Allegro (ALE) Q2 2026 earnings summary

Executive summary

• Delivered strong Q2 2026 results, with group GMV up 14.4% YoY, exceeding targets and showing momentum into Q3.

• Significant growth driven by investments in AI, international expansion, and new service launches in travel and healthcare.

• Upgraded full-year 2026 outlook due to robust Q2 and accelerating Q3 growth.

• Net profit increased 27.6% YoY to PLN 870.4m in H1 2026; Adjusted EBITDA up 16.9% YoY to PLN 1.96bn.

• Leadership strengthened with new CFO and executives in commercial and fintech roles.

Financial highlights

• Group GMV up 14.4% YoY to PLN 19.6bn in Q2; H1 GMV at PLN 36.9bn.

• Group revenue up 16.1% YoY in Q2; H1 revenue at PLN 6.3bn.

• Adjusted EBITDA exceeded PLN 1 billion in Q2; H1 Adjusted EBITDA at PLN 1.96bn.

• Free cash flow and cash conversion remain strong, with group cash conversion at 71.6%.

• Net debt to adjusted EBITDA improved to 0.72x as of June 30.

Outlook and guidance

• Upgraded FY 2026 GMV growth guidance: Group 13-15%, Poland 11-13%, International 65-75%.

• Revenue guidance: Group 12-16%, Poland 13-15%, International 35-45%.

• Adjusted EBITDA guidance: Group 9-17% growth (PLN 3.9–4.1bn), Poland 11-14% growth.

• No changes to CapEx guidance; target PLN 1.04-1.15bn.

• Q3 trading shows further acceleration: Group GMV up 17-18% YoY quarter-to-date.