Allegro (ALE) Q2 2025 earnings summary

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.