Dadelo (DAD) Q3 2025 earnings summary

Executive summary

• Revenue for the first three quarters of 2025 reached 377,565 thousand PLN, a 57.67% increase year-over-year, driven by an omnichannel sales strategy and expansion of stationary stores in major Polish cities.

• Net profit for the period was 26,474 thousand PLN, up from 15,600 thousand PLN in the same period of 2024.

• The company operates as Poland's largest online seller of bicycle parts and accessories, with a growing presence in stationary retail.

Financial highlights

• Operating profit rose to 36,591 thousand PLN from 20,007 thousand PLN year-over-year.

• Gross margin remained stable at 31.94% for the period.

• EBITDA margin improved to 11.3% from 9.86% a year earlier.

• Net cash flow from operating activities was -60,326 thousand PLN, reflecting significant inventory build-up.

• Total assets increased to 332,952 thousand PLN from 197,751 thousand PLN year-over-year.

Outlook and guidance

• A new incentive program is planned, conditional on achieving revenue targets of 389 million PLN in 2025, 519 million PLN in 2026, and 681 million PLN in 2027, with continued net profit.

• The company continues to expand its stationary retail network, with a fifth store opened in October 2025 and further growth planned.