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Allegro (ALE) investor relations material
Allegro Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Group GMV grew 9.8% year-over-year in Q3 2025, with Poland up 10.5% and international marketplaces up 56%, outpacing domestic retail sales growth.
Group revenue rose 12.2% year-over-year to PLN 2,941.3m, with Polish Operations up 20.2% and International Operations down 42.0%.
Adjusted EBITDA increased 24% year-over-year, driven by Polish profitability and reduced international losses.
Active buyers reached 21.1 million (+2.9% YoY), with Poland at 15.2 million (+2.0% YoY) and international growth supported by new marketplaces.
Strategic innovation included the launch of an AI Assistant and a partnership with PKO Bank for new payment and merchant financing solutions.
Financial highlights
Group Q3 2025 GMV: PLN 16,970m (+9.8% YoY); Revenue: PLN 2,941m (+12.2% YoY); Adjusted EBITDA: PLN 910.9m (+24.0% YoY); Cash conversion: 74.9%.
Polish Operations Q3 GMV: PLN 16,231m (+10.4% YoY); Revenue: PLN 2,747m (+20.2% YoY); Adjusted EBITDA: PLN 1,035m (+17.2% YoY); Adj. EBITDA/GMV margin: 6.38%.
International Operations Q3 GMV: PLN 738m (-3.3% YoY); Revenue: PLN 206m (-42.0% YoY); Adjusted EBITDA: PLN -123.8m (loss reduced by 16.1%).
CapEx increased 26% year-over-year to nearly PLN 230 million, mainly for technology and logistics.
Financial leverage rose to 1.16x post-share buyback, then improved to 1.05x due to strong cash flow.
Outlook and guidance
FY 2025 GMV growth guidance revised to 8.0–9.0% for the Group, 9.0–9.5% for Poland, and -3% to -9% for International; revenue and adjusted EBITDA guidance unchanged.
Q4 expected to see lower EBITDA margin due to seasonal factors and absence of prior year volume discounts.
International operations expected to deliver low double-digit or >50% GMV growth in Q4, with legacy Mall business winding down.
International Ops GMV impact from Mall North 1P
Rationale for Q3 share buyback and leverage increase
Polish Ops Q4 margin outlook given cost trends
Q4 Poland GMV slowdown: drivers and outlook
PKO BP partnership: expected financial impact
Externalization of services: strategy and timing
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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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