Dadelo 2026: PLN 377 m revenue after nine months of 2025 (+57.5% YoY), a PLN 1 bn target for 2028 and a PLN 100 m bond issue instead of share dilution

Dadelo posts PLN 377m of revenue in the first nine months of 2025 (+57.5% YoY) – a PLN 1bn target for 2028 without dilutive share issuance

Dadelo S.A. – headquartered at ul. Podleśna 17 in Bydgoszcz (postcode 85-145, Kuyavian-Pomeranian voivodeship) and registered in the KRS under number 0000708589 – delivered PLN 134.2m of revenue (+68.5% year on year) in Q3 2025, taking nine-month 2025 revenue to PLN 377.2m (+57.5%). These are preliminary estimates published on 2 October 2025 – the final half-year report had already shown PLN 240.4m for the first half (+50.4%), with Q2 alone at PLN 157.3m (+49.2%). For full-year 2025 the company guides to more than PLN 400m, versus PLN 280m in 2024.

The strategic horizon is longer. In a July 2025 interview, CEO Ryszard Zawieruszyński confirmed the goal of sustaining 30% average annual revenue growth over the next five years – translating into a path to PLN 1bn of revenue by 2028. That threshold is also the precondition for entering the Czech, Slovak and Hungarian markets – international expansion is to begin within four years of crossing the billion. Dadelo is targeting 35–40% of the Polish bicycle market (estimated at PLN 4.5–5bn), positioning the company as a candidate to lead the category locally.

The second layer of the 2025 story is funding growth without dilutive share issuance. In July 2025 the board approved a bond programme of up to PLN 100m – the preferred source of working capital for store roll-out, warehousing and geographic expansion. Zawieruszyński himself called a share issue "a last resort". That is structurally important for minority shareholders – Dadelo has been part of the Oponeo.pl group since the full takeover in 2019, and the share-price gains across 2024–2025 (up more than 100% year to date at the time of the Q1 2025 estimates) rest partly on this no-dilution stance.

Dadelo

BYDGOSZCZ · KRS 0000708589 · SPÓŁKA AKCYJNA

Revenue

28.7 M PLN

Podleśna 17 in Bydgoszcz: Zawieruszyński's three-member board, part of the Oponeo group, an "online plus four stores" model

The address ul. Podleśna 17, 85-145 Bydgoszcz places Dadelo's registered office in the north-western part of Bydgoszcz, immediately next to Oponeo.pl S.A. – with which Dadelo shares a logistics centre and group structure. The company has operated in its current corporate form (Dadelo S.A., KRS 0000708589) since 2 January 2018, with the founding deed dated 30 November 2017. It has been listed on the Warsaw Stock Exchange since its main-market debut in December 2020.

Governance: a three-member management board – CEO Ryszard Zawieruszyński plus two board members. The company operates under a joint-representation rule: with a multi-member board, two members acting jointly are required to sign on the company's behalf. A supervisory board completes the group's governance. The key ownership context: Dadelo was fully acquired by Oponeo.pl in 2019 – making it a separately listed group subsidiary that remains under parent control.

Under Polish PKD codes, the principal activity is 47.63.Z (retail sale of sports equipment), supplemented by 47.71.Z (clothing) and 47.72.Z (footwear and leather goods) – reflecting the true breadth of an offer that runs from bicycles to sports accessories. The company has a registered electronic-delivery address (AE:PL-72165-38304-AUUVI-14) and sells through CentrumRowerowe.pl plus four physical stores – in Warsaw, Wrocław, Gdańsk and Poznań. Investor site: ir.dadelo.pl; retail site: dadelo.pl.

Polish sports and fashion e-commerce on the WSE: Dadelo as the fastest-growing cycling niche

Polish consumer e-commerce has selective representation on the Warsaw exchange in 2026, within which Dadelo occupies a bicycle-and-sports niche with the fastest growth rate among comparable issuers:

• Dadelo (Bydgoszcz, sWIG80) – bicycle and sports e-commerce, growth of +57.5% YoY over nine months of 2025, four physical stores.
• Oponeo.pl (Bydgoszcz, sWIG80) – the parent company, tyre e-commerce, the Polish market leader.
• Answear.com (Kraków) – fashion e-commerce, CEE expansion.
• VRG (Vistula Group) (Kraków, sWIG80) – multibrand fashion (Vistula, Bytom, Wólczanka), omnichannel.
• CCC (Polkowice, mWIG40) – omnichannel footwear, larger scale.
• LPP (Gdańsk, WIG20) – global fashion (Reserved, Sinsay), the largest scale in Polish apparel retail.

Three structural features of the Dadelo model explain the 2025 step-up in results:

• Bicycle-market growth driven by e-bikes – the e-bike segment crossed 10% of the market in 2024 and keeps growing. An e-bike carries a much higher average selling price (PLN 5,000–15,000) than a classic bicycle (PLN 1,500–4,000), lifting basket value. With around 50% of revenue from bicycle sales (the rest from accessories, apparel and parts), Dadelo is a direct beneficiary of the product-mix shift towards e-bikes.
• The online-plus-four-stores hybrid as a competitive edge – with 75–80% of revenue from e-commerce and 20–25% from the physical network, Dadelo's model is closer to "cycling omnichannel" than pure e-tail. The stores act as showrooms and service points – critical for bicycles, which customers want to see before committing several thousand zloty. The plan to open four stores in 2026 (mainly in southern Poland – Kraków, Katowice, Gliwice) is meant to close the geographic map and complete coverage of cities above 300,000 inhabitants.
• Operational synergies with Oponeo.pl – a shared logistics centre in Bydgoszcz, shared warehousing infrastructure and shared e-commerce know-how lower the per-order operating cost and speed up entry into new categories. It is a structural advantage that pure-play e-tailers (e.g. Answear) do not enjoy at this scale.

Implications for the investment profile: growth with capital discipline, but exposure to the consumer cycle and seasonality

The interpretation is speculative – the conclusions below are scenarios, not certainties:

“A share issue is, for us, a last resort. We have a PLN 100 m bond programme, banking partners and we consistently avoid diluting the shareholder base - that is the foundation that lets us sustain 30% annual growth over the next five years.”

Three possible consequences of the 2025 results and the "PLN 1bn by 2028" strategy for Dadelo's 2026 investment profile:

• Growth of +57.5% YoY, far above the sector = a clear market-share capture signal – the Polish bicycle market grows a few percent a year, while Dadelo posts 50–70% growth quarter after quarter, which mathematically means taking share from competitors (local bike shops, multibrand e-commerce, chains like Decathlon). Consolidation of a sports category around a single e-tailer is a typical pattern in a maturing market – the question is not "whether" but "who".
• The PLN 1bn target for 2028 = realistic but exposed to the macro cycle – from PLN 280m in 2024 and more than PLN 400m guided for 2025, the path to PLN 1bn requires roughly 35% average annual growth across 2026–2028. That is below this year's pace, so structurally achievable. The risk is the consumer cycle – a recession, falling real incomes or a pullback in discretionary spending would hit sales of mid- and high-priced products (e-bikes). The target is a plan, not a guarantee.
• The PLN 100m bond programme = a capital-discipline signal, but leverage rises – choosing bonds over new equity is unambiguously shareholder-friendly (no EPS dilution) but raises financial leverage. With geographic expansion (four new stores in 2026) and preparations for CEE entry (Czech Republic, Slovakia, Hungary), funding needs are growing; in a sales slowdown, debt service would compress interest coverage. It is the classic growth-stage e-commerce trade-off.

The main company-specific risks across the 2026–2027 cycle:

• Bicycle seasonality – sales peak in Q2 and Q3 (spring and summer); a cool or rainy summer can compress revenue in the key window.
• The consumer cycle – a bicycle is discretionary spending; a recession or a fall in real incomes lowers demand for mid- and high-priced products.
• Competition from Decathlon and international e-tailers – Decathlon runs its own bicycle programme (B'Twin), while Bike-Discount, Bike24 and Rose Bikes compete on the Polish market from Germany.
• CEE expansion as a precondition for PLN 1bn – without entering the Czech, Slovak and Hungarian markets, the billion will be hard to reach; any expansion delay pushes the target out in time.
• Oponeo control as both stabiliser and constraint – full parent-group control ensures strategic continuity but limits the real free float and makes the company a likely target for an eventual tender offer (especially once the group's dividend thresholds are met).

What you'll find in the Dadelo S.A. profile

The Dadelo S.A. profile in our database gives the full picture of the company: the composition of the three-member management board (led by CEO Ryszard Zawieruszyński), the KRS registration history since 2 January 2018, the registered address at ul. Podleśna 17 in Bydgoszcz, its e-Delivery status (AE:PL-72165-38304-AUUVI-14), the dadelo.pl and ir.dadelo.pl websites, and the assigned PKD code 47.63.Z (retail sale of sports equipment). The profile is also available in English – relevant for international small-cap consumer and e-commerce fund investors, since Dadelo is the only Polish listed company combining bicycle-and-sports e-commerce with a four-store physical network (Warsaw, Wrocław, Gdańsk, Poznań) and structural backing from the Oponeo.pl parent group.

This material is for information purposes only and does not constitute investment advice.

Data: Polish KRS Court Register (KRS 0000708589); Strefa Inwestorów - Dadelo Q3 2025 revenue estimate (published 2 October 2025); Strefa Inwestorów - interview with CEO Ryszard Zawieruszyński (July 2025); StockWatch - analysis of Dadelo trading and Q1 2025 preliminary results; Bankier.pl - DADELO trading profile; GPW - company card ISIN PLDADEL00013; ir.dadelo.pl - investor relations; Oponeo.pl - communications on the Dadelo acquisition (2019); PKD 47.63.Z classification (retail sale of sports equipment); company history - incorporation as S.A. 02.01.2018, WSE main-market debut December 2020, as of 2026-07-27.