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 377 m of revenue in 9M 2025 (+57.5% YoY) - a PLN 1 bn target for 2028 without dilutive share issuance

Dadelo S.A. - headquartered at ul. Podleśna 17 in Bydgoszcz (postcode 85-145, Kuyavian-Pomeranian voivodeship), registered in the KRS under number 0000708589 - delivered PLN 134.2 m of revenue (+68.5% YoY) in Q3 2025, taking nine-month 2025 revenue to PLN 377.2 m (+57.5% YoY). These are preliminary estimates published on 2 October 2025 - the final H1 report had already shown PLN 240.4 m (+50.4%), with Q2 alone at PLN 157.3 m (+49.2%). For full-year 2025 the company guides above PLN 400 m versus PLN 280 m in 2024.

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

The second layer of the 2025 story is growth funding without dilutive share issuance. In July 2025 the board approved a PLN 100 m bond programme - the preferred source of working capital for store rollout, warehousing and geographic expansion. Zawieruszyński himself said in the interview that share issuance is 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 gain across 2024–2025 (more than 100% YTD around the Q1 2025 estimate) rests partly on this no-dilution stance.

Dadelo

BYDGOSZCZ · KRS 0000708589 · SPÓŁKA AKCYJNA

Revenue

n/a

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

The address ul. Podleśna 17, 85-145 Bydgoszcz places Dadelo's seat 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 is listed on the Warsaw Stock Exchange - 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: in a multi-member board two members acting jointly are required to sign documents on the company's behalf. The supervisory board completes the group's governance. Key ownership context: Dadelo was fully acquired by Oponeo.pl in 2019 - making it a separately listed group "daughter" while remaining 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 actual 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 runs sales through CentrumRowerowe.pl plus four physical stores - in Warsaw, Wrocław, Gdańsk and Poznań. Investor site: ir.dadelo.pl, retail site: dadelo.pl.

Polish sports / fashion e-commerce on the WSE: Dadelo as the cycling niche with the highest growth rate

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

• Dadelo (Bydgoszcz, sWIG80) - bicycle / sports e-commerce, +57.5% YoY growth in 9M 2025, four physical stores.
• Oponeo.pl (Bydgoszcz, sWIG80) - parent company, tyre e-commerce, 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 of Polish apparel retail.

Three structural features of the Dadelo model that explain the 2025 result step-up:

• Bicycle-market growth is being driven by e-bikes - the e-bike segment crossed 10% of the market in 2024 and continues to grow. An e-bike has a much higher average selling price (PLN 5–15 k) than a classic bicycle (PLN 1.5–4 k), lifting basket value. With around 50% of revenue from bicycle sales (the rest - accessories, apparel, parts), Dadelo is a direct beneficiary of the product-mix shift toward e-bikes.
• The online + four-stores hybrid as a competitive edge - at 75–80% of revenue from e-commerce and 20–25% from physical stores, Dadelo's model is closer to "cycling omnichannel" than pure e-tail. The physical 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 southern Poland - Kraków, Katowice, Gliwice) is meant to close the geographic map and complete coverage of cities above 300 k 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 accelerate entry into new categories. This is a structural advantage that pure-play e-tailers (e.g. Answear) do not have at this scale.

Implication 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 1 bn by 2028" strategy for Dadelo's investment profile in 2026:

• Growth of +57.5% YoY well above sector = a clear share-of-wallet shift signal - the Polish bicycle market grows several percent a year; Dadelo posts 50–70% growth quarter after quarter, which mathematically means taking share from competitors (local cycling stores, multibrand e-commerce, networks like Decathlon). Category consolidation in a single e-tailer is a typical pattern of a maturing market - the question is not "if" but "who".
• The PLN 1 bn 2028 target = realistic but exposed to the macro cycle - at PLN 280 m in 2024 and >PLN 400 m guided for 2025, the path to PLN 1 bn requires roughly 35% CAGR for three years 2026–2028. That is below this year's pace, so structurally achievable. The risk: the consumer cycle - recession, falling real incomes or a correction in discretionary spending lowers sales of mid- and high-priced products (e-bikes). The target is a plan, not a guarantee.
• The PLN 100 m bond programme = a capital-discipline signal, but leverage rises - choosing bonds over new equity is unambiguously pro-shareholder (no EPS dilution), but raises financial leverage. With geographic expansion (four new stores in 2026) and CEE-entry preparation (Czech Republic, Slovakia, Hungary), funding needs grow; in a sales slowdown debt service compresses interest coverage. This is the classic growth-stage e-commerce trade-off.

Main company-specific risks across the 2026–2027 cycle:

• Bicycle seasonality - sales peak in Q2 and Q3 (spring–summer); a cool or rainy summer can compress revenue in the key window.
• Consumer cycle - a bicycle is discretionary spend; 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), and Bike-Discount, Bike24, Rose Bikes compete on the Polish market from Germany.
• CEE expansion as a precondition for PLN 1 bn - without entering 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 after group dividend thresholds are met).

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

The Dadelo S.A. profile in our database carries the full picture of the company: composition of the three-member management board (with CEO Ryszard Zawieruszyński), the KRS registration history from 2 January 2018, the registered address at ul. Podleśna 17 in Bydgoszcz, 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 - important for international small-cap consumer / e-commerce fund investors, since Dadelo is the only Polish stock-listed company combining pure-play bicycle / 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 informational 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 2026-05-02.