Dino Polska (DNP) · H1 2026 results and valuation

At 19.3% growth a year (3-year revenue growth), the model's fair value is 35.93 zł a share — the stock trades 5% above it. Today's price assumes 20.0% growth a year.

1. Figure

   Cost of sales increased by 1,549.5 million PLN, or 12.7%, to 13,720.3 million PLN in the first half of 2026, with a corresponding 12.5% increase in sales revenue.

2. Figure

   Geographic expansion is accompanied by growth in sales revenue in the existing store network (LfL), which in the first half of 2026, compared to the same period in 2025, amounted to 2.2%.

3. Figure

   As of June 30, 2026, the Dino chain counted 3,176 markets, 341 more than a year ago.

4. Figure

   In the first half of 2026, Dino Polska generated 63.4 GWh of solar electricity, compared to 56.0 GWh in the same period of 2025.

5. Key theme

   Large and continuously growing order volumes with suppliers provide benefits in the form of economies of scale and enable Dino to purchase goods on favorable terms, which should continue to improve gradually along with the expansion of the sales network.

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1. Key theme

   The EBITDA margin was influenced by Dino's pricing policy aimed at maximizing sales volumes, as well as by the relatively slow growth rate of sales revenue.

Very upbeat for a company report — about as upbeat as in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“Geographic expansion is accompanied by growth in sales in the existing store network (LfL),”

“At the same time, the Capital Group is pursuing intensive expansion of its network by utilizing free funds and proceeds from bank loans to increase the value of new investments.”

“It cannot be ruled out that tax authorities may challenge the correctness of the tax settlements of the Company or the Companies of the Dino Group, which may have a negative impact on the activities, financial situation, and results of the Dino Group.”