Shoper (SHO) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 results with over 30% year-over-year revenue growth and more than 50% increase in adjusted EBITDA at the group level, driven by organic growth and Shoper consolidation; Shoper Group reported 17% organic revenue growth to PLN 51.7m and 24% adjusted EBITDA growth to PLN 18.5m.

• Group annualized revenue approaches PLN 1 billion, with a strong subscription-based model and over 400,000 clients globally, focusing on Poland and Central Europe, and expanding in Western markets.

• Integration of Shoper progressing rapidly, with visible synergies in product, marketing, and support, and significant management changes following Cyber_Folks S.A.'s acquisition of 49.9% of Shoper S.A.

• Record GMV of PLN 4.1bn (+33% y/y), with omnichannel GMV up 33% and store GMV up 11% to PLN 2.7bn.

• Major investment in AI-ready IT infrastructure and launch of AI-driven customer support tools, enhancing operational efficiency and product innovation.

Financial highlights

• Q1 2025 group revenue grew over 30% year-over-year; Shoper Group revenue reached PLN 51.7m (+17% y/y), with adjusted EBITDA up 24% to PLN 18.5m and margin at 35.8%.

• All segments (Cyberfolks, Shoper, Vercom) contributed to organic net profit growth, with Shoper Group net profit up 27% to PLN 9.8m and adjusted net margin at 21.3%.

• Net profit was temporarily reduced by PLN 7 million in interest costs and PLN 3.7 million in one-time Shoper acquisition expenses.

• Operating cash flow annualizing near PLN 200 million at group level; Shoper Group net cash from operating activities was PLN 17.1m, with cash and equivalents at PLN 49.6m.

• Omnichannel GMV: PLN 4.1bn (+33%); Stores GMV: PLN 2.7bn (+11%).

Outlook and guidance

• Expectation of declining interest costs due to loan repayments and lower interest rates; optimistic outlook for 2025 with focus on Shoper ecosystem, new product strategy, and international sales.

• Continued focus on high-margin, scalable services, AI, and e-commerce product development; no significant increase in AI infrastructure capex anticipated.

• On track to meet or exceed current EBITDA growth targets for all segments; no formal earnings guidance published for 2025.