Q1 2026 report
Dino kontynuuje szybką, opłacalną ekspansję sieciową — 62 nowe sklepy w kwartale (łącznie 3 094), wzrost powierzchni sprzedażowej +13% r/r, przy jednocyfrowym wzroście LfL 4,4% mimo deflacji cen żywności.
Sentiment
Neutral
No guidance change
DNP
Q1 2026 report
Revenue
7,354.3 m PLN
— YoY
Net income
311.25 m PLN
— YoY
EBITDA
532.26 m PLN
— YoY
Gross margin
23.97%
— YoY
Summary
Investment thesis
- Przychody wzrosły o 14,8% r/r do 8,4 mld PLN, ale marża EBITDA skurczyła się o 0,5 pp r/r do 6,7% pod wpływem polityki cenowej nastawionej na wolumen oraz jednorazowych kosztów pogodowych.
- Bilans pozostaje bardzo konserwatywny jak na skalę ekspansji — dług netto/EBITDA TTM to jedynie 0,1x, a struktura finansowania to głównie zobowiązania handlowe, nie dług oprocentowany.
- Operacyjne przepływy pieniężne poprawiły się skokowo r/r (94,7 mln PLN vs 6,7 mln PLN), ale FCF pozostaje ujemny (-315 mln PLN) ze względu na wysoki, planowany capex (ok. 2,5 mld PLN w całym 2026 r.).
- Spółka nie wypłaca dywidendy i nie publikuje formalnych prognoz — cały wolny kapitał reinwestowany jest w dalszy rozwój sieci i zaplecza logistycznego (nowe centrum dystrybucyjne w Zawierciu).
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Financials
BETA
DNP · Q1 2026
| Metric | Q1 2026 | Q1 2025 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|
| Revenue | 7,354.3 | — | — | reported | — | 1.00 |
| Gross profit | 1,787.3 | — | — | reported | — | 1.00 |
| EBITDA | 532.26 | — | — | reported | — | 1.00 |
| EBIT | 414.1 | — | — | reported | — | 1.00 |
| EBT | 385.55 | — | — | reported | — | 1.00 |
| Net income | 311.25 | — | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.32 | — | — | reported | — | 1.00 |
| D&A | 118.16 | — | — | reported | — | 1.00 |
| Interest expense | 31.41 | — | — | reported | — | 0.90 |
| Shares (basic) (m units) | 980.4 | — | — | reported | — | 0.90 |
| Gross margin | 23.97% | — | — | reported | — | 0.95 |
| Net margin | 4.23% | — | — | reported | — | 0.95 |
| Cash | 954.81 | — | — | reported | — | 1.00 |
| Total debt | 755.33 | — | — | derived | — | 0.95 |
| Net debt | -199.48 | — | — | reported | — | 1.00 |
| Equity | 8,671.11 | — | — | reported | — | 1.00 |
| Total assets | 15,171.28 | — | — | reported | — | 1.00 |
| Working capital | -932.55 | — | — | reported | — | 0.90 |
| Current assets | 4,972.03 | — | — | reported | — | 1.00 |
| Current liabilities | 6,065.2 | — | — | reported | — | 1.00 |
| Goodwill | 183.69 | — | — | reported | — | 0.80 |
| CFO | 6.73 | — | — | reported | — | 1.00 |
| CapEx | 515.64 | — | — | reported | — | 1.00 |
| FCF | -508.91 | — | — | reported | — | 0.95 |
| FCF conversion | -55.78% | — | — | reported | — | 0.85 |
| CFO conversion | 1.26% | — | — | reported | — | 0.90 |
| Dividends paid | 0 | — | — | reported | — | 1.00 |
| ROE | 19.06% | — | — | reported | — | 0.65 |
| ROA | 11.12% | — | — | reported | — | 0.60 |
| Current ratio | 0.84x | — | — | reported | — | 0.95 |
| Quick ratio | 0.22x | — | — | reported | — | 0.90 |
| Cash ratio | 0.13x | — | — | reported | — | 0.90 |
| Interest coverage | 13.95x | — | — | reported | — | 0.85 |
| Net debt / EBITDA | 0.3x | — | — | reported | — | 1.00 |
| Debt / equity | 0.1x | — | — | reported | — | 0.90 |
| Debt / assets | 0.06x | — | — | reported | — | 0.90 |
| Net debt / equity | 0.02x | — | — | reported | — | 0.90 |
| Revenue growth (YoY) | 14.76% | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 6.14% | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 1.24% | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 1.52% | — | — | reported | — | 0.95 |
| FCF growth (YoY) | 38.09% | — | — | reported | — | 0.90 |
| EBITDA margin Δ (YoY) | -0.5 pp | — | — | reported | — | 1.00 |
| EBIT margin Δ (YoY) | -0.66 pp | — | — | reported | — | 1.00 |
Q1 2026 · Δ YoY
Revenue
7,354.3
—
7,354.3
—
- Q1 2025
- —
Gross profit
1,787.3
—
1,787.3
—
- Q1 2025
- —
EBITDA
532.26
—
532.26
—
- Q1 2025
- —
EBIT
414.1
—
414.1
—
- Q1 2025
- —
EBT
385.55
—
385.55
—
- Q1 2025
- —
Net income
311.25
—
311.25
—
- Q1 2025
- —
EPS (basic)
(PLN)
0.32
—
0.32
—
- Q1 2025
- —
D&A
118.16
—
118.16
—
- Q1 2025
- —
Interest expense
31.41
—
31.41
—
- Q1 2025
- —
Shares (basic)
(m units)
980.4
—
980.4
—
- Q1 2025
- —
Gross margin
23.97%
—
23.97%
—
- Q1 2025
- —
Net margin
4.23%
—
4.23%
—
- Q1 2025
- —
Cash
954.81
—
954.81
—
- Q1 2025
- —
Total debt
755.33
—
755.33
—
- Q1 2025
- —
Net debt
-199.48
—
-199.48
—
- Q1 2025
- —
Equity
8,671.11
—
8,671.11
—
- Q1 2025
- —
Total assets
15,171.28
—
15,171.28
—
- Q1 2025
- —
Working capital
-932.55
—
-932.55
—
- Q1 2025
- —
Current assets
4,972.03
—
4,972.03
—
- Q1 2025
- —
Current liabilities
6,065.2
—
6,065.2
—
- Q1 2025
- —
Goodwill
183.69
—
183.69
—
- Q1 2025
- —
CFO
6.73
—
6.73
—
- Q1 2025
- —
CapEx
515.64
—
515.64
—
- Q1 2025
- —
FCF
-508.91
—
-508.91
—
- Q1 2025
- —
FCF conversion
-55.78%
—
-55.78%
—
- Q1 2025
- —
CFO conversion
1.26%
—
1.26%
—
- Q1 2025
- —
Dividends paid
0
—
0
—
- Q1 2025
- —
ROE
19.06%
—
19.06%
—
- Q1 2025
- —
ROA
11.12%
—
11.12%
—
- Q1 2025
- —
Current ratio
0.84x
—
0.84x
—
- Q1 2025
- —
Quick ratio
0.22x
—
0.22x
—
- Q1 2025
- —
Cash ratio
0.13x
—
0.13x
—
- Q1 2025
- —
Interest coverage
13.95x
—
13.95x
—
- Q1 2025
- —
Net debt / EBITDA
0.3x
—
0.3x
—
- Q1 2025
- —
Debt / equity
0.1x
—
0.1x
—
- Q1 2025
- —
Debt / assets
0.06x
—
0.06x
—
- Q1 2025
- —
Net debt / equity
0.02x
—
0.02x
—
- Q1 2025
- —
Revenue growth (YoY)
14.76%
—
14.76%
—
- Q1 2025
- —
EBITDA growth (YoY)
6.14%
—
6.14%
—
- Q1 2025
- —
EBIT growth (YoY)
1.24%
—
1.24%
—
- Q1 2025
- —
Net income growth (YoY)
1.52%
—
1.52%
—
- Q1 2025
- —
FCF growth (YoY)
38.09%
—
38.09%
—
- Q1 2025
- —
EBITDA margin Δ (YoY)
-0.5 pp
—
-0.5 pp
—
- Q1 2025
- —
EBIT margin Δ (YoY)
-0.66 pp
—
-0.66 pp
—
- Q1 2025
- —