Six Point Six PercentThin moat

Dino Polska (DNP) — moat facet

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.

Dino's own-brand grocery range, excluding Agro-Rydzyna products, was 6,6% of network sales revenue in 2025, against 6,5% in 20241.

Private label as a share of salesDino, excluding Agro-Rydzyna6,6%Dino, including own production~18,3%Discounters typically run private label above half of sales. Dino stocks brands people recognise.
Dino gave up the margin most discounters live on, so that nobody drives further for a missing brand.

That is low. Discounters typically run private label well above half of sales, and even conventional supermarkets are usually into the twenties. Dino stocks branded goods that customers recognise and prices them competitively, which is a different strategy from the discount model it is usually grouped with.

The choice fits the format. A 400-square-metre store in a small town is competing partly against the inconvenience of driving further, and a shopper who cannot find the brand they wanted is exactly the shopper who makes that drive. With only about five thousand items on the shelf2, every one of them has to be a product somebody came in for. Stocking recognised brands removes a reason to leave.

The cost is margin. Private label is where grocers make the difference between a thin margin and a workable one, and Dino has forgone most of it — which is part of why the net margin is 4,6%3 and why gross margin sits at 23,5%4 rather than higher.

The one place Dino did integrate, it integrated completely: the meat plant supplies 11,7% of revenue5 from a category it owns outright.

Grade this on whether the 6,6% moves. Rising would mean Dino has decided to buy margin with own-brand penetration, at some risk to the range advantage. It has barely moved in two years.

Moat trajectory: Holding steady

Private label outside the meat plant moved from 6,5% to 6,6% of network sales in a year. This is a deliberate position, not a drift.

The number that tests this moat
Reported
Private label excluding Agro-Rydzyna
6,6% of network sales, from 6,5%

Extraordinarily low for a value grocer, and deliberate: a small-town shop cannot afford to be missing the brand a customer drove there for. It also means Dino has forgone the margin most discounters live on.

Source: Dino Polska Management Board's Activity Report for 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Branded Ranges Hand the Margin to the Brand
With private label at 6,6%, somebody else sets most of Dino's cost of goods — and Biedronka buys four times as much.
References
  1. ReportedDino's own-brand grocery range, excluding Agro-Rydzyna products, was 6,6% of network sales revenue in 2025, against 6,5% in 2024.
    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 ↗
  2. ReportedWith only about five thousand items on the shelf, every one of them has to be a product somebody came in for.
    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 ↗
  3. ReportedPrivate label is where grocers make the difference between a thin margin and a workable one, and Dino has forgone most of it — which is part of why the net margin is 4,6% and why gross margin sits at 23,5% rather than higher.
    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 ↗
  4. ReportedPrivate label is where grocers make the difference between a thin margin and a workable one, and Dino has forgone most of it — which is part of why the net margin is 4,6% and why gross margin sits at 23,5% rather than higher.
    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. Moat Explorer calcThe one place Dino did integrate, it integrated completely: the meat plant supplies 11,7% of revenue from a category it owns outright.
    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 ↗
Sources
Generated September 24, 2026