Dia Group presents solid results, with a net profit of €38 million through June, driven by the strong growth of Dia Spain and the resilience of Dia Argentina
July 30, 2025
Dia Spain is the engine of growth and profitability of Dia Group. Through June, it achieved strong like-for-like sales of 7.5%, driven by higher volume and a 70pp improvement in the margin on sales, to 6.2%. This strong growth has allowed it to increase market share and consolidate its fourth position in the Spanish market.
Dia Argentina has once again shown its resilience in the face of the economic context, supported by prudent cost control and liquidity preservation. The company has managed to maintain a solid net cash position, with €54 million at the end of the semester, protecting the self-financing capacity of the operation in Argentina.
In the first half of the implementation of the 2025-29 Strategic Plan, ‘Growing every day’, Dia Group has recorded a gross sales under banner (GSUB) of 3,471 million euros, 5% more compared to the same half of 2024. Likewise, Adjusted EBITDA at the consolidated level increased by 4% to 133 million euros, maintaining the margin on net sales at 4.7%.
July 31, 2025, Las Rozas de Madrid. Dia Group closes the first half of 2025 with a net profit of €38 million1. The result is based on the extraordinary momentum of the business in Spain, a solid driver of growth and profitability for the company and underlines the success of a strategy focused on creating sustainable and long-term value for its shareholders and all its stakeholders.
In the first half of the implementation of the 2025-29 Strategic Plan, ‘Growing every day’, Dia Group has recorded a gross sales under banner (GSUB) of 3,471 million euros, 5% more compared to the same half of 2024. Likewise, Adjusted EBITDA at the consolidated level increased by 4% to 133 million euros, maintaining the margin on net sales at 4.7%. At a consolidated level, cash flow reached 98 million euros, which has allowed the company’s net debt to be reduced by 43 million euros, to 199 million.
“Our five-year Strategic Plan is progressing as planned. In the first half of the year, the business in Spain maintained robust, profitable and volume-driven growth, above the market and consolidating a high operating margin and strong cash generation. In Argentina, the business is showing resilience and is preparing to capitalize on the expected gradual recovery in food consumption, with prudent cost management and financial discipline to preserve the net cash position. We closed the first half of the year with a solid financial position, low leverage and high liquidity, which allows us to face this stage of accelerating growth with confidence,” says Martín Tolcachir, CEO of Dia Group. “In addition, with a solid and renewed governance model and a team fully committed to the execution of our Plan, we are consolidating the growth of a leading company in proximity, profitable and capable of generating long-term sustainable value for our shareholders. Thank you to our entire team, franchisees and suppliers. The achievements of this semester are the result of our passion for the customer and our commitment to offering a unique shopping experience in proximity,” he adds.
The 2025-29 Strategic Plan, presented last March, has the ambition to make Dia the preferred store for consumers in each neighbourhood and online through the evolution of the unique omnichannel value proposition in proximity. The results for the first half of 2025 show the right course in meeting the objectives in the strategic pillars: Captivate the customer, Lead the market in profitable growth, Strengthen a winning base and Share Dia’s story.
Dia Spain, solid revenue growth and significant margin expansion
During the first half of the year, the Dia Spain business recorded solid growth of +7.5% in like-for-like (LfL) sales driven by volume and outperforming the market. This development underlines the strength of the business, driven by an expanding customer base (+3% year-on-year, rising to 5.7 million ClubDia members) and higher purchase frequency rates. This robust performance has allowed the company to advance in market share, which in the cumulative figure up to May stands at 5% (NielsenIQ data), and consolidate its position as the fourth largest operator in the Spanish food distribution market.
Dia’s value proposition, focused on an agile and fast omnichannel experience, quality and freedom of choice for customers, has led to gross sales under banner (GSUB) increasing by 8% compared to the same period in 2024, to 2,646 million euros. Net sales reached €2,202 million, up 7% compared to the first half of 2024.
The online channel, thanks to higher penetration and loyalty rates and increased sales, has been a robust contributor to growth in the period. Turnover in the online channel stood at €130 million, 19% more than the previous year.
Regarding sales in Spain, the increase in fresh produce is also noteworthy: sales grew by 14% compared to the first half of 2024, to represent 28.7% of total net sales for the first half of the year (+1.6 pp vs. 1H2024).
Likewise, the weight of Dia products in the total sales calculation reached 59.2%, an increase of +1.6 pp compared to the same period of the previous year. These figures underline the success of the measures deployed under the pillar Captivate the customer, focused on the high quality of food and fresh produce of local origin and an assortment that balances the presence of Dia products and the main national and international manufacturers.
In the first half of 2025, Dia has added 45 stores to its network, strengthening its presence in key communities such as Andalusia, Castilla y León, Aragón and Catalonia. The expansion of stores, part of the second pillar of the Plan, Leading the market in profitable growth, has contributed an additional 0.5 pp to the growth of LfL sales, up to a total of 8%
At the same time, during the first half of the year, Dia has improved the profitability of its store network after increasing sales density by 9%, to more than 5,700 euros per square meter, which also reflects greater efficiency of the commercial space.
As part of the logistics optimisation plan to provide the company with a network prepared for sustainable expansion, Dia inaugurated a new logistics centre in Dos Hermanas (Seville) in May and began construction of another in León. Both facilities are designed under the high environmental standards that already apply to the logistics centre in Illescas (Toledo), inaugurated in 2022.
The third pillar of the Plan, Strengthening a winning base, addresses strategic measures to strengthen the company’s foundations in three aspects: technological development as a business driver, strengthening the culture and development of the team, and advancing sustainable impact to generate value in neighbourhoods and communities.
During the first half of the year, Dia has made progress in its sustainability plan ‘Every day counts’, advanced in its decarbonisation of refrigeration systems in the store network. At the end of June, 17% of stores and 55% of logistics platforms already have decarbonized systems, which has contributed positively to the efficiency of the operation.
In addition, in the first half of the year the company has signed the new Collective Agreement with union representatives (in force until the end of 2028) that guarantees a stable and positive framework to boost satisfaction and productivity aligned with the objectives of the company’s Strategic Plan.
Dia Argentina, ready to capitalize on the economic recovery
Dia is a leader in proximity in Argentina and a consolidated brand thanks to a value proposition based on affordable prices, quality and support for household savings through Club Dia. This proposal sustains an outstanding rating among customers, with satisfaction rising quarter by quarter.
In a challenging context marked by the impact of economic stabilisation measures on private spending, a strategy focused on cost control and liquidity protection has been prioritised. With the aim of capitalising on the expected gradual recovery of the economy, the company has a proactive action plan based on boosting commercial dynamics, reducing costs and maintaining investment discipline to preserve cash.
In the first half of the year, Dia Argentina’s gross sales under banner (GSUB) reached €825 million, 4% less than in the same half of 2024. Net sales, meanwhile, fell by 4% and volume sales fell by 15.6%. In this context, sales from loyal customers increased by 9% year-on-year, with greater frequency and volume per ticket, and sales of fresh products increased 7% year-on-year, advances that reflect the strength of the value proposition. The weight of Dia products in the shopping basket of Argentine households closed the semester at 31%.
Financial performance by market
Dia Spain’s strong performance in the first half of the year underlines the strength of its proximity strategy. In addition to the robust increase in gross and net sales, Adjusted EBITDA for the first half of the year increased by 20% to €137 million, supported by disciplined cost optimisation, which has enabled a +0.7 pp boost in the margin (Adjusted EBITDA/net sales) to 6.2%.
Dia Spain’s net result in the first half of the year stands at €48 million, a figure that almost doubles that achieved in the first half of 2024. The operational improvement has also made it possible to achieve solid cash flow generation and debt reduction in the period. The cash flow of the operation reached €164 million, and the CAPEX investment made during the first half of the year to drive expansion amounted to €57 million. As a result, free cash flow for the first half of the year stood at €106 million (+33% vs. the same period in 2024), which has contributed to reducing net debt by €78 million, placing the debt ratio at 0.9 times.
On its side, Dia Argentina has once again shown its resilience in the face of a challenging economic context, supported by prudent cost control and liquidity preservation. Adjusted EBITDA contracted in the first half of the year (-€3 million), mainly weighed down by investment in commercial margin, partially offset by cost reductions. The company closed the period with a solid liquidity position, with €54 million of net cash at the end of the semester, protecting the self-financing capacity of the operation in Argentina.
“Dia Group has achieved a solid financial performance in the first half of the year, with a substantial improvement in operating margins, robust cash generation and disciplined management that allows us to sustain the acceleration of expansion while continuing to improve the debt ratio. This scenario of low leverage, strong liquidity and long-term maturities pave a solid path to achieve the objectives of our 2025-29 Strategic Plan,” stresses Guillaume Gras, Chief Financial Officer of Dia Group.
Finally, within the framework of the fourth strategic pillar, Making Dia’s value visible, actions have been promoted aimed at reinforcing the perception of the Dia brand and its ability to generate long-term value. In this regard, during the first half of the year, the company has made progress in the development of measures that strengthen its positioning and degree of knowledge in the market. An example is the celebration of Capital Market Day last March, as well as greater participation in specialized forums and the celebration of roadshows in London and Madrid.
As a result, Dia Group’s share price has registered an extraordinary recovery: it has more than doubled in value in the last twelve months, with an increase of more than 90% so far in 2025 and has also significantly improved, with the average daily trading volume multiplying by ten, reaching nearly two million euros per day during the last quarter.
This stock market performance reflects the renewed confidence of institutional investors, whose shareholding continues to grow. Business advances – in market share, logistics network, e-commerce and sustainability – combined with strategic corporate decisions, are consolidating Dia’s ability to generate sustainable value in the medium and long term for its shareholders and other stakeholders.
