Dino Polska: 1Q results call takeaway

研报英文原文证据摘录

Dino Polska: 1Q results call takeaway

Equity Research

European Food Retail

15 May 2026

Dino Polska

1Q results call takeaway

LFL of +4.4% was entirely volume-led amid basket deflation,

supported by Easter timing (+1.5ppts). Gross margin was

supported by mix and improving purchasing conditions, DNP.WA/DNP PW EQUAL WEIGHT

European Food Retail NEUTRAL

while EBITDA margin dynamics reflect price investment and Price Target PLN 35.00

higher weather-related opex. Focus remains on driving Price (14-May-26) PLN 29.17

volume growth. PotentialSource: Bloomberg,Upside/DownsideBarclays Research +20.0%

Shares are up c.+10% (vs SXXP c. -2%) following a 9% EBITDA beat, driven by less severe gross European Food Retail

margin contraction and opex growth in line with 4Q. Matthew Clements

+44 (0)20 7773 6018

•• LFL growth of +4.4% in 1Q was entirely volume-driven with continued grocery price deflation matthew.clements@barclays.com

(notably >2% in fresh categories). The earlier Easter timing supported trading in late-March Barclays, UK

and contributed c. +1.5ppts in 1Q, though this benefit reverses in 2Q and will negatively

Imogen Doyle

impact LFLs.

+44 (0)20 7773 2605

•• Deflation in fresh categories has deepened further in April. imogen.doyle@barclays.com

Barclays, UK

•• Consumers are in a "pretty decent condition" but continue to make considered purchasing

decisions.

•• Gross margin was supported by sales mix and improving purchasing conditions.

•• EBITDA margin contraction reflects pricing and higher operating expenses as a result of cold

and snowy weather in the quarter.

•• Management reiterated a focus on driving volume growth to support LFLs even in a

deflationary environment.

Q&A:

1.1. Could you break down LFL (volume vs price) and quantify the Easter impact? LFL