Oponeo.pl (OPN) Q1 2025 earnings summary

Executive summary

• Revenue increased by 14.36% year-over-year to 385,329 thousand PLN in Q1 2025, with net profit up 10.48% to 1,392 thousand PLN compared to Q1 2024.

• Sales of tires rose 5.37% year-over-year to 813,200 units, with a notable 22.88% increase in winter tires and a 19.48% rise in alloy wheel sales.

• The group continues to strengthen its position in online tire sales and expand its bicycle and accessories segment, especially through subsidiary Dadelo S.A.

Financial highlights

• Gross margin on sales improved to 21.97%, up 0.44 p.p. year-over-year.

• EBIT margin dropped to 0.38% from 0.86% in Q1 2024, while EBITDA margin slightly decreased to 2.33%.

• Net profit margin was 0.36%, with ROA at 0.14% and ROE at 0.43%.

• Operating cash flow was negative at -91,346 thousand PLN, mainly due to inventory build-up ahead of the season.

• Total assets increased by 25.5% year-over-year to 979,099 thousand PLN.

Outlook and guidance

• The group plans to maintain its leadership in online tire sales, optimize international sales, and further develop the bicycle segment via omnichannel strategies.

• Market forecasts for 2025 indicate inflation around 4.9% and GDP growth between 3.2% and 3.7% in Poland.

• E-commerce is expected to reach a 20% share of the Polish retail market in 2025.