The Meat Plant It OwnsNarrow moat

Dino Polska (DNP) — moat facet

Almost every grocer sells private label somebody else makes. Dino owns the factory, and it supplies an eighth of revenue.

Almost every grocer in Europe sells private label made by somebody else. Dino owns the factory.

Own production revenue (m zł)2 24420223 06020233 41020243 9452025Holding at 11-12% of group revenue for four years while the estate grew 11% a year.
The meat plant has kept pace with the shops it exists to supply, which is the test of a captive supplier.

Agro-Rydzyna sp. z o.o., wholly owned and based at Kloda, runs a meat processing plant producing cold cuts and fresh meat1. Its output is not a sideline. Group revenue from products manufactured in-house was 3 945,3 million złoty in 2025, against 3 409,5 million a year earlier2 — 11,7% of total group revenue. Sales to customers outside the retail segment were 264,7 million3, so roughly nine-tenths of what the plant makes is sold across Dino's own counters.

The comparison that makes this unusual is Dino's ordinary private label, which excluding Agro-Rydzyna products was 6,6% of network sales revenue in 20254. Dino's own-brand grocery programme is small by any standard — Costco's Kirkland Signature runs at roughly a third of sales. What Dino has instead is a narrower and deeper thing: total control of one category, from slaughter to shelf, in the category that most often decides which shop a customer picks.

That is why the fresh counter appears in the company's own description of what drove like-for-like: fruit and vegetables, bread, dairy and the fresh meat and cold cuts produced by Agro-Rydzyna5.

Owning production removes a negotiation and a margin. It also removes flexibility — a plant is a fixed cost that must be filled whether or not the stores are busy, and it commits Dino to being good at manufacturing as well as retailing.

The category it commands is the one the format depends on. Fresh products — meat, cold cuts, fruit and vegetables, dairy and bread — are 41% of Dino's sales, up from 40% in each of the two preceding years, and they are delivered to every store daily6. Dino owns the manufacturer of the single most differentiating part of that 41%.

The measure is in-house product revenue as a share of the total: 11,7% in 2025, up from 11,6%. Rising means the integration is deepening. Falling while the store count grows would mean the plant has stopped keeping up with the estate it exists to supply.

Moat trajectory: Widening

In-house production grew from 3 409,5 to 3 945,3 million złoty, holding at about 11,7% of revenue while the estate expanded 11%. The plant is keeping pace with the shops.

The number that tests this moat
Moat Explorer calc
In-house production as a share of revenue
11,7% — 3 945,3m of 33 634,2m złoty

The part of Dino's range that no competitor can source. It has held between 11% and 12% for four years, which means the plant has grown with the estate. Falling would mean the shops are outrunning the factory that differentiates them.

How it's calculated: Revenue on sales of products and services of 3 945 315 thousand złoty divided by total sales revenue of 33 634 155 thousand, both from the 2025 consolidated statements.
Source: Dino Polska Group consolidated financial statements for 2025 ↗
Aspects of the moat
DIG DEEPER 01
Ninety Percent of the Output Never Leaves
A manufacturer with 93% customer concentration, where the customer is the parent — a risk everywhere else and the design here.
DIG DEEPER 02
The Counter Is the Reason to Choose the Shop
Packaged groceries are identical everywhere; fresh food is where the shop gets chosen, and it is the part Dino does not buy in.
DIG DEEPER 03
Six Point Six Percent
Dino's own-brand range is a fraction of a discounter's, because a small-town shop cannot afford to be missing the brand you came for.
DIG DEEPER 04
The Twelve Warehouses in Between
A 400-square-metre store holds almost no stock, so the replenishment network is not support for the format — it is the format.
⚠ Threats to the moat
⚠ THREAT 01
The Founder Owns a Second Meat Business
The man who controls the company also owns a meat business outside it, in the one category Dino chose to integrate into.
⚠ THREAT 02
Integration Is Only an Advantage in One Category
Meat is 11,7% of revenue. The other four-fifths is bought exactly the way everyone else buys it.
References
  1. Reportedz o.o., wholly owned and based at Kloda, runs a meat processing plant producing cold cuts and fresh meat.
    Dino Polska Management Board's Activity Report for 2025 - Section 3,2, description of the Group (Agro-Rydzyna, the wholly-owned meat processing plant at Kloda supplying the fresh counters, private label at 6,6% of network sales excluding its output, the eZebra internet business, and the direct sourcing arrangements with producers) — FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcGroup revenue from products manufactured in-house was 3 945,3 million złoty in 2025, against 3 409,5 million a year earlier — 11,7% of total group revenue.
    Moat Explorer calculation - arithmetic on figures reported in Dino's own filings: gross margin (7 911 077 over 33 634 155), net margin for each year from 2017 to 2025, revenue per store (33 634 155 thousand złoty over roughly 3 000 stores), own production as a share of revenue (3 945 315 over 33 634 155), the share of plant output sold internally (3 945 315 less 264 656), selling costs as a share of revenue (5 576 262 over 33 634 155), and stores per distribution centre — FY2017-FY2025 · publ. September 2026 · source ↗
  3. Moat Explorer calcSales to customers outside the retail segment were 264,7 million, so roughly nine-tenths of what the plant makes is sold across Dino's own counters.
    Moat Explorer calculation - arithmetic on figures reported in Dino's own filings: gross margin (7 911 077 over 33 634 155), net margin for each year from 2017 to 2025, revenue per store (33 634 155 thousand złoty over roughly 3 000 stores), own production as a share of revenue (3 945 315 over 33 634 155), the share of plant output sold internally (3 945 315 less 264 656), selling costs as a share of revenue (5 576 262 over 33 634 155), and stores per distribution centre — FY2017-FY2025 · publ. September 2026 · source ↗
  4. ReportedThe comparison that makes this unusual is Dino's ordinary private label, which excluding Agro-Rydzyna products was 6,6% of network sales revenue in 2025.
    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 ↗
  5. ReportedThat is why the fresh counter appears in the company's own description of what drove like-for-like: fruit and vegetables, bread, dairy and the fresh meat and cold cuts produced by Agro-Rydzyna.
    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. ReportedFresh products — meat, cold cuts, fruit and vegetables, dairy and bread — are 41% of Dino's sales, up from 40% in each of the two preceding years, and they are delivered to every store daily.
    Dino Polska Management Board's Activity Report for 2025 - Section 3,2, description of the Group (Agro-Rydzyna, the wholly-owned meat processing plant at Kloda supplying the fresh counters, private label at 6,6% of network sales excluding its output, the eZebra internet business, and the direct sourcing arrangements with producers) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026