Distribuidora Internacional de Alimentación (DIA) H1 2026 earnings summary

Executive summary

• Spain delivered 11.6% sales growth in H1 2026, doubling the market average and gaining 26 bps in market share, driven by strong volume-led like-for-like growth and organic expansion.

• Argentina showed operational resilience and stabilization, with a 4.6% YoY volume decline but sequential improvement and a 10 bps market share gain.

• Group net sales rose 9.2% year-over-year to €3,044.2m, with Spain up 11.5% and Argentina up 0.7% (IAS 29 adjusted).

• Strategic focus remains on profitable growth, organic expansion, operational excellence, and financial discipline.

• Net income attributable to equity holders was €22.9m, down from €36.7m in H1 2025, reflecting lower discontinued operations gains.

Financial highlights

• Gross sales under banner reached €3,676.2m, up 5.9% year-over-year; Spain up 11.6% to €2.95bn, Argentina down 12.4% to €722.5m (impacted by FX and volume decline).

• Adjusted EBITDA for Spain increased 17% YoY to €160m (margin 6.5%), while Argentina improved margin to -0.2% despite FX headwinds.

• Group adjusted EBITDA increased 19% to €158.5m; group net income from continued operations was €21m, with Spain contributing €51m and Argentina reporting a €24.4m loss.

• Net financial debt reduced by 18% to €206m, with financial leverage at 0.6x adjusted EBITDA; Argentina maintained a net cash position of €40m.

• Operating cash flow in Spain reached €172m, up 5% year-on-year; group free cash flow was €56.7m in H1 2026.

Outlook and guidance

• On track to open 100 new stores in Spain in 2026, with a medium-term target of 300 stores ahead of schedule.

• Margin improvement trajectory expected to continue, targeting over 7.5% adjusted EBITDA margin by 2029.

• Guidance for like-for-like sales growth remains at 3%-4%, with potential for upward revision as visibility improves into 2027.

• Argentina is expected to benefit from macroeconomic stabilization and gradual recovery in food consumption, maintaining self-funding.

• Management remains focused on profitable growth, operational excellence, and financial discipline.