Report on Limited Review
DISTRIBUIDORA INTERNACIONAL DE
ALIMENTACIÓN, S.A. AND SUBSIDIARIES
Condensed Interim Consolidated Financial Statements and Condensed Interim Consolidated Management Report for the six months ended June 30, 20 26
Domicilio Social: Calle de Raimundo Fernández Villaverde, 65. 28003 Madrid - Inscrita en el Registro Mercantil de Madrid, tomo 9.364 general, 8.130 de la sección 3a del Libro de Sociedades, folio 68, hoja nº 87.690 -1, inscripción 1a. C.I.F. B -78970506.
A member firm of Ernst & Young Global Limited.
Ernst & Young, S.L.
C/ Raimundo Fernández Villaverde, 65 28003 Madrid Tel: 902 365 456 Fax: 915 727 238
ey.com
REPORT ON LIMITED REVIEW OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL
STATEMENTS
Translation of a report and annual accounts originally issued in Spanish. In the event of discrepancy, the Spanish -language version prevails To the shareholders of DISTRIBUIDORA INTERNACIONAL DE ALIMENTACIÓN , S.A. at the request of the Company’s directors:
Report on the condensed interim consolidated financial statements
Introduction
We have carried out a limited review of the accompanying condensed interim consolidated financial statements (hereinafter the interim financial statements) of Distribuidora Internacional de Alimentación, S.A. (hereinafter the parent) and subsidiaries (hereinafter the Group), which comprise the statement of financial position at June 30 th, 2026, the income statement, the statement of comprehensive income, the statement of changes in equity, the cash flow statement, and the explanatory notes thereto, all of which have been condensed and consolidated, for the six months then ended. The parent's directors are responsible for the preparation of these interim financial statements in accordance with the requirements established by IAS 34, "Interim Financial Reporting," as adopted by the European Union for the preparation of condensed interim financial reporting as per article 12 of Royal Decree 1362/2007. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.
Scope
We have performed our limited review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Reporting Performed by the Independent Auditor of the Entity.” A limited review of interim financial statements cons ists in making inquiries, primarily of personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit carried out in accordance with regulations on the auditing of accounts in force in Spain and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the acco mpanying interim financial statements.
Conclusion
During the course of our limited review, which under no circumstances can be considered an audit of accounts, no matter came to our attention which would cause us to believe that the accompanying interim financial statements for the six months ended June 3 0 th, 2026 have not been prepared, in all material respects, in accordance with the requirements established in International Accounting Standard (IAS) 34, "Interim Financial Reporting," as adopted by the European Union in conformity with article 12 of Royal Decree 1 362/2007 for the preparation of condensed interim financial statements.
A member firm of Ernst & Young Global Limited .
2 Emphasis -of-matter paragraph We draw attention to the matter described in Note 2 of the accompanying explanatory notes, which indicates that the abovementioned accompanying interim financial statements do not include all the information that would be required for complete consolidated financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union. Therefore, the accompanying interim financial statements should be read in conjunction with the Group's consolidated financial statements for the year ended December 31 st, 2025 . This matter does not modify our conclusion.
Report on other legal and regulatory requirements The accompanying condensed interim consolidated management report for the six months ended June 30th, 2026 contains such explanations as the parent’s directors consider necessary regarding significant events which occurred during this period and their effect on these interim financial statements, of which it is not an integral part, as well as on the information required in conformity with article 15 of Royal Decree 1362/2007. We have checked that the accounting information included in the abovementioned report agrees with the interim financial statements for the six months ended June 30 th, 2026. Our work is limited to verifying the condensed interim consolidated management report in accordance with the scope described in this paragraph and does not include the review of information other than that obtained from the accounting records of Distribuidora Internacional de Alimentación, S.A. and its subsidiaries.
Paragraph on other issues This report has been prepared at the request of the Distribuidora Internacional de Alimentación, S.A.
directors with regard to the publication of the semi- annual financial report required by article 1 00 following Law 6/2023 of Securities Market and Investment Services, of March 17.
ERNST & YOUNG, S.L.
(Signed on the original Spanish version)
________________________________ _
María del Tránsito Rodríguez Alonso
July 29, 20 26
30 June 2026 Condensed Interim Consolidated Financial Statements and Condensed Interim Consolidated Management Report for the six months ended 30
June 2026
Distribuidora Internacional de Alimentación, S.A. and Subsidiaries (Together with the Limited Review Report) Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.
Condensed Consolidated Statement of Financial Position Condensed Consolidated income statement Condensed Consolidated statement of comprehensive income Condensed Consolidated Statement of Changes in Equity Condensed Consolidated cash flow statement Explanatory notes to the Condensed Interim Consolidated Financial Statements for the six months ended 30 June 2026 1 Corporate information 1.1. Relevant events during the six-month period 2 Basis of presentation 2.1. Basis of preparation of the condensed interim consolidated financial statements 2 .2. Accounting principles 2 .3. Accounting correction 2.4. Going concern 3 Information about operating segments 4 Property, plant and equipment 5 Intangible assets
5.1 Goodwill
5.2. Other intangible assets
6 Leases
6.1. Right-of-use assets 6.2. Lease liabilities 7 Financial assets 7.1. Trade debtors and other receivables 7.2. Other financial assets 8 Other assets
9 Inventories
10 Cash and cash equivalents 11 Non-current assets held for sale and discontinued operations
12 Equity
12.1. Capital
12.2. Reserves and retained earnings 12.3. Own shares and other own equity instruments 12.4. Translation differences 13 Financial liabilities 13.1. Financial debt 13.2. Other non-current liabilities 13.3. Trade creditors and other accounts payable 13.4. Other current liabilities 13.5. Estimates of fair value
14 Provisions
15 Income tax 16 Long-term incentive plans and share-based payment transactions 17 Net sales 18 Other income and expenses 18.1. Other income 18.2. Goods and other consumables used 18.3. Personnel expenses 18.4. Other operating expenses 18.5. Amortisation, depreciation and impairment 18.6. Result of non-current asset derecognition 18.7. Financial result 18.8. Foreign currency transactions 18.9. Result from net monetary position 19 Commitments and contingencies 20 Information on related parties 21 Other information 22 Subsequent events
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Contents1
Condensed Consolidated Statement of Financial
Position
At 30 June 2026 (Thousands of euros) ASSETS Note June 30, 2026 December 31, 2025
NON-CURRENT ASSETS:
Property, plant and equipment 4 789,224 718,334 Goodwill 5.1 285,119 285,136 Right-of-use assets 6.1 427,798 376,617 Other intangible assets 5.2 32,238 29,155 Trade debtors and other receivables 7.1 112 135 Other financial assets 7.2 47,060 55,914 Deferred tax assets 58,115 61,120 Total non-current assets 1,639,666 1,526,411
CURRENT ASSETS:
Inventories 9 267,920 247,408 Trade debtors and other receivables 7.1 134,217 139,945 Tax assets 15 3,734 12,279 Income tax assets 15 7,737 7,969 Other financial assets 7.2 12,959 1,275 Other assets 8 12,985 8,338 Cash and cash equivalents 10 389,270 356,602
828,822 773,816
Non-current assets held for sale 11 11,622 9,833 Total current assets 840,444 783,649
TOTAL ASSETS 2,480,110 2,310,060
EQUITY AND LIABILITIES
EQUITY:
Capital 12.1 290,294 290,294 Legal reserve 12.2 33,270 29,029 Reserves and retained earnings 12.2 (183,182) (307,921) Own shares 12.3 a) (2,653) (278) Other own equity instruments 12.3b) and 16 12,468 7,571 Net result for the period 12.2 22,850 128,980 Translation differences 12.4 4,456 (21,030) Value adjustments due to hedging transactions (651) (1,213) Equity attributable to holders of the parent company's equity instruments 176,852 125,432
NON-CURRENT LIABILITIES:
Financial debt 13.1 509,486 516,625 Lease liabilities 6.2 and 13.1 279,238 236,751 Provisions 14 21,874 21,762 Other liabilities 13.2 1,124 2,870 Deferred tax liabilities 15 10,629 9,316 Total non-current liabilities 822,351 787,324
CURRENT LIABILITIES:
Financial debt 13.1 31,127 19,680 Lease liabilities 6.2 and 13.1 190,359 180,089 Trade creditors and other accounts payable 13.3 1,009,109 958,410 Tax liabilities 15 39,628 38,179 Income tax liabilities 15 — 78 Other liabilities 13.4 209,582 200,146
1,479,805 1,396,582
Liabilities directly associated with non-current assets held for sale 1,102 722 Total current liabilities 1,480,907 1,397,304
TOTAL LIABILITIES AND EQUITY 2,480,110 2,310,060
Notes 1 to 22 in the explanatory notes form part of the condensed interim consolidated financial statements for the six months ended 30 June 2026.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Statement of Financial Position2
Condensed Consolidated Income Statement For the six-month period ended 30 June 2026 (Thousands of euros)
Restated (*)
Note June 30, 2026 June 30, 2025 Net sales 3 and 17 3,044,206 2,787,797 Other income 18.1 12,197 11,875
TOTAL INCOME 3,056,403 2,799,672
Goods and other consumables used 18.2 (2,257,011) (2,062,010) Personnel expenses 18.3 (287,071) (270,253) Other operating expenses 18.4 (279,843) (257,222) Depreciation of right of-use assets 18.5 (84,983) (78,998) Depreciation and amortisation 18.5 (76,364) (69,996) Net Gain/(Loss) on impairment of assets 18.5 471 2,166 Result of non-current asset derecognition 18.6 (2,736) (2,888)
RESULTS FROM OPERATING ACTIVITIES 68,866 60,471
Financial income 18.7 5,056 7,470 Financial expenses for leases 18.7 (29,614) (29,619) Other financial expenses 18.7 (38,964) (43,990) Result from net monetary position 18.9 25,688 22,032
FINANCIAL RESULT (37,834) (44,107)
NET RESULT BEFORE TAX FROM CONTINUING OPERATIONS 31,032 16,364
Income tax 15 (10,012) 8,014
RESULT AFTER TAX FROM CONTINUING OPERATIONS 21,020 24,378
Result from discontinued operations 11 1,830 12,300
NET RESULT FOR THE PERIOD 22,850 36,678
Attributed to:
Holders of the parent company's equity instruments 22,850 36,678 Basic and diluted result per share, in euros Continuing operations 0.3624 0.4199 Discontinued operations 0.0316 0.2119 Result for the period 0.3940 0.6319 (*) Restated data, see details in Note 2.3 Notes 1 to 22 in the explanatory notes form part of the condensed interim consolidated financial statements for the six months ended 30 June 2026.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Income Statement3
Condensed Consolidated Statement of
Comprehensive Income
For the six-month period ended 30 June 2026 (Thousands of euros)
Restated (*)
June 30, 2026 June 30, 2025 Net result for the period 22,850 36,678 Other comprehensive income:
Items not to be reclassified to the income statement — — Items that may be reclassified to the income statement Translation differences of financial statements of foreign operations 25,486 (29,460)
25,486 (29,460)
Value adjustments due to hedging transactions 562 (310)
562 (310)
Other comprehensive income for the period, net of taxes 26,048 (29,770) Total comprehensive income for the period, net of taxes 48,898 6,908
Attributed to:
Holders of the parent company's equity instruments 48,898 6,908 (*) Restated data, see details in Note 2.3.
Notes 1 to 22 in the explanatory notes form part of the condensed interim consolidated financial statements for the six months ended 30 June 2026.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Statement of Comprehensive Income4
Condensed Consolidated Statement of Changes in
Equity
For the six-month period ended 30 June 2026 (Thousands of euros) Equity attributable to holders of equity instruments in the parent company
Registered
capitalShare
premiumLegal
reserveOther
reserves and
retained
earningsOwn
sharesOther own
equity
instrumentsResult for the
period
attributed to
the parent
companyTranslation
differencesValue
adjustments
due to
hedging
transactionsEquity
attributable
to the
Parent
Company Total equity At 1 January 2025 (Restated (Note 2.3))580,655 1,058,873 —(1,566,921) (582) 1,424 (60,784) 19,465 (1,802) 30,328 30,328 Net result for the period (Restated (Note 2.3))— — — — — — 36,678 — — 36,678 36,678
Other comprehensive
income for the period, net of taxes (Restated (Note 2.3))— — — — — — —(29,460) (310) (29,770) (29,770)
Total comprehensive
income for the period, net of taxes— — — — — — 36,678 (29,460) (310) 6,908 6,908 Capital reduction (66) — — (355) 421 — — — — — — Purchase of own shares — — — — (117) — — — — (117) (117) Application of share premium—(1,058,873) —1,058,873 — — — — — — — Share-based payments — — — — — 2,048 — — — 2,048 2,048 Other changes in equity — — — — — (864) — — — (864) (864) Transfer of previous year's result— — — (60,784) — — 60,784 — — — — At 30 June 2025 580,589 — —(569,187) (278) 2,608 36,678 (9,995) (2,112) 38,303 38,303 At 1 January 2026 290,294 — 29,029 (307,921) (278) 7,571 128,980 (21,030) (1,213) 125,432 125,432 Net result for the period — — — — — — 22,850 — — 22,850 22,850
Other comprehensive
income for the period, net of taxes— — — — — — — 25,486 562 26,048 26,048
Total comprehensive
income for the period, net of taxes— — — — — — 22,850 25,486 562 48,898 48,898 Purchase of own shares — — — —(2,375) — — — — (2,375) (2,375) Share-based payments — — — — — 4,897 — — — 4,897 4,897 Transfer of previous year's result— — 4,241 124,739 — — (128,980) — — — — At 30 June 2026 290,294 — 33,270 (183,182) (2,653) 12,468 22,850 4,456 (651) 176,852 176,852 Notes 1 to 22 in the explanatory notes form part of the condensed interim consolidated financial statements for the six months ended 30 June 2026.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Statement of Changes in Equity5
Condensed Consolidated Cash Flow Statement For the six-month period ended 30 June 2026 (Thousands of euros) Note June 30, 2026 June 30, 2025
Operating activities
RESULT BEFORE TAX FROM CONTINUING OPERATIONS 31,032 16,364
RESULT BEFORE TAX FROM DISCONTINUED OPERATIONS 11 1,830 12,300
Result before tax 32,862 28,664 Adjustments to result: 220,310 209,416 Depreciation of right of-use assets 18.5 84,983 78,998 Depreciation and amortisation 18.5 76,364 69,996 Net Gain/(loss) on impairment of assets 18.5 (471) (2,166) Impairment of trade debtors 7.1 698 (55) Result of non-current asset derecognition 18.6 2,736 2,888 Financial income 18.7 (5,056) (7,470) Financial expenses for leases 18.7 29,614 29,619 Other financial expenses 18.7 38,964 43,990 Changes in provisions 1,381 3,427 Other adjustments from discontinued operations 1,830 12,300 Other adjustments to profit and loss (10,733) (22,111) Adjustments to working capital: 39,016 1,418 (Increase)/Decrease trade debtors and other accounts receivables 5,803 (10,856) (Increase)/Decrease in inventories (19,183) (11,015) (Increase)/Decrease in trade creditors and other accounts payable 52,396 23,289 (Increase)/Decrease in other assets 4,019 (4,637) (Increase)/Decrease in other liabilities (1,998) (14,908) Current income tax collected (paid) (7,543) 28,536 Net cash flow from operating activities 286,666 248,489
Investment activities
Payments due to investments in intangible assets 5.2 (6,575) (3,220) Development expenses 5.2 (2,021) (2,021) Payments due to investments in property, plant and equipment 4 (93,528) (61,610) Payments due to investments in financial instruments (2,823) (1,623) Disposals of property, plant and equipment assets 1,157 1,002 Payments from other financial assets (570) — Collections/(Payments) from other financial assets 24 34 Interest collected 4,795 7,382 Net cash flows of investment activities (99,541) (60,056)
Financing activities
Purchase of treasury shares — (117) Lease payments 6.2 (112,281) (113,286) Amounts (repaid) of financial debt (1,131) (32,244) Amounts coming from financial debt 1,750 2,723 Collections/(Payments) from other financial liabilities (7,301) 21,193 Interests paid (36,432) (39,236) Net cash flow from financing activities (155,395) (160,967) Net change in cash and cash equivalents 31,730 27,466 Effect of exchange rate changes on cash and cash equivalents 938 (18,069) Cash and cash equivalents at 1 January 356,602 333,002 Cash and cash equivalents at 30 June 389,270 342,399 Notes 1 to 22 in the explanatory notes form part of the condensed interim consolidated financial statements for the six months ended 30 June 2026.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Cash Flow Statement6
Explanatory notes to the Condensed Interim Consolidated Financial Statements for the six months ended 30 June 2026
1. CORPORATE INFORMATION
Distribuidora Internacional de Alimentación, S.A. (hereinafter the Parent Company, the Company or Dia) was incorporated in Spain on 24 June 1966 as a public limited company ("sociedad anónima") for an unlimited period of time. Its registered office is located in Las Rozas, Madrid.
The Company is the head of a Group of subsidiary companies which, along with Distribuidora Internacional de Alimentación, S.A., form the Dia Group (hereinafter, the Group or Dia Group), whose main activity is retail sale of food products at self-
service store, either owned or franchised. The Group opened its first establishment in Madrid in 1979.
The Company's shares have been admitted for trading on the Continuous Market of the Madrid, Barcelona, Valencia and Bilbao Stock Exchanges since 5 July 2011.
Currently, Distribuidora Internacional de Alimentación, S.A. and subsidiaries use the Dia brand and operate in the markets in Spain and Argentina.
1.1. Relevant events during the six-month period a) Impact of the conflict in Ukraine The Group does not have any operations or assets in Ukraine, Russia or Belarus and exposure to said markets is not considered material.
The Parent Company informed the National Securities Market Commission (CNMV), through publications of Other Relevant Information dated 12 August 2023, 28 February 2022, 15 March 2022 and 22 March 2022, that in the framework of international sanctions imposed on certain people due to the war in Ukraine, according to information received from the Luxembourg company LetterOne Investment Holdings, S.A. (LIHS), none of these people hold, either individually or in concert with other shareholders, control of LIHS and, consequently, the Company considers that it is not affected in any way by the aforementioned sanctions.
b) Corporate operations
Portugal
On 3 August 2023, the Parent Company notified the CNMV that, together with its indirectly wholly-owned subsidiary, Luxembourg Investment Company 322 S.à r.l., it had signed a share sale agreement, under which, among others, 100% of the share capital of Dia Portugal Supermercados, S.A. was sold to Auchan Portugal, S.A. (purchaser). The conclusion of the operation was subject to the fulfilment or waiver, as regulated by the agreement, of certain Conditions Precedent by 31 May 2024.
On 30 April 2024, the Parent Company notified the CNMV that, having fulfilled the Conditions Precedent, the Operation took place on that day and control transferred to the Purchaser. The amount received, net of financial debt and considering other adjustments in accordance with the terms of the Agreement, was 72.7 million euros. On 23 September 2024, the Group signed the third addendum to the agreement with the purchaser, whereby the final price settlement was agreed, under which 3.3 million euros was returned to the purchaser as a price adjustment. At 30 June 2026, the Group reversed 1.8 million euros of contingencies that were considered probable at 31 December 2025 but did not materialise.
The accounting impacts on the condensed consolidated interim financial statements are detailed in Note 11.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20261
2. BASIS OF PRESENTATION
2.1. Basis of preparation of the condensed interim consolidated financial
statements
These condensed interim consolidated financial statements are presented in accordance with International Accounting Standard (IAS) 34 on Interim Financial Reporting and were prepared by the Directors of the Parent Company on 29 July 2026. In accordance with IAS 34, the interim financial information is prepared solely for the purpose of updating the content of the latest consolidated annual accounts prepared by the Group, with emphasis on new activities, events and circumstances that occurred during the first half of the year and not duplicating the information previously published in the 2025 consolidated annual accounts. Therefore, the condensed interim consolidated financial statements at 30 June 2026 do not include all the information that would be required for full consolidated financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, and for a proper understanding of the information included in these condensed interim consolidated financial statements, they should be read in conjunction with the Group's consolidated annual accounts for the year ended 31 December 2025.
The Dia Group has adopted the latest version of all applicable standards issued by the IASB and adopted by the European Union Regulatory Commission, whose application is mandatory at 30 June 2026.
The comparison of the condensed interim consolidated financial statements is for the half-year periods ended 30 June 2026 and 30 June2025, except for the condensed consolidated statement of financial position that compares 30 June 2026 with 31 December 2025.
The subsidiaries that form part of the Dia Group have been consolidated using the full consolidation method.
On a half-yearly basis, the Group’s business exhibits a certain degree of seasonality, with sales for the second half of the year expected to be higher than those for the first half. This depends mainly on the impact of the Christmas and summer campaigns in Spain. This information is provided to help better understand the results. However, management has concluded that this is not a “highly seasonal” activity as defined in IAS 34.
The figures contained in the documents comprising these condensed interim consolidated financial statements are expressed in thousands of euros unless otherwise stated. The euro is the Parent Company's functional and presentation currency.
2.2. Accounting principles The accounting policies used in preparing these condensed interim consolidated financial statements are the same as those applied in the consolidated annual accounts for the year ended 31 December 2025.
The Group intends to adopt the standards, interpretations and amendments to standards issued by the IASB – which are mandatory in the European Union – when they become effective, if applicable.
The Group is currently analysing the impact of the implementation of IFRS 18, a new standard that sets out the requirements for the presentation and breakdown of financial statements, replacing IAS 1, which has been in force to date, and which will be mandatory for financial years beginning on or after 1 January 2027. Among the main changes it introduces, it is worth noting the requirement to include certain subtotals and the classification of income and expenses in the profit and loss account into five categories. In this context, the Group is analysing the most appropriate way to present operating expenses, considering that the options best suited to its business model are the mixed approach or the functional approach, as opposed to the nature-based approach used to date. Furthermore, the Group is assessing which measures meet the requirements set out in IFRS 18 to be classified as Management-Defined Performance Measures (MPMs) and which, consequently, must be disclosed in a note to the consolidated financial statements, although the metrics identified to date are already disclosed in these financial statements. It is estimated that the other impacts arising from the new regulations, such as the aggregation and disaggregation of items in the financial statements or changes to the cash flow statement, will not have a significant impact on the Group.
With regard to the remaining standards, interpretations and amendments, based on the analyses carried out to date, the Group considers that their initial application will not have a material impact on its consolidated annual accounts or its condensed interim consolidated financial statements.
2.3. Accounting correction Prior to the preparation of the Group’s consolidated annual accounts for the year ended 31 December 2025, a matter was identified that affected the measurement of the deferred tax liability of its Argentine subsidiary, relating to the application of IAS 29 from the 2018 financial year onwards, and which was corrected retrospectively. Note 2.5 to the consolidated annual accounts for the year ended 31 December 2025 provides a detailed description of this adjustment, the financial statements and line items affected, and the amounts adjusted in the comparative figures for the 2024 financial year.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20262
Within the framework of these condensed interim consolidated financial statements, the information affected by this correction in the comparative figures for the six-month period ended 30 June 2025 is as follows:
•In the Condensed Consolidated Income Statement, the "Income tax" line item has been restated, recording an impact that changes the original figure to 8,014 thousand euros. Consequently, the "Net result for the period" has been restated, moving from 37,808 thousand euros to 36,678 thousand euros.
•In the Condensed Consolidated Statement of Comprehensive Income, in addition to the update of the aforementioned net result for the period, the "Translation differences of financial statements of foreign operations" line item associated with the Argentine business was adjusted by an additional loss of 9,056 thousand euros, presenting a balance of (29,460) thousand euros.
Both restated figures are also reflected and reconciled in the corresponding breakdown of the Condensed Consolidated Statement of Changes in Equity for the same comparative period.
The Condensed Consolidated Statement of Financial Position and the Condensed Consolidated Cash Flow Statement have not undergone any modification to their comparative information.
2.4. Going concern The Parent Company's Directors have prepared these interim consolidated financial statements in accordance with the going concern principle.
At 30 June 2026 , consolidated equity was positive at 176.9 million euros (positive at 125.4 million euros at 31 December 2025) and consolidated working capital, calculated as current assets less current liabilities, excluding assets and liabilities held for sale, was negative, amounting to 651.0 million euros (negative at 622.8 million euros at 31 December 2025 ). The consolidated result for the first half of 2026 amounts to a profit of 22.9 million euros (consolidated profit of 36.7 million in the same period of 2025), consisting of a result after tax from continuing operations of 21.0 million euros and a profit from discontinued operations of 1.8 million euros.
Regarding the Parent Company, at 30 June 2026, equity was 468 million euros positive (476 million euros positive at 31 December 2025).
Additionally, at 30 June 2026, the Group had available liquidity of 522 million euros at the consolidated level ( 484 million euros at 31 December 2025), which includes the available balances of the financing obtained and the cash and cash equivalents at that date . Finally, it should be noted that at 30 June 2026 (as in the previous period), the Group complies with the covenants of the syndicated financing agreement (Note 13.1) and estimates that it will continue to comply in the next twelve months.
Within this context, the Directors consider the Group will continue to operate on a going concern basis.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20263
3. INFORMATION ABOUT OPERATING SEGMENTS
Note 4 of the notes to the Group's consolidated accounts for the year ended 31 December 2025 details the criteria used by the Group to define its operating segments. There have been no changes in the segmentation criteria.
The detail of the main figures expressed by segment is as follows:
Spain ArgentinaUnallocated
results (2) Consolidated Thousands of euros At 30 June 2026 Net Sales (1) 2,453,901 590,305 — 3,044,206 Other income 11,363 834 — 12,197 Goods and other consumables used (1,797,807) (459,204) — (2,257,011) Personnel expenses (236,989) (50,082) — (287,071) Operating expenses (195,812) (78,783) (5,248) (279,843)
EBITDA 237,629 97 (5,248) 232,478
Adjusted EBITDA 159,860 (1,316) — 158,544 % of revenues 6.51 % (0.22) % — % 5.21 % Net result for the period 50,656 (24,388) (3,418) 22,850 At 30 June 2025 Net Sales (1) 2,201,631 586,166 — 2,787,797 Other income 11,235 640 — 11,875 Goods and other consumables used (1,605,422) (456,588) — (2,062,010) Personnel expenses (222,784) (47,469) — (270,253) Operating expenses (173,857) (83,365) — (257,222)
EBITDA 210,803 (616) — 210,187
Adjusted EBITDA 136,676 (3,456) — 133,220 % of revenues 6.21 % (0.59) % — % 4.78 % Net result for the period 47,649 (23,271) 12,300 36,678 (1)Eliminations in revenues resulting from the consolidation are included in the Spain segment.
(2)Unallocated results comprise those impacts which, by their nature, cannot be attributed to any of the Group’s business segments. During the period, operating expenses included in this column amounted to 5,248 thousand euros and relate to fees paid to various consultancy firms that are not linked to any of the Group’s operating segments. Meanwhile, the unallocated net result for the period, amounting to (3,418) thousand euros, reflects the aforementioned operating expenses, which were partially offset by income of 1,830 thousand euros recognised under discontinued operations (Note 11).
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20264
Spain Argentina Consolidated Thousands of euros At 30 June 2026 Total Assets 2,059,501 408,987 2,468,488 Cash and cash equivalents 345,386 43,884 389,270 Assets held for sale — 11,622 11,622 Total Liabilities 2,028,372 273,784 2,302,156 Financial debt (1) 555,422 33 555,455 Liabilities held for sale — 1,102 1,102 Acquisitions of property, plant and equipment (2) 113,241 5,743 118,984 Number of commercial establishments 2,406 996 3,402 At 31 December 2025 Total Assets 1,916,299 383,928 2,300,227 Cash and cash equivalents 294,701 61,901 356,602 Assets held for sale — 9,833 9,833 Total Liabilities 1,932,519 251,387 2,183,906 Financial debt (1) 546,879 33 546,912 Liabilities held for sale — 722 722 Acquisitions of property, plant and equipment (2) 87,093 9,255 96,348 Number of commercial establishments 2,328 1,029 3,357 (1)Financial debt includes 14,842 thousand euros of assets in finance leases under the accounting criteria prior to the application of IFRS 16 (10,607 thousand euros at 31 December 2025) (Note 6).
(2)Right-of-use assets are not included.
The reconciliation of adjusted EBITDA to the consolidated income statement headings is as follows:
Thousands of euros Spain ArgentinaUnallocated resultsTotal June 2026 Result from operations (EBIT) 106,279 (32,165) (5,248) 68,866 Amortisation and Depreciation 129,845 31,502 — 161,347 Net Gain/(loss) on impairment of assets (33) (438) — (471) Result of non-current asset derecognition 1,538 1,198 — 2,736
EBITDA 237,629 97 (5,248) 232,478
Restructuring costs and Long-Term Incentive Plans 11,760 999 5,248 18,007 Expenses (Income) related to the closure of stores and warehouses4,838 626 — 5,464 Expenses related to efficiency processes 651 315 — 966 Other expenses 530 — 5,248 5,778 Expenses related to Long-Term Incentive Plans 5,741 58 — 5,799 IFRS 16 effect on leases (89,529) (19,397) — (108,926) IAS 29 hyperinflationary effect — 16,985 — 16,985 Adjusted EBITDA 159,860 (1,316) — 158,544
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20265
Thousands of euros Spain Argentina Total June 2025 Result from operations (EBIT) 94,602 (34,131) 60,471 120,855 28,139 148,994 Amortisation and Depreciation (2,280) 114 (2,166) Result of non-current asset derecognition 888 2,000 2,888
EBITDA 214,065 (3,878) 210,187
Restructuring costs and Long-Term Incentive Plans 5,459 958 6,417 Expenses (Income) related to the closure of stores and warehouses823 — 823 Expenses related to efficiency processes 1,864 509 2,373 Other expenses (1,529) — (1,529) Expenses related to Long-Term Incentive Plans 4,301 449 4,750 IFRS 16 effect on leases (82,848) (18,093) (100,941) IAS 29 hyperinflationary effect — 17,557 17,557 Adjusted EBITDA 136,676 (3,456) 133,220 The effect of applying IFRS 16 and IAS 29 is shown separately in the table and completes the explanation of the evolution of the items excluded from Adjusted EBITDA. The definition of Adjusted EBITDA is given in Annex I of Definition of Alternative Performance Measures of the Consolidated Management Report at 31 December 2025.
4. PROPERTY, PLANT AND EQUIPMENT
The evolution during the first half of the year was as follows:
Net book value 2026 2025 At 1 January 718,334 717,504 Additions 110,388 91,107 Depreciation (Note 18.5) (68,170) (61,660) Net impairment (Note 18.5) 471 2,166 Derecognitions (2,696) (2,336) Transfers (1,657) (285) Translation differences 32,554 (36,307) At 30 June 789,224 710,189 During the first six months of 2026, the Group continued to drive a significant increase in strategic investment in property, plant and equipment. This increase is mainly due to the opening of the new warehouse in León (Spain) and 58 new stores in Spain (45 stores during the first six months of 2025). In addition, resources have been allocated to improve the operational efficiency of the assets, thereby optimising the group’s logistics chain and overall infrastructure.
As described in Note 3) h to the consolidated financial statements for 2025, the Dia Group – at least at the end of each financial year or whenever such indications arise – assesses whether there are any signs of impairment in its non-
current and non-financial assets, in order to determine whether their net book value might exceed their recoverable value. In preparing these condensed consolidated interim financial statements for the first half of 2026, the Group carried out this assessment and did not identify any indication of impairment in any of the CGUs. With regard to the business in Argentina, the analysis of indicators considered the improvement in the macroeconomic environment compared to the end of 2025 and the achievement of internal financial projections during the first half of the year; taken together, these factors show no signs of impairment.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20266
5. INTANGIBLE ASSETS
5.1. Goodwill
The allocation of "Goodwill", corresponds to Spain in its entirety, amounted to 285,119 thousand euros at 30 June 2026 (285,136 thousand euros at 31 December 2025).
Goodwill and intangible assets with an indefinite useful life are not subject to amortisation; they are tested for impairment at least at the end of the financial year or whenever there are indications that their recoverable value may be below their net book value (Note 4).
5.2. Other intangible assets The evolution during the first half of the year was as follows:
Net book value 2026 2025 At 1 January 29,155 29,493 Additions/Internal development 8,596 5,241 Amortization (Note 18.5) (8,194) (8,336) Derecognitions — (2) Transfers 1,657 100 Translation differences 1,001 (920) Other movements 23 1,378 At 30 June 32,238 26,954
6. LEASES
6.1. Right-of-use assets The evolution during the first half of the year was as follows:
Net book value 2026 2025 At 1 January 376,617 383,888 Additions 123,300 82,475 Depreciation (Note 18.5) (84,983) (78,998) Derecognitions (2,126) (3,625) Transfers — (4,815) Value update 14,269 11,595 Translation differences 721 (8,427) At 30 June 427,798 382,093 The increase in additions is mainly due to the opening of the new warehouse in León (Spain) and the leases for the 58 stores opened during the half-year (45 stores in the first half of 2025).
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20267
6.2. Lease liabilities The composition of and movements during the first six months were as follows:
Thousands of euros 2026 2025 At 1 January 416,840 430,895 Additions 123,300 82,475 Derecognitions (2,031) (2,829) Application (809) (5,290) Interest expenses 29,614 29,619 Value update 14,269 11,595 Amounts paid (112,281) (113,286) Translation differences 695 (10,104) At 30 June 469,597 423,075 Non-current 279,238 239,802 Current 190,359 183,273 At 30 June 2026, 9,788 thousand euros is included in long term ( 5,991 thousand euros at 31 December 2025) and 5,054 thousand euros in short term ( 4,616 thousand euros at 31 December 2025), corresponding to the debt on assets under finance leases under the accounting criteria prior to the application of IFRS 16 (1 January 2019) , which relate to certain warehouses, technical facilities, machinery and other fixed assets (transport items).
7. FINANCIAL ASSETS
The detail of financial assets is as follows:
Thousands of euros 30 June 2026 31 December 2025
Non-current assets
Trade debtors and other receivables 112 135 Other non-current financial assets 47,060 55,914
Current assets
Trade debtors and other receivables 134,217 139,945 Other current financial assets 12,959 1,275 Total 194,348 197,269 7.1. Trade debtors and other receivables The detail of current and non-current trade debtors and other receivables is as follows:
Thousands of euros 30 June 2026 31 December 2025 Accounts receivable 112 135 Total non-current 112 135 Accounts receivable (net of impairment) 127,685 130,545 Other debtors (net of impairment) 4,803 7,627 Receivables from suppliers (net of impairment) 389 1,729 Advances to suppliers 1,340 44 Total current 134,217 139,945 In the first six months of 2026, there have been no transactions generating trade debtors with related parties. At 30 June 2026 and 31 December 2025, there is no balance receivable on trade debtors with related parties (see Note 20).
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20268
a) Accounts receivable This heading includes trade receivables for sales of goods to franchisee customers. The composition of these receivables is as
follows:
Thousands of euros 30 June 2026 31 December 2025 Non-current accounts receivable 112 135 Current accounts receivable 137,040 139,742 Total trade receivables 137,152 139,877 Value impairment (9,355) (9,197) Total 127,797 130,680 b) Receivables from suppliers This heading includes balances with suppliers that have become debtors as a result of the charge notes issued for discounts of various kinds in accordance with the trade conditions agreed with them, as well as returns of goods.
The Group did not enter into non-recourse supplier trade receivables assignment contracts in the first six months of 2026 or 2025.
c) Value impairment The movements in valuation corrections for impairment in the first six months were as follows:
2026
Thousands of euros Accounts receivable (Note 7.1 a))Other payablesReceivables from
suppliersTotal
At 1 January (9,197) (1,666) (373) (11,236) Provisions (503) (502) (4) (1,009) Applications 52 — — 52 Reversals 309 2 — 311 Translation differences (16) — (1) (17) At 30 June (9,355) (2,166) (378) (11,899)
2025
Thousands of euros Accounts receivable (Note 7.1 a))Other payablesReceivables from
suppliersTotal
At 1 January (9,409) (4,133) (696) (14,238) Provisions (529) (45) (59) (633) Applications 24 3,688 — 3,712 Reversals 676 11 1 688 Translation differences 453 — 5 458 At 30 June (8,785) (479) (749) (10,013)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 20269
7.2. Other financial assets All the Group's other financial assets are measured at amortised cost. The detail of "Other financial assets" is as follows:
Thousands of euros 30 June 2026 31 December 2025 Equity instruments 36 36 Guarantees and other deposits 47,024 45,026 Other loans – 10,852 Total non-current 47,060 55,914 Franchise deposits 100 105 Loans to personnel 1,101 565 Other loans 10,865 26 Interest rate hedging derivatives (Note 13.5) 287 82 Other financial assets 606 497 Total current 12,959 1,275 The heading of non-current "Guarantees and other deposits" mainly records the amounts delivered to lessors as a guarantee for the lease contracts. These amounts are presented at their current value and any difference with their nominal value is recognised as current or non-current prepayments.
The Group considers the guarantees constituted in the lease agreements to be assets with a low credit risk, as in most lease agreements the lessor is obliged to deposit the guarantee with the relevant public body.
Other current loans mainly include a loan with (Clarel Beauty, S.A. (previously, Beauty by Dia, S.A.U.) amounting to 10,852 thousand euros for the sale of inventories in warehouses following its exit from the Group that matures in April 2027 and bears interest at EURIBOR 3M + 4%, with monthly settlement. At 31 December 2025, this loan was classified under Other non-current loans.
Interest rate hedging derivatives at 30 June 2026 correspond to the credit the Group has for applying hedge accounting to contracts entered into to hedge interest rate risk (Note 13.1).
8. OTHER ASSETS
The detail of "Other assets" is as follows:
30 June 2026 31 December 2025 Thousands of euros Current Current Prepayments for leases 191 31 Prepayments for insurance contracts 440 788 Other prepayments 12,354 7,519 Total Other assets 12,985 8,338 The increase in other prepayments was mainly due to payments made for various services and annual maintenance in Spain.
9. INVENTORIES
The detail of "Inventories" is as follows:
Thousands of euros 30 June 2026 31 December 2025 Goods for resale 263,279 243,971 Other supplies 4,641 3,437 Total Inventories 267,920 247,408 At 30 June 2026 there were no restrictions of any kind on the availability of inventory. The increase in inventories has been driven mainly by the rise in the number of stores in Spain and by the relationship between inflation and exchange rate fluctuations in Argentina during the period.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202610
10. CASH AND CASH EQUIVALENTS
The detail of "Cash and cash equivalents" is as follows:
Thousands of euros 30 June 2026 31 December 2025 Cash and current account balances 373,765 327,693 Cash equivalents 15,505 28,909 Total 389,270 356,602 The balance of "Cash equivalents" reflects the deposits that mature in less than three months.
The Dia Group has pledged certain bank accounts. However, there are no restrictions on the availability of such bank accounts to the extent that the guarantee is not effective.
11. NON-CURRENT ASSETS HELD FOR SALE AND
DISCONTINUED OPERATIONS
At 30 June 2026, “Non-current assets held for sale” includes 11,622 thousand euros (9,833 thousand euros, at 31 December 2025) relating to properties in Argentina whose sale is considered highly probable at 30 June 2026. The amount of liabilities directly associated with these non-current assets held for sale at 30 June 2026 amounted to 1,102 thousand euros (722 thousand euros at 31 December 2025).
In relation to the sale of the Portuguese business that concluded in 2024, at 30 June 2026, the Group reversed 1.8 million euros of contingencies (12.3 million euros at 30 June 2025) that were considered probable at 31 December 2025 but did not materialise.
The effect on cash flows from activities discontinued by the Group is presented in the consolidated cash flow statement.
12. EQUITY
12.1. Capital
The share capital of Dia at 30 June 2026 was 290,294,490 euros represented by 58,058,898 shares with a par value of 5 euros each, fully subscribed and paid up, with no restrictions on their free transferability.
The Company’s shares are listed on the Spanish stock markets. According to public information filed with the National Securities Market Commission (CNMV) , the members of the Board of Directors control, at the date of drafting, approximately 0.0328% of the Parent Company's share capital.
The most significant shareholding reflected in the public information registered with the National Securities Market Commission corresponds to the indirect shareholding of LetterOne Investment Holdings, S.A. of 77.712% (the direct shareholding is held by L1R Invest1 Holding S.à.r.l. in the same percentage).
12.2. Reserves and retained earnings The detail of reserves and retained earnings is as follows:
Thousands of euros 30 June 2026 31 December 2025 Legal reserve 33,270 29,029 Other non-distributable reserves 21 21 Capital redemption reserve 66 66 Retained earnings (183,269) (308,008) Reserves and retained earnings (183,182) (307,921) Result attributable to holders of the parent company's equity instruments 22,850 128,980 Total (127,062) (149,912)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202611
The allocation of the parent company’s results for 2025, as approved by the 2026 Ordinary General Shareholders’ Meeting held on 19 June 2026, consists of a transfer of 42,406,221.54 euros to reserves (4,240,622.15 euros to the Legal reserve and 38,165,599.39 to Voluntary reserves, which in the consolidated accounts is included in retained earnings).
12.3. Own shares and other own equity instruments a) Treasury shares At 30 June 2026, the Parent Company held 64,286 own shares with a rounded off average purchase price of 41.27 euros per share, representing a total amount of 2,653,240.26 euros (4,375 shares at 31 December 2025 for a total amount of 277,740.72 euros).
During the first six months of 2026, a total of 59,911 shares were purchased for 2,375,499.47 euros.
b) Other own equity instruments At 30 June 2026, "Other own equity instruments" includes the reserve of 914 thousand euros for deferred remuneration in shares for non -proprietary directors (648 thousand euros at 31 December 2025). This heading also includes the reserve corresponding to the Long-Term Incentives Plan 2023–2027 and the Long-Term Incentives Plan 2025–2029 (VCP 25–29) amounting to 11,554 thousand euros (6,922 thousand euros at 31 December 2025) (Notes 16 and 20).
12.4. Translation differences At 30 June 2026 and 31 December 2025, the translation differences relate to the business in Argentina.
13. FINANCIAL LIABILITIES
The detail of financial liabilities included in the condensed consolidated statement of financial position is:
Thousands of euros 30 June 2026 31 December 2025 Non-current financial debt 509,486 516,625 Non-current lease liabilities 279,238 236,751 Other non-current liabilities 1,124 2,870 Non-current liabilities 789,848 756,246 Current financial debt 31,127 19,680 Current lease liabilities 190,359 180,089 Trade creditors and other accounts payable 1,009,109 958,410 Other current liabilities 209,582 200,146 Current liabilities 1,440,177 1,358,325 Total financial liabilities 2,230,025 2,114,571
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202612
13.1. Financial debt The detail of current and non-current "Financial Debt" is as follows:
30 June 2026 31 December 2025 Thousands of euros Non-current Current Non-current Current Syndicated loan (Term Loan B) 508,584 26,416 521,625 13,375 Formalisation expenses (23,608) — (27,930) — Interest debt — 2,254 — 2,317 Syndicated financing (Note 13.1 a)) 484,976 28,670 493,695 15,692 Guarantees and deposits received 18,188 104 16,443 99 Other financial debt 6,322 1,710 6,487 2,676 Derivatives (Note 13.5) — 643 — 1,213 Other financial debt (Note 13.1 b)) 24,510 2,457 22,930 3,988 Total financial debt 509,486 31,127 516,625 19,680 a) Syndicated Financing On 27 December 2024, the Dia Group entered into a new syndicated financing agreement with various Financial Creditors for a maximum total amount of 885,000 thousand euros ("New Syndicated Financing").
The terms and conditions of this syndicated financing are described in Note 15 of the notes to the consolidated annual accounts for the year ended 31 December 2025.
Details of the syndicated financing facilities at 30 June 2026 and 31 December 2025 are shown below:
At 30 June 2026 Limit Drawn down Amount available Loan Tranche - Syndicated Financing 535,000 535,000 — Loan (TLB) 535,000 535,000 — Revolving Facility - Syndicated Financing 127,230 — 127,230 Revolving Credit Facility (RCF) 92,230 — 92,230 Credit Facilities 35,000 — 35,000 Total Syndicated Financing 662,230 535,000 127,230 At 31 December 2025 Limit Drawn down Amount available Loan Tranche - Syndicated Financing 535,000 535,000 — Loan (TLB) 535,000 535,000 — Revolving Facility - Syndicated Financing 127,230 — 127,230 Revolving Credit Facility (RCF) 92,230 — 92,230 Credit Facilities 35,000 — 35,000 Total Syndicated Financing 662,230 535,000 127,230 In addition, within the Revolving facility, (i) confirming facilities are granted for a maximum amount of 200,000 thousand euros, of which 194,204 thousand euros had been drawn down at 30 June 2026 ( 199,961 thousand euros at 31 December 2025) (Note 13.3) and (ii) guarantee facilities amounting to 22,770 thousand euros (Note 19) ( 22,770 thousand euros at 31 December 2025).
Other terms and conditions: guarantees and other commitments.
Note 15 of the notes to the consolidated annual accounts for the year ended 31 December 2025 describes the package of guarantees in favour of the Syndicated Creditors and the other commitments to which the Group is obliged under the syndicated financing agreement.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202613
Financial covenants of the Syndicated Financing As a result of the obligations arising from the syndicated loan, the Group must meet certain financial ratios on a quarterly basis, as defined below:
Net Financial Leverage Ratio for the geography of Spain:
The initial ratio was set at 3.80x, progressively decreasing to a level of 2.60x in December 2029. The covenant set for the revolving tranche considers a 5% margin over the level of the leverage ratio set for the TLB (Term Loan B) loan tranche. It is measured quarterly.
The following table details the net financial leverage ratios to be met for each of the dates of the next two years:
Thousands of euros Jun 2026 Sep 2026 Dec 2026 Mar 2027 Jun 2027 Sep 2027 Dec 2027 Financial Leverage Ratio (*) Revolving tranche3.65x 3.65x 3.50x 3.50x 3.30x 3.30x 3.15x Financial Leverage Ratio (*) TLB tranche 3.50x 3.50x 3.30x 3.30x 3.15x 3.15x 2.95x (*) Net Financial Leverage Ratio = Adjusted Net Debt/ Adjusted EBITDA. The Adjusted Net Debt and Adjusted EBITDA figures used for the calculation of the covenants are determined based on the definition of the Syndicated Financing Agreement and refer exclusively to the geography of Spain.
Liquidity:
The Group must have a minimum cash balance of 40,000 thousand euros at all times, excluding cash in transit.
At June 2026, the Group is in compliance with the required covenants, with compliance with the applicable covenants expected in the next twelve months.
b) Other financial debt Other financial debt includes the following:
30 June 2026 31 December 2025 Thousands of euros Non-current Current Non-current Current Guarantees and deposits received (1) 18,188 104 16,443 99 Other financial debts (2) 6,322 1,710 6,487 2,676 Derivatives (3) — 643 — 1,213 Other financial debt 24,510 2,457 22,930 3,988 (1) Guarantees and deposits includes the guarantees received from franchisees in Spain.
(2) Other non-current financial debts mainly include the financing of refrigeration equipment for the new Dos Hermanos warehouse in Spain and collections made on behalf of third parties in Spain.
(3) Corresponds to the valuation of the interest rate hedges that the Group has in place at the end of each year.
c) Net debt The detail of net debt without IFRS 16 is as follows:
Thousands of euros Spain Argentina30 June
2026Spain Argentina31
December
2025
Cash and cash equivalents (Note 10) 345,386 43,884 389,270 294,701 61,901 356,602 Interest rate hedging derivatives (Note 7.2) 287 — 287 82 — 82 Financial debt (current and non-current) (Note 13.1) (540,580) (33) (540,613) (536,272) (33) (536,305) Finance lease liabilities (Note 6.2) (14,842) — (14,842) (10,607) — (10,607) Financial assets and liabilities with group companies 3,832 (3,832) — 843 (843) — Net Debt (205,917) 40,019 (165,898) (251,253) 61,025 (190,228)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202614
d) Reconciliation of net cash flows from financing activities:
The reconciliation between financial liabilities on the consolidated statement of financial position and the cash flows from financing activities is as follows:
Thousands of eurosNon-current financial liabilitiesCurrent financial
liabilitiesTotal
Balance at 31 December 2025 753,376 199,769 953,145 Cash flows from financing (payments) (165) (966) (1,131) Cash flows from financing (collections) 1,745 5 1,750 Cash flows from financing (financial lease payments) — (112,281) (112,281)
Non-monetary changes:
Reclassification to short term (106,171) 106,171 — Foreign currency exchange gains/(losses) 79 616 695 Non-monetary changes in finance leases 135,538 28,805 164,343 Other non-monetary changes 4,322 (633) 3,689 Balance at 30 June 2026 788,724 221,486 1,010,210 Thousands of eurosNon-current financial liabilitiesCurrent financial
liabilitiesTotal
Balance at 31 December 2024 751,832 233,660 985,492 Cash flows from financing (payments) — (32,244) (32,244) Cash flows from financing (collections) 2,080 643 2,723 Cash flows from financing (financial lease payments) — (113,286) (113,286)
Non-monetary changes:
Reclassification to short term (81,790) 81,790 — Foreign currency exchange gains/(losses) (3,326) (6,778) (10,104) Other non-monetary changes 95,648 25,118 120,766 Balance at 30 June 2025 764,444 188,903 953,347 13.2. Other non-current liabilities Other non-current liabilities at 30 June 2026 amounting to 1,124 thousand euros include advances for franchises by way of the entry fee in Argentina. The amount of 2,870 thousand euros recorded under Other non-current liabilities at 31 December 2025 comprised, in addition to franchise advance payments in respect of entry fees, 2,100 thousand euros in liabilities associated with divestments, which have been reclassified to Other current liabilities at 30 June 2026, given that their maturity is less than 12 months.
13.3. Trade creditors and other accounts payable The breakdown of "Trade creditors and other accounts payable" is as follows:
Thousands of euros 30 June 2026 31 December 2025 Suppliers 829,124 784,976 Creditors 179,551 173,017 Advances from customers 434 417 Total Trade creditors and other accounts payable 1,009,109 958,410 "Suppliers" and "Creditors" essentially consist of short term payment obligations to suppliers of goods and services, represented by accepted money orders, promissory notes and confirming.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202615
At June 2026 the Group had confirming facilities with a limit of 200,000 thousand euros ( 31 December 2025 : 200,000 thousand euros) of which 194,204 thousand euros has been used (31 December 2025 : 199,961 thousand euros).
30 June 2026 31 December 2025 Thousands of eurosLimitDrawn
downAmount
available LimitDrawn
downAmount
available
Confirming senior syndicated financing (1) 200,000 194,204 5,796 200,000 199,961 39 Total 200,000 194,204 5,796 200,000 199,961 39 (1) In the limit for confirming of the syndicated financing, the limits assigned to the confirming facilities are included.
13.4. Other current liabilities The breakdown is:
Thousands of euros 30 June 2026 31 December 2025 Personnel 52,800 48,941 Suppliers of fixed assets 87,279 70,281 Other current liabilities 69,503 80,924 Total Other liabilities 209,582 200,146 Other current liabilities mainly includes deposits received from franchisees amounting to 6 5,724 thousand euros (62,481 thousand euros in 2025). Upon termination of the contractual relationship with Dia, the amounts already paid and deposited as security shall be deducted from the franchisee’s final debt. The change in the balance of Other current liabilities is mainly due to an increase in payables to suppliers for fixed assets amounting to 16,997 thousand euros and a reduction in staff remuneration following payments made during the first six months of the year, amounting to 14,875 thousand euros (Note 14).
13.5. Estimates of fair value The fair value of financial assets and liabilities is included at the amount at which the instrument could be exchanged in an arm's length transaction rather than in a forced or settlement transaction.
At 30 June and 31 December, the Group's position is as follows:
30 June 2026 Level 1 Level 2 Level 3 Book value Measurement method Derivative instrument assets (Note 7.2) — 287 — 287 Fair value Derivative instrument liabilities (Note 13.1) — 643 — 643 Fair value 31 December 2025 Level 1 Level 2 Level 3 Book value Measurement method Derivative instrument assets (Note 7.2) — 82 — 82 Fair value Derivative instrument liabilities (Note 13.1) — 1,213 — 1,213 Fair value For Level 2 instruments, the Group allocates the assets and liabilities related to its over-the-counter (OTC) derivative positions to this hierarchy level and measures them using observable market data.
The book value of other financial assets and liabilities does not differ significantly from their fair value. There have been no transfers among valuation levels of financial assets or liabilities measured at fair value.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202616
14. PROVISIONS
The detail and evolution of "Provisions" are as follows:
Thousands of eurosProvisions for long-term employee benefits and defined benefit plansTax
provisionsSocial
security
provisionsLegal
provisionsOther
provisionsTotal long-
term
provisions
At 1 January 2026 3,181 3,048 7,234 7,067 1,232 21,762 Provisions 1,473 129 2,912 1,904 190 6,608 Applications — — — (1,313) — (1,313) Reversals — — (1,177) (3,829) (207) (5,213) Other movements (14) — — — — (14) Translation differences 4 — 24 13 3 44 At 30 June 2026 4,644 3,177 8,993 3,842 1,218 21,874 Thousands of euros Provisions for long-term employee benefits and defined
benefit plansTax
provisionsSocial
security
provisions Legal
provisionsOther
provisionsTotal long-
term
provisions
At 1 January 2025 11,025 23,312 8,677 7,067 1,231 51,312 Provisions 2,177 2,576 1,792 1,851 212 8,608 Applications — (13,254) (466) (1,175) — (14,895) Reversals — (10,223) (1,494) (1,107) (66) (12,890) Transfers (10,914) — — — — (10,914) Other movements 21 — — — 2 23 Translation differences (502) (6) (804) (496) (66) (1,874) At 30 June 2025 1,807 2,405 7,705 6,140 1,313 19,370 At 30 June 2026, as at the end of 2025, the Group's main provisions are of a tax, social and legal nature. During the first half of 2026, a provision of 6,608 thousand euros ( 8,608 thousand euros in the first six months of 2025) was recognised, which mostly related to provisions for long-term remuneration and social and legal provisions for which a probable outflow of resources is expected. On the other hand, in the first half of 2026 there were applications for 1,313 thousand euros and reversals for 5,213 thousand euros, the latter for contingencies, mainly of a legal nature, that ultimately did not materialise (14,895 thousand euros and 12,890 thousand euros in the first six months of 2025 respectively; 8,583 thousand euros of this total was offset against the income tax expense).
In the first half of 2025, 10,914 thousand euros of provisions for long-term employee benefits was transferred to short term and included in Other financial liabilities (Note 13.4).
For the remaining ongoing procedures, there have been no updates during the first six months of 2026.
Note 16 of the notes to the consolidated annual accounts for the year ended 31 December 2025 describes the main legal disputes affecting the Group at that date.
15. INCOME TAX
The companies comprising the Dia Group have calculated the provision for Corporation Tax at 30 June 2026 by applying the regulations in force in each of the countries in which it operates, and specifically with respect to companies resident in Spain, by applying the rules contained in Law 27/2014 of 27 November.
During the six-month period ended 30 June 2026, the Group recorded an income tax expense of 10,012 thousand euros, comprising a current tax expense of 8,216 thousand euros and a deferred tax expense of 1,796 thousand euros. The deferred tax expense relates primarily to the net reversal of temporary differences associated with the period.
In addition, as at 30 June 2026, the Group has recognised a total of 30,598 thousand euros in respect of deferred tax assets arising from tax loss carryforwards pending utilisation. During the first half of 2026, the net balance of these recognised tax loss carryforwards increased by 1,600 thousand euros, as a result of new recognitions amounting to 4,338 thousand euros and utilisations in the period of 2,738 thousand euros. The Group considers that there will be sufficient future taxable profits to allow the full recovery of the aforementioned deferred tax assets.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202617
Pillar 2
The Group has reviewed its corporate structure in light of the Pillar 2 Model regulation, determining that it is not subject to Pillar 2 complementary taxes, due to the application in Argentina of the routine profit test and the application in Spain of the effective tax rate test. Therefore, the Group applies the exception to recognise and disclose information on deferred tax assets and liabilities related to this tax, as provided for in the amendments to IAS 12 issued in May 2023.
Litigation and inspection actions Note 17 of the notes to the consolidated annual accounts for the year ended 31 December 2025 describes the main legal disputes regarding tax affecting the Group at that date.
Furthermore, on 1 July 2026, the Spanish Tax Authority notified the commencement of a general audit procedure targeting Distribuidora Internacional de Alimentación, S.A. as the parent company of the consolidated group. Additionally, on 28 July 2026, the Group received notifications of the commencement of an inspection procedure also directed at subsidiaries Dia Retail, S.A.U. and Dia Finance, S.L.U.
The measures will involve a review of the Group’s main taxes:
•Corporation tax: 2021 to 2024 (Consolidated Tax Group 487/12).
•Value Added Tax: June 2022 to December 2024 (VAT group 5/14).
•Withholdings (employment, rental income and non-residents): June 2022 to December 2024.
At the date of preparing these interim financial statements, the audit procedures are at an early stage. The directors of the parent company consider that the actions described should not give rise to any material liabilities for the condensed consolidated financial statements taken as a whole.
16. LONG-TERM INCENTIVE PLANS AND SHARE-BASED
PAYMENT TRANSACTIONS
Note 18 of the notes to the consolidated annual accounts for the year ended 31 December 2025 describes the incentive plans in force at that date. The following are updates to the information detailed in the aforementioned annual accounts.
At 30 June 2026, an expense of 2,102 thousand euros (1,970 thousand euros at 30 June 2025) was recorded against Equity instruments for the 2025–2029 LTI (Note 12). The theoretical number of shares to be delivered in implementing the plan is 719,708 shares.
At 30 June 2026, for the LTI 2023–2027, an expense of 3,946 thousand euros (361 thousand euros at 30 June 2025) has been recorded; 1,418 thousand euros against Long-term provisions and 2,528 thousand euros against Equity Instruments (Note 12).
During the first half of the year, the payment was made in respect of the LTI 2023–2025, which involved the utilisation of the short-term provision the Group had recognised at 31 December 2025, amounting to 15,449 thousand euros.
In addition, in application of the approved remuneration policy, deferred share-based remuneration of 265 thousand euros (78 thousand in the first six months of 2025) was accrued in the first half of 2026 for non-proprietary directors (Notes 18.3 and 20).
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202618
17. NET SALES
Net sales corresponds to sales income in own stores, sales and services rendered to franchisees and online sales derived from the Group's activity, which is essentially focused on the markets of Spain and Argentina. The distribution of net sales for the period is as follows:
30 June 2026 30 June 2025 Thousands of eurosOrdinary income of the
segmentOrdinary
income
between
segmentsOrdinary
income of
external clientsOrdinary
income of the
segmentOrdinary
income
between
segmentsOrdinary
income of
external clients
Sales in own stores 1,361,545 — 1,361,545 1,295,937 — 1,295,937 Spain 886,136 — 886,136 831,956 — 831,956 Argentina 475,409 — 475,409 463,981 — 463,981 Sales in franchise stores 1,545,568 — 1,545,568 1,365,626 — 1,365,626 Spain 1,446,320 — 1,446,320 1,252,211 — 1,252,211 Argentina 99,248 — 99,248 113,415 — 113,415 Online sales 136,438 — 136,438 125,675 — 125,675 Spain 120,790 — 120,790 116,905 — 116,905 Argentina 15,648 — 15,648 8,770 — 8,770 Other sales 655 — 655 559 — 559 Spain 655 — 655 559 — 559 Argentina — — — — — — Total 3,044,206 — 3,044,206 2,787,797 — 2,787,797
18. OTHER INCOME AND EXPENSES
18.1. Other income The detail of the main items in this heading is as follows:
Thousands of euros 30 June 2026 30 June 2025 Transfer of right of use and other income from franchises 3,453 3,258 Income from the sale of packaging 2,008 2,312 Income from information services to suppliers 1,753 1,604 Other income 4,983 4,701 Total other operating income 12,197 11,875 18.2. Goods and other consumables used This heading includes purchases, less rebates and other trade discounts as well as changes in inventories.
The detail of the main items in this heading is as follows:
Thousands of euros 30 June 2026 30 June 2025 Purchases of goods and other consumables 2,484,582 2,262,508 Discounts (260,276) (230,802) Change in inventory (2,709) 5,947 Other costs of sale 35,414 24,357 Total use of goods and other consumables 2,257,011 2,062,010
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202619
18.3. Personnel expenses The detail of the main items in this heading is as follows:
Thousands of euros 30 June 2026 30 June 2025 Salaries and wages 214,608 205,546 Social Security 56,462 52,241 Severance payments 8,742 6,499 Defined benefit plans (237) 2,365 Other social expenses 1,183 1,192 Subtotal personnel expenses 280,758 267,843 Expenses for share-based payment transactions (Notes 16 and 20) 6,313 2,410 Total personnel expenses 287,071 270,253 18.4. Other operating expenses The detail of the main items in this heading is as follows:
Thousands of euros 30 June 2026 30 June 2025 Repairs and maintenance 48,762 46,438 Utilities 37,758 36,081 Fees 29,270 27,851 Advertising 19,618 17,011 Taxes 12,195 9,555 Rentals and property-related expenses 8,737 5,050 Furniture rentals 1,914 2,866 Transport 88,574 74,155 Travel expenses 3,455 3,676 Security 12,036 12,113 Other general expenses 17,524 22,426 Total operating expenses 279,843 257,222 18.5. Amortisation, depreciation and impairment The detail of the main items in this heading is as follows:
Thousands of euros 30 June 2026 30 June 2025 Depreciation of rights of use (Note 6.1) 84,983 78,998 Total depreciation of right-of-use assets 84,983 78,998 Amortisation of intangible assets (Note 5.2) 8,194 8,336 Depreciation of property, plant and equipment (Note 4) 68,170 61,660 Total depreciation of property, plant and equipment and amortisation of other intangible assets (Notes 4 and 5.2)76,364 69,996 Impairment/(reversal) of property, plant and equipment (Note 4) (471) (2,166) Total impairment/(reversal) (471) (2,166)
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202620
18.6. Result of non-current asset derecognition The detail of the main items in this heading is as follows:
Thousands of euros 30 June 2026 30 June 2025 Net book value of non-current assets (4,439) (4,523) (Proceeds obtained)/Expenses generates from the disposal of non-current assets 1,703 1,635 Result of non-current asset derecognitions (2,736) (2,888) The losses recorded in the first six months of 2026 and 2025 correspond mainly to the derecognitions associated with the refurbishments carried out in Spain.
Proceeds obtained from the disposal of non-current assets during the first six months of 2026 and 2025 mainly relate to the sale of assets in Spain .
18.7. Financial result The detail of "Financial income" is as follows:
Thousands of euros 30 June 2026 30 June 2025 Interest on other loans and receivables 4,970 6,692 Foreign currency exchange gains (Note 18.8) 46 54 Other financial income 40 724 Total financial income 5,056 7,470 The detail of "Other financial expenses" and "Financial expenses for leases" is as follows:
Thousands of euros 30 June 2026 30 June 2025 Interest on bank loans 28,732 30,761 Interest on debentures and bonds — 135 Negative exchange rate differences (Note 18.8) 135 2,810 Sundry finance expenses 10,097 10,284 Total other financial expenses 38,964 43,990 Financial expenses for leases 29,614 29,619 Total financial expenses for leases 29,614 29,619 18.8. Foreign currency transactions The detail of exchange gains/(losses) on foreign currency transactions is as follows:
Thousands of euros 30 June 2026 30 June 2025 Financial exchange losses (Note 18.7) (135) (2,810) Financial exchange gains (Note 18.7) 46 54 Trade exchange losses — (170) Total (89) (2,926) 18.9. Result from net monetary position Due to the application of IAS 29, a gain arose from the net monetary position amounting to 25.7 million euros in first six months of 2026 (22.0 million euros in the first half of 2025). The causes of this increase are mainly due to the change in the inflation index (16.85% at 30 June 2026 and 15.10% at 30 June 2025) and the change in net monetary position. Given the nature of the business, the monetary position is negative.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202621
19. COMMITMENTS AND CONTINGENCIES
a) Commitments
At 30 June 2026, the Group has delivered commitments of 21,296 thousand euros relating to bank guarantees, call options and other commitments linked to commercial contracts (at 31 December 2025: 22,560 thousand euros).
In thousands of euros - 30 June 2026 in 1 year in 2 years 3 to 5 years + 5 years Total Guarantees 337 1,914 13,279 5,199 20,729 Liquid assets 337 1,914 13,279 5,199 20,729 Call options — — 550 — 550 Commercial contract commitments 17 — — — 17 Operations / real estate / expansion 17 — 550 — 567 Total 354 1,914 13,829 5,199 21,296 In thousands of euros - 31 December 2025 in 1 year in 2 years 3 to 5 years + 5 years Total Guarantees 4,347 3,022 9,608 4,991 21,968 Liquid assets 4,347 3,022 9,608 4,991 21,968 Call options — — 550 — 550 Commercial contract commitments 42 — — — 42 Operations / real estate / expansion 42 — 550 — 592 Total 4,389 3,022 10,158 4,991 22,560 At 30 June 2026, the Group has received commitments amounting to 193,746 thousand euros (at 31 December 2025: 187,687 thousand euros), relating to syndicated financing, credit policies, undrawn confirming facilities (not included in syndicated loans (Note 13)) and guarantees received for commercial contracts.
In thousands of euros - 30 June 2026 in 1 year in 2 years 3 to 5 years + 5 years Total Unused revolving credit facilities (RCF) 92,230 — — — 92,230 Credit Facilities 35,000 — — — 35,000 Unused Confirming facilities 5,796 — — — 5,796 Liquid assets 133,026 — — — 133,026 Guarantees received for commercial contracts 10,126 3,428 4,988 42,178 60,720 Operations / real estate / expansion 10,126 3,428 4,988 42,178 60,720 Total 143,152 3,428 4,988 42,178 193,746 In thousands of euros - 31 December 2025 in 1 year in 2 years 3 to 5 years + 5 years Total Unused revolving credit facilities (RCF) 92,230 — — — 92,230 Credit Facilities 35,000 — — — 35,000 Unused Confirming facilities 39 — — — 39 Liquid assets 127,269 — — — 127,269 Guarantees received for commercial contracts 11,685 3,539 4,341 40,853 60,418 Operations / real estate / expansion 11,685 3,539 4,341 40,853 60,418 Total 138,954 3,539 4,341 40,853 187,687 Moreover, minimum payments under non-cancellable leases are as follows:
Thousands of euros 30 June 2026 31 December 2025 Less than one year 402 297 Total real estate lease payments in the non-cancellable period 402 297 Less than one year 835 818 One to five years 1,200 1,067 Over five years — 1 Total lease payments for furniture and equipment in the non-cancellable period 2,035 1,886
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202622
At 30 June 2026 and 31 December 2025, only the minimum payments linked to lease agreements not included in the scope of IFRS 16 or which are not provisioned for as onerous contracts are listed.
The majority of the lease agreements for stores signed by the Group contain clauses allowing them to be terminated at any time throughout their useful lives, once the mandatory tie-in period has elapsed, by informing the lessor of this decision with the agreed period of notice, which is generally less than three months.
b) Contingencies
The Group is subject to legal proceedings and tax audits in various jurisdictions, some of which have already been carried out at 30 June 2026 by the tax authorities and appealed by the Group companies. If it is probable that an obligation exists at year-end that will result in an outflow of resources, a provision is recognised if the amount can be reliably estimated.
As a result, management exercises significant judgement in determining whether it is probable that an outflow of resources will result from the resolution of these proceedings and in estimating the amount.
Note 14 details the legal contingencies and Note 15 details the tax contingencies.
20. INFORMATION ON RELATED PARTIES
The detail of transactions and balances with related parties is as follows:
Transactions and balances with related companies During the six-month period ended 30 June 2026, and during the corresponding period for 2025, the Group did not carry out any transactions with its related parties. At 30 June 2026, as well as at 31 December 2025, there is no balance in trade debtors with related parties.
Transactions with Directors and Senior Management During the six months ended 30 June 2026, the Directors of the Parent Company have accrued 612 thousand euros in remuneration for their work as directors (393 thousand euros during the first six months of 2025).
As mentioned in Note 16, and as a result of the applicable remuneration policy, there is deferred remuneration in shares for non-proprietary directors, the accrual of which for the shares initially allocated has been estimated at 265 thousand euros at 30 June 2026 (78 thousand euros in the first six months of 2025) (Notes 16 and 18.3). No shares were delivered during the first half of 2026 or 2025.
During the six month periods ended 30 June 2026 and 2025, the Group’s Directors and Senior Management have not entered into any operations with the parent company or Group companies outside the ordinary course of business or on other than arm’s length terms.
During the six months ended 30 June 2026, the Group has recorded salary remuneration accrued to senior management amounting to 7,247 thousand euros (6,171 thousand euros during the first six months of 2025).
At 30 June 2026 and 2025 there were no advances or loans granted to senior management or directors, nor were there any obligations assumed on their behalf by way of guarantee.
21. OTHER INFORMATION
Information on employees The average number of full-time equivalent personnel, distributed by professional category, is as follows:
30 June 2026 31 December 2025 Directors 85 87 Middle management 1,482 1,472 Other employees 14,686 14,570 Total 16,253 16,129
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202623
22. SUBSEQUENT EVENTS
On 1 July 2026, the Spanish Tax Authority notified the commencement of a comprehensive audit of Distribuidora Internacional de Alimentación, S.A. as the parent company of the consolidated group (Note 15). Additionally, on 28 July 2026, the Group received notifications of the commencement of an inspection procedure also directed at subsidiaries Dia Retail, S.A.U. and Dia Finance, S.L.U.
At the date of preparing these condensed consolidated interim financial statements, the inspection actions are at an early stage and the directors of the parent company consider that the actions referred to are unlikely to give rise to any material liabilities for the condensed consolidated interim financial statements taken as a whole.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Explanatory notes June 202624
30 June 2026 Condensed Interim Consolidated Management Report for the six months ended 30 June 2026 Distribuidora Internacional de Alimentación, S.A. and Subsidiaries Free translation from the original in Spanish. In the event of discrepancy, the Spanish-language version prevails.
COMPANY POSITION
Dia Group (Distribuidora Internacional de Alimentación S.A.) is the leading network of neighbourhood stores with over 3,400 establishments in Spain and Argentina. Founded in 1966 in Madrid, Dia opened its first store in Madrid in 1979. Its head office is located in Las Rozas de Madrid. The company has been listed on the continuous market of the Spanish stock exchange since 2011.
With its history spanning over 45 years, the Dia Group's extensive experience in local food distribution has allowed it to become what it is today:
•The neighbourhood and online store that affords an easy, fast and comprehensive shopping experience, with a wide range that gives prominence to fresh and locally sourced products and high-quality Dia products at affordable prices.
•Another neighbour in the communities where we operate, working towards a positive impact on the economy and society by boosting the local economy with employment and entrepreneurship opportunities.
•A team that is diverse by nature, committed to an inclusive environment with equal opportunities for all, free of labels and prejudices and that shares Dia's purpose and values. Together, we are moving forward with the aim of being our customers’ favourite neighbourhood and online store.
Organisational Structure
Dia Group's corporate governance is structured through the following institutional and operational bodies and mechanisms:
•General Shareholders' Meeting •Board of Directors •Audit and Compliance Committee •Appointments and Remunerations Committee In addition, the Group has a Management Committee, which is aligned with the vision of the Board of Directors.
Section 1.3, Corporate Governance, of the Dia Group’s Consolidated Management Report for the year ended 31 December 2025, describes the Dia Group’s corporate governance bodies, their interrelationships and how they operate.
DIA ON THE STOCK MARKET
During the first half of 2026, the Company's share price continued along the recovery trajectory begun in 2025, driven by the rollout of the new five-year strategic plan, the consistency of operating results in Spain, and the favourable growth and value creation outlook.
With a 54% appreciation over the last twelve months, the share price moved from 26.8 euros to 41.3 euros, placing the market capitalisation at the close of the half-year at 2,398 million euros. This performance outpaced the evolution of the main benchmark indices and the average for the food retail sector in Europe.
CONDENSED INTERIM CONSOLIDATED MANAGEMENT REPORT JUNE 2026 1
Company Analyst Recommendation Target price Review date CaixaBank BPI Bruno Silva Buy 53,6 € 15/07/2026 Santander Juan Rios Buy 52,3 € 02/06/2026 Renta 4 Pablo Fernández Buy 52,1 € 27/03/2026 Alantra Francisco Riquel Buy 51,8 € 30/06/2026 JB Capital Markets Luís Colaço Buy 51,5 € 14/07/2026 Oddo Juan Ros-Padilla Buy 50,0 € 30/03/2026 Bestinver Securities Patricia Cifuentes Buy 50,0 € 21/04/2026 GVC Gaesco Marisa Mazo Buy 43,8 € 10/12/2025 Average target price: 50.64 euros
FIRST-HALF RESULTS AND BUSINESS EVOLUTION
Key figures
1S 2026 1S 2025 % Year-on-year change m€ SpainArgentina (Inc.
IAS-29) SpainArgentina (Inc.
IAS-29) SpainArgentina (Inc.
IAS-29)
Gross sales under banner 2,953.8 722.5 2,645.8 825.0 11.6 % (12.4) % Net sales 2,453.9 590.3 2,201.6 586.2 11.5 % 0.7 %
EBITDA (1) 237.6 0.1 214.1 (3.9) 11.0 % (102.6) %
EBITDA margin / net sales 9.7 % — % 9.7 % (0.7) % 0.0p.p. 0.7p.p.
Adjusted EBITDA (Pre-IFRS 16) 159.9 (1.3) 136.7 (3.5) 17.0 % (62.9) % Adjusted EBITDA margin / Net sales 6.5 % (0.2) % 6.2 % (0.6) % 0.3p.p. 0.4p.p.
Net Income Attributable 50.7 (24.4) 47.6 (23.3) 6.4 % 4.7 % Operating Cash Flow 171.9 (5.7) 163.9 3.6 4.9 % (258.3) % (1)Does not include unallocated results.
CONDENSED INTERIM CONSOLIDATED MANAGEMENT REPORT JUNE 2026 2
The results for the first half of 2026 confirm the strength of the Group's proximity business model and the progress made in executing its strategic plan.
Dia Spain consolidates its position as the Group's main growth engine, reaching gross sales of 2,954 million euros in the first half of 2026, representing a year-on-year increase of 11.6%.
This performance was driven by like-for-like sales growth of 8.4% and a 3.2% contribution from the organic expansion plan.
According to NielsenIQ data, Dia Spain more than doubled the growth rate of the rest of the market during the half-year, capturing an additional 26 basis points (bps) of market share compared to the same period of the prior year, and consolidating its position as the fourth-largest national operator.
The increase in revenue translated into significant operating leverage, achieving a 17% increase in Adjusted EBITDA to 160 million euros, representing a margin expansion of 31 bps to 6.5%.
Cash generated from operations, amounting to 172 million euros, enabled the accelerated rollout of new supermarkets, with 48 net openings during the half-year, while net financial debt was reduced by 18% to 206 million euros at the close of the period. This figure places the financial leverage ratio at a conservative level of 0.6 times the adjusted EBITDA for the last twelve months.
In Argentina, the company has maintained its strategic focus on operational efficiency and financial discipline with the aim of preserving the business's competitive position and ensuring its self-financing capacity in a context of economic stabilisation.
While the year-on-year comparison reflects a 4.6% decline in sales volume during the half-year, the sequential evolution confirms the stabilisation trajectory initiated in the second half of 2025. This trend is supported by a year-on-year increase of 10 bps in market share on a comparable basis (according to NielsenIQ data).
Expressed in euros, gross sales amounted to 722 million euros (–12.4% year-on-year). This figure was impacted by a 37.4% appreciation of the euro against the Argentine peso, more than offsetting the effect of accumulated inflation during the period.
The efficiency measures implemented in 2025 helped cushion the revenue decline, reflected in a 30 bps improvement in the Adjusted EBITDA margin, which stood at –0.2% for the half-year. Operational resilience and financial discipline enabled the period to be closed with a net cash position of 40 million euros.
The company is pursuing value-generating transactions (such as sale & leaseback transactions on certain real estate assets) to strengthen the business's future self-financing capacity. Additionally, it has access to local (unsecured) credit facilities of up to 75 million euros as liquidity support.
Outlook
The Group remains focused on achieving its four strategic pillars: profitable growth, organic expansion, operational excellence, and financial discipline.
In Spain, the sustained growth in comparable sales volume (like-for-like) drives the business's operating leverage and cash generation, which is enabling the organic expansion plan to be accelerated ahead of initial estimates, with a target of 100 net openings for the year.
On the other hand, once the significant public spending cuts in Argentina have been completed, the consolidation of the macroeconomic framework and relative price stability are expected to allow for a sustainable increase in real disposable income and a gradual recovery in food consumption.
In this context, Dia Argentina is well positioned to take advantage of this recovery, maintaining its focus on operational excellence and financial discipline to preserve its self-financing capacity.
CONDENSED INTERIM CONSOLIDATED MANAGEMENT REPORT JUNE 2026 3
Summary of profit and loss 1H 2026 1H 2025 % Year-on-year change m€ SpainArgentina* Group SpainArgentina* Group SpainArgentina* Group Gross sales under banner 2,953.8 722.5 3,676.2 2,645.8 825.0 3,470.8 11.6 % (12.4) % 5.9 % Net sales 2,453.9 590.3 3,044.2 2,201.6 586.2 2,787.8 11.5 % 0.7 % 9.2 % Cost of sales and other income (1,786.4) (458.4) (2,244.8) (1,592.2) (456.1) (2,048.3) 12.2 % 0.5 % 9.6 % Logistics costs (including personnel) (145.9) (41.7) (187.6) (116.5) (41.3) (157.7) 25.2 % 1.0 % 19.0 % Gross commercial margin 521.6 90.2 611.8 493.0 88.8 581.8 5.8 % 1.6 % 5.2 % Personnel expenses (175.4) (41.4) (216.8) (170.5) (38.7) (209.1) 2.9 % 7.0 % 3.7 % Other operating expenses (96.8) (47.7) (144.5) (102.9) (53.1) (156.1) (5.9) % (10.2) % (7.4) % Restructuring costs and
LTIP (11.8) (1.0) (12.8) (5.5) (0.9) (6.4) 114.5 % 11.1 % 100.0 %
Unallocated results (1)— — (5.2) — — — — — —
EBITDA 237.6 0.1 232.5 214.1 (3.9) 210.2 11.0 % (102.6) % 10.6 %
EBITDA margin / net sales 9.7 % — % 7.6 % 9.7 % (0.7) % 7.5 % —p.p. 0.7p.p. 0.1p.p.
Depreciation and
amortisation of fixed assets(54.2) (22.1) (76.4) (49.9) (20.0) (70.0) 8.6 % 10.5 % 9.1 % Depreciation of right-of-use assets / leases (IFRS-16) (75.6) (9.4) (85.0) (70.9) (8.1) (79.0) 6.6 % 16.0 % 7.6 % Impairment and result of non-current assets (1.5) (0.8) (2.3) 1.3 (2.1) (0.8) (215.4) % (61.9) % 187.5 %
EBIT 106.3 (32.2) 68.9 94.6 (34.1) 60.5 12.4 % (5.6) % 13.9 %
Finance costs on leases
(IFRS-16)(18.1) (11.4) (29.6) (17.2) (12.5) (29.6) 5.2 % (8.8) % — %
Net financial result (26.3) 18.0 (8.3) (27.7) 13.3 (14.5) (5.1) % 35.3 % (42.8) %
EBT 61.9 (25.6) 31.0 49.7 (33.4) 16.4 24.5 % (23.4) % 89.0 %
Income tax (11.2) 1.2 (10.0) (2.1) 10.1 8.0 433.3 % (88.1) % (225.0) % Profit after tax from continuing operations 50.7 (24.4) 21.0 47.6 (23.3) 24.4 6.4 % 4.7 % (13.9) % Discontinued Operations (2)— — 1.8 — — 12.3 — — (85.4) % Net Result of the period Attributable50.7 (24.4) 22.9 47.6 (23.3) 36.7 6.4 % 4.7 % (37.6) % *Figures for Argentina include the effect of IAS 29.
(1) Unallocated results includes one-off advisory fees not related to any of the Group's operating segments.
(2) Discontinued operations in H1 2025 and H1 2026 includes the reversal of unrealised contingencies associated with the sale of Portugal in 2024.
Summary of stores
NoSpain Argentina
Own Franchisees Total Own Franchisees Total Number of stores as of 31 Dec. 2025 774 1,584 2,358 252 755 1,007 New openings 8 50 58 — — — Net transfer of store operations (19) 19 — — — — Closures (4) (6) (10) (7) (4) (11) Number of stores as of June 2026 759 1,647 2,406 245 751 996
CONDENSED INTERIM CONSOLIDATED MANAGEMENT REPORT JUNE 2026 4
Summary of net debt movement, starting from Adjusted EBITDA
1H 2026 1H 2025
m€ Spain Argentina Group Spain Argentina Group Adjusted EBITDA (1)159.9 (1.3) 158.5 136.7 (3.5) 133.2 Total restructuring costs (17.0) (1.0) (18.0) (5.5) (1.0) (6.4) Adjustments for non-cash items (10.4) 1.3 (9.1) 6.2 0.8 7.0 Change in working capital 41.1 (2.1) 39.0 (7.1) 8.5 1.4 Change in operating deposits and guarantees 3.2 — 3.2 3.6 — 3.6 Taxes (4.9) (2.6) (7.5) 29.9 (1.4) 28.5 Operating Cash Flow 171.9 (5.7) 166.2 163.9 3.6 167.5
Net CAPEX (101.3) (8.2) (109.5) (57.5) (12.4) (69.9)
Free Cash Flow 70.6 (13.9) 56.7 106.4 (8.8) 97.6 Net financial payments (25.2) (8.0) (33.2) (28.5) (8.2) (36.7) Exchange rate variation — 0.9 0.9 — (18.2) (18.2) Reduction (increase) in net debt 45.4 (21.0) 24.3 77.9 (35.2) 42.7 (*) Spain's Adjusted EBITDA in H1 2026 includes 5.2 million euros corresponding to corporate advisory fees not linked to Spain's operations.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity
The available liquidity at 30 June 2026 and 31 December 2025 is as follows:
(Millions of euros) 30 June 2026 31 December 2025 Change Cash and cash equivalents 389.3 356.6 32.7 Available credit facilities 133.0 127.3 5.7 Available liquidity 522.3 483.9 38.4
Net debt
30 June 2026 31 December 2025 €m Spain Argentina Grupo Spain Argentina Grupo Non-current financial debt 509.5 — 509.5 516.6 — 516.6 Current financial debt 31.1 — 31.1 19.7 — 19.7 Non-current finance lease liabilities 19.8 — 9.8 6.0 — 6.0 Current finance lease liabilities 15.1 — 5.1 4.6 — 4.6 Financial assets and liabilities with group companies (3.8) 3.8 — (0.8) 0.8 — Interest rate hedging derivatives (0.3) — (0.3) (0.1) — (0.1) Cash and cash equivalents (345.4) (43.9) (389.3) (294.7) (61.9) (356.6) Net debt 205.9 (40.0) 165.9 251.3 (61.1) 190.2 Remaining non-current lease liabilities – IFRS 16 260.4 9.1 269.5 222.0 8.8 230.8 Remaining current lease liabilities – IFRS 16 160.2 25.2 185.3 154.3 21.2 175.5 Net debt including lease liabilities – IFRS 16 626.5 (5.8) 620.7 627.6 (31.1) 596.5 (1) Debt associated with assets held under finance leases, as defined by the accounting standards prior to IFRS 16. These assets include warehouses, technical facilities, machinery and transport equipment.
CONDENSED INTERIM CONSOLIDATED MANAGEMENT REPORT JUNE 2026 5
Own shares
The number of treasury shares held by the Parent Company as at 30 June 2026 amounts to 64,286 shares with a rounded average purchase price of 41.27 euros per share, representing a total amount of 2,653,240.26 euros (as at 31 December 2025, 4,375 shares for a total amount of 277,740.72 euros).
During the first six months of 2026, 59,911 shares were purchased for a total amount of 2,375,499.47 euros.
Analysis of contractual obligations and off-balance sheet operations Commitments delivered and received by the Group but not recognised in the Condensed Consolidated Statement of Financial Position comprise contractual obligations that have not yet been executed. At 30 June 2026, commitments delivered totalled 21.3 million euros (22.6 million euros at 30 June 2025). The details and nature of these commitments are set out in Note 19 a) to the Condensed Interim Consolidated Financial Statements.
SUBSEQUENT EVENTS TO THE CLOSE OF THE PERIOD
On 1 July 2026, the Spanish Tax Authority notified the commencement of a comprehensive audit of Distribuidora Internacional de Alimentación, S.A. as the parent company of the consolidated group. Additionally, on 28 July 2026, the Group received notifications of the commencement of an inspection procedure also directed at subsidiaries Dia Retail, S.A.U.
and Dia Finance, S.L.U.
At the date of preparing these condensed consolidated interim financial statements, the inspection actions are at an early stage and the directors of the parent company consider that the actions referred to are unlikely to give rise to any material liabilities for the condensed consolidated interim financial statements taken as a whole.
ALTERNATIVE PERFORMANCE MEASURES (APMs)
The Alternative Performance Measures (Gross Sales under Banner, Gross Profit, Adjusted EBITDA, EBIT, Net Financial Debt, Available Liquidity, Trade Working Capital) are defined in the Consolidated Management Report for 2025, which is available alongside the Consolidated Annual Accounts at 31 December 2025.
Reconciliation of net sales to gross sales under banner 1H 2026 1H 2025 % Year-on-year change Millions of euros Spain Argentina Group Spain Argentina Group Spain Argentina Group Net Sales 2,453.9 590.3 3,044.2 2,201.6 586.2 2,787.8 11.5 % 0.7 % 9.2 %
VAT 264.7 149.6 414.3 239.4 170.8 410.2 10.6 % (12.4) % 1.0 %
Others 235.2 (17.4) 217.7 204.8 68.0 272.8 14.8 % (125.6) % (20.2) % Gross sales under banner 2,953.8 722.5 3,676.2 2,645.8 825.0 3,470.8 11.6 % (12.4) % 5.9 %
CONDENSED INTERIM CONSOLIDATED MANAGEMENT REPORT JUNE 2026 6
Reconciliation of EBITDA The reconciliation between the EBITDA reported in the Condensed Consolidated Financial Statements and that shown in the preceding table is explained below. The differences are due to the allocation, based on their nature, of logistics costs charged to warehouses and restructuring costs for the six months ended 30 June 2026 and 2025:
30 June 2026 (millions of euros)Consolidated
Income
StatementLogistic costsRestructuring
costsResult H1 2026 Net sales 3,044.2 — — 3,044.2 Cost of sales and other income (2,244.8) (187.6) — (2,432.4) Goods and other consumables used (2,257.0) (187.6) — (2,444.6) Other income 12.2 — — 12.2 Gross benefit 799.5 (187.6) — 611.8 Personnel expenses (287.1) 59.0 11.2 (216.8) Other operating expenses (271.1) 118.0 6.8 (146.4) Furniture rentals (8.7) 10.6 — 1.9 Restructuring costs and LTIP — — (18.0) (18.0)
EBITDA 232.5 — — 232.5
30 June 2025 (millions of euros)Consolidated
Income
StatementLogistic costsRestructuring
costsResult H1 2025 Net sales 2,787.8 — — 2,787.8 Cost of sales and other income (2,050.1) (157.8) 1.9 (2,206.0) Goods and other consumables used (2,062.0) (157.8) 1.9 (2,217.9) Other income 11.9 — — 11.9 Gross benefit 737.7 (157.8) 1.9 581.8 Personnel expenses (270.3) 53.2 7.9 (209.2) Other operating expenses (252.2) 101.2 0.3 (150.7) Furniture rentals (5.1) 3.4 (3.7) (5.4) Restructuring costs and LTIP — — (6.4) (6.4)
EBITDA 210.2 — — 210.2
Reconciliation of Adjusted EBITDA The reconciliation between Adjusted EBITDA and profit for the six-month periods ended 30 June 2026 and 2025:
1H 2026 1H 2025
m€ Spain Argentina Group Spain Argentina Group
EBITDA (1)237.6 0.1 232.5 214.1 (3.9) 210.2
Expenses (income) related to store and warehouse closures 4.8 0.6 5.4 0.8 — 0.8 Expenses related to efficiency processes 0.7 0.3 1.0 1.9 0.5 2.4 Expenses related to long-term incentive plans 5.7 0.1 5.8 4.3 0.4 4.8 Other expenses 0.6 — 0.6 (1.5) — (1.5) Unallocated results (2)— — 5.2 — — — Total restructuring costs 11.8 1.0 18.0 5.5 1.0 6.4 IAS 29 adjustment (hyperinflationary regulations) — 17.0 17.0 — 17.6 17.6 IFRS-16 adjustment (leases) (89.5) (19.4) (108.9) (82.8) (18.1) (100.9) Adjusted EBITDA 159.9 (1.3) 158.5 136.7 (3.5) 133.2 Adjusted EBITDA margin / Net sales 6.5 % (0.2) % 5.2 % 6.2 % (0.5) % 4.7 % (1) Unallocated results included in the "Group" column in H1 2026.
(2) Unallocated results includes one-off advisory fees not related to any of the Group's operating segments.
CONDENSED INTERIM CONSOLIDATED MANAGEMENT REPORT JUNE 2026 7
Reconciliation of cash flow and change in net debt
m€CF submitted
in Statements
H1 2026 Lease paymentsFinancial
income and
expenses SUBTOTALChange in
financial
debtChange in net debt in 2026 Earnings before tax + adjustments to profit + increases and decreases in other assets and liabilities (not included in current assets)255.2 (112.3) (8.2) 134.7 — 134.7 Changes in working capital 39.0 — — 39.0 — 39.0 Current income tax paid/received (7.5) — — (7.5) — (7.5) Net cash flows from operating activities (CFFO + working capital)286.7 (112.3) (8.2) 166.2 — 166.2 Capex (102.1) — — (102.1) (7.4) (109.5) Receipts (payments) from investments in financial instruments(2.8) — 2.8 — — — Disposal of tangible fixed assets 1.2 — (1.2) — — — Receipts (payments) from other financial assets (0.6) — 0.6 — — — Interests received 4.8 — (4.8) — — — Net cash flows from investing activities (99.5) — (2.6) (102.1) (7.4) (109.5) Net financial expenses (36.4) — 4.8 (31.7) (1.6) (33.2) Lease payments (112.3) 112.3 — — — — Amounts (repaid) of financial debt (1.1) — — (1.1) 1.1 — Amounts from financial debt 1.8 — — 1.8 (1.8) — Collections (payments) from other financial liabilities(7.3) — 7.3 — — — Net cash flows from financing activities (155.4) 112.3 12.1 (31.0) (2.2) (33.2) Change in cash and cash equivalents 31.7 — 1.3 33.0 (9.7) 23.4 Effect of exchange rate changes on cash and cash equivalents0.9 — — 0.9 — 0.9 Change in cash and cash equivalents (including exchange rate changes)32.7 — 1.3 34.0 (9.7) 24.3 Cash and cash equivalents at the beginning of the period (1 January 2026)356.6 — — — — — Cash and cash equivalents at the end of the period (30 June 2026)389.3 — — — — —