What Seven Point Eight Billion Złoty BuysThin moat

Dino Polska (DNP) — moat facet

Property grew 22,8%, revenue 14,9% and profit 3,6% in the same year. That ordering is what a falling return is made of.

Dino's balance sheet is a property portfolio with a grocery business attached.

Three growth rates, 2025 (%)+22,8%Property, plant & equipment+14,9%Revenue+3,6%Net profitEach line grew more slowly than the one that funded it.
Dino added a fifth to its productive asset base and got a twenty-eighth more profit.

Property, plant and equipment stood at 7 765,5 million złoty at the end of 2025, up 22,8% on the year, inside total non-current assets of 8 801,4 million and total assets of 15 171,3 million1. Intangibles are 33,3 million. There is essentially no goodwill of consequence and no acquired brand carrying the story.

The growth rate of that asset base is the number worth holding on to. Property, plant and equipment rose 22,8% while revenue rose 14,9%2 and net profit rose 3,6%. Assets are compounding faster than sales, and sales faster than profit. That ordering is what a heavy build phase looks like from the outside, and it is also what a business with a deteriorating return looks like — the two are indistinguishable in any single year and separated only by what happens next.

The other side of the balance sheet is as plain as the first. Equity is 8 671,1 million złoty and total bank loans are 472,8 million — long-term 312,9 and short-term 159,93 — so a 15,2 billion złoty asset base is funded overwhelmingly by retained profit and by suppliers. Total current liabilities were 6 065,2 million złoty, which for a grocer largely means suppliers financing the stock on the shelves. Invested capital — assets less current liabilities — was 9 106,1 million, against 7 672,9 million a year earlier4.

Set asset growth against revenue growth. While revenue grows roughly as fast as the asset base, each new złoty of property is earning what the last one did. The 22,8% against 14,9% gap in 2025 is the first sign that it might not be.

Moat trajectory: Narrowing

Assets grew 22,8%, revenue 14,9% and profit 3,6% in the same year. Each line grew more slowly than the one funding it.

The number that tests this moat
Moat Explorer calc
Asset growth against revenue growth
22,8% against 14,9% in 2025

Property compounding faster than the sales it produces is what a heavy build phase looks like and what a deteriorating return looks like. They are indistinguishable in one year and separated by what the return does next.

How it's calculated: Property, plant and equipment growth of 22,8% and sales revenue growth of 14,9%, both as reported in the 2025 consolidated statements.
Source: Dino Polska Group consolidated financial statements for 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Assets Grew 22.8% and Profit Grew 3.6%
The denominator is compounding faster than the numerator, and that is the definition of a falling return.
References
  1. ReportedProperty, plant and equipment stood at 7 765,5 million złoty at the end of 2025, up 22,8% on the year, inside total non-current assets of 8 801,4 million and total assets of 15 171,3 million.
    Dino Polska Management Board's Activity Report for 2025 - letter from the Management Board and financial highlights (the ten-year series of store counts, sales area rising from 238 to 1 200 thousand square metres, headcount, and the summary income statement and balance sheet) — FY2025 · publ. March 2026 · source ↗
  2. ReportedProperty, plant and equipment rose 22,8% while revenue rose 14,9% and net profit rose 3,6%.
    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 ↗
  3. Moat Explorer calcEquity is 8 671,1 million złoty and total bank loans are 472,8 million — long-term 312,9 and short-term 159,9 — so a 15,2 billion złoty asset base is funded overwhelmingly by retained profit and by suppliers.
    Moat Explorer calculation from Dino's consolidated financial statements: NOPAT (operating profit less 19% Polish corporate income tax) divided by average invested capital (total assets less total current liabilities), giving 22,7% in 2020 rising to 26,3% in 2022 and falling to 19,7% in 2025 — FY2020-FY2025 · publ. September 2026 · source ↗
  4. ReportedInvested capital — assets less current liabilities — was 9 106,1 million, against 7 672,9 million a year earlier.
    Dino Polska Group consolidated financial statements for 2025 - income statement, balance sheet and notes (revenue split between goods and own production, the segment note, property plant and equipment of 7 765,5m złoty, intangibles, related-party transactions, impairment testing by cash-generating unit, and the Zawiercie distribution centre approved after the reporting date) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026