Prior to obtaining access to the information placed on this website, please read carefully the following important information regarding the terms of access to this website and of the use of the information contained herein. Please note that the important information presented below may be changed or updated. Consequently, it should be read and analysed in whole whenever this website is accessed in the future. THE MATERIAL CONTAINED ON THIS WEBSITE IS NOT INTENDED FOR RELEASE, DISSEMINATION, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE TERRITORY OF THE UNITED STATES, CANADA, JAPAN, AUSTRALIA, OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, DISSEMINATION, PUBLICATION OR DISTRIBUTION WOULD CONSTITUTE A VIOLATION OF THE APPLICABLE LAWS OR WOULD REQUIRE REGISTRATION. The materials to which you will gain access relate to or are connected with (i) an initial public offering in the territory of Poland of up to 48,040,000 ordinary shares (the “Sale Shares”) in Dino Polska S.A with its registered office in Krotoszyn (the “Company”), with a nominal value of PLN 0.10 each (the “Offering”), conducted by Polish Sigma Group S.à r.l. (the “Selling Shareholder”), and (ii) with the seeking of the admission and introduction of 98,040,000 ordinary shares with a nominal value of PLN 0.10 each (the “Shares”), including the Sale Shares, to trading on the regulated market of the Warsaw Stock Exchange (the “Admission”). On 17 March 2017, the Financial Supervision Authority approved the prospectus (the “Prospectus”) prepared in connection with the Offering and the Admission. The Prospectus (in Polish), together with any supplements and update communications thereto, and with the announcement of the final number and price of the Sale Shares offered in the Offering (upon its drafting and publication), will be posted on, and will, during its validity period, continue to be available in an electronic form on the Company’s website (www.grupadino.pl) and at the website of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Oddział – Dom Maklerski PKO Banku Polskiego w Warszawie (www.dm.pkobp.pl) – solely for information purposes. The Prospectus is the sole legally binding offering document which contains, for the purposes of the Offering and the Admission, information about the Company, the Shares (including the Sale Shares) and the Offering. Materials posted on this website include the Prospectus with any supplements and update communications thereto, if any, the announcement of the final number and price of the Sale Shares offered in the Offering (upon its drafting and publication) and information which is either of promotional nature for the purposes of the Offering and the Admission or constitutes information disclosed by the Company to the public in the performance of the Company’s disclosure obligations under the applicable laws and regulations. These materials do not constitute an offer for the sale of securities in the United States, Canada, Japan, Australia, or any other jurisdiction where such offer for sale would constitute a violation of the applicable laws or would require registration. Securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933 (the “U.S. Securities Act”). Securities of the Company have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the U.S. Securities Act. Neither the Prospectus nor the securities of the Company covered thereby have been or will be registered, approved or notified in any country other than the Republic of Poland, specifically in accordance with the laws enacted based on Directive 2003/71/EC of the European Parliament and of the Council, as amended, and they cannot be offered or sold outside the territory of the Republic of Poland (including within the territory of other countries of the European Union or the United States of America, Canada, Japan or Australia) unless in any relevant state such offer or sale could be effected in compliance with the law without the need for the Company, the Selling Shareholder or their respective advisors for the purpose of the Offering to comply with any additional legal requirements. 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The Dino Polska’s strategy calls for continued growth by focusing on three key areas:

  • continuation of rapid organic growth in the number of stores,
  • continued growth in LFL sales revenue in the existing store network,
  • consistent improvement in profitability.

Dino Polska’s intention is to execute its growth strategy by further utilization of the Dino Polska Group’s strengths and its competitive advantages.

In the pursuit of its business objectives Dino Polska gives consideration to risks related to the climate impact exerted by its operations and the climate’s impact on the business model selected by Dino Polska. Conserving and managing natural resources rationally are firmly entrenched in our organizational culture, while our strategy aims to curtail gradually the environmental impact exerted by the operations of the Dino Polska Group.


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Continued fast organic growth in the number of stores

The Dino Group consistently pursues the expansion of the Dino store network. As a result, at the end of 2022, the Company had 2,156 stores versus the end of 2015 when the store count stood at 511. The Management Board of Dino Polska intends to maintain the high pace of growth in the number of Dino stores in subsequent years. Considering the relatively small share of the Dino network of around 6% in the retail grocery market in Poland, the Management Board of Dino Polska plans to continue to leverage the network’s ability to grow organically in its current form by doing the following: (i) continuing to drive up its store density in its current areas of operation and (ii) steadily expanding in new regions, which ultimately should have a similar saturation of Dino stores to other regions in the country.

In the opinion of the Company’s Management Board, the attainment of this goal will be supported by the potential of the Polish market, still leveraged by the Company only to a small extent, extensive experience of Dino Polska’s management in selection of attractive locations and uniform store format which supports fast opening of new stores.

In the next few years the Dino Group intends to make additional investments supporting new openings, including:

  • regularly secure sites for further development in existing and new regions;
  • build further distribution centers, assuming that one center is able to service approx. 350-400 stores;
  • develop the production capacities of the meat processing plant operated by Agro-Rydzyna through its expansion and replacement of the production lines with new ones, and commissioning another meat processing plant in a new location, and open smaller meat separation plants in the areas of selected distribution centers.

Continued delivery of LfL sales growth

Dino Polska anticipates that it will be able to continue growing LFL sales revenue in the current store network. For this purpose the Company will undertake efforts to increase the number of clients doing their shopping in Dino stores and the value of purchases per client.

Dino Polska is aware of the key trends contributing to a change in the lifestyle led by consumers and the customs concerning the purchases of groceries, also including the following:

  • looking for stores close to the place of residence and striving for convenience when making purchases;
  • demanding high quality and branded products; and
  • ever higher health awareness and greater interest in fresh and healthy food, including Polish products.

The model adopted by the Dino Group of having modern medium-sized supermarkets situated close to peoples’ place of residence is aligned to the consumer trends described above. The Company expects that this will continue to translate into the ability to sustain a high growth rate of opening new stores and to sustain a high pace of sales growth in the current store network (LfL) compared to the overall market.

The Company intends to continue an active product range policy, providing for constant adaptation of the Dino stores’ offering to customer expectations, which will evolve together with consumers’ increasing disposable income.

The Dino Group’s ability to utilize:

  • direct access to reputable domestic and regional producers of branded products,
  • its own Agro-Rydzyna meat processing plant and
  • efficient logistics network to make daily deliveries of fresh products as needed enables the Dino Group to derive benefit from these trends, which should support revenue growth in the current store network (LFL).

Continued improvement in profitability

In past years the Dino Polska Group has generated robust growth in its gross margin on sales and its EBITDA margin and it expects that it will be capable of improving its profitability by increasing the magnitude of its operations, the favorable nature of its business model and several strategic initiatives. They comprise:

  • benefits of scale leading to further gross margin growth due to the rapid store network expansion and the sales growth in the current store network, and consequently, the rapidly growing volume of purchased products;
  • greater cost effectiveness at the individual store level thanks to the systematically conducted actions to cut the costs of running a store;
  • operational leverage pushing up the EBITDA margin on account of relatively fixed costs rising more slowly than revenue;
  • planned investments to optimize the logistics network by opening further distribution centers, thereby shortening the supply routes and this should make it possible to further improve the cost effectiveness of transport; and
  • continuing the Dino Group’s effective and savings-minded marketing policy.

Dino Polska anticipates that all these strategic initiatives and characteristic attributes of its business model will contribute to further improvement in the Company and Dino Group’s profitability.

Development consistent with the natural environment

Dino Polska gives consideration to risks related to its climate impact and the climate’s impact on the business model selected by Dino Polska. The dedicated Environmental Protection Division is responsible for monitoring Dino Polska’s environmental impact and undertaking initiatives in this area.

The execution of Dino Polska’s environmental policy focusing on gradually curtailing the Dino Group’s environmental impact calls for maintaining a high level of standardization and refining Dino’s store format and distribution centers to facilitate the implementation of environmentally-friendly initiatives and enhance their effectiveness. These initiatives are followed in particular in the following three areas:

  • using electricity originating from renewable energy sources, in particular by installing PV panels on store rooftops and distribution centers and curtailing electricity consumption by consistently replacing equipment with equipment that saves more energy and facilitates energy recovery;
  • improving the effectiveness of the transport network by doing the following: i) shortening the distance between stores and distribution centers (in line with the growing density of the Dino store network and the development of the network of distribution centers; ii) using a fleet of trucks that meet more and more stringent environmental standards, especially with ever lower exhaust emissions; and iii) optimizing the usage of delivery vehicles and loading space and collaborating with Dino Polska’s suppliers to reduce the number of trips made by trucks that do not carry a full load or are empty;
  • following rational waste management and minimizing the mass of waste produced in particular by doing the following: i) adhering to and promoting waste segregation procedures in all areas of its business; ii) recycling all return packaging made using film, cardboard and glass; iii) reusing selected return packaging in the order assembly process; iv) using multi-use packaging in product distribution (subject to appropriate disinfection), to prevent the emergence of disposable plastic waste with every delivery; v) cooperating with suppliers to employ multi-use packaging for fruit and vegetables so that waste is not created in the form of disposable bulk packaging.

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