Allegro (ALE) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, exceeding guidance in all areas, with international operations outperforming expectations.

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

• Adjusted EBITDA rose 15.4% to PLN 3.5 billion, with profitable growth in Poland and a stable GMV margin.

• International marketplaces in Czechia, Slovakia, and Hungary saw full-year GMV up 58%-60% year-over-year.

• Technology and AI integration accelerated, enhancing buyer and seller experiences and operational efficiency.

Financial highlights

• Polish GMV grew 9.4% year-over-year, with Q4 up 8.6%, outpacing domestic retail growth.

• Group revenue for Q4 was PLN 3,238 million, up 16.4% year-over-year.

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

• Fintech loan origination reached PLN 13.6 billion for the year, up 26%.

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

Outlook and guidance

• 2026 group GMV growth targeted at 10%-12%, with Poland expected to grow 9%-11% and international 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 to rise 9%-13%.

• CapEx for 2026 projected to increase 12%-22%, reaching PLN 1-1.15 billion.

• Share buyback of up to PLN 1.6 billion proposed for 2026.