Dino Polska: 1Q26 beat drives small EPS upgrades

研报英文原文证据摘录

Dino Polska: 1Q26 beat drives small EPS upgrades

Equity Research

European Food Retail

19 May 2026

Dino Polska

1Q26 beat drives small EPS

upgrades

We increase our EPS forecasts by low-single-digit percentages DNP.WA/DNP PW EQUAL WEIGHT

post 1Q26 as volume-led LFLs and EBITDA came in ahead of Unchanged

expectations. We expect deflation to continue to weigh on European Food Retail UnchangedNEUTRAL

LFLs in the near term and price investments to weigh on Price Target PLN 35.00

margins, particularly in 1H. Reiterate EW, PT PLN 35. Unchanged

Price (18-May-26) PLN 32.33

Potential Upside/Downside +8.3%

We make small upwards revisions to our EPS estimates following Dino's 1Q26 results and Source: Bloomberg, Barclays Research

earnings call on Friday afternoon. LFL growth of +4.4% came in ahead of both Barclays and

consensus expectations, with growth entirely volume-driven amid "significant" basket Market Cap (PLN mn) 31696

deflation. We expect continued deflation as well as the negative Easter impact to weigh on LFL Shares Outstanding (mn) 980.40

growth in 2Q, though inflationary pressures should provide some support in 2H. Deflation Free Float (%) 48.77

continues to be driven by input cost deflation in fresh (42.4% of sales) with >2% deflation in 1Q, 52 Wk Avg Daily Volume (mn) 2.7

as well as continued price investments as Dino looks to defend its volume share. We continue to Dividend Yield (%) N/A

assume that price investments will weigh on gross margins this year, particularly in 1H. The net Return on Equity TTM (%) 19.10

impact is that our EPS forecasts rise by a low-single-digit percentage for the following two years. Current BVPS (PLN) 9.14

Source: Bloomberg

Share performance (YTD -22% vs SXXP +3%). We reiterate our Equal Weight rating and our price

target of PLN 35.