This article first appeared on GuruFocus .
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Group GMV:Nearing PLN70 billion, achieving a 9% growth rate.
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Consolidated Group Revenue:Reached PLN12 billion, an 11% increase year-over-year.
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Adjusted EBITDA:Rose over 15% year-over-year to PLN3.5 billion.
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Total Group CapEx:Around PLN940 million, showing a 52% year-over-year growth.
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Polish GMV Margin:Full year GMV margin at 6%.
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Q4 Polish GMV Growth:8.6% year-over-year.
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Group Active Buyers:Advanced to 21 million, with over 15 million in Poland.
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Average Annual Spend:Group accelerated to 8% growth; in Poland, reached over PLN4,000 per year, up 7.3% year-over-year.
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Adjusted EBITDA to GMV Margin in Poland:Stable year-over-year at 5.59% for Q4.
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Group CapEx for Q4:Nearly PLN300 million, up 60% year-over-year.
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Advertising Revenue:Grew 24% year-over-year in Q4, reaching 2.24% of GMV.
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Loan Origination:Reached closely PLN14 billion for the full year, a 26% increase year-over-year.
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Allegro Managed Volume Share:Grew by 17 percentage points during 2025, reaching 41% in Q4.
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International Marketplaces GMV:Up 60% year-over-year.
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International Active Customers:Reached 4.6 million, a 40% increase year-over-year.
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Adjusted EBITDA Loss in International:Reduced by PLN13 million or 7% year-over-year for Q4.
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Leverage Position:Finished the year with 0.81 turn of leverage.
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Cash Balance:PLN2.8 billion at the end of Q4, plus PLN2 billion of undrawn RCF.
Release Date: March 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Allegro.EU SA ( ALEGF ) achieved a 9% growth in Group GMV, nearing the PLN70 billion mark.
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Consolidated group revenue increased by 11% to PLN12 billion, with adjusted EBITDA rising over 15% year-over-year to PLN3.5 billion.
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The company successfully reduced leverage, maintaining a strong balance sheet even after a PLN1.4 billion share buyback.
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Allegro's international operations exceeded expectations, with international marketplaces in Czechia, Slovakia, and Hungary showing strong top-line growth and a 60% year-over-year GMV increase.
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The Allegro Smart! program reached 7.5 million users in Poland, with nearly 90% on paid subscriptions, indicating strong customer loyalty.
Negative Points
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The international segment is expected to run at a loss until 2029, which could impact overall profitability.
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There is a potential risk from geopolitical issues in the Middle East, which could affect consumer behavior and supply chains.
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Interest expenses increased in Q4 due to non-cash items related to loan restructuring, which could affect financial performance.
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The company faces competition from Chinese e-commerce platforms, which, although growing from a low base, could impact market share.
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The implementation of new parcel fees in Europe could affect the competitive landscape and operational costs.
Q & A Highlights
Q: What factors will drive a potential acceleration of GMV in Poland in 2026? A: Marcin Kusmierz, CEO, explained that Allegro is investing in new product categories, extending its product portfolio, and adding services. They are heavily investing in AI to support growth and access new customer groups, generating additional traffic to their marketplace.
Q: Is the increase in the take rate likely to be less material in 2026? A: Jonathan Eastick, CFO, confirmed that there will be minimal changes to the take rate in 2026. They have increased co-financing by only 3 percentage points, aligning with inflation, and strategically decided not to pass on higher costs to merchants to maintain a stable platform.
Q: Can unit costs further improve at Allegro One in 2027, assuming no inflationary shocks? A: Jonathan Eastick, CFO, stated that there will be a strong downward trend in unit costs as volume increases. However, short-term costs might rise due to expanding locker networks into new areas, but long-term trends remain downward.
Q: Are peak losses in international operations behind us in absolute zloty terms? A: Jonathan Eastick, CFO, confirmed that peak losses are behind them. The focus is now on driving GMV growth and gradually reducing the percentage margin versus GMV, with a target to break even by 2029.
Q: What are the underlying e-commerce market growth assumptions for Poland, and do you expect to gain market share? A: Jonathan Eastick, CFO, mentioned they expect a robust retail sales backdrop and aim to maintain their market share. They are not expecting significant share growth but aim to hold their current position.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
