Allegro.eu S.a. · GPW:ALE
Allegro.eu — Q3 2025 Earnings Presentation
44 slides from Allegro.eu's earnings presentation, Nov 20, 2025
Slide 1: Allegro.eu Q3 2025 results presentation
Allegro.eu Q3 2025 results presentation 20 November 2025 1
Slide 2: Disclaimer
Disclaimer This presentation (“Presentation”) has been prepared by Allegro.eu, a public limited liability company (société anonyme) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 1, rue Hildegard von Bingen, L – 1282 Luxembourg, Grand Duchy o
Slide 3: Agenda
Agenda Highlights Financial Results: Polish Operations International Operations Group Management Outlook Key Takeaways Q&A | 33
Slide 4: Highlights
Highlights 4
Slide 5: Group GMV growth ticks up to 9.8% and Group Adj. EBITDA accelerates to 24%
Group GMV growth ticks up to 9.8% and Group Adj. EBITDA accelerates to 24% YoY Q3 2025 Top Line Highlights1 ● Polish GMV grew 10.4% for Q3, again well ahead of domestic Active Buyers GMV per Active Buyer nominal retail sales growth of 4.7% YoY3 Group 21.1m, +2.9% Group PLN 3.2k, +5.8% ● Added nearly
Slide 6: Excellent Q3 profitability reflects record margins in Poland and lower losses in International
Excellent Q3 profitability reflects record margins in Poland and lower losses in International Q3 2025 Profitability, Cash-flow and Leverage Highlights1 ● Group Adjusted EBITDA up 24% YoY, reflecting excellent Adjusted EBITDA profitability in Poland combined with 16% lower losses in Group 23.9% Internatio
Slide 7: Medium-term strategic priorities
Medium-term strategic priorities Current medium-term business objectives set a solid framework Grow Core Build New Expand Ensure Solid Marketplace Engines Internationally Fundamentals 1. Easy and safe to shop, 3. Strong advertising 6. Systematic 8. Groupwide system simple to sell 4. Seamless fintech
Slide 8: Supercharge the core marketplace
Supercharge the core marketplace Grow Core Marketplace Excellent value proposition for buyers and sellers Continuously enhancing the value Best selection, price and Unique value proposition proposition of convenience for merchants – Poland’s largest subscription ● Continued progress on attracting ●
Slide 9: Allegro AI Assistant test launched on Mobile Apps in PL
Allegro AI Assistant test launched on Mobile Apps in PL Grow Core Marketplace ● Initial version Allegro AI Assistant integrated with Our next steps will enable the platform in both mobile applications the agent to close (desktop version coming in 2026) transactions, improve product advisory and teac
Slide 10: Continued excellent performance of highly margin-accretive Advertising business
Continued excellent performance of highly Build New Engines margin-accretive Advertising business Advertising revenue continued to outpace overall GMV growth ● Ads revenue growth at 31.8% YoY, reaching 2.1% of GMV (+0.34pp YoY), fueled by Sponsored Offers algorithm optimizations, strong pricing (CPC
Slide 11: Solid Q3 Allegro Pay performance, with loans origination up 27% YoY
Solid Q3 Allegro Pay performance, Build New Engines with loans origination up 27% YoY Seamless fintech solutions Excellent Allegro Pay Q3 performance ● Loan origination up 27.1% YoY to PLN 3.4bn in Q3 ● GMV financed up to PLN 2.5bn in Q3, reaching 15.5% of GMV ● Other Operating Income up 202% YoY in Q
Slide 12: Allegro and PKO partnership
Allegro and PKO partnership: Poland’s largest marketplace and largest Build New Engines bank coming together to bring even more value to customers Strengthening cooperation between #1 two, innovation-driven #1 eCommerce leading players Bank Partnership to offer 15.2 million 12.4 million Active Buyer
Slide 13: New fintech products pipeline to further accelerate our flywheel
New fintech products pipeline to further Build New Engines accelerate our flywheel Strong Q4 product pipeline in partnership with Poland’s largest bank Signed a partnership agreements with PKO BP to launch innovative, fully integrated financial solutions for both buyers and sellers on Allegro: ● For Bu
Slide 14: Steady progress in delivery in Q3, with continued Allegro One Box expansion
Steady progress in delivery in Q3, with continued Allegro One Box Build New Engines expansion and development of Allegro Delivery partnership program Low cost and reliable delivery Increasing Allegro-Managed Volume share1 Allegro-managed volumes share evolution, % ● Allegro One APM network: ○ Passed
Slide 15: Allegro International marketplaces added over 1.4 million new buyers YoY as GMV grew 56%
International Operations Allegro International marketplaces added over 1.4 million Expand Internationally new buyers YoY as GMV grew 56% in Q3 Asset-light marketplace scale-up, with Mall North supporting new marketplaces as a lean 1P merchant Enhanced local offerings and user experience support robu
Slide 16: Financial Results: Polish Operations
Financial Results Polish Operations 16
Slide 17: Q3 2025 key results: Polish Operations
Polish Operations Q3 2025 key results: Polish Operations1 GMV Active Buyers2 LTM GMV / Active Buyer3 Take Rate4 Q3 2025 PLN 16,231m +10.4% YoY 15.2m +2.0% YoY PLN 4,262.3 +7.9% YoY 12.98% +0.47pp YoY 9M 2025 PLN 47,545m +9.7% YoY 12.87% +0.45pp YoY Revenue5 Adjusted EBITDA Adj. EBITDA / GMV Margin C
Slide 18: Continued growth in buyers and annual spend
Polish Operations Continued growth in buyers and annual spend, with nearly 300k Active Buyers added in Poland YoY and LTM GMV/Active Buyer up 7.9% YoY Active Buyers (period end) LTM GMV / Active Buyer (period end) m PLN 2.0% 7.9% 0.8% 0.4% 0.4% 0.4% 2.1% 1.6% 2.0% 2.0% QoQ YoY QoQ YoY 18
Slide 19: Polish GMV accelerated sequentially 0.54pp in Q3 to 10.4% YoY
Polish Operations Polish GMV accelerated sequentially 0.54pp in Q3 to 10.4% YoY, supported again by outperformance in high-frequency categories and a windfall eBilet contribution GMV1 PLN bn ● LTM GMV of PLN 64.9bn, up by 10.0% YoY and advancing by PLN 1.5bn QoQ 10.8% 10.9% 8.9% 9.8% 10.4% ● Q3 GMV
Slide 20: Further sequential revenue growth acceleration to 20.2% YoY for Q3
Polish Operations Further sequential revenue1 growth acceleration to 20.2% YoY for Q3, driven by higher Take Rates, advertising, logistics and income from consumer lending Revenue bridge Take Rate4 PLN m % 14.4% 31.8% 139.7% 6.5% 19.6% 128.0% 20.2% Q3’25 Take Rate up by 0.47pp YoY, driven mainly by
Slide 21: Exceptional profitability with Adj. EBITDA / GMV margin at 6.38%
Polish Operations Exceptional profitability with Adj. EBITDA / GMV margin at 6.38%, +0.37pp YoY and above full year outlook, but with peak season investment ahead ● Revenue growth driven by faster GMV growth at higher Adjusted EBITDA bridge in Q3 20251 Take Rate, with ongoing robust performance of ma
Slide 22: Q3 Capex in line with medium-term investment guardrails
Polish Operations Q3 Capex in line with medium-term investment guardrails Focus on delivery projects and software development Capital expenditures1 by type PLN m 52.2% ● PLN 75.3m or 52% YoY higher capital expenditures reflecting mainly higher investments in delivery projects ● Other capex grew up ne
Slide 23: Financial Results: International Operations
Financial Results International Operations 23
Slide 24: Allegro intl. marketplaces continued robust growth, with GMV up 56% YoY in Q3
OLD Allegro International Segment: allegro.cz, allegro.sk & allegro.hu Allegro intl. marketplaces continued robust growth, with GMV up 56% YoY in Q3 Pro forma YoY growth dynamics, excluding Mall legacy GMV from segment changes Traffic1 122.3% 85.1% 61.1% 44.5% 18.4% LTM GMV per 10.1% Visits m Active B
Slide 25: Q3 2025 key results: Allegro International Segment
NEW Allegro International Segment: allegro.cz, allegro.sk & allegro.hu + Mall North (incl. WE|DO) operations Q3 2025 key results: Allegro International Segment1 Results and YoY dynamics as reported, reflecting impact of segment changes GMV Active Buyers2 LTM GMV / Active Buyer3 Take Rate Q3 2025 PLN
Slide 26: International marketplaces attracted over 50% more buyers YoY, reaching 4.2m
NEW Allegro International Segment: allegro.cz, allegro.sk & allegro.hu + Mall North (incl. WE|DO) operations International marketplaces attracted over 50% more buyers YoY, reaching 4.2m Reported YoY dynamics impacted by inclusion of Mall North 1P legacy business in Allegro International Segment Acti
Slide 27: Continued healthy GMV from international marketplaces
NEW Allegro International Segment: allegro.cz, allegro.sk & allegro.hu + Mall North (incl. WE|DO) operations Continued healthy GMV from international marketplaces Under new segmentation robust growth from new marketplaces is reported together with legacy Mall North results Allegro n/a n/a -8.1% -8.2
Slide 28: New segment revenues combine 33% YoY 3P marketplace growth with 88% lower 1P
NEW Allegro International Segment: allegro.cz, allegro.sk & allegro.hu + Mall North operations New segment revenues combine 33% YoY 3P marketplace growth with 88% lower 1P after legacy business closure Revenue of Allegro International as reported (new segmentation) PLN m -58.5% ● 58.5% YoY revenue d
Slide 29: Adjusted EBITDA loss cut PLN 34m or 23% YoY as Mall completes pivot
NEW Allegro International Segment: allegro.cz, allegro.sk & allegro.hu + Mall North operations Adjusted EBITDA loss cut PLN 34m or 23% YoY as Mall completes pivot to lean merchant and new marketplaces add scale Results and YoY dynamics as reported, reflecting impact of segment changes Adjusted EBITDA
Slide 30: Q3 2025 key results: Mall South Segment
NEW Mall South Segment Q3 2025 key results: Mall South Segment GMV Active Buyers1 LTM GMV / Active Buyer2 Take Rate PLN 230m -53.4% YoY 2.9m -24.8% YoY PLN 518 -27.0% YoY 11.60% -2.72pp YoY Q3 2025 PLN 139m -2.5% YoY 0.6m -13.8% YoY PLN 1,034 6.6% YoY 11.45% -0.09pp YoY 9M 2025 PLN 387m -6.7% YoY 11
Slide 31: Q3 2025 key results: International Operations
International Operations: Allegro International Segment + Mall South Segment Q3 2025 key results: International Operations1 GMV Active Buyers12 LTM GMV / Active Buyer Take Rate PLN 669.3m -9.0% YoY 5.9m +14.5% YoY2 PLN 548 -20.3% YoY 7.55% -1.87pp YoY PLN 230m -53.4% YoY 2.9m -24.8% YoY PLN 518 -27.
Slide 32: Consolidated Group Summary
Consolidated Group Summary 32
Slide 33: Q3 2025 key results: Consolidated Group
Group Consolidated Q3 2025 key results: Consolidated Group1 GMV Active Buyers2 LTM GMV / Active Buyer Take Rate PLN 708m -7.7% YoY 21.1m +4.2% Q3 2025 PLN 16,970 +9.8% YoY 21.1m +2.9% YoY YoY PLN 3,231 +5.8% YoY 12.79% +0.40pp YoY PLN 15,445m +8.0% YoY PLN 3,099 +3.7% YoY 12.43% +0.31pp YoY PLN 1,37
Slide 34: Group leverage at 1.05x following share buy back, bond issue and partial senior debt repayment
Group Consolidated Group leverage at 1.05x following share buy back, bond issue and partial senior debt repayment 30.06.2025 PLN m (unaudited) 30.09.2024 30.06.2025 pro forma2 30.09.2025 LTM Adjusted EBITDA Polish Operations 3,517.0 3,754.3 3,760.4 3,906.5 ● Group leverage up to 1.05x, within Capita
Slide 35: Management Outlook
Management Outlook 35
Slide 36: 9M performance in line with the full year outlook
Management Outlook 9M performance in line with the full year outlook Outlook as updated in September along with publication of H1 results Polish International Operations Operations1 Group1 Status GMV 9M’25 Actual 9.7% growth 6.6% decline 9.0% growth YoY % change ✓ IN LINE FY’25 Outlook c. 10% growth
Slide 37: Q4 2025 current trading
Management Outlook Q4 2025 current trading Polish Operations ● The fourth quarter started firmly with October like for like growth above 10%. However, the growth in the first half of November has been in the low single digits percentage and cold weather related demand is yet to appear this Autumn, ● A
Slide 38: Revenue and profitability on track to meet full year outlook
Management Outlook Revenue and profitability on track to meet full year outlook, while making a cautious GMV revision for Poland Previous Outlook Current Outlook update Polish International Polish International PLN / % Operations Operations1 Group1 Operations Operations1 Group1 GMV 66.5 - 67.1 bn 3.0
Slide 39: Key Takeaways
Key Takeaways 39
Slide 40: Firm Q3 performance across all business segments
Firm Q3 performance across all business segments, with revenue and profitability on track to meet the full year outlook 01 Robust Q3 results with accelerating growth and strong profitability 02 Revenue and profitability on track to meet the full year outlook, despite a cautious GMV revision 03 Strong c
Slide 41: Q&A
Q&A 41
Slide 42: Thank you
Upcoming investor meeting opportunities: Warsaw | 21 November Group investor meeting Online | 24 November Citi virtual fireside chat Dubai | 24-25 November Jefferies Global Emerging Markets conference Prague | 3-4 December Wood & Co EMEA conference Online | 10 December Barclays virtual fireside chat L
Slide 43: Appendix | Group structure explained (NEW)
Appendix | Group structure explained (NEW) Consolidated Group: ALLEGRO.EU Polish Operations International Operations Reportable segment Allegro Ceneo Other Mall South Allegro International Legal Allegro sp. z o.o. Ceneo.pl sp. z o.o. Allegro Treasury s.à r.l. Mall South: allegro.cz (excl. Allegro In
Slide 44: Appendix | Group structure explained (OLD)
Appendix | Group structure explained (OLD) Consolidated Group: ALLEGRO.EU Polish Operations International Operations Reportable segment Allegro Ceneo Other Mall Allegro International Legal Allegro sp. z o.o. Ceneo.pl sp. z o.o. Allegro Treasury s.à r.l. Mall North: allegro.cz (excl. Allegro Internat