Allegro (ALE) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong growth, with Polish operations rebounding to 11.6% GMV growth and international marketplaces accelerating 67% year-on-year, driving group GMV up 12.8% year-on-year.

• Margins exceeded expectations, with group adjusted EBITDA up 23.6% year-on-year and international segment becoming accretive to group GMV and EBITDA growth.

• Strategic expansion into new service categories, including healthcare (via LUX MED) and travel (via Itaka), is underway, alongside strong performance in fintech, delivery, and advertising.

• AI-driven initiatives and a partnership with OpenAI are enhancing customer and seller experiences.

• Net profit from continuing operations rose 43.4% year-on-year to PLN 442.7m.

Financial highlights

• Group GMV reached PLN 17.3bn (+12.8% YoY); revenue grew 16.5% to PLN 2.95bn; adjusted EBITDA up 23.6% to PLN 932m; cash conversion at 74.3%.

• Polish GMV grew 11.6% to PLN 16.5bn; revenue up 18% to PLN 2.82bn; adjusted EBITDA up 18.5% to PLN 1.02bn; active buyers up 2.6% to 15.51m.

• International GMV up 46.3% to PLN 804m; adjusted EBITDA loss narrowed by 17.7% to PLN -85.9m; active buyers up 33.4% to 4.9m.

• Advertising revenue up 24.8% to PLN 378.5m; logistic service revenue surged 89.2% to PLN 153.3m.

• CapEx increased 16.4% to PLN 239m, mainly for delivery investments; capitalised development costs rose 16.2%.

Outlook and guidance

• Full-year 2026 GMV guidance for the group remains 10–12%; Polish operations at 9–11%; international segment GMV guidance upgraded to 40–45% and revenue to 25–35%.

• No change to EBITDA guidance; expect lower growth rates in subsequent quarters due to flat take rates and rising costs.

• Management plans to reinvest additional international gross margins to accelerate GMV growth, keeping investment within 12% of Polish Adjusted EBITDA.