Allegro.EU SA (ALEGF) (Q2 2026) Earnings Call Highlights: International GMV Surges 82% as ...

Negative Points

• Take rates in Poland declined by 40 basis points year-on-year to 12.59%, due to paused monetization policy increases and discounting to support merchant pricing.

• The international segment's adjusted EBITDA loss edged up 8% year-on-year to PLN122.8 million, reflecting continued investments to scale marketplace growth.

• Allegro.EU SA ( ALEGF ) faces uncertainty in Q4 2026, with a wide implied Polish GMV growth range of 6% to 14%, due to discretionary demand and geopolitical factors.

• Capital investments increased 37.7% year-on-year to PLN292 million, primarily due to additional investment in the delivery program, impacting short-term cash flow.

• The competitive environment remains a concern, with Chinese platforms holding mid-single-digit market share in Poland and being more material in international markets, though regulatory changes may level the playing field.

Q & A Highlights

Q: Andrew Ross from Barclays asked about the competitive environment, specifically whether the easing of competition from Chinese platforms was seen throughout Q2 or just towards the end, and how this has trended into Q3. He also asked about the market share of Chinese platforms and whether the current acceleration is a one-time benefit or the start of a multi-year improvement. A: CFO Jon Eastick explained that the introduction of the EUR3 per parcel charge on July 1 led to some disengagement from Chinese platforms during Q2, easing share of voice and lowering cost per click. He noted that recent data shows lower traffic for these players and anecdotal evidence of significantly fewer parcels coming into Europe, including Poland. However, he emphasized that this is not the only factor driving Allegro's strong performance. Polish consumers are holding up well, and Allegro has been executing extremely well on pricing and merchant support. He estimated that Chinese platforms had a mid-single-digit market share (around 5%-6%), with alternative platforms totaling about 10% share. While some of this may reverse in the short term, he noted the regulatory change levels the playing field. He also pointed out that Q1 was flattered by Easter timing, while Q2 was negatively impacted, meaning underlying growth was stronger than it appeared.

Q: Cesar Tiron from Bank of America asked about the substantial acceleration in international revenue and GMV growth, and whether it's possible to break even earlier than 2029 if GMV continues to surprise on the upside. He also inquired about the fintech strategy with the new hire. A: CFO Jon Eastick explained that the take rate lever is deliberately being held back in international markets, currently running at 7% compared to Poland's higher rates. He stated that while the 2029 break-even commitment remains, a higher GMV trajectory would spread fixed costs over a larger base, potentially improving the trajectory. CEO Marcin Kusmierz added that the fintech business has much higher ambitions with the new hire of Dariusz Mazurkiewicz. He outlined plans to expand into insurance products like extended warranties, develop new products through partnerships like PKO BP, and build on the success of Allegro Pay Klik, the fastest-growing payment method in the marketplace's history.

Q: Roman Reshetnev from Goldman Sachs asked about the wide implied range for Q4 Polish GMV growth (6%-14%), the status of InPost negotiations, and the long-term target for net cost of delivery as a percentage of GMV. A: CFO Jon Eastick explained that the lower end of the Q4 range is partly due to rounding, but the top end deserves examination. He noted that Q4 always brings uncertainty due to higher discretionary demand, with Q4 accounting for about 35% of annual GMV. Geopolitical aspects and fuel prices are major threats to momentum. CEO Marcin Kusmierz stated that negotiations with InPost are ongoing and he remains optimistic, expecting significantly better logistics economics. He emphasized continued investment in their own network for better capacity and efficiency. CFO Eastick added that they won't provide specific guidance on delivery costs until the contract is signed, but the lower prices negotiated in the LOI will have a positive impact at the margin. He highlighted that consumers have access to over 60,000 lockers nationwide, which is a brilliant situation.

Q: Michal Potyra from UBS asked about the lower take rate in Poland, whether it's temporary or structural, the low international CapEx relative to growth ambitions, and why medium-term margin ambitions remain unchanged despite the guidance upgrade. A: CFO Jon Eastick explained that the lower take rate mainly reflects discounting to ensure competitive price points, which is increasingly important for customer retention. He stated this will continue for the foreseeable future, with more emphasis on this lever and less on traditional marketing. He emphasized that keeping a better take rate for partners compared to competitors is a cornerstone of Allegro's strategic positioning, and with positive cost levers across delivery, AI, and productivity, it doesn't make sense to raise take rates. On international CapEx, he explained the low numbers reflect leveraging software initially developed for Poland, with minimal hard CapEx beyond some APMs in the Czech Republic. On medium-term guidance, he noted the annual planning cycle concludes in March each year.

Q: Sven Sauer from Kepler Cheuvreux asked about the strategy behind opening an office in Shenzhen, China, and whether it represents a change in approach towards Chinese sellers. A: CEO Marcin Kusmierz stated that the strategy has not changed. The office in China is to identify new opportunities for Polish sellers and to access innovative products from Chinese vendors and producers. He emphasized that this competitive market has a lot of innovation, and by having access to these products, Allegro's value proposition and selection can be even more attractive. He also noted that Allegro wants to support Chinese vendors in meeting European requirements related to regulations and taxes.

Q: Aaron Armstrong from Ashmore asked about the priorities of the new C-level executives, the scale-up of new service categories (health and travel), and whether the duty on Chinese platforms is more meaningful in international markets. A: CEO Marcin Kusmierz stated that the priority is to speed up development and growth while keeping healthy margins and investments under control. He emphasized building the strongest team because the company's appetite is bigger than in the past. On services, he noted that travel and healthcare are still in test mode with limited selection, but they are satisfied with early progress and expect new partners soon. The impact on current results is limited due to the early stage. CFO Jon Eastick added that Chinese platforms are more material in the CE-3 countries (Slovakia, Czech Republic, Hungary) than in Poland, but their "treasure hunt" shopping model doesn't survive well with the EUR3 charges. He noted that Allegro is more about branded Western European products, so they are not a direct substitute for most of what Chinese platforms offer.

Q: Cesar Tiron from Bank of America followed up asking when preliminary KPIs for new service initiatives will be shared and whether more such services will be launched next year. A: CEO Marcin Kusmierz stated that in 2027, Allegro will be ready to share data related to the development of both health and travel categories. He noted there are many more initiatives, with AI being a key one that is deeply implemented across the platform. He expressed confidence in combining services with physical goods and value-added financial services, noting high demand and customer satisfaction. He indicated that in 2027, they will also share a bigger picture related to their presence in the services market, which they see as very promising.

Q: Andrew Ross from Barclays asked about the behavior of the 500,000 monthly users of the

For the complete transcript of the earnings call, please refer to the full earnings call transcript .