Allegro (ALE) Q4 2024 earnings summary

Executive summary

• Achieved PLN 64 billion GMV for 2024, surpassing PLN 60 billion for the first time, with strong growth in Poland and international markets.

• Revenue grew 6.7% and adjusted EBITDA rose 17.9% to PLN 3 billion, reflecting margin progress from advertising and operational efficiencies.

• Polish operations delivered double-digit GMV growth, robust margin expansion, and continued profitability.

• International segment saw rapid GMV growth in new marketplaces but continued losses due to scale-up costs.

• CEO transition planned for June AGM, with a smooth succession process underway.

Financial highlights

• Group GMV up 9.6% year-over-year to PLN 64bn; revenue up 6.7%; adjusted EBITDA up 17.9%.

• Polish GMV reached PLN 60.7bn (+10.8% YoY), Adjusted EBITDA at PLN 3.6bn (+21.3% YoY), and revenue at PLN 9.5bn (+19.4% YoY).

• International marketplaces GMV up 155.7% YoY to PLN 1.7bn, but Adjusted EBITDA loss widened to PLN -372m.

• Mall Segment GMV declined 42% YoY, reflecting business rightsizing and transition to a lean merchant model.

• CapEx increased 31% to PLN 600 million for the year, with Q4 CapEx up 62.5% to PLN 161 million.

Outlook and guidance

• FY 2025 Group GMV expected at PLN 69.2–70.7bn (+8–11% YoY), revenue at PLN 11.7–12.1bn (+7–11% YoY), and Adjusted EBITDA at PLN 3.3–3.5bn (+10–17% YoY).

• Polish operations to maintain double-digit GMV growth and stable margins; international focus on scaling Czechia, Slovakia, and Hungary.

• International marketplace GMV to grow 40–50% in 2025; Mall segment GMV to decline 55–65%.

• Capital allocation policy prioritizes reinvestment, modest leverage, and share buybacks with PLN 1.4 billion surplus capital for 2025.

• CapEx to increase to PLN 850 million–1 billion in 2025, mainly for logistics.