Shoper (SHO) Q3 2025 earnings summary

Executive summary

• Group supports over 400,000 clients globally, focusing on digital presence, e-commerce, and AI-driven solutions, and achieved faster growth than competitors with record turnover and high profitability maintained year-over-year.

• Revenue for the nine months ended 30 September 2025 increased by 15% year-over-year to PLN 158.3 million, with adjusted EBITDA up 24% to PLN 57.4 million and net profit up 25% to PLN 29.5 million.

• Continued implementation of AI solutions, new product strategy, and launch of Big Data department support an optimistic outlook for 2025.

• The Group completed the acquisition of the remaining shares in Apilo and Sempire, consolidating full control and supporting strategic expansion.

Financial highlights

• Q3 2025 revenue rose 12% year-over-year to PLN 52.9m; adjusted EBITDA up 25% to PLN 19.4m; adjusted net profit for Q3 2025 was PLN 11.3m (+26% y/y).

• 9M 2025 revenue increased 15% year-over-year to PLN 158.3m; adjusted EBITDA up 24% to PLN 57.4m; adjusted net profit for 9M 2025 was PLN 33.6m (+24% y/y).

• Omnichannel GMV reached PLN 5.5bn in Q3 2025 (+55% y/y) and PLN 14.5bn for 9M 2025 (+42% y/y); Store GMV rose 10% to PLN 8.5bn.

• Operating profit margin improved to 24% from 22% year-over-year; net margin increased to 19% from 17%.

• Net cash from operating activities rose 22% to PLN 51.1 million; cash and cash equivalents decreased by PLN 7.9 million due to dividend and acquisition payments.

Outlook and guidance

• Management expects continued high growth in revenue and EBITDA, with further margin improvement and a strong Q4 due to e-commerce seasonality and infrastructure investments.

• Optimistic outlook for 2025, driven by AI implementation, new product strategies, and SaaS e-commerce adoption.

• The Group’s performance will be influenced by the integration of Apilo and Sempire, and the closure of the incentive scheme.