Shoper (SHO) Q4 2025 earnings summary

Executive summary

• Achieved record omnichannel GMV of PLN 21.0bn for FY 2025, up 45% year-over-year, and PLN 6.5bn in Q4, up 50% from Q4 2024.

• Revenue grew 13% year-over-year to PLN 218.0m for FY 2025 and 9% to PLN 59.8m in Q4 2025.

• Adjusted EBITDA rose 22% year-over-year to PLN 80.0m for FY 2025 and 15% to PLN 22.7m in Q4 2025, with margins improving.

• Net profit increased 16% year-over-year to PLN 43.1m for FY 2025, with a margin of 19.8%.

• Outperformed competitors in growth and profitability, driven by organic expansion and new product strategies.

Financial highlights

• Omnichannel GMV reached PLN 21.0bn in FY 2025 (up 45% year-over-year) and PLN 6.5bn in Q4 2025 (up 50%).

• Revenue for FY 2025 was PLN 218.0m (up 13%), and Q4 2025 revenue was PLN 59.8m (up 9%).

• Adjusted EBITDA for FY 2025 was PLN 80.0m (up 22%), with a margin of 36.7%; Q4 2025 adjusted EBITDA was PLN 22.7m (up 15%), margin 38%.

• Net profit for FY 2025 was PLN 43.1m (up 16%), margin 19.8%.

• Store GMV grew 10% year-over-year to PLN 11.8bn in FY 2025.

Outlook and guidance

• Focus on faster growth than competitors and further improvement in high EBITDA profitability.

• Continued implementation of AI solutions and new product strategies.