H1 2026 report
Grupa OPONEO.PL rośnie dwucyfrowo we wszystkich trzech segmentach (opony/akcesoria +14,6%, rowery przez Dadelo +68%, narzędzia +10,9%), z widoczną poprawą rentowności na każdym poziomie RZiS.
Sentiment
●●●●●●
OPN
H1 2026 report
Revenue
1,247.75 m PLN
— YoY
Net income
34.55 m PLN
— YoY
EBITDA
55.74 m PLN
— YoY
Gross margin
23.2%
— YoY
Summary
Investment thesis
- Segment rowerowy (Dadelo S.A.) staje się coraz istotniejszym motorem wzrostu — już 32,7% przychodów Grupy, dzięki ekspansji sieci 8 salonów stacjonarnych i strategii omnichannel.
- Wzrost jest okupiony agresywną budową zapasów (63% aktywów) i drugim z rzędu ujemnym OCF w I półroczu — jakość zysku w gotówce jest obecnie słaba, choć historycznie sezonowa.
- Rosnące krótkoterminowe zadłużenie finansujące zapasy zaczyna generować widoczny koszt (wynik finansowy pogorszył się z -0,8 do -13,5 mln zł), choć wszystkie kowenanty kredytowe pozostają spełnione.
- Czysta opinia audytora, brak sporów sądowych i transakcji z podmiotami powiązanymi poza warunkami rynkowymi wspierają wiarygodność raportu, mimo drobnej niespójności w prezentacji EPS.
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Financials
BETA
OPN · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,247.75 | — | — | 1,247.75 | — | reported | — | 1.00 |
| Gross profit | 305.68 | — | — | 305.68 | — | reported | — | 1.00 |
| EBITDA | 55.74 | — | — | 55.74 | — | derived | — | 0.95 |
| EBIT | 71.5 | — | — | 71.5 | — | reported | — | 1.00 |
| EBT | 57.96 | — | — | 57.96 | — | reported | — | 1.00 |
| Net income | 34.55 | — | — | 34.55 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 3.07 | — | — | 3.07 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 3.07 | — | — | 3.07 | — | reported | — | 1.00 |
| D&A | 22.14 | — | — | 22.14 | — | reported | — | 1.00 |
| Interest expense | 9.06 | — | — | 9.06 | — | reported | — | 1.00 |
| Income tax | 10.54 | — | — | 10.54 | — | reported | — | 1.00 |
| Shares (basic) (m units) | 11.24 | — | — | — | — | reported | — | 1.00 |
| Shares (diluted) (m units) | 11.24 | — | — | — | — | reported | — | 1.00 |
| Gross margin | 23.2% | — | — | 23.2% | — | derived | — | 1.00 |
| EBITDA margin | 7.5% | — | — | 7.5% | — | derived | — | 1.00 |
| EBIT margin | 4.14% | — | — | 4.14% | — | derived | — | 1.00 |
| EBT margin | 4.65% | — | — | 4.65% | — | derived | — | 1.00 |
| Net margin | 2.46% | — | — | 2.46% | — | derived | — | 0.90 |
| D&A margin | 1.77% | — | — | 1.77% | — | derived | — | 0.95 |
| Cash | 50.15 | — | — | — | — | reported | — | 1.00 |
| Total debt | 568.61 | — | — | — | — | derived | — | 0.90 |
| Net debt | 520.81 | — | — | — | — | derived | — | 0.90 |
| Equity | 322.51 | — | — | — | — | reported | — | 1.00 |
| Total assets | 1,363.15 | — | — | — | — | reported | — | 1.00 |
| Working capital | 76.06 | — | — | — | — | derived | — | 1.00 |
| Current assets | 992.34 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 916.28 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 124.36 | — | — | — | — | reported | — | 1.00 |
| Inventory | 858.2 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 83.85 | — | — | — | — | reported | — | 1.00 |
| Trade payables | 455.48 | — | — | — | — | reported | — | 1.00 |
| Goodwill | 73.65 | — | — | — | — | reported | — | 1.00 |
| Tangible equity | 248.86 | — | — | — | — | derived | — | 0.90 |
| CFO | -40.08 | — | — | -40.08 | — | reported | — | 1.00 |
| CapEx | 26.21 | — | — | 26.21 | — | derived | — | 0.95 |
| FCF | -66.29 | — | — | -66.29 | — | derived | — | 0.95 |
| FCF conversion | -70.79% | — | — | -70.79% | — | derived | — | 0.90 |
| CFO conversion | -42.8% | — | — | -42.8% | — | derived | — | 0.90 |
| Dividends paid | 39.33 | — | — | 39.33 | — | reported | — | 1.00 |
| ROE | 19.86% | — | — | — | — | derived | — | 0.60 |
| ROA | 4.98% | — | — | — | — | derived | — | 0.60 |
| Current ratio | 1.08x | — | — | — | — | derived | — | 1.00 |
| Quick ratio | 0.14x | — | — | — | — | derived | — | 1.00 |
| Cash ratio | 0.05x | — | — | — | — | derived | — | 1.00 |
| Interest coverage | 7.89x | — | — | 7.89x | — | derived | — | 0.95 |
| Debt / equity | 1.76x | — | — | — | — | derived | — | 0.85 |
| Debt / assets | 0.42x | — | — | — | — | derived | — | 0.85 |
| Net debt / equity | 1.61x | — | — | — | — | derived | — | 0.85 |
| Revenue growth (YoY) | 27.77% | — | — | 27.77% | — | derived | — | 1.00 |
| EBITDA growth (YoY) | 67.96% | — | — | 67.96% | — | derived | — | 0.90 |
| EBIT growth (YoY) | 76.68% | — | — | 76.68% | — | derived | — | 1.00 |
| Net income growth (YoY) | 44.1% | — | — | 44.1% | — | derived | — | 1.00 |
| EPS growth (YoY) | 44.13% | — | — | 44.13% | — | derived | — | 0.95 |
| FCF growth (YoY) | 58.52% | — | — | 58.52% | — | derived | — | 0.85 |
| Gross margin Δ (YoY) | 1.3 pp | — | — | 1.3 pp | — | derived | — | 1.00 |
| EBITDA margin Δ (YoY) | 1.79 pp | — | — | 1.79 pp | — | derived | — | 1.00 |
| EBIT margin Δ (YoY) | 1.59 pp | — | — | 1.59 pp | — | derived | — | 1.00 |
| Net margin Δ (YoY) | 0.31 pp | — | — | 0.31 pp | — | derived | — | 0.90 |
| Market cap | 1,100 | — | — | — | — | derived | — | 1.00 |
| Enterprise value | 1,620.81 | — | — | — | — | derived | — | 0.85 |
| P/E | 17.55x | — | — | — | — | derived | — | 0.60 |
| P/BV | 3.41x | — | — | — | — | derived | — | 0.90 |
| P/TBV | 4.42x | — | — | — | — | derived | — | 0.85 |
| Dividend yield | 3.58% | — | — | — | — | derived | — | 0.90 |
| Earnings yield | 5.7% | — | — | — | — | derived | — | 0.60 |
H1 2026 · Δ YoY
Revenue
1,247.75
—
1,247.75
—
- H1 2025
- —
- YTD 2026
- 1,247.75
- Δ YoY
- —
Gross profit
305.68
—
305.68
—
- H1 2025
- —
- YTD 2026
- 305.68
- Δ YoY
- —
EBITDA
55.74
—
55.74
—
- H1 2025
- —
- YTD 2026
- 55.74
- Δ YoY
- —
EBIT
71.5
—
71.5
—
- H1 2025
- —
- YTD 2026
- 71.5
- Δ YoY
- —
EBT
57.96
—
57.96
—
- H1 2025
- —
- YTD 2026
- 57.96
- Δ YoY
- —
Net income
34.55
—
34.55
—
- H1 2025
- —
- YTD 2026
- 34.55
- Δ YoY
- —
EPS (basic)
(PLN)
3.07
—
3.07
—
- H1 2025
- —
- YTD 2026
- 3.07
- Δ YoY
- —
EPS (diluted)
(PLN)
3.07
—
3.07
—
- H1 2025
- —
- YTD 2026
- 3.07
- Δ YoY
- —
D&A
22.14
—
22.14
—
- H1 2025
- —
- YTD 2026
- 22.14
- Δ YoY
- —
Interest expense
9.06
—
9.06
—
- H1 2025
- —
- YTD 2026
- 9.06
- Δ YoY
- —
Income tax
10.54
—
10.54
—
- H1 2025
- —
- YTD 2026
- 10.54
- Δ YoY
- —
Shares (basic)
(m units)
11.24
—
11.24
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Shares (diluted)
(m units)
11.24
—
11.24
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Gross margin
23.2%
—
23.2%
—
- H1 2025
- —
- YTD 2026
- 23.2%
- Δ YoY
- —
EBITDA margin
7.5%
—
7.5%
—
- H1 2025
- —
- YTD 2026
- 7.5%
- Δ YoY
- —
EBIT margin
4.14%
—
4.14%
—
- H1 2025
- —
- YTD 2026
- 4.14%
- Δ YoY
- —
EBT margin
4.65%
—
4.65%
—
- H1 2025
- —
- YTD 2026
- 4.65%
- Δ YoY
- —
Net margin
2.46%
—
2.46%
—
- H1 2025
- —
- YTD 2026
- 2.46%
- Δ YoY
- —
D&A margin
1.77%
—
1.77%
—
- H1 2025
- —
- YTD 2026
- 1.77%
- Δ YoY
- —
Cash
50.15
—
50.15
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
568.61
—
568.61
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
520.81
—
520.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
322.51
—
322.51
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
1,363.15
—
1,363.15
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
76.06
—
76.06
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
992.34
—
992.34
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
916.28
—
916.28
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
124.36
—
124.36
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
858.2
—
858.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
83.85
—
83.85
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade payables
455.48
—
455.48
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
73.65
—
73.65
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Tangible equity
248.86
—
248.86
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
-40.08
—
-40.08
—
- H1 2025
- —
- YTD 2026
- -40.08
- Δ YoY
- —
CapEx
26.21
—
26.21
—
- H1 2025
- —
- YTD 2026
- 26.21
- Δ YoY
- —
FCF
-66.29
—
-66.29
—
- H1 2025
- —
- YTD 2026
- -66.29
- Δ YoY
- —
FCF conversion
-70.79%
—
-70.79%
—
- H1 2025
- —
- YTD 2026
- -70.79%
- Δ YoY
- —
CFO conversion
-42.8%
—
-42.8%
—
- H1 2025
- —
- YTD 2026
- -42.8%
- Δ YoY
- —
Dividends paid
39.33
—
39.33
—
- H1 2025
- —
- YTD 2026
- 39.33
- Δ YoY
- —
ROE
19.86%
—
19.86%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
ROA
4.98%
—
4.98%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.08x
—
1.08x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
0.14x
—
0.14x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.05x
—
0.05x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Interest coverage
7.89x
—
7.89x
—
- H1 2025
- —
- YTD 2026
- 7.89x
- Δ YoY
- —
Debt / equity
1.76x
—
1.76x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.42x
—
0.42x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
1.61x
—
1.61x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
27.77%
—
27.77%
—
- H1 2025
- —
- YTD 2026
- 27.77%
- Δ YoY
- —
EBITDA growth (YoY)
67.96%
—
67.96%
—
- H1 2025
- —
- YTD 2026
- 67.96%
- Δ YoY
- —
EBIT growth (YoY)
76.68%
—
76.68%
—
- H1 2025
- —
- YTD 2026
- 76.68%
- Δ YoY
- —
Net income growth (YoY)
44.1%
—
44.1%
—
- H1 2025
- —
- YTD 2026
- 44.1%
- Δ YoY
- —
EPS growth (YoY)
44.13%
—
44.13%
—
- H1 2025
- —
- YTD 2026
- 44.13%
- Δ YoY
- —
FCF growth (YoY)
58.52%
—
58.52%
—
- H1 2025
- —
- YTD 2026
- 58.52%
- Δ YoY
- —
Gross margin Δ (YoY)
1.3 pp
—
1.3 pp
—
- H1 2025
- —
- YTD 2026
- 1.3 pp
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.79 pp
—
1.79 pp
—
- H1 2025
- —
- YTD 2026
- 1.79 pp
- Δ YoY
- —
EBIT margin Δ (YoY)
1.59 pp
—
1.59 pp
—
- H1 2025
- —
- YTD 2026
- 1.59 pp
- Δ YoY
- —
Net margin Δ (YoY)
0.31 pp
—
0.31 pp
—
- H1 2025
- —
- YTD 2026
- 0.31 pp
- Δ YoY
- —
Market cap
1,100
—
1,100
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Enterprise value
1,620.81
—
1,620.81
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/E
17.55x
—
17.55x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/BV
3.41x
—
3.41x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
P/TBV
4.42x
—
4.42x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Dividend yield
3.58%
—
3.58%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Earnings yield
5.7%
—
5.7%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —