Allegro (ALE) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw robust growth, with group GMV up 12.8% YoY to PLN 17.3bn, Polish operations rebounding to 11.6% GMV growth, and international marketplaces accelerating 46.3% YoY.

• Revenue grew 16.5% YoY to PLN 2.95bn, with Polish operations up 18% and international segment down 10.7% due to legacy platform closures.

• Adjusted EBITDA rose 23.6% YoY to PLN 932m, with Polish operations up 18.5% and international segment loss narrowing by 17.7%.

• Margins exceeded expectations, and the international segment became accretive to group GMV and Adjusted EBITDA growth rates.

• Expansion into new service categories, including healthcare and travel, and strong performance in FinTech, delivery, and advertising.

Financial highlights

• Group GMV: PLN 17.3bn (+12.8% YoY); Revenue: PLN 2.95bn (+16.5% YoY); Adjusted EBITDA: PLN 932m (+23.6% YoY); Cash conversion: 74.3%.

• Polish operations: GMV PLN 16.5bn (+11.6% YoY), Revenue PLN 2.82bn (+18% YoY), Adjusted EBITDA PLN 1.02bn (+18.5% YoY), 15.5m active buyers (+2.6% YoY).

• International segment: GMV PLN 804m (+46.3% YoY), Revenue PLN 134m (-10.7% YoY), Adjusted EBITDA loss reduced by 17.7% YoY to PLN -85.9m.

• Take Rate stable at 12.43% for the group and 12.65% for Poland.

• Advertising revenue increased 25.7% YoY to PLN 378.5m; logistic service revenue surged 89.2% to PLN 153.3m.

Outlook and guidance

• Group GMV growth outlook for FY 2026 maintained at 10-12% YoY; Polish operations at 9-11% YoY; international segment GMV guidance upgraded to 40-45% YoY (from 35-40%).

• Revenue guidance for international segment raised to 25-35% YoY growth; all other guidance unchanged.

• Management expects to reinvest additional international gross margins to accelerate GMV growth, keeping investment within 12% of Polish Adjusted EBITDA.