H1 2026 report
Przychody wzrosły o 68,0% r/r przy jednoczesnej poprawie marży EBITDA o 2,03 p.p. — ekspansja sieci 8 sklepów stacjonarnych działa jako dźwignia operacyjna, nie tylko wolumenowa.
Sentiment
●●●●●●
DAD
H1 2026 report
Revenue
408.27 m PLN
— YoY
Net income
31.27 m PLN
— YoY
EBITDA
53.38 m PLN
— YoY
Gross margin
32.93%
— YoY
Summary
Investment thesis
- Zysk netto niemal się podwoił (+84,3% r/r do 31 274 tys. zł), a EPS wzrósł do 2,68 zł — wzrost jakościowy, potwierdzony poprawą marż na każdym poziomie rachunku wyników.
- Bilans niesie ryzyko płynnościowe: wskaźnik płynności gotówkowej to zaledwie 0,01, a bezpieczeństwo finansowe opiera się na niewykorzystanych limitach bankowych, nie na własnej gotówce.
- Spółka rok wcześniej przekroczyła kowenanty obligacyjne, co wymusiło skrócenie terminu wykupu obligacji serii A — obecnie spłacone z nadwyżką dzięki mocnym wynikom H1 2026, ale to świeża historia ryzyka.
- Prezes Zarządu zwiększył swój udział w akcjonariacie z 6,00% do 8,15% w ciągu półrocza — sygnał zaufania insidera do dalszego rozwoju spółki.
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Financials
BETA
DAD · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 408.27 | — | — | 408.27 | — | reported | — | 1.00 |
| Gross profit | 134.44 | — | — | 134.44 | — | reported | — | 1.00 |
| EBITDA | 53.38 | — | — | 53.38 | — | derived | — | 0.90 |
| EBIT | 46.28 | — | — | 46.28 | — | reported | — | 1.00 |
| EBT | 38.7 | — | — | 38.7 | — | reported | — | 1.00 |
| Net income | 31.27 | — | — | 31.27 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 2.68 | — | — | 2.68 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 2.68 | — | — | 2.68 | — | reported | — | 1.00 |
| D&A | 7.1 | — | — | 7.1 | — | reported | — | 1.00 |
| Interest expense | 5.98 | — | — | 5.98 | — | reported | — | 1.00 |
| Income tax | 7.42 | — | — | 7.42 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 11.67 | — | — | 11.67 | — | reported | — | 1.00 |
| Gross margin | 32.93% | — | — | 32.93% | — | derived | — | 0.95 |
| EBITDA margin | 13.07% | — | — | 13.07% | — | derived | — | 0.95 |
| EBIT margin | 11.33% | — | — | 11.33% | — | derived | — | 0.95 |
| Net margin | 7.66% | — | — | 7.66% | — | derived | — | 0.95 |
| Cash | 1.67 | — | — | 1.67 | — | reported | — | 1.00 |
| Total debt | 130.25 | — | — | 130.25 | — | derived | — | 0.90 |
| Net debt | 128.58 | — | — | 128.58 | — | derived | — | 0.90 |
| Equity | 171.42 | — | — | 171.42 | — | reported | — | 1.00 |
| Total assets | 422 | — | — | 422 | — | reported | — | 1.00 |
| Working capital | 108.65 | — | — | 108.65 | — | derived | — | 0.95 |
| Current assets | 326.29 | — | — | 326.29 | — | reported | — | 1.00 |
| Current liabilities | 217.64 | — | — | 217.64 | — | reported | — | 1.00 |
| Non-current liabilities | 32.94 | — | — | 32.94 | — | reported | — | 1.00 |
| Inventory | 303.51 | — | — | 303.51 | — | reported | — | 1.00 |
| Trade receivables | 21.11 | — | — | 21.11 | — | reported | — | 1.00 |
| Trade payables | 112.58 | — | — | 112.58 | — | reported | — | 1.00 |
| Goodwill | 9.6 | — | — | 9.6 | — | derived | — | 0.90 |
| CFO | 112.22 | — | — | 112.22 | — | reported | — | 1.00 |
| CapEx | 19.07 | — | — | 19.07 | — | reported | — | 0.95 |
| FCF | 93.15 | — | — | 93.15 | — | derived | — | 0.90 |
| FCF conversion | 174.52% | — | — | 174.52% | — | derived | — | 0.85 |
| CFO conversion | 210.24% | — | — | 210.24% | — | derived | — | 0.85 |
| Dividends paid | 0 | — | — | 0 | — | reported | — | 1.00 |
| Buybacks | 0 | — | — | 0 | — | reported | — | 1.00 |
| ROE | 19.07% | — | — | — | — | derived | — | 0.75 |
| ROA | 7.16% | — | — | — | — | derived | — | 0.75 |
| ROIC | 13.03% | — | — | — | — | derived | — | 0.65 |
| ROCE | 23.61% | — | — | — | — | derived | — | 0.70 |
| Current ratio | 1.5x | — | — | 1.5x | — | derived | — | 0.90 |
| Quick ratio | 0.1x | — | — | 0.1x | — | derived | — | 0.90 |
| Cash ratio | 0.01x | — | — | 0.01x | — | derived | — | 0.90 |
| Interest coverage | 7.73x | — | — | 7.73x | — | derived | — | 0.85 |
| Net debt / EBITDA | 2.12x | — | — | — | — | derived | — | 0.80 |
| Debt / equity | 0.76x | — | — | 0.76x | — | derived | — | 0.85 |
| Debt / assets | 0.31x | — | — | 0.31x | — | derived | — | 0.85 |
| Net debt / equity | 0.75x | — | — | 0.75x | — | derived | — | 0.85 |
| Revenue growth (YoY) | 68.01% | — | — | 68.01% | — | derived | — | 0.95 |
| EBITDA growth (YoY) | 98.97% | — | — | 98.97% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 99.16% | — | — | 99.16% | — | derived | — | 0.95 |
| Net income growth (YoY) | 84.27% | — | — | 84.27% | — | derived | — | 0.95 |
| EPS growth (YoY) | 84.83% | — | — | 84.83% | — | derived | — | 0.95 |
| Gross margin Δ (YoY) | 0.94 pp | — | — | 0.94 pp | — | derived | — | 0.90 |
| EBITDA margin Δ (YoY) | 2.03 pp | — | — | 2.03 pp | — | derived | — | 0.90 |
| EBIT margin Δ (YoY) | 1.77 pp | — | — | 1.77 pp | — | derived | — | 0.90 |
| Net margin Δ (YoY) | 0.68 pp | — | — | 0.68 pp | — | derived | — | 0.90 |
H1 2026 · Δ YoY
Revenue
408.27
—
408.27
—
- H1 2025
- —
- YTD 2026
- 408.27
- Δ YoY
- —
Gross profit
134.44
—
134.44
—
- H1 2025
- —
- YTD 2026
- 134.44
- Δ YoY
- —
EBITDA
53.38
—
53.38
—
- H1 2025
- —
- YTD 2026
- 53.38
- Δ YoY
- —
EBIT
46.28
—
46.28
—
- H1 2025
- —
- YTD 2026
- 46.28
- Δ YoY
- —
EBT
38.7
—
38.7
—
- H1 2025
- —
- YTD 2026
- 38.7
- Δ YoY
- —
Net income
31.27
—
31.27
—
- H1 2025
- —
- YTD 2026
- 31.27
- Δ YoY
- —
EPS (basic)
(PLN)
2.68
—
2.68
—
- H1 2025
- —
- YTD 2026
- 2.68
- Δ YoY
- —
EPS (diluted)
(PLN)
2.68
—
2.68
—
- H1 2025
- —
- YTD 2026
- 2.68
- Δ YoY
- —
D&A
7.1
—
7.1
—
- H1 2025
- —
- YTD 2026
- 7.1
- Δ YoY
- —
Interest expense
5.98
—
5.98
—
- H1 2025
- —
- YTD 2026
- 5.98
- Δ YoY
- —
Income tax
7.42
—
7.42
—
- H1 2025
- —
- YTD 2026
- 7.42
- Δ YoY
- —
Shares (basic)
(m units)
11.67
—
11.67
—
- H1 2025
- —
- YTD 2026
- 11.67
- Δ YoY
- —
Gross margin
32.93%
—
32.93%
—
- H1 2025
- —
- YTD 2026
- 32.93%
- Δ YoY
- —
EBITDA margin
13.07%
—
13.07%
—
- H1 2025
- —
- YTD 2026
- 13.07%
- Δ YoY
- —
EBIT margin
11.33%
—
11.33%
—
- H1 2025
- —
- YTD 2026
- 11.33%
- Δ YoY
- —
Net margin
7.66%
—
7.66%
—
- H1 2025
- —
- YTD 2026
- 7.66%
- Δ YoY
- —
Cash
1.67
—
1.67
—
- H1 2025
- —
- YTD 2026
- 1.67
- Δ YoY
- —
Total debt
130.25
—
130.25
—
- H1 2025
- —
- YTD 2026
- 130.25
- Δ YoY
- —
Net debt
128.58
—
128.58
—
- H1 2025
- —
- YTD 2026
- 128.58
- Δ YoY
- —
Equity
171.42
—
171.42
—
- H1 2025
- —
- YTD 2026
- 171.42
- Δ YoY
- —
Total assets
422
—
422
—
- H1 2025
- —
- YTD 2026
- 422
- Δ YoY
- —
Working capital
108.65
—
108.65
—
- H1 2025
- —
- YTD 2026
- 108.65
- Δ YoY
- —
Current assets
326.29
—
326.29
—
- H1 2025
- —
- YTD 2026
- 326.29
- Δ YoY
- —
Current liabilities
217.64
—
217.64
—
- H1 2025
- —
- YTD 2026
- 217.64
- Δ YoY
- —
Non-current liabilities
32.94
—
32.94
—
- H1 2025
- —
- YTD 2026
- 32.94
- Δ YoY
- —
Inventory
303.51
—
303.51
—
- H1 2025
- —
- YTD 2026
- 303.51
- Δ YoY
- —
Trade receivables
21.11
—
21.11
—
- H1 2025
- —
- YTD 2026
- 21.11
- Δ YoY
- —
Trade payables
112.58
—
112.58
—
- H1 2025
- —
- YTD 2026
- 112.58
- Δ YoY
- —
Goodwill
9.6
—
9.6
—
- H1 2025
- —
- YTD 2026
- 9.6
- Δ YoY
- —
CFO
112.22
—
112.22
—
- H1 2025
- —
- YTD 2026
- 112.22
- Δ YoY
- —
CapEx
19.07
—
19.07
—
- H1 2025
- —
- YTD 2026
- 19.07
- Δ YoY
- —
FCF
93.15
—
93.15
—
- H1 2025
- —
- YTD 2026
- 93.15
- Δ YoY
- —
FCF conversion
174.52%
—
174.52%
—
- H1 2025
- —
- YTD 2026
- 174.52%
- Δ YoY
- —
CFO conversion
210.24%
—
210.24%
—
- H1 2025
- —
- YTD 2026
- 210.24%
- Δ YoY
- —
Dividends paid
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
Buybacks
0
—
0
—
- H1 2025
- —
- YTD 2026
- 0
- Δ YoY
- —
ROE
19.07%
—
19.07%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
7.16%
—
7.16%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROIC
13.03%
—
13.03%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROCE
23.61%
—
23.61%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.5x
—
1.5x
—
- H1 2025
- —
- YTD 2026
- 1.5x
- Δ YoY
- —
Quick ratio
0.1x
—
0.1x
—
- H1 2025
- —
- YTD 2026
- 0.1x
- Δ YoY
- —
Cash ratio
0.01x
—
0.01x
—
- H1 2025
- —
- YTD 2026
- 0.01x
- Δ YoY
- —
Interest coverage
7.73x
—
7.73x
—
- H1 2025
- —
- YTD 2026
- 7.73x
- Δ YoY
- —
Net debt / EBITDA
2.12x
—
2.12x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.76x
—
0.76x
—
- H1 2025
- —
- YTD 2026
- 0.76x
- Δ YoY
- —
Debt / assets
0.31x
—
0.31x
—
- H1 2025
- —
- YTD 2026
- 0.31x
- Δ YoY
- —
Net debt / equity
0.75x
—
0.75x
—
- H1 2025
- —
- YTD 2026
- 0.75x
- Δ YoY
- —
Revenue growth (YoY)
68.01%
—
68.01%
—
- H1 2025
- —
- YTD 2026
- 68.01%
- Δ YoY
- —
EBITDA growth (YoY)
98.97%
—
98.97%
—
- H1 2025
- —
- YTD 2026
- 98.97%
- Δ YoY
- —
EBIT growth (YoY)
99.16%
—
99.16%
—
- H1 2025
- —
- YTD 2026
- 99.16%
- Δ YoY
- —
Net income growth (YoY)
84.27%
—
84.27%
—
- H1 2025
- —
- YTD 2026
- 84.27%
- Δ YoY
- —
EPS growth (YoY)
84.83%
—
84.83%
—
- H1 2025
- —
- YTD 2026
- 84.83%
- Δ YoY
- —
Gross margin Δ (YoY)
0.94 pp
—
0.94 pp
—
- H1 2025
- —
- YTD 2026
- 0.94 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
2.03 pp
—
2.03 pp
—
- H1 2025
- —
- YTD 2026
- 2.03 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.77 pp
—
1.77 pp
—
- H1 2025
- —
- YTD 2026
- 1.77 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.68 pp
—
0.68 pp
—
- H1 2025
- —
- YTD 2026
- 0.68 pp
- Δ YoY
- —