✦ One Hundred and Seventeen Megawatts on the RoofsNarrow moat

Dino Polska (DNP) — the future bets

Owning the buildings is what lets Dino own the roofs, and a grocer is an electricity business with food in it.

At the end of 2025, 94% of Dino's stores were equipped with photovoltaic installations, with total installed capacity of 117 MW1.

Solar on the estate, end-202594%of stores fitted117 MWinstalled capacity380stores fitted during 2025Three distribution centres were fitted in the same year. Owning the buildings is what allows it.
A grocery store is an electricity business with food in it, and at 94% this programme is nearly finished.

The programme is still expanding: in 2025 the company installed panels on the roofs of 380 stores and three distribution centres2, and it lists renewable energy on every store and distribution centre among its environmental initiatives alongside energy-consumption monitoring and heat recovery from refrigeration equipment3.

The reason this belongs among the bets rather than the housekeeping is the interaction with the format. A grocery store is an electricity business with food in it — refrigeration runs continuously, and in a 400-square-metre box the chillers are a large share of the operating cost. Owning the roof, which Dino does because it owns the buildings4, is what makes on-site generation possible at all; a leased estate would require a landlord's agreement three thousand times.

There is evidence in the accounts that it is working. Of the six cost lines in the cost-by-nature note, the consumption of materials and energy is the only one that behaved in 2025: 2 641,4 million złoty, up 5,4%, against employee benefits up 21,2%, depreciation up 23,4% and external services up 18,5%5. In a year when everything else ran ahead of the 14,9% growth in revenue, energy and materials ran at a third of it.

At 94% coverage the programme is close to complete, which caps how much more it can contribute.

Grade this against selling costs, which grew 19,2% in 2025 against revenue growth of 14,9%6. Self-generated power is one of the few lines pushing the other way, and it is now almost fully deployed.

Moat trajectory: Holding steady

Panels on 94% of stores and 117 MW installed. Close to complete, which caps how much more it can contribute.

The number that tests this moat
Reported
Stores with their own photovoltaic installations
3 048 at 30 June 2026 (2 856 at end-2025), 125,8 MW in total

Solar cuts an energy bill that rises with every store; generation was 63,4 GWh in H1 2026 against 56,0 GWh.

Source: Dino Polska Management Report for the first half of 2026 ↗
References
  1. ReportedAt the end of 2025, 94% of Dino's stores were equipped with photovoltaic installations, with total installed capacity of 117 MW.
    Dino Polska Management Board's Activity Report for 2025 - Section 7, sustainability reporting (55,9 thousand employees at the year end and roughly 30 thousand jobs created over five years, photovoltaic installations on 94% of stores totalling 117 MW, energy consumption and heat recovery) — FY2025 · publ. March 2026 · source ↗
  2. ReportedThe programme is still expanding: in 2025 the company installed panels on the roofs of 380 stores and three distribution centres, and it lists renewable energy on every store and distribution centre among its environmental initiatives...
    Dino Polska Management Board's Activity Report for 2025 - Section 7, sustainability reporting (55,9 thousand employees at the year end and roughly 30 thousand jobs created over five years, photovoltaic installations on 94% of stores totalling 117 MW, energy consumption and heat recovery) — FY2025 · publ. March 2026 · source ↗
  3. ReportedThe programme is still expanding: in 2025 the company installed panels on the roofs of 380 stores and three distribution centres, and it lists renewable energy on every store and distribution centre among its environmental initiatives...
    Dino Polska Management Board's Activity Report for 2025 - Section 7, sustainability reporting (55,9 thousand employees at the year end and roughly 30 thousand jobs created over five years, photovoltaic installations on 94% of stores totalling 117 MW, energy consumption and heat recovery) — FY2025 · publ. March 2026 · source ↗
  4. ReportedOwning the roof, which Dino does because it owns the buildings, is what makes on-site generation possible at all; a leased estate would require a landlord's agreement three thousand times.
    Dino Polska Management Board's Activity Report for 2025 - Section 3,1, business profile (the standardised 400 m2 store format carrying roughly 5 000 stock keeping units, fresh food at 41% of sales delivered daily, the small-town and edge-of-town siting, the twelve distribution centres, and the ownership of most store real estate) — FY2025 · publ. March 2026 · source ↗
  5. ReportedOf the six cost lines in the cost-by-nature note, the consumption of materials and energy is the only one that behaved in 2025: 2 641,4 million złoty, up 5,4%, against employee benefits up 21,2%, depreciation up 23,4% and external services...
    Dino Polska Management Board's Activity Report for 2025 - Section 4,1-4,3, results of operations (sales revenue of 33 634,2m złoty up 14,9%, gross profit and the 23,5% gross margin, the cost lines including employee benefits up 21,2% and depreciation up 23,4%, EBITDA, and like-for-like growth of 4,4%) — FY2025 · publ. March 2026 · source ↗
  6. ReportedGrade this against selling costs, which grew 19,2% in 2025 against revenue growth of 14,9%.
    Dino Polska Management Board's Activity Report for 2025 - Section 7, sustainability reporting (55,9 thousand employees at the year end and roughly 30 thousand jobs created over five years, photovoltaic installations on 94% of stores totalling 117 MW, energy consumption and heat recovery) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026