Professional Polish Investment Research - Expert Analysis for Foreign Investors

Dadelo S.A.

DAD.WA Consumer Discretionary
e-commerce omnichannel-retail bicycles sporting-goods private-label inventory-driven
418.7M LTM Revenue (PLN)
+68.9% Revenue Growth (YoY)

Company Overview

Dadelo S.A. is Poland’s largest online seller of bicycle accessories and one of the leading omnichannel bicycle retailers, operating primarily through the CentrumRowerowe.pl platform. The Company combines nationwide e-commerce reach with a network of large-format stationary stores located in major Polish cities, offering a unified assortment, professional bicycle servicing, and fast delivery. Sales are concentrated in four main product groups: bicycles, bicycle parts, accessories, and cycling apparel and footwear.

Business Segments

  • E-commerce Retail – online sales of bicycles, parts, accessories and apparel via CentrumRowerowe.pl
  • Brick-and-Mortar Retail – large-format physical stores with integrated service points in major cities
  • Private Label Products – own-brand bicycles (Unity, Oxfeld) and selected accessories
  • Logistics & Fulfillment – centralized inventory and rapid order processing (91% within 24h)

Key Drivers

  • Strong growth in bicycle and electric bike demand
  • Expansion of omnichannel model combining online and offline sales
  • Rising share of higher-priced and technologically advanced products
  • Development of private-label bicycle brands
  • Improving purchasing terms through scale and supplier diversification

Key Risks

  • High working-capital intensity driven by inventory accumulation
  • Exposure to demand cyclicality and weather conditions
  • Margin pressure from promotional activity and competitive pricing
  • FX risk related to EUR and USD-denominated inventory purchases
  • Liquidity risk associated with rapid physical store expansion

What to Watch

  • Opening of the fifth stationary store in Poland
  • Inventory rotation and cash conversion cycle development
  • Sales performance of private-label and electric bicycles
  • Utilization of newly secured debt financing facilities
  • Gross margin stability amid rising volumes

Foundational Analysis

Foundational Analysis v1.0 Last updated: 2025-06-30

Business Model

Dadelo operates a retail-driven omnichannel business model focused on the sale of bicycles and related products. Revenue is transaction-based rather than subscription-based, with scale benefits achieved through centralized logistics, inventory depth, and purchasing power. Growth is supported by a combination of online reach and physical store presence.

Competitive Positioning

Market leader in Poland’s online bicycle accessories segment with a rapidly expanding physical retail footprint. Competitive advantages include broad assortment availability, fast delivery, private-label offerings, and strong brand recognition of CentrumRowerowe.pl.

Economics & Capital Allocation

Operating profitability improved significantly in H1 2025, supported by strong revenue growth and disciplined cost control. EBITDA and EBIT margins expanded year-on-year despite higher operating scale. Cash flow remains volatile due to inventory build-up linked to growth and seasonality.

Capital allocation focuses on organic expansion through new store openings, inventory investments, marketing, and IT development. Growth is financed via operating cash flows and increased use of debt instruments, including overdraft facilities, revolving credit, and a planned bond issuance program.

Long-term Risks

Sustained inventory growth without corresponding demand, prolonged margin compression, higher financing costs, and execution risk related to rapid store network expansion.

What Would Break the Thesis

  • Material deterioration in inventory turnover and liquidity
  • Loss of competitive position in online bicycle retail
  • Persistent margin erosion due to price competition
  • Inability to profitably scale the stationary store network
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Contracts Intelligence

No contract data available for this company.

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Financial Performance

PLN Showing 10 quarters | Metric: Revenue (Quarterly)

Quarterly Data

Metric 2023Q1 2023Q2 2023Q3 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 2025Q3
Income Statement Revenue (Quarterly) 28.8M 70.4M 57.8M 54.4M 105.4M 79.7M 41.1M 83.1M 159.9M 134.6M
Income Statement Gross Profit (Quarterly) 7.6M 20.1M 15.9M 16.4M 34.2M 26.0M 12.8M 25.4M 52.4M 42.9M
Income Statement EBITDA (Quarterly) -250.0K 3.8M 2.1M 4.0M 11.7M 8.0M -3.5M 6.7M 20.1M 15.8M
Income Statement EBIT (Quarterly) -927.0K 2.9M 1.1M 3.0M 10.4M 6.7M -4.9M 5.1M 18.1M 13.4M
Income Statement Net Income (Quarterly) -1.0M 2.7M 792.0K 1.9M 8.3M 5.4M -4.1M 3.4M 13.6M 9.5M
Costs Selling & Distribution Costs 7.3M 16.0M 13.5M 11.8M 22.1M 17.7M 14.4M 18.7M 31.6M 27.2M
Costs Administrative Expenses 1.2M 1.2M 1.4M 1.4M 1.6M 1.5M 2.5M 1.6M 2.3M 2.4M
Cash Flow Operating Cash Flow 5.1M 13.4M -12.4M 8.2M 15.8M -9.4M -27.9M -43.1M 22.7M -39.9M
Cash Flow Capital Expenditure -4.1M -6.6M -198.0K -4.8M -5.3M -2.2M -11.7M -4.2M -10.3M -3.3M
Cash Flow Free Cash Flow 9.1M 20.0M -12.2M 13.0M 21.1M -7.2M -16.2M -39.0M 33.0M -36.6M
Cash Flow Depreciation & Amortization 677.0K 996.0K 1.0M 1.0M 1.3M 1.3M 1.4M 1.6M 2.0M 2.5M
LTM Metrics Revenue (LTM) 28.8M 99.2M 157.0M 211.4M 287.9M 297.2M 280.6M 309.3M 363.8M 418.7M
LTM Metrics EBITDA (LTM) -250.0K 3.6M 5.7M 9.7M 21.6M 25.7M 20.1M 22.8M 31.3M 39.1M
LTM Metrics Net Income (LTM) -1.0M 1.7M 2.5M 4.4M 13.7M 16.4M 11.5M 13.0M 18.3M 22.4M
Profitability Gross Margin 26.3% 28.6% 27.4% 30.1% 32.4% 32.6% 31.1% 30.5% 32.7% 31.9%
Profitability EBITDA Margin -0.9% 5.5% 3.6% 7.3% 11.1% 10.0% -8.6% 8.1% 12.6% 11.8%
Profitability EBIT Margin -3.2% 4.0% 1.9% 5.5% 9.8% 8.4% -12.0% 6.2% 11.3% 9.9%
Profitability Net Margin -3.5% 3.8% 1.4% 3.6% 7.9% 6.7% -9.9% 4.1% 8.5% 7.1%
Profitability ROIC - - - - 14.2% 16.7% 6.6% 6.6% 11.0% 11.9%
Profitability Cash Conversion -504.0% 502.0% -1564.0% 425.0% 191.0% -175.0% 685.0% -1278.0% 167.0% -420.0%
Balance Sheet Current Assets 110.7M 118.1M 119.9M 135.8M 157.1M 164.5M 201.2M 238.8M 247.3M 277.7M
Balance Sheet Current Liabilities 22.5M 28.8M 29.4M 52.1M 65.1M 68.5M 113.0M 151.7M 151.4M 174.4M
Balance Sheet Inventories 88.3M 84.3M 99.3M 117.3M 124.3M 143.2M 173.4M 215.9M 234.1M 269.3M
Balance Sheet Total Equity 105.0M 107.6M 108.5M 108.0M 116.3M 121.7M 117.6M 121.0M 134.6M 144.1M
Balance Sheet Total Debt 0 0 0 0 0 0 40.0M 79.5M 63.6M 108.2M
Balance Sheet Cash & Equivalents 11.0M 22.7M 9.7M 4.2M 18.8M 6.3M 13.4M 4.7M 2.3M 1.3M
Balance Sheet Invested Capital 93.9M 84.9M 98.8M 103.8M 97.5M 115.3M 144.2M 195.7M 195.9M 251.0M
Ratios Current Ratio 4.92 4.10 4.08 2.61 2.41 2.40 1.78 1.57 1.63 1.59
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Revenue (Quarterly) - Visual Analysis

Revenue (Quarterly) (PLN)
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Quarter-over-Quarter Year-over-Year
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Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.

Recent News & Developments

Sentiment Analysis (Last 6 Months)
Positive 81%
Neutral 14%
Negative 5%

Based on 21 articles

2026-02-02
ESPI positive

Insider Transactions Highlight Increased Investment in Dadelo S.A. Shares

Dadelo S.A., a leading Polish retailer specializing in bicycles and cycling accessories, has reported insider transactions involving its shares. Tyre Invest sp. z o.o., an entity closely associated with Ryszard Zawieruszyński, the CEO of Dadelo S.A., has acquired a total of 1,346 shares of the company in multiple transactions conducted on the Warsaw Stock Exchange (WSE) between January 16 and January 30, 2026. The transactions were executed at prices ranging from 74.8 PLN to 79 PLN per share, with the largest single purchase involving 703 shares at 79 PLN each.

The disclosure, made in compliance with Article 19 of the MAR Regulation, underscores the confidence of key stakeholders in the company’s growth prospects. The transactions reflect continued interest in Dadelo S.A.’s stock amidst its strong market position in the cycling retail sector.

Relevance: This article is relevant to Dadelo S.A.'s business profile as it highlights insider transactions, which can influence investor confidence and stock performance on the Warsaw Stock Exchange.

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2026-01-28
ESPI positive

Dadelo S.A. Reports 63% Revenue Growth in H1 2023 Amid Expansion Efforts

Polish cycling retailer and e-commerce company Dadelo S.A. has reported a significant 63% increase in revenue for the first half of 2023, reaching PLN 99.2 million compared to PLN 60.9 million in the same period of 2022. This growth was driven by a strong product offering, effective inventory management, and favorable online sales conditions. Bicycles accounted for 40% of total sales, followed by bicycle parts (23%), accessories (18%), and cycling apparel and footwear (16%).

The company’s net profit for the period, however, declined slightly to PLN 1.67 million from PLN 2.11 million in H1 2022. This was attributed to increased marketing expenses and higher employee costs, particularly due to the opening of a new flagship store in Warsaw's Galeria Okęcie. The store has significantly boosted bicycle sales, especially for Dadelo’s private labels, Unity and Oxfeld.

Dadelo’s operational costs rose in tandem with its expansion, with marketing expenses increasing from PLN 10.04 million in H1 2022 to PLN 15.04 million in H1 2023. Employee costs also surged from PLN 3.65 million to PLN 6.43 million. The company has announced plans to open two additional stores in 2024 and expand its product range, which now exceeds 40,000 SKUs.

Looking ahead, Dadelo aims to double its bicycle sales volume to 32,000 units by the end of 2023, up from 18,331 units sold in the first half of the year. The company is also exploring investments in a bicycle assembly plant, a painting facility, and expanded warehouse capacity to support its growth strategy.

Dadelo S.A. remains majority-owned by Oponeo.pl S.A., holding a 59.18% stake, and is listed on the Warsaw Stock Exchange under the ticker DAD.

Relevance: This article highlights Dadelo S.A.'s financial performance, expansion efforts, and strategic initiatives, which are directly aligned with its business profile as a leading retailer in the cycling industry.

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2026-01-22
Biznes PAP positive

Dadelo S.A. Targets PLN 1 Billion Revenue by 2028 and Expands Internationally

Dadelo S.A., a leading Polish retailer in the cycling industry, has announced ambitious plans to achieve PLN 1 billion in revenue by 2028, a year earlier than previously forecasted. CEO Ryszard Zawieruszyński revealed during a recent conference that the company aims to reach PLN 850 million in revenue by 2027, driven by a projected 38-40% growth rate. The company also plans to expand its online sales operations to international markets, starting with the Czech Republic, Slovakia, and Germany, followed by Romania, Bulgaria, and Hungary.

In 2025, Dadelo recorded a 100% increase in sales of its private-label products, which accounted for 3.5% of total revenue and 6% of the company’s margin. The company’s strategy focuses on increasing the share of private-label products, which yield a 60% margin compared to 28% for third-party brands.

Dadelo is also expanding its physical presence, with plans to open three new stores in Rzeszów, Zabrze, and Bydgoszcz in 2026, and potentially additional locations in Szczecin, Olsztyn, and Zielona Góra. The company aims to operate 20 stores in total, with projected revenue from physical stores reaching PLN 250 million by 2027. Additionally, a new automated central warehouse, with a capacity of up to 100,000 square meters, is set to open in Q1 2027 to optimize logistics and reduce costs.

These developments underline Dadelo’s commitment to growth through both online and offline channels, as well as its focus on operational efficiency and international expansion.

Relevance: This article highlights Dadelo S.A.’s strategic initiatives, including revenue growth targets, international expansion, and operational improvements, which align with its omnichannel business model and market leadership in the cycling retail sector.

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2026-01-16
ESPI neutral

Dadelo S.A. Announces 2026 Financial Reporting Schedule

Dadelo S.A., a leading Polish retailer in the cycling industry, has released its financial reporting schedule for 2026. The company will publish its annual report for 2025 on March 18, 2026, followed by the semi-annual report for 2026 on August 18, 2026. Quarterly reports will be issued on May 20, 2026 (Q1) and November 17, 2026 (Q3). Notably, Dadelo will not release quarterly reports for Q4 2025 and Q2 2026, in accordance with regulatory provisions under Polish financial reporting laws.

Relevance: This announcement is significant for investors and stakeholders as Dadelo S.A. is a publicly listed company on the Warsaw Stock Exchange (WSE), and its financial performance directly impacts its stock movements and market position.

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2026-01-16
ESPI positive

Insider Transactions: Ryszard Zawieruszyński's Family Foundation Acquires Dadelo S.A. Shares

On January 13 and 14, 2026, the Zawieruszyński Family Foundation, closely associated with Ryszard Zawieruszyński, CEO of Dadelo S.A., executed a series of share acquisition transactions involving the company. The foundation purchased a total of 6,456 shares of Dadelo S.A. on the Warsaw Stock Exchange (WSE) at an average price of 66.49 PLN per share. The transactions were conducted in two batches, with 6,000 shares acquired on January 13 at an average price of 65.99 PLN and 456 shares purchased on January 14 at an average price of 69.83 PLN.

The acquisitions highlight continued confidence in Dadelo S.A.'s growth and performance by its leadership and affiliated entities. The transactions were disclosed in compliance with Article 19 of the EU Market Abuse Regulation (MAR).

Relevance: This development is significant as it reflects insider confidence in Dadelo S.A.'s market position and future prospects, aligning with the company's profile as a publicly traded entity on the WSE.

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2026-01-15
ESPI positive

Insider Transactions Highlight Increased Investment in Dadelo S.A. Shares

Dadelo S.A., a leading Polish retailer specializing in bicycles and cycling accessories, has reported insider transactions involving its shares. Tyre Invest sp. z o.o., a company closely associated with Ryszard Zawieruszyński, CEO of Dadelo S.A., has acquired a total of 8,435 shares of the company in multiple transactions conducted between January 8 and January 14, 2026. The transactions were executed on the Warsaw Stock Exchange (WSE) at prices ranging from PLN 63.8 to PLN 72 per share, with an average price of PLN 66.95. The total volume of shares purchased reflects a significant investment in the company.

The transactions were disclosed in compliance with Article 19 of the EU Market Abuse Regulation (MAR), which mandates reporting of trades by individuals closely associated with company executives. This development underscores confidence in Dadelo S.A.'s growth prospects and market position.

Relevance: This article is relevant to Dadelo S.A.'s business profile as it highlights insider confidence in the company, which could influence investor sentiment and stock performance on the Warsaw Stock Exchange.

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2026-01-07
ESPI positive

Insider Transactions: Zawieruszyński Family Foundation Acquires Dadelo S.A. Shares

Dadelo S.A., a leading Polish retailer specializing in bicycles and cycling accessories, has reported insider transactions involving its shares. The Zawieruszyński Family Foundation, closely associated with Ryszard Zawieruszyński, CEO of Dadelo S.A., acquired a total of 6,065 shares of the company in multiple transactions conducted between January 2 and January 7, 2026. The transactions were executed on the Warsaw Stock Exchange (WSE) at prices ranging from PLN 58.2 to PLN 63 per share, with an average price of PLN 60.46 per share.

The acquisitions highlight continued confidence in the company’s growth and performance by its leadership. The transactions were disclosed in compliance with Article 19 of the EU Market Abuse Regulation (MAR).

Relevance: This development is significant as it reflects insider confidence in Dadelo S.A.'s business strategy and market position, which could influence investor sentiment and the company’s stock performance on the WSE.

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2026-01-05
ESPI positive

Dadelo S.A. Reports Record Sales Growth in Q4 2025

Dadelo S.A., a leading Polish retailer specializing in bicycles and cycling accessories, has announced preliminary net sales revenue of PLN 65 million for Q4 2025, marking an impressive 58.5% increase compared to PLN 41 million in Q4 2024. The company also reported a 60.3% rise in gross margin during the same period, reflecting enhanced profitability. Year-to-date sales for 2025 reached PLN 442.5 million, a 57.8% growth compared to PLN 280.5 million in 2024.

The surge in revenue is attributed to the continuous expansion of the product range on its online platform, CentrumRowerowe.pl, growing brand popularity, and the addition of a fifth physical store in Kraków, complementing existing locations in Warsaw, Wrocław, Gdańsk, and Poznań.

This news highlights Dadelo S.A.'s robust performance and strategic growth initiatives, aligning with its omnichannel business model and commitment to expanding its market presence.

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2025-12-29
ESPI positive

Insider Transactions Reported for Dadelo S.A. Shares

Dadelo S.A., a leading Polish retailer in the cycling industry, has disclosed insider transactions involving its shares. The transactions were conducted by Zawieruszyński Fundacja Rodzinna, an entity closely associated with Ryszard Zawieruszyński, the CEO of Dadelo S.A. The notification, submitted under Article 19 of the MAR Regulation, details the acquisition of 15,453 shares across multiple transactions on December 23 and December 29, 2025. The average transaction prices were reported as PLN 58.66 and PLN 57.33, respectively. The trades were executed on the Warsaw Stock Exchange (WSE).

This development highlights insider confidence in Dadelo S.A.'s market position and growth potential, aligning with its status as a publicly listed company under the ticker DAD on the WSE.

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2025-12-22
ESPI positive

Insider Transactions: Ryszard Zawieruszyński's Family Foundation Acquires Dadelo S.A. Shares

Dadelo S.A., a leading Polish retailer in the cycling industry, has disclosed insider transactions involving its CEO, Ryszard Zawieruszyński. The Zawieruszyński Family Foundation, closely associated with the CEO, acquired a total of 5,451 shares of Dadelo S.A. on the Warsaw Stock Exchange (WSE) between December 17 and December 19, 2025. The transactions were executed at prices ranging from PLN 57 to PLN 59.8 per share, with a total average price of PLN 57.36.

The purchases were conducted in multiple tranches, including 895 shares at PLN 59.8 on December 17, 925 shares at PLN 59 on December 18, and 3,631 shares at varying prices on December 19. The transactions were reported in compliance with Article 19 of the Market Abuse Regulation (MAR).

This development highlights the confidence of the CEO and his associated entities in the company's growth and market position.

Relevance: This article is relevant to Dadelo S.A.'s profile as it reflects insider confidence in the company, which could influence investor sentiment and the company's stock performance on the Warsaw Stock Exchange.

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2026 EPS Estimates

Last updated: 2026-01-26
Bear Case
2026 EPS: PLN 3
Assumptions:
  • -
Base Case
2026 EPS: PLN 7
Assumptions:
  • -
Bull Case
2026 EPS: PLN 10
Assumptions:
  • -
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Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.

Key Metrics

Company-specific performance indicators tailored to Dadelo S.A.'s business model.

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Recurring Revenue
Order Backlog
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Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.