Shoper (SHO) Q4 2024 earnings summary

Executive summary

• Achieved record GMV Omnichannel of PLN 14.5bn in FY 2024, up 53% year-over-year, driven by strong Apilo platform growth and new integrations.

• Revenue grew 26% year-over-year to PLN 192.8m in FY 2024, with both Solutions and Subscriptions segments contributing.

• Adjusted EBITDA increased 31% to PLN 66.1m, with margin improving to 34.3% in FY 2024.

• Net profit (adjusted) rose 36% to PLN 42.3m, with margin at 21.9%.

• Q4 2024 saw record-high quarterly revenue (PLN 55.1m, +26% y/y) and adjusted EBITDA (PLN 19.9m, +32% y/y).

Financial highlights

• FY 2024 revenue: PLN 192.8m (+26% y/y); Q4 2024 revenue: PLN 55.1m (+26% y/y).

• Adjusted EBITDA FY 2024: PLN 66.1m (+31% y/y), margin 34.3% (+1.1p.p.); Q4 2024: PLN 19.9m (+32% y/y), margin 36.1% (+1.5p.p.).

• Adjusted net profit FY 2024: PLN 42.3m (+36% y/y), margin 21.9% (+1.5p.p.).

• Gross profit (adjusted) FY 2024: PLN 51.8m (+44% y/y), margin 26.9% (+3.3p.p.).

• Operating cash flow increased, with cash at year-end supported by strong results; main investments in platform development and Apilo stake increase.

Outlook and guidance

• 2025 GMV Omnichannel growth expected at least 2x market rate; take rate for Stores to increase year-over-year.

• EBITDA margin expected to remain above 30%; Omnichannel take rate may decline due to Apilo growth and home.pl acquisition.

• Focus on leveraging synergies with cyber_Folks, expanding multichannel and international sales support.