Dino: Mixed read-across from JMT’s 2Q26 print

Research evidence excerpt

Dino: Mixed read-across from JMT’s 2Q26 print

J P M O R G A N CEEMEA Equity Research

30 July 2026

Dino Underweight

DNP.WA, DNP PW

Mixed read-across from JMT’s 2Q26 print Price (29 Jul 26):zl31.69

Price Target (Dec-27):zl28.00

Jeronimo Martins’ Biedronka (OW, AFL, covered by Borja Olcese) reported -1.6% CEEMEA Consumer

ACLFL in 2Q26, marking a 390bp q/q slowdown which came broadly in line with the Elena Jouronova, CFA

downgraded Consensus expectations. Margins stood out positively despite price (971) 4561-2010

investments: EBITDA margin improved by 42bp y/y in 2Q26, with EBITDA elena.jouronova@jpmorgan.com

beating consensus by 3.6%. Overall, the release implies 1) a negative read-across J.P. Morgan Securities plc

for Dino (UW) on LFLs - though this is likely already well understood given the Anastasia Tikhonova

prior consensus downgrades - and 2) a more constructive read-across for (44-20) 3493-8007

anastasia.tikhonova@jpmorgan.com

profitability. Biedronka seems to be expanding gross margin despite price J.P. Morgan Securities plc

investment, which may signal that Dino’s 2Q26 gross margins have also been European Food Retail

pressured less than feared, albeit we highlight that opex dynamics for Dino are

likely to be weaker due to wage indexation in the quarter. Borja Olcese

(34-91) 516-1511

• JMT – margin outperformance drives valuation & earnings upside risk. borja.olcese@jpmorgan.comJ.P. Morgan Securities plc

JMT (OW, AFL, covered by Borja Olcese) (link) delivered Biedronka 2Q LFL

Palak Garg

contraction of -1.6%, in line with expectations, while margins surprised to the

(91-22) 6157-5102

upside: Biedronka margin increased over 40bps y/y (vs cons assumptions of palak.x2.garg@jpmorgan.com

flat), and group margins rose 20bps y/y (vs cons modelling a 10bps decline). J.P.