Allegro (ALE) Q3 2025 earnings summary

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.