Dino Polska (DNP.WA): 2Q26 Results Preview

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11 Aug 2026 05:59:15 ET │ 11 pages

Dino Polska (DNP.WA)

2Q26 Results Preview

CITI'S TAKE

Dino will report 2Q26 results on 20 August after close. We look for profit of

ZL 395m (-1% YoY), with sales reaching ZL 9.49bn (+10% YoY), EBITDA of

ZL 663m (+2% YoY), and EBIT of ZL 512m (-3% YoY). At the

sales/EBITDA/EBIT/profit levels, we are -1%/0%/0%/+1% vs PAP

consensus and -1%/0%/-1%/+1% vs VA consensus, respectively. We look

for gross margin of 23.1%, down 0.31pp YoY and EBIT margin of 5.4%,

down 0.73pp YoY. We expect SG&A costs to grow slightly ahead of sales

at ~12% YoY. We forecast LFL sales growth of 1.9% (4.4% in 1Q26),

compared to VA cons. of 1.1%, in a market with 0.7% food inflation.

Neutral

Price (10 Aug 26 17:00)

Zl33.56

Target price

Zl38.00

Expected share price return

13.2%

Expected dividend yield

0.0%

Expected total return

13.2%

Market Cap

Zl32,902M

US$8,827M

Rafal Wiatr, CFAAC