Allegro (ALE) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, meeting or exceeding guidance across all areas, with international operations surpassing expectations.

• Group GMV rose 9% year-over-year to PLN 69.7 billion, and consolidated revenue reached PLN 12.1 billion, up 10.6% year-over-year.

• Polish operations drove growth, with GMV up 9.4% and revenue up 17.4% year-over-year, while international marketplaces saw GMV rise 58% year-over-year.

• Strategic focus on AI, logistics, and international expansion to accelerate growth in 2026, with nearly 100 AI projects underway.

• Mall South was reclassified as discontinued operations in Q4 2025 and sold in February 2026.

Financial highlights

• Adjusted EBITDA rose 15.4% year-over-year to PLN 3.5 billion, with a margin of 4.95% for FY 2025.

• Polish GMV grew 8.6% year-over-year in Q4, reaching PLN 18.9 billion; Polish revenue up 16.4% year-over-year in Q4.

• Group CapEx for 2025 was PLN 942 million, up 52.3% year-over-year, mainly for logistics and delivery projects.

• Advertising revenue in Poland grew 24% year-over-year in Q4, reaching 2.24% of GMV.

• Leverage reduced to 0.81x net debt to adjusted EBITDA at year-end, within target range.

Outlook and guidance

• 2026 group GMV growth targeted at 10%-12%; Poland GMV growth at 9%-11%; international GMV at 35%-40%.

• Revenue growth guidance for 2026 is 11%-15% for the group.

• Adjusted EBITDA in Poland expected to grow 7%-10% year-over-year; group EBITDA up 9%-13%.

• CapEx expected to rise 12%-22% in 2026, reaching PLN 1-1.15 billion.

• International segment GMV expected to grow 35%-40% year-over-year, with break-even targeted by 2029.