Shoper (SHO) Q1 2026 earnings summary

Executive summary

• Revenue increased 8% year-over-year to PLN 55.7m for the Group, with Shoper S.A. up 4% to PLN 48.1m, reflecting strong e-commerce SaaS growth.

• Adjusted EBITDA rose 9% year-over-year to PLN 20.2m, with margin improvement to 36.4%.

• Net profit increased by 22% year-over-year to PLN 12.0m, with Shoper S.A. net profit up 16% to PLN 10.0m.

• Omnichannel GMV surged 49% year-over-year to PLN 6.1bn, and Store GMV grew 13% to PLN 3.1bn.

Financial highlights

• Revenue: PLN 55.7m in Q1 2026, up 8% from Q1 2025.

• Adjusted EBITDA: PLN 20.2m, up 9% year-over-year; margin increased to 36.4%.

• Net profit: PLN 12.0m, up 22% year-over-year; net margin increased to 21.5%.

• Net cash from operating activities was PLN 16.7m for the Group and PLN 12.1m for Shoper S.A.; significant outflows in investing activities due to intra-group loans.

• Equity increased 13% for the Group and 12% for Shoper S.A. compared to year-end 2025.

Outlook and guidance

• Focus on building an e-commerce leader with international growth ambitions.

• Continued operational efficiency and cost reduction expected post-merger.

• Management expects continued growth, supported by SaaS adoption and e-commerce expansion in the SME sector.

• New sales model for Selium services and execution of intra-group loans may impact future quarters.

• Anticipates further increase in share liquidity and financing flexibility.