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Allegro (ALE) investor relations material
Allegro Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary18 Sep, 2025
Executive summary
Q2 2025 and H1 2025 saw strong growth in Polish operations, with GMV up 9.8% year-on-year and revenue up 18.1% year-on-year, outpacing the retail market and competitors.
Group-wide active buyers surpassed 21 million, with Polish active buyers exceeding 15 million and GMV per active buyer up over 4%.
Adjusted EBITDA increased by 14% in Poland and over 20% at the group level, with net profit up 15.9% year-on-year.
International marketplaces delivered 61% GMV growth year-on-year, while Mall North transformation to a lean merchant model was completed.
Management upgraded full-year revenue and adjusted EBITDA guidance to the top end of the range.
Financial highlights
Polish GMV reached PLN 16.5 billion in Q2, up 9.8% year-on-year; group GMV for H1 2025 was PLN 32.7 billion, up 8.5% year-on-year.
Revenue in Poland grew 18.1% year-on-year to almost PLN 2.8 billion in Q2; group revenue for H1 2025 was PLN 5.6 billion, up 8.2% year-on-year.
Adjusted EBITDA for Poland was PLN 1.037 billion in Q2, up 14.2% year-on-year; group adjusted EBITDA for H1 2025 was PLN 1.67 billion, up 13.3% year-on-year.
International marketplaces GMV grew 61% year-on-year in Q2, but overall international GMV for H1 declined 8.3% year-on-year due to restructuring.
CapEx increased 67% year-on-year to over PLN 200 million in H1, mainly for logistics and technology.
Outlook and guidance
Upgraded full-year revenue and adjusted EBITDA guidance to the top end of the range.
Group GMV growth for FY 2025 expected at 9-10%, revenue at 8-11%, and adjusted EBITDA at 10-12%.
Polish operations GMV growth guided at about 10%, revenue growth at 16–18%, and adjusted EBITDA growth at 10–12%.
International GMV expected to decline 3–9% for FY 2025, with lower adjusted EBITDA loss.
Group capex guidance for FY 2025 narrowed to PLN 0.92–1.1 billion.
International segment: Mall North impact on growth?
Pro-forma leverage post bond issue & buyback
Update on InPost arbitration and UOKiK Eco claims
New investment timing and margin impact?
InPost contract: expected outcome & timing?
EU regulatory changes for Chinese players?
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Frequently asked questions
The largest online marketplace in Poland
Allegro is a Polish ecommerce platform that operates as an online marketplace connecting buyers and sellers. The company was founded in 1999 and has since become the largest online marketplace in Poland, with over 20 million registered users and over 100,000 sellers offering products across a wide range of categories, including electronics, fashion, home and garden, and more.
The company's business model is based on charging fees to sellers for listing and selling their products on the platform, as well as for additional services such as advertising and promotions. Allegro also generates revenue from commissions on transactions processed through its platform, as well as from advertising and other services.
Economies of scale and network effects
One of Allegro's key competitive advantages is its strong market position in Poland, where it is the dominant player in the ecommerce market. This has been achieved through a combination of factors, including a user-friendly platform, a wide selection of products, competitive pricing, economies of scale, and network effects.
Another competitive advantage for Allegro is its strong logistics infrastructure, which includes a network of distribution centers and partnerships with major shipping companies. This allows the company to offer fast and reliable delivery to customers across Poland, which is a key factor in driving customer loyalty and repeat business.
Fast-grower at scale
In recent years, Allegro has experienced significant growth, driven by the overall growth of the ecommerce market in Poland, as well as the company's own efforts to expand its product offerings and improve its platform and services. In 2020, the company went public on the Warsaw Stock Exchange, with its shares listing at a valuation of around $16 billion, making it one of the largest IPOs in Europe that year.
Overall, Allegro's strong market position, effective business model, and focus on customer satisfaction and logistics have helped it to maintain its leadership in the Polish ecommerce market and continue to grow its business in recent years. Three other companies that operate similar business models as Allegro in other geographies are Amazon, MercadoLibre, and Ebay.
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