Following an assessment of different strategic alternatives for its Argentine subsidiary and a competitive sales process, Grupo Dia has agreed to sell Dia Argentina to Dorinka S.R.L. for approximately $53.8 million, equivalent to around €48 million at today’s exchange rate. The proceeds will be received upon completion of the transaction, which is expected to take place on 12 November 2026.
Dorinka S.R.L. is controlled by Grupo de Narváez (GDN), which operates the ChangoMás supermarket chain in Argentina, formerly Walmart Argentina.
Strategic transformation
The transaction completes the strategic transformation undertaken by Dia in recent years, following the divestment of large-format and non-food businesses, as well as its exits from Portugal and Brazil.
With this move, the Group is directing all its resources towards its most profitable and fastest-growing business, focusing on the execution of its 2025-2029 Strategic Plan in Spain. The sale also eliminates the need for future capital contributions to support the Argentine subsidiary in a challenging macroeconomic environment and reduces the Group’s exposure to exchange-rate volatility.
Once the Argentine subsidiary is deconsolidated, the Group’s pro forma results illustrate the strength of its core Spanish business, which is delivering leading growth, solid margins and higher returns.
For the 12 months to June 2026, pro forma net sales growth reached 10.2%, compared with 2.0% on a reported basis. Adjusted EBITDA margin increased to 6.9%, versus 5.7% reported, while net profit from continuing operations rose 54% to €169 million, compared with €110 million on a reported basis. Return on invested capital (ROIC) stood at approximately 20%, compared with 11.5%.
Expansion plan
The proceeds from the transaction will be allocated primarily to accelerating Dia’s organic expansion in Spain, where the Group already operates more than 2,400 neighbourhood supermarkets.
The additional financial resources will also strengthen the Group’s credit profile ahead of its next refinancing window.
Pro forma figures are unaudited and provided for illustrative purposes only for the 12 months ended 30 June 2026, excluding Dia Argentina. Adjusted EBITDA is presented before IFRS 16. Definitions and a comparison with reported figures are included in the market presentation published on the same date.
Martín Tolcachir, CEO of Grupo Dia, said the transaction marks the completion of a key stage in the company’s transformation and the beginning of a new phase of growth focused entirely on Spain.
“Today Dia is a more focused company, with a leading, profitable proximity model and significant growth potential. This decision strengthens our financial position and provides greater visibility into the strength and performance of our Spanish business,” he said.
Dia Argentina to continue under new ownership
The transaction takes place against a still challenging backdrop for consumer spending in Argentina, where supermarket sales have fallen by more than 20% since 2023.
Over the 12 months to June 2026, Dia Argentina recorded accounting losses of €54 million and absorbed €14 million in cash. The sale will allow the Argentine business to continue operating under an owner with extensive experience in the country’s supermarket sector, while preserving its commercial network and relationships with franchisees and suppliers.
For GDN, the acquisition represents a further step in its strategy to expand its presence in the proximity format.
GDN president Francisco de Narváez said the company would continue serving customers alongside store teams, while strengthening its relationship with the franchisee community and reinforcing the value chain with local suppliers.
