Distribuidora Internacional De Alimentacion Sa · BME:DIA
Distribuidora Internacional De Alimentacion Sa — Investor Presentation (September 2026)
40 slides from Distribuidora Internacional De Alimentacion Sa's investor presentation, Sep 22, 2026
Slide 1: Investor Presentation
Investor Presentation
Slide 2: Legal disclaimer
Legal disclaimer This presentation is purely informative and should not be considered as a service, recommendation or offer of any financial product, service or advice, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by D
Slide 3: Dia Group at a glance
Dia Group at a glance Fina ncia l KPI s ( 1H 20 26 ) GSUB ADJ. EBITDA & MARGIN(1) Operating Cash Flow NET DEBT €m €m | Margin % €0.7bn €(40)m €(1)m €(6)m 20% Net cash -0.2% €3.7bn €159m €166m €166m 5.2% Margin 80% €3.0bn €160m €172m €206m 6.5% Net debt Opera t ing KPI s 50% 50% #1 Proximity Market B
Slide 4: A New Dia
1. A New Dia 4
Slide 5: Leading Spanish supermarket network in the attractive proximity segment
Leading Spanish supermarket network in the attractive proximity segment 1 SUCCESSFUL NEW PHASE OF ACCELERATED WINNING VALUE LONG-TERM VALUE TRANSFORMATION GROWTH: PROPOSITION CREATION PROCESS 2020 -2024 STRATEGIC PLAN 2025 -2029 Optimization of the proximity network Over 2,350 stores, with an averag
Slide 6: Successful business transformation
Successful business transformation 1 Successful strategic turnaround led to a visible financial enhancement 1 Portfolio Simplification 2019 2025 1H 2026 Stores(1) 3,046 2,358 2,406 2 Business Turnaround GSUB €5.2bn €4.6bn €3.0bn Sales density €3.1k/m2 €5.9k/m2 €6.2k/m2 3 Organization Rationalization
Slide 7: Winning value proposition
Winning value proposition 1 1 2 3 4 PROXIMITY AND OMNICHANNEL ATRACTIVE ASSORTMENT FRANCHISE MODEL CONVENIENCE OFFERING Leveraging our Best quality at Nationwide efficient and scalable Pure proximity player, affordable prices, e-commerce speed franchise model to benefiting from new offering a comple
Slide 8: Strategic Plan 2025-2029: “Growing every day”
Strategic Plan 2025-2029: “Growing every day” 1 Pillars Dia Group main financial targets • Outpace the market average in annual LfL gross sales growth 1. Exciting our • Expand Club Dia by +1M loyal customers through 2029 customers 4-6% CAGR • Achieve a 10-point improvement in our customer NPS score
Slide 9: Delivering sustainable long-term cash generation
Delivering sustainable long-term cash generation 1 Strategic Plan will deliver strong cash generation to drive key objectives Uses of cash Dia Spain Cash Generation (€m)(1) I ✓ Funding organic store network growth ✓ Improve logistics infrastructure 301 Continue driving strong ✓ Head offices transfor
Slide 10: FY2025: Accelerated delivery…
FY2025: Accelerated delivery… 1 FY 2024 FY 2029 Strategic Plan Ambition Store openings +94 300 2025 - 2029 stores +8.6% Gross Sales Growth 1 +4% - 6% 2025 – 2029 (Annual Avg.) Adj. EBITDA margin2 +54 bps 6.8% 7.5% – 8.0% 2029 (by 2029) Capex €750 – 900 m 161 M€ (€150 – 180m Annual 2025 - 2029 Avg.)
Slide 11: … across the board
… across the board 1 Strategic Plan Ambition 2025 - 2029 FY 2025 Results Delivery • +7.4% LfL sales growth • Outpace the market average in annual LfL gross sales growth (+12 bps market share gain) 1. Exciting our • Expand Club Dia by +1M loyal customers through 2029 customers • +0.2 million Club Dia
Slide 12: Dia Spain Financial Performance
Dia Spain Financial 2. Performance 12
Slide 13: Winning value proposition and organic expansion driving accelerated growth …
Winning value proposition and organic expansion driving accelerated growth … 2 Dia Spain GSUB(1) Dia Spain Sales Growth vs Total Market Growth(2) €m % CAGR +7.9% 11,6% 5.565 10,4% 5.123 4.856 8,6% 4.431 7,0% 9,4% 2.919 5,5% 2.674 2.526 6,2% 2.348 5,1% 4,6% 2,2% 2.646 2.954 2.330 2.449 2.083 2022 202
Slide 14: … profitability improvement …
… profitability improvement … 2 Adj. EBITDA Margin(1) Dia Spain EBITDA Excluding Rent (EBITDAR) Margin vs Peers (3) % % Adj. EBITDA(1)(2) (€m) 123 188 266 313 160 ~11% +320bps ~10% ~9% ~8.0% EBITDAR 6,8% Margin Average(4) 6,5% 6,2% ~7% ~7% 6.5% 6.5% ~6% ~6% 4,8% Adj. EBITDA incl. Rent 3,3% Ahorra ma
Slide 15: … and strong cash flow generation
… and strong cash flow generation 2 Dia Spain Cash Flow Generation(1)(2) Dia Spain Net Leverage(3) Gross Debt Maturities (4) €m Financing from Other syndicated lenders financial debt OCF CAPEX FCF 301 256 5,0x 157 172 460 149 140 129 71 14 2,2x -77 -99 -101 -135 1,2x -161 0,8x 0,6x -206 26 10 25 24
Slide 16: Dia Argentina Financial Performance
Dia Argentina Financial 3. Performance 16
Slide 17: Leveraging our strong competitive position to capitalize on the expected recovery
Leveraging our strong competitive position to capitalize on the expected recovery 3 Leading market position thanks to our unique value proposition and store footprint in Buenos Aires #1 Proximity platform Leading loyalty program • c.1,000 proximity stores distributed • +4 million active members acco
Slide 18: Industry consensus points to a gradual supermarket consumption recovery ahead
Industry consensus points to a gradual supermarket consumption recovery ahead 3 Real Disposable Income and Supermarket YoY change in sales volume Consumption Index 110 105 -0,9% -4,3% 100 -6,0% -4,9% -6,5% 95 +10 -10,2% bps 90 -12,5% 85 YoY change in LfL Market 80 Share 1 -18,6% -18,5% 75 -22,1% 70
Slide 19: Prudent cost management and capex discipline to preserve its net cash position
Prudent cost management and capex discipline to preserve its net cash position 3 Commercial Revitalization Operational Efficiency Financial Discipline • Assortment Optimization: Refined • Active Margin Management: Proactive • Targeted Maintenance CAPEX: Strategic product mix to align with shifting c
Slide 20: Protecting profitability amid a generalized slowdown in consumption
Protecting profitability amid a generalized slowdown in consumption 3 Dia Argentina GSUB Adj. EBITDA Margin(1) €m €m CAGR +6.5%% -10.5%% 1.886 1.770 1.778 6,3% 1.510 3,8% 979 995 917 685 1,6% 0,3% 907 862 825 -0,2% 774 723 2022 2023 2024 2025 1H 2026 Adj. EBITDA 2022 2023 2024 2025 1H 2026 (€m) 52 5
Slide 21: Available liquidity provides flexibility to navigate the expected market recovery
Available liquidity provides flexibility to navigate the expected market recovery 3 Dia Argentina Cash Flow Generation Net Cash Position €m €m 106 75 71 46 34 109 31 3 89 -6 -26 -25 -28 -8 -14 61 56 -72 40 -101 2022 2023 2024 2025 1H 2026 2022 2023 2024 2025 1H 2026 21
Slide 22: Dia Group Credit Metrics & Financial Policy
Dia Group Credit Metrics & 4. Financial Policy 22
Slide 23: 1H 2026 consolidated FCF and net debt change
1H 2026 consolidated FCF and net debt change 4 • Strong operating cash generation: cash flow driven by improved profitability and working capital optimization • Fully funded CAPEX: expansion is self-funded by operating cash flow, validating our strict capital allocation discipline • Real and sustain
Slide 24: Dia Group consolidated debt structure and liquidity position
Dia Group consolidated debt structure and liquidity position 4 Dia Group Net Debt, Gross Debt, Liquidity and LR June, 2026: €m • Net Debt of the Group is EUR 166m and a total liquidity of €522m (included trapped cash). 700 2,5 588 574 555 The liquidity covers ~ 94% of the total gross debt of the Gro
Slide 25: Financial policy
Financial policy 4 Focus capex allocation to maintain a high level of free cash flow Absolut focus on executing our organic growth roadmap outlined in our STRICT FINANCIAL Strategic Plan DISCIPLINE Any potential inorganic opportunity is assessed against our rigorous acquisition criteria, which are d
Slide 26: Strong management team fully aligned and commited to the execution of our Strategic Plan
Strong management team fully aligned and commited to the execution of our Strategic Plan Our Leadership and Expertise Brings a Clear Vision for the Next Growth Phase of Dia Martín Guillaume Ricardo Agustín Tolcachir Gras Álvarez Ibero Group CEO Group CFO CEO Dia CEO Dia 29 29 25 22 25 25 33 14 Previ
Slide 27: Supported by an independent and experienced Board of Directors
Supported by an independent and experienced Board of Directors The Board's skills and capabilities have been renovated and aligned with our growth strategy New composition of the board On 22 January 2026, the Board of Directors agreed to appoint Mr. Benjamin J. Babcock as nonexecutive chairperson of
Slide 28: Closing Remarks and Outlook
Closing Remarks and 5. Outlook 28
Slide 29: Delivering on our Strategic Plan for sustainable value creation
Delivering on our Strategic Plan for sustainable value creation 4 1 1H 2026 Results confirm the success of our proximity model and the real impact of our 'Growing every day' strategic plan Exciting our Leading Customers Profitable Sustained growth momentum in Spain is driving operating leverage 2 Gr
Slide 30: Appendix
Appendix
Slide 31: Exceptional share price recovery and surging liquidity
Exceptional share price recovery and surging liquidity A powerful market endorsement of our strong operating performance and solid prospects for profitable growth Stock Performance Average Daily Trading Liquidity 2025 YTD € 4,0 m Volume +140% +18% (shares) €/Share €m / day € 3,1 m 450.000 45,0 € € 2
Slide 32: Proactive investor engagement to showcase Dia’s value
Proactive investor engagement to showcase Dia’s value Dia’s Coverage Broadening our EXPANDED ANALYST has grown from 4 visibility among to 8 in the last institutional COVERAGE two years. investors Madrid London Frankfurt Copenhague Lisbon Proactively engaging PROACTIVE ROADSHOW with investors in STRA
Slide 33: P&L summary
P&L summary 1H 2026 1H 2025 YoY Change Argentina IAS-29 Argentina Argentina IAS-29 Argentina Argentina Argentina Spain Group Spain Group Spain Group €m Exc. IAS-29 effect Inc. IAS-29 Ex. IAS-29 effect Inc. IAS-29 Ex. IAS-29 Inc. IAS-29 Gross Sales Under Banner 2,953.8 722.5 0.0 722.5 3,676.2 2,645.8
Slide 34: Reconciliation of Adjusted EBITDA
Reconciliation of Adjusted EBITDA 1H 2026 1H 2025 YoY Change €m Spain Argentina Group Spain Argentina Group Spain Argentina Group EBITDA 237.6 0.1 232.5 214.1 (3.9) 210.2 23.5 4.0 22.3 Expenses (Income) related to asset closures 4.8 0.6 5.4 0.8 0.0 0.8 4.0 0.6 4.6 Expenses related to efficiency proc
Slide 35: Cash Flow summary, based on Adjusted EBITDA
Cash Flow summary, based on Adjusted EBITDA 1H 2026 1H 2025 YoY Change €m Spain Argentina Group Spain Argentina Group Spain Argentina Group Adjusted EBITDA 159.9 (1.3) 158.5 136.7 (3.5) 133.2 23.2 2.1 25.3 Total restructuring costs & unallocated expenses 1 (17.0) (1.0) (18.0) (5.5) (1.0) (6.4) (11.6
Slide 36: Group balance sheet summary
Group balance sheet summary Group €m jun-26 dic-25 Change Non-current assets 1,639.7 1,526.4 113.3 Non-current assets held for sale 11.6 9.8 1.8 Stocks 267.9 247.4 20.5 Trade and other receivables 134.2 139.9 (5.7) Other current assets 37.4 29.9 7.5 Cash and cash equivalents 389.3 356.6 32.7 Total a
Slide 37: Net Debt
Net Debt 30-jun-26 31-dec-25 YoY Change €m Spain Argentina Group Spain Argentina Group Spain Argentina Group Non-current financial debt 509.5 0.0 509.5 516.6 0.0 516.6 (7.1) 0.0 (7.1) Current financial debt 31.1 0.0 31.1 19.7 0.0 19.7 11.4 0.0 11.4 1 Non current financial lease liabilities 9.8 0.0 9
Slide 38: Reconciliation of group cash flow and net debt change
Reconciliation of group cash flow and net debt change Statement of cash Financial and Financial debt 1H 2026 Net Debt flows presented in Lease payments SUBTOTAL income expenses variation Change annual accounts €m Result before tax + adjustments to the result + increases and decreases in other assets
Slide 39: Stores
Stores No. Spain Argentina Owned Franchised Total Owned Franchised Total Number of stores Dec. 31st, 2025 774 1,584 2,358 252 755 1,007 Openings 8 50 58 0 0 0 Net transfer of store operations (19) 19 0 0 0 0 Closings (4) (6) (10) (7) (4) (11) Number of stores June 30th, 2026 759 1,647 2,406 245 751
Slide 40: investor.relations@diagroup.com T: +34 913985400 www.diacorporate.com
investor.relations@diagroup.com T: +34 913985400 www.diacorporate.com