Shoper (SHO) Q2 2024 earnings summary

Executive summary

• Achieved record-high quarterly revenue of PLN 46.1m in Q2 2024, up 27% year-over-year, with adjusted EBITDA up 32% to PLN 15.8m and strong profitability.

• H1 2024 revenue grew 26% to PLN 90.3m, adjusted EBITDA up 31% to PLN 30.7m, and net profit up 36% to PLN 15.8m.

• Omnichannel GMV surged 54% year-over-year to PLN 6.6bn, with GMV Stores up 32% to PLN 5.1bn, outpacing market growth rates.

• Completed migration of ~3,000 home.pl stores and acquired the remaining 20% of Apilo, now fully owned.

• Dividend of PLN 18.85m paid to shareholders, reflecting strong 2023 results.

Financial highlights

• Q2 2024 revenue reached PLN 46.1m (+27% yoy); adjusted EBITDA at PLN 15.8m (+32% yoy), margin 34.2%.

• H1 2024 revenue totaled PLN 90.3m (+26% yoy); adjusted EBITDA PLN 30.7m (+31% yoy); net profit up 36% yoy.

• Gross profit (adj.) rose 29% to PLN 11.4m; net profit (adj.) up 16% to PLN 9.2m.

• Operating expenses increased 21% to PLN 69.3m, mainly due to higher service and personnel costs.

• Net cash from operating activities was PLN 28.8m (up 37%), with a net cash decrease of PLN 1.4m due to dividend payments.

Outlook and guidance

• 2024 GMV Omnichannel expected to grow at least twice as fast as the market; revenue growth to match GMV Stores dynamics.

• EBITDA margin guidance remains above 30% for FY 2024.

• Optimistic outlook for H2 2024, with July–August GMV Omnichannel up 60% yoy and GMV Stores up 30% yoy.

• The Group expects continued positive impact from the home.pl migration, with main financial effects to materialize over 24 months.

• No formal earnings guidance was published for 2024.