Dino Polska flags slowing growth as consumers turn cautious, shares slump (updated)

Jeronimo Martins SGPS SA

27/03/2026 09:02

Adds share move in paragraphs 1-2, analyst comment in paragraph 5

March 27 (Reuters) - Polish food retailer Dino's DNP.WA shares plummeted on Friday after its fourth-quarter net profit - hit by slowing inflation and price-conscious shoppers - fell short of forecasts.

Its shares fell as much as 15.8% in early trade and were on track for their worst ever single-day performance.

The net quarterly result came in at 367.7 million zlotys ($99.2 million), missing an estimate of 445 million in a Reuters poll.

"The year 2025 was a time when customers shopped more carefully ... and in very many purchasing decisions were guided by price," Dino board member Michał Krauze said in a statement, adding that year-end deflation in Poland had hurt sales revenue.

Trigon analyst Grzegorz Kujawski described the results as a "string of disappointments," highlighting a surprise drop in gross margin.

For 2026, Dino said it plans to increase the number of new store openings by a "double-digit percentage" and is targeting higher like-for-like growth. Its pricing policy, meanwhile, will prioritise sales volumes over margin, it added in its results statement.

Like-for-like sales grew 4.4% in 2025, slowing from the 5.3% growth in 2024.

Dino said full-year revenue rose 15% year-on-year to 33.63 billion zlotys, driven by the rapid expansion of its network as it added 345 new shops in 2025.

Last week, Portuguese retailer Jeronimo Martins JMT.LS, whose main market is Poland where it operates the country's largest food retailer Biedronka, warned of the potential impact of geopolitical instability on Biedronka's results.

($1 = 3.7066 zlotys)

 (Reporting by Alicja Surdy and Boleslaw Lasocki; Editing by Joe Bavier)

 ((boleslaw.lasocki@thomsonreuters.com))