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- W dzisiejszym Profit Journal:
- The Business Model
- Financial Data
- Strategy and future of Dino
- Opportunities & Risks
Dino Polska is one of the largest retail chains in Poland, operating 3,094 grocery supermarkets located mainly in small and medium-sized towns. The company’s business model is based on medium-format stores offering a wide range of food products and everyday consumer goods, with a strong focus on fresh food. Dino is primarily expanding organically by opening new stores and increasing sales in its existing network. A key element of the business is the control of a large part of the value chain, including its own logistics, distribution centers, and meat processing plants Agro-Rydzyna. Thanks to this, the company can efficiently manage costs and maintain high availability of fresh products. At the end of 2025, group revenues exceeded PLN 33 billion.
The Business Model
The business model of Dino is primarily focused on selling food-related products through its supermarket network. In 2025, 41% of sales revenues in Dino stores came from fresh food products. A part of this includes meat products supplied by Agro-Rydzyna. This is a company in which Dino holds 100% ownership. It is a producer and supplier of meat. Products from Agro-Rydzyna account for 15% of sales revenues. This structure reduces dependence on external suppliers and increases control over quality.
Approximately 47% of 2025 revenues from Dino stores come from other food products, most commonly sweets, snacks, frozen products, beverages, etc. The remaining 12% of revenues come from non-food products, mainly cleaning products, hygiene items, and seasonal goods. Dino has a diversified supplier base. Excluding Agro-Rydzyna, the 10 largest suppliers accounted for 15% of revenues in 2025.
The company operates its own logistics network and distribution centers, which supports margin improvement and strengthens internal efficiency. At the end of 2025, the company had 12 distribution centers, with two opened in 2025, reducing transport costs in the Warmian-Masurian and Opole regions. The company reports plans to build additional distribution centers, with one center potentially capable of serving 350–400 stores. It is not confirmed whether the existing ones have the same capacity. Assuming similar efficiency levels, the potential store network size could reach around 4200 stores
Graph 1: Number of Dino supermarkets in Poland
At the end of 2025, the number of supermarkets was 3,033, and after Q1 2026 it reached 3,094 stores. Between 2016 and 2025, the average annual increase in store count was around 243 new stores per year.
Financial data
The data shows very dynamic growth of Dino’s scale of operations between 2016 and 2025 – revenues increased from approx. PLN 3.37 billion to over PLN 33.6 billion, almost tenfold. Net profit also steadily increased from PLN 151 million to around PLN 1.56 billion, indicating sustained profitability despite rapid network expansion. EBIT has grown steadily, but its margin has been more volatile – peaking in 2020 (8.27%) and then gradually declining to around 6% in 2025. The margin decline in recent years may reflect rising operating costs, competitive pressure, or expansion-related costs. Overall, the company remains a very fast-growing player, with some pressure observed on operating profitability after the pandemic peak period. Quarterly data shows that historically the company generates the highest revenues in Q4 and the lowest in Q1. In Q1 2026, revenues increased by almost 14.8% compared to the previous year. There was also notable pressure on margins due to rising operating costs.
Graph 2: Revenue of Dino
Graph 3: Ebit margin of Dino
Strategy and future of Dino
The startegy is based on three elements:
- 1) increasing the number of stores
- 2) increasing sales from existing stores
- 3) improving profitability
Dino has the greatest influence on expansion its supermarket network across Poland. It plans to do this through densification of store locations and expansion into regions where Dino stores are less common. This likely refers to eastern and northern regions of the country. The company also plans to build additional distribution centers and expand the capacity of existing meat processing plants to efficiently supply new stores. It is worth noting that in its 2025 report, the company stated that the number of new store openings is expected to increase by several percent, and capital expenditures are planned at PLN 2.5 billion. However, PLN 250–300 million of this amount is allocated to the implementation of the deposit return system, which is required by government regulation.
Opportunities
- 1. Expansion of Dino store network
Growth of stores in southern and eastern Poland and gradual equalization of store density across regions. There appears to be potential here, as store density in eastern regions is several times lower than in the western-central part of the country.
2. Dino Oil
Since 2023, Dino has been testing its fuel station concept under the Dino Oil brand. It is speculated that the company may further develop this project and potentially build fuel stations next to stores to attract customers. It is worth noting that the company has posted job advertisements for qualified staff on its website. However, no detailed information has been provided in official reports, so this remains uncertain.
3. Economies of scale
As the supermarket network expands, the company becomes more competitive, strengthens its bargaining power with suppliers, and improves logistics utilization, which may support margin development in the long term.
4. Increasing wealth of Polish consumers
Dino’s business is based on consumption; therefore, macroeconomic factors related to household income, such as wage growth and employment growth, are relevant drivers.
Risks
- 1. Exhaustion of attractive locations
The best locations are typically taken first, so as the network expands, new stores may be located in less attractive areas and could potentially be less profitable. - 2. Persistent food deflation
In such an environment, sales volume growth may not fully translate into proportional revenue growth, as products are sold at lower prices. Long-term deflationary pressure may also make it more difficult to cover rising labor, energy, and logistics costs. - 3. Labor relations tensions
In recent years, trade unions have raised concerns regarding staffing levels, workload, and wages, leading to collective disputes and protests. Any escalation of these conflicts could increase labor costs and may have a negative impact on the company’s reputation. - 4. Regulatory risk
Dino Polska Dino Polska and several transport companies are subject to allegations raised by the Polish Office of Competition and Consumer Protection (UOKiK) regarding practices that allegedly restricted truck drivers’ ability to change employers - 5. Price war
Significant price reductions by competitors such as Biedronka (Jerónimo Martins), Lidl, or Lewiatan could potentially lead to increased price competition in the sector.
This post is for informational and educational purposes only and
reflects my personal analysis based on publicly available information. It
should not be considered investment, financial, or legal advice, nor a
recommendation to buy, sell, or hold any security. Investors should conduct
their own research and, where appropriate, consult a qualified financial
advisor before making any investment decisions.
Autor: Filip Timofiejczuk
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