Allegro.eu S.A.

Q2 group GMV increased 14.4% year over year; Poland GMV grew 12% and international GMV grew 82.4% (85% in marketplace-only terms). Group revenue was up 16.1% year over year, with Poland revenue at PLN 3.2 billion and international revenue up 46.3%. Group adjusted EBITDA rose 11.5% year over year, and quarterly group adjusted EBITDA exceeded PLN 1 billion for the first time; Polish adjusted EBITDA was PLN 1,153 million, up 11.3%, while international adjusted EBITDA loss was PLN 122.8 million, 8% worse year over year. Take rate was 12.59%, down 40 bps year over year. Capital investment was PLN 292 million, up 37.7% year over year, and cash conversion was 71.6%; net debt to adjusted EBITDA improved to 0.72x, with over PLN 3 billion in cash and PLN 2 billion of undrawn RCFs. For 2026, Allegro raised guidance to Poland GMV growth of 11%-13%, international GMV growth of 65%-70%, and group GMV growth of 13%-15%; revenue growth guidance is 13%-15% for Poland, 35%-45% for international, and 14%-16% for the group. Group adjusted EBITDA guidance was raised to PLN 3.9 billion-PLN 4.1 billion, with CapEx guidance unchanged.

Marcin Kuśmierz framed Q2 as an outstanding quarter driven by AI investment, strong execution, and surging international growth. He emphasized a strategy focused on improving the core marketplace, expanding into new categories and services such as travel and healthcare, and eventually opening Allegro’s infrastructure more broadly to partners through financial, advertising, and delivery tools. His tone was upbeat and expansionary, repeatedly pointing to new product launches, AI adoption, and logistics progress as evidence that the business is building momentum.

Jon Eastick highlighted the hard financials: 14.4% group GMV growth, 16.1% revenue growth, and 11.5% group adjusted EBITDA growth, with quarterly adjusted EBITDA above PLN 1 billion for the first time. He said take rates fell to 12.59% because Allegro paused take-rate increases and used discounts to help merchants hit lower price points, while advertising revenue rose 31.1% and logistics revenue grew 103% in Poland. He also pointed to PLN 292 million of CapEx, 71.6% cash conversion, net debt/EBITDA of 0.72x, over PLN 3 billion of cash, and the share buyback progress of PLN 777 million spent on the first PLN 800 million tranche.

Analysts focused on the competitive environment, especially the impact of Chinese platforms and the July 1 parcel charges; management said those players had mid-single-digit share in Poland and are more material in CE-3, but stressed that Allegro’s acceleration also reflects better execution, price leadership, and easier share of voice. Questions on international break-even and delivery economics brought a commitment to keep investing for growth while saying lower logistics prices under the InPost LOI should help at the margin, though no specifics were given before a final contract. On fintech and services, management said the strategy is expanding, with more ambition in insurance, extended warranty, and partnerships like PKO BP, while new service categories in health and travel are still early-stage and will likely not have meaningful KPI disclosure until 2027.