Dadelo (DAD) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached 408,267 thousand PLN, up 68.6% year-over-year, driven by omnichannel sales and expansion to 8 stationary stores.

• Net profit for H1 2026 was 31,274 thousand PLN, an 84.3% increase compared to H1 2025.

• Operating cash flow turned positive at 112,224 thousand PLN, compared to -20,424 thousand PLN in H1 2025.

• The company maintained a strong equity position and met all financial covenants.

Financial highlights

• Gross margin for H1 2026 was 32.9%, up from 32.0% in H1 2025.

• EBITDA margin improved to 13.1% from 11.0% year-over-year.

• Net margin rose to 7.7% from 7.0% in H1 2025.

• Total assets increased to 421,995 thousand PLN from 301,303 thousand PLN year-over-year.

• Inventory value rose 29.4% year-over-year to 303,508 thousand PLN, supporting higher sales.

Outlook and guidance

• The company forecasts negative operating cash flow of approximately -100,000 thousand PLN in Q4 2026 due to seasonality, with planned investments of -30,000 thousand PLN and positive financing cash flow of 130,000 thousand PLN.

• Two new stationary stores are planned for H2 2026.

• Management expects a safe financial buffer exceeding 100,000 thousand PLN for early 2027.