Refile: Dino Polska beats Q2 profit expectations despite pressure on margin

Jeronimo Martins SGPS SA

20/08/2026 17:40

Corrects dateline to Aug 20 (not Aug 19
Aug 20 (Reuters) - Polish supermarket chain Dino Polska DNP.WA on Thursday reported a small year-on-year rise in second-quarter net profit to 400.1 million zlotys ($108.1 million), beating analysts' forecast of 376 million zlotys. 
Dino's results have been under pressure from slowing food price inflation, combined with rising labour costs following a wage hike in April, squeezing the retailer's margins.
However, Dino is pursuing a rapid expansion across Poland, which continues to fuel double-digit revenue growth. It has focused on establishing itself in rural areas, while opening 86 stores in the second quarter. 
The company's like-for-like sales rose 0.3% in the second quarter.
Q2 core profit, or EBITDA, came in at 665.1 million zlotys.
The EBITDA margin fell to 6.98% from 7.54% in Q2 2025.
Analysts expect the pressure from slowing inflation to ease in the second half, which could support a recovery in the company's profitability.
"Food prices in Dino stores were characterized by negative dynamics, which limited the overall pace of revenue growth," the company said.
In late July, Dino's main rival in Poland, Jeronimo Martins' Biedronka chain, reported a surprise margin increase driven by cost savings, despite net profit missing expectations on heavy basket deflation.($1 = 3.6998 zlotys)

(Reporting by Alicja Surdy and Emmanuelle Serres. Editing by Mark Potter)
((AlicjaEwa.Surdy2@thomsonreuters.com;))