITDA | 532,3 | 499,8 | 6,5% | 8,2% | -15,7% |
| EBIT | 414,1 | 386,5 | 7,1% | 4,2% | -20,6% |
| attrib. net profit | 311,2 | 292,3 | 6,5% | 5,4% | -26,5% |
| EBITDA margin | 7,2% | 6,7% | 0,53 | -0,14 | -0,91 |
| EBIT margin | 5,6% | 5,2% | 0,44 | -0,33 | -1,09 |
| net margin | 4,2% | 3,9% | 0,31 | -0,19 | -1,23 |
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