Allegro.eu S.a. · GPW:ALE
Allegro.eu — Q2 2025 Earnings Presentation
49 slides from Allegro.eu's earnings presentation, Sep 18, 2025
Slide 1: Allegro.eu Q2 2025 results presentation
Allegro.eu Q2 2025 Free deliveries and returns, Smart! Coins, results Challenges, Smart! Bonuses and more presentation 18 September 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 Highlights
Agenda Highlights Financial Results: Polish Operations International Operations Group Management Outlook Key Takeaways Q&A | 33
Slide 4: Highlights
Highlights 4
Slide 5: Allegro's Polish Operations accelerated in Q2
Allegro's Polish Operations accelerated in Q2 Faster GMV and Revenue growth lifted Polish Adjusted EBITDA by 14.2% YoY Q2 2025 Top Line Highlights1 ● Polish GMV grew 9.8% for Q2, again significantly outpacing Active Buyers GMV per Active Buyer the nominal retail growth of 4.8%3 Group 21.1m, +4.2% Gro
Slide 6: Strong Q2 performance across all financial metrics
Strong Q2 performance across all financial metrics Revenue and adj. EBITDA outlook upgraded towards the top end of the range Q2 2025 Profitability, Cash-flow and Leverage Highlights1 ● Group Adjusted EBITDA reflects 0.24pp higher Polish margins Adjusted EBITDA and 16% lower losses in International Group
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: Allegro in Poland today
Allegro in Poland today Priorities within the current project portfolio #1 >80m Platform tailored to each Place to find all your shopping destination, products (widest individual with personalized favourite brands the biggest online seller selection in Poland) shopping experience & deals in majority
Slide 9: Supercharge the core marketplace
Supercharge the core marketplace 3P general marketplace with the true 1P user experience known from vertical specialists Expand internationally Work progressing Poland’s leading on strategic online shopping Externalize Expand to new evolution to destination our assets categories accelerate addressin
Slide 10: Grow core marketplace
Grow core marketplace Grow Core Marketplace Focus on excellent value proposition for buyers and sellers ● Strong progress in cooperation with brands: Best selection, Buyers’ ○ First brands successfully opening their own branded shop-in-shops on Allegro (including Inglot, price, and loyalty and FOREO
Slide 11: Flagship loyalty program Smart! now with additional benefits
Flagship loyalty program Smart! now with additional benefits Grow Core Marketplace Boosted Smart! value proposition offering even more value to shoppers Wide range of benefits available to Smart! subscribers Delivery Fun & Best Rewarding On- and Off- savings gamification prices CHALLENGES Platform FREE
Slide 12: Offering buyers and merchants even more delivery options with Allegro Delivery
Offering buyers and merchants even more delivery options Build New Engines with further development of Allegro Delivery Allegro Delivery tech platform serves as an umbrella to provide comprehensive service to clients ● Partnership program open to all delivery partners: ○ Operating partners in Q2 wer
Slide 13: Significant progress on delivery experience in Q2
Significant progress on delivery experience in Q2 Build New Engines Accelerating Allegro One Box network rollout for FY 2025 Low cost and reliable delivery Increasing Allegro-Managed Volume share1 ● Allegro One APM network: ● Allegro One first and middle mile Allegro-managed volumes ○ Passed 6k locati
Slide 14: Driving towards an AI-First Company
Driving towards an AI-First Company Ensure Solid Fundamentals Our three strategic pillars for AI transformation Externally-Facing AI Internal Efficiency People & Culture Focus: Enhancing customer and merchant Focus: Boosting productivity and innovation Focus: Fostering an AI-first mindset experience In
Slide 15: Allegro International marketplaces grew GMV by 61% YoY in Q2
International Operations Allegro International marketplaces grew GMV by 61% YoY in Q2 Expand Internationally as Mall North transformation completed Asset-light marketplace scale-up, with Mall North supporting as 1P merchant Allegro marketplaces: ● Over 1 million Smart! users on international markets
Slide 16: Financial Results: Polish Operations
Financial Results Polish Operations 16
Slide 17: Q2 2025 key results: Polish Operations
Polish Operations Q2 2025 key results: Polish Operations1 GMV Active Buyers2 LTM GMV / Active Buyer3 Take Rate4 Q2 2025 PLN 16,535m +9.8% YoY 15.2m +2.0% YoY PLN 4,178.5 +8.0% YoY 13.01% +0.48pp YoY H1 2025 PLN 31,314m +9.4% YoY 12.81% +0.44pp YoY Revenue5 Adjusted EBITDA Adj. EBITDA / GMV Margin Ca
Slide 18: Added nearly 300k Active Buyers in Poland YoY
Polish Operations Added nearly 300k Active Buyers in Poland YoY, with average annual spend up 8% YoY to PLN 4.2k Active Buyers (period end) LTM GMV / Active Buyer (period end) m PLN 2.0% 8.0% 0.4% 0.8% 0.4% 0.4% 2.1% 2.1% 1.6% 2.0% QoQ YoY QoQ YoY 18
Slide 19: Polish GMV up 0.9pp sequentially in Q2
Polish Operations Polish GMV up 0.9pp sequentially in Q2 to 9.8% YoY, supported again by outperformance in prioritized high-frequency categories GMV1 ● LTM GMV of PLN 63.4bn, up by 10.1% YoY and advancing by PLN bn PLN 1.4bn QoQ 11.6% 10.8% 10.9% 8.9% 9.8% ● Q2 GMV grew sequentially despite headwind
Slide 20: Revenue growth accelerating to 18.1% YoY for Q2
Polish Operations Revenue1 growth accelerating to 18.1% YoY for Q2, supported by higher Take Rates, advertising, logistics and income from consumer lending Revenue bridge Take Rate4 PLN m % 14.0% 30.6% 124.5% 1.9% 17.0% 68.5% 18.1% Q2’25 Take Rate up by 0.48pp YoY, fully reflecting impact of the co-fi
Slide 21: Adj. EBITDA / GMV margin advanced to 6.27%
Polish Operations Adj. EBITDA / GMV margin advanced 0.24pp to 6.27%, above full year outlook, as co-financing kicked in ahead of seasonal H2 cost increases ● Revenue reflecting accelerating GMV growth at higher Take Rate Adjusted EBITDA bridge in Q2 20251 with continued strong performance of margin ac
Slide 22: Q2 Capex in line with medium-term investment guardrails
Polish Operations Q2 Capex in line with medium-term investment guardrails Focus on delivery projects and software development Capital expenditures1 by type PLN m ● PLN 80.7m or 72% YoY higher capital expenditures 72.0% driven mostly by growing investments in delivery projects in Poland ● Other capex
Slide 23: Financial Results: International Operations
Financial Results International Operations 23
Slide 24: Pro forma Q2 2025 key results: Allegro International Segment
OLD Allegro International Segment: allegro.cz, allegro.sk & allegro.hu Pro forma Q2 2025 key results: Allegro International Segment1 Results and YoY dynamics excluding impact of Q2 segment changes GMV Active Buyers2 LTM GMV / Active Buyer Take Rate Q2 2025 PLN 572m +61.0% YoY 3.9m +57.4% YoY PLN 540
Slide 25: Nearly 4m Active Buyers on Allegro international marketplaces
OLD Allegro International Segment: allegro.cz, allegro.sk & allegro.hu Nearly 4m Active Buyers on Allegro international marketplaces, 1.4m more YoY Pro forma results and YoY dynamics, excluding impact of Q2 segment changes Traffic1 403.2% 117.0% 75.3% 57.9% 47.0% ● Slower traffic growth in Q2 as marketi
Slide 26: Adjusted EBITDA result improving YoY for the first time
OLD Allegro International Segment: allegro.cz, allegro.sk & allegro.hu Adjusted EBITDA result improving YoY for the first time, with PLN 21m lower loss Pro forma results and YoY dynamics, excluding impact of Q2 segment changes GMV 526.8% 97.2% 67.9% 81.6% 61.0% ● Healthy 61% GMV growth, with launch o
Slide 27: Pro forma Q2 2025 key results: Mall Segment
OLD Mall Segment Pro forma Q2 2025 key results: Mall Segment Results and YoY dynamics excluding impact of Q2 segment changes GMV Active Buyers1 LTM GMV / Active Buyer Take Rate Q2 2025 PLN 183m 230m -53.4% YoY -58.7% 2.9m 2.5m -24.8% YoY -32.0% PLN 494 518 -27.0% YoY -26.5% 11.60% 11.03% +3.28pp -2.
Slide 28: GMV contraction driven by Mall.cz and Mall.sk decommissioning
OLD Mall Segment GMV contraction driven by Mall.cz and Mall.sk decommissioning and final steps of legacy business pivot to lean merchant model, with Adj EBITDA loss lower YoY Pro forma results and YoY dynamics, excluding impact of Q2 segment changes GMV bridge in Q2 2025 Adjusted EBITDA bridge in Q2
Slide 29: Q2 2025 key results: International Operations
International Operations Q2 2025 key results: International Operations1 (OLD Allegro International Segment + Mall Segment = NEW Allegro International Segment + Mall South Segment) 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% -1.8
Slide 30: Change in Segment reporting
Change in Segment reporting International Operations 30
Slide 31: Completion of Mall North transformation triggers segment merger
Completion of Mall North transformation triggers segment merger within International Operations ● Mall businesses in Czechia, Slovakia and Hungary completed pivot to lean merchant model: ○ Last legacy front-ends were decommissioned from April to leave Mall & CZC brands trading solely as 1P merchants
Slide 32: Change in segment presentation – H1 2025 results pro forma and new segmentation
Change in segment presentation – H1 2025 results pro forma and new segmentation Mall 1P operations in Czechia, Slovakia and Hungary (Mall North) integrated into Allegro marketplaces Old Segmentation International Operations pro forma Mall Segment Allegro Total Total Polish International North Intern
Slide 33: Allegro International Segment now includes Mall North and WE|DO
Allegro International Segment now includes Mall North 1P and WE|DO supporting marketplace expansion GMV Pro forma (Old Segmentation) GMV as reported (New Segmentation) PLN m PLN m 81.6% 61.0% -8.1% -8.2% YoY GMV growth YoY GMV growth New segmentation combines solid growth from new marketplaces with
Slide 34: Consolidated Group Summary
Consolidated Group Summary 34
Slide 35: Q2 2025 key results: Consolidated Group
Group Consolidated Q2 2025 key results: Consolidated Group1 GMV Active Buyers2 LTM GMV / Active Buyer Take Rate Q2 2025 PLN 17,239m 708m +9.0% -7.7% YoY 21.1m 21.1m +4.2% YoY +4.2% YoY PLN 3,152 +4.5% YoY 12.86% +0.50pp YoY PLN 15,445m +8.0% YoY PLN 3,099 +3.7% YoY 12.43% +0.31pp YoY H1 2025 PLN 32,
Slide 36: Group leverage dropped 0.12x during Q2 to reach 0.72x
Group Consolidated Group leverage dropped 0.12x during Q2 to reach 0.72x PLN m (unaudited) 30.06.2024 31.12.2024 31.03.2025 30.06.2025 LTM Adjusted EBITDA Polish Operations 3,412.2 3,586.5 3,625.6 3,754.3 LTM Adjusted EBITDA International Operations (511.2) (590.0) (585.8) (563.2) LTM Intersegment e
Slide 37: Pro-forma Q2 leverage would have been 1.16x
Pro-forma Q2 leverage would have been 1.16x following Share Buy Back, Bond Issue and Senior Debt Repayment PLN m (unaudited) 30.06.2025 30.06.2025 pro forma LTM Adjusted EBITDA Polish Operations 3,760.4 3,760.4 ● Q3 financing events: ○ Group issued PLN 1bn of 5-year variable rate bonds at attractive
Slide 38: Management Outlook
Management Outlook 38
Slide 39: On track to meet the Group outlook for 2025
Management Outlook On track to meet the Group outlook for 2025 As growth and profitability stepped up as expected in Q2 International Operations Polish Marketplaces Mall Segment Operations Pro forma metrics1 Pro forma metrics1 Total2 Total Group2 Status GMV H1’25 Actual 9.4% growth 69.8% growth 55.9%
Slide 40: Q3 2025 current trading
Q3 2025 current trading Polish Operations During the quarter to date, GMV growth has continued a gradual acceleration, reaching approx. 10% YoY. International Operations (based on new segment reporting) ● New marketplaces GMV YoY has been growing in the 50-55% range, ● Mall North legacy front-end GM
Slide 41: 2025 outlook ranges narrowing
Management Outlook 2025 outlook ranges narrowing Group Revenue and Adjusted EBITDA expectations moving up Original outlook as published in March ‘25 Outlook update Polish International Polish International PLN / % Operations Operations1 Group1 Operations Operations1 Group1 GMV 66.2 - 67.4 bn 2.8- 3.
Slide 42: Key Takeaways
Key Takeaways 42
Slide 43: H1 results and Q3 trading put Allegro firmly on track to meet its 2025 Outlook
H1 results and Q3 trading put Allegro firmly on track to meet its 2025 Outlook 01 Strong financial performance with growth accelerating in Q2 as expected 02 Guidance upgraded towards the top end of the range both for revenue and Adjusted EBITDA 03 Completed pivot of the Mall business in Czechia, Slova
Slide 44: Q&A
Q&A 44
Slide 45: Thank you
Upcoming investor meeting opportunities: London | 22-23 September Citi investor meetings Munich | 24 September Baader Investment Conference New York | 7-8 October Bank of America investor meetings Boston | 9 October Bank of America investor meetings Thank you Sopot | 9-10 October PKO by the Sea Conf
Slide 46: Group structure explained (until Q1 2025)
Appendix Group structure explained (until Q1 2025) 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
Slide 47: Group structure explained (from Q2 2025)
Appendix Group structure explained (from Q2 2025) 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. All
Slide 48: Change in segment presentation – Q1 2025 results pro forma and new segmentation
Appendix Change in segment presentation – Q1 2025 results pro forma and new segmentation Mall 1P operations in Czechia, Slovakia and Hungary (Mall North) integrated into Allegro marketplaces Old Segmentation International Operations pro forma Mall Segment Allegro Total Total Polish International Nor
Slide 49: Change in segment presentation – Q2 2025 results pro forma and new segmentation
Appendix Change in segment presentation – Q2 2025 results pro forma and new segmentation Mall 1P operations in Czechia, Slovakia and Hungary (Mall North) integrated into Allegro marketplaces Old Segmentation International Operations pro forma Mall Segment Allegro Total Total Polish International Nor