Allegro.eu S.a. · GPW:ALE
Allegro.eu — Q1 2026 Earnings Presentation
44 slides from Allegro.eu's earnings presentation, May 14, 2026
Slide 1: Allegro.eu Q1 2026 results presentation
Allegro.eu Q1 2026 results presentation 14 May 2026 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 Business Highlights Financial Results Group Polish Operations Allegro International Segment Management Outlook Key Takeaways Q&A | 33
Slide 4: Key business highlights of Q1
Key business highlights of Q1 01 Polish growth rebounded to 11.6% in Q1, with margins ahead of expectations; outlook unchanged 02 International marketplaces continue to accelerate, growing 67% YoY in Q1; outlook is moving up 03 Target addressable market expanding as we enter services, with launches
Slide 5: Highlights
Highlights 5
Slide 6: Allegro Group delivered excellent Q1 2026 results, with International now accretive
Allegro Group delivered excellent Q1 2026 results, with International now accretive to GMV and Adjusted EBITDA growth rates Polish Operations Allegro International Segment Group3 Q1 Results FY’26 Outlook Q1 Results FY’26 Outlook Q1 Results FY’26 Outlook as published on as published on as published o
Slide 7: Focus on growing the core marketplace and expansion
Supercharge the core marketplace Customer and merchants experience radically improved by AI automation and support coupled with unique vertical expertise Focus on growing the core Reinvent the expansion model and replicate marketplace and internationally leveraging assets Everyday Grow and online Ex
Slide 8: Driving core marketplace experience and category expansion
Core marketplace Core marketplace Driving core marketplace experience and category expansion Empower ● Allegro limited 2026 monetization to a minor inflation adjustment to co-financing Partners ● Introduced AI-powered partner automation and support tools ● Brand store launches accelerating (19 for the
Slide 9: Customer and seller experience radically improved by AI automation and support
AI enablement AI enablement Customer and seller experience radically improved by AI automation and support For buyers For selling partners Shopping Assistant Better Search Frictionless Listing with URL-Based Import [Live] Allegro Shopping Assistant for App already [Pilot] Redesigned ranking algorith
Slide 10: Allegro launches new collaboration with OpenAI
AI enablement Allegro launches new collaboration with OpenAI Strengthening of Allegro’s position as one of the most technologically advanced e‑commerce players in Europe Collaboration to build the next generation of commerce on frontier AI 01 02 03 First‑Mover Access to Leading AI Joint Engineering
Slide 11: International marketplaces delivered 67% GMV growth in Q1
International marketplaces (allegro.cz, allegro.sk, allegro.hu) Expand internationally International marketplaces delivered 67% GMV growth in Q1, driven by strong price offering and significant improvements in customer engagement and trust metrics Robust 67.5% YoY GMV growth, with Very competitive pr
Slide 12: Allegro enters the health services market with LUX MED Group
Services Services Allegro enters the health services market starting with partnership with LUX MED Group, with more partners to follow Why is Allegro entering health What are Allegro’s ambitions and plan? services market? Become largest health Capture a High-Growth Market: Tapping marketplace: Scali
Slide 13: Allegro enters packaged travel market with Allegro Wakacje
Services Services Allegro enters packaged travel market by launching Allegro Wakacje: dedicated storefront, with Itaka as the first partner Polish packaged travel segment is … which we decided to enter by launching … leveraging our e-commerce expertise and a large and fast growing part of the a dedic
Slide 14: Robust Q1 Allegro Pay performance with loans origination +37% YoY
Grow and FinTech externalize assets Robust Q1 Allegro Pay performance with loans origination +37% YoY, with Allegro Klik and PKO cooperation building momentum Allegro Pay continues to progress ● Loan origination up 37% YoY to PLN 3.9bn in Q1 Allegro Pay Card: good rollout progress, ● GMV financed up
Slide 15: Further progress in Allegro Delivery partnership program
Grow and Delivery Experience externalize assets Further progress in Allegro Delivery partnership program, with managed volume share up to nearly 45% for Q1’26 Low cost and reliable delivery Increasing Allegro-Managed Volume share1 ● Allegro One APM network: Allegro-managed volumes share evolution, %
Slide 16: Financial Results: Consolidated Group
Financial Results Consolidated Group 16
Slide 17: Q1 GMV: Polish Operations accelerated to 11.6% YoY, International up 46.3%
Consolidated Group Q1 GMV: Polish Operations accelerated to 11.6% YoY, with International up 46.3% YoY, boosting Group growth to 12.8% YoY Q1 2026 Top Line Highlights1 ● Polish GMV up 11.6% YoY for Q1, again growing over 2x Active Buyers GMV per Active Buyer ahead of the nominal retail growth rate o
Slide 18: Q1 Group Adj. EBITDA up 23.6% YoY
Consolidated Group Q1 Group Adj. EBITDA up an excellent 23.6% YoY, as Poland moved up 18.5% YoY and International losses narrowed Q1 2026 Profitability, Cash-flow and Leverage Highlights1 ● Strong growth in Group Adjusted EBITDA, up to PLN 932m, Adjusted EBITDA or +23.6% YoY: Group +23.6% Poland +18.5
Slide 19: Leverage at 0.93x securing financial flexibility
Consolidated Group Leverage at 0.93x securing financial flexibility PLN 1.6bn share buyback to be voted at the upcoming AGM PLN m (unaudited) 31.03.2025 31.12.2025 31.03.2026 ● Step up in net leverage to 0.93x from 0.81x QoQ results from: LTM Adjusted EBITDA Polish Operations 3,625.6 3,982.2 4,141.3 ○
Slide 20: Financial Results: Polish Operations
Financial Results Polish Operations 20
Slide 21: Added nearly 400k Active Buyers in Poland YoY
Polish Operations Added nearly 400k Active Buyers in Poland YoY, with average annual spend growth up 7.2% YoY to nearly PLN 4,400 Active Buyers (period end) LTM GMV / Active Buyer (period end) m PLN 2.6% 7.2% 0.4% 0.4% 0.8% 1.0% 2.0% 2.0% 1.5% 1.5% QoQ YoY QoQ YoY 21
Slide 22: Polish GMV growth quickened by 3pp sequentially to 11.6% YoY
Polish Operations Polish GMV growth quickened by 3pp sequentially to 11.6% YoY, as Allegro fully participated in surging March retail sales GMV1 PLN bn ● LTM GMV of PLN 68.1bn, up by 10.0% YoY and and advancing by PLN 1.7bn QoQ 8.9% 9.8% 10.4% 8.6% 11.6% ● March was unusually strong as spring season
Slide 23: Polish revenue up by 18%
Polish Operations Polish revenue1 up by 18%, supported by marketplace, advertising and logistics services Revenue bridge Take Rate4 PLN m % 12.0% 24.8% 110.2% 4.2% 38.5% 80.0% 18.0% ● Q1’26 Take Rate up by 0.06pp YoY, as annual monetization changes were limited to minor co-financing increases ● QoQ i
Slide 24: Adjusted EBITDA up 18.5% YoY
Polish Operations Adjusted EBITDA up 18.5% YoY as contribution from Ads, Logistics and Fintech combine with better operating leverage ● Strong contributions from Advertising, as well as fintech 1 Adjusted EBITDA bridge in Q1 2026 and logistics service revenue within “Other” PLN m ● Costs of delivery
Slide 25: Continued focus on delivery projects and new platform functionalities
Polish Operations Continued focus on delivery projects and new platform functionalities, while maintaining top-tier cash conversion Capital expenditures1 by type PLN m 24.8% ● PLN 46.7m or 25% YoY higher capital expenditures evenly split between larger investments in delivery assets and increased in
Slide 26: Financial Results: Allegro International Segment
Financial Results Allegro International Segment 26
Slide 27: Allegro international marketplaces GMV accelerated to 67% YoY
Proforma results for Allegro International marketplaces (allegro.cz, allegro.sk, allegro.hu) only, excluding Mall North legacy impact on growth rates Allegro international marketplaces GMV accelerated nearly 19pp QoQ to 67% YoY in Q1, with Active Buyers up 33% Traffic1 61.1% 35.3% 10.5% 16.6% 25.2% LT
Slide 28: International marketplaces attracted 4.9 million shoppers
Allegro International Segment International marketplaces attracted 4.9 million shoppers, with continued progress in average annual spend Active Buyers LTM GMV per -7.5% 22.8% (period end)1 Active Buyer m (period end)1 -3.0% 0.5% 11.6% 12.9% PLN Mall North legacy only International marketplaces Alleg
Slide 29: Allegro International Segment posts 46.3% YoY GMV
Allegro International Segment Allegro International Segment posts 46.3% YoY GMV, up by 24.8pp sequentially Reported segment YoY GMV dynamics faced a headwind from Mall North legacy GMV until lapped in Q1 2026 Allegro -8.1% -8.2% -3.5% 21.5% 46.3% Allegro International International segment GMV segme
Slide 30: Reported Segment revenue dynamics
Allegro International Segment Reported Segment revenue dynamics combine robust 80% YoY growth in 3P marketplace with 1P retail declining 64% YoY after closure of legacy front ends Revenue1 of Allegro International PLN m -10.7% ● 10.7% YoY decrease in Allegro International Segment revenues YoY change
Slide 31: Solid profitability improvement in International
Allegro International Segment Solid profitability improvement, with Adj.EBITDA / GMV margin better by 8.3pp YoY and Adjusted EBITDA loss reduced PLN 19m Adjusted EBITDA, PLN m Adjusted EBITDA bridge, PLN m, YoY -19.0% -19.6% -19.2% -16.8% -10.7% -19.0% -10.7% -85.9 -85.9 -104.5 -104.5 -113.4 -115.0 -
Slide 32: Management Outlook
Management Outlook 32
Slide 33: Q2 2026 current trading
Management Outlook Q2 2026 current trading Polish Operations ● The first six weeks of trading in Q2 has seen Polish Operations GMV growing in high single digits YoY ● This growth rate reflects the calendar shift of usual pre-Easter demand into March GMV for 2026 and start of the Smart! Weeks on 11 May
Slide 34: Slight upgrade of topline expectations for International
Management Outlook Slight upgrade of topline expectations for International, with full-year Outlook for Poland and Group maintained Outlook announced in March ’26 Current Outlook update PLN / Polish Allegro Intl. Polish Group1 Allegro Intl. Segment Group1 % YoY change Operations Segment Operations G
Slide 35: Key Takeaways
Key Takeaways 35
Slide 36: Key takeaways
Key takeaways 01 Delivered robust Q1 2026 results, with Polish growth rebounding to 11.6% and margins ahead of expectations 02 Continued strong acceleration in international marketplaces, growing 67% YoY in Q1 and guidance for International topline moving up 03 Work progressing on strategic evolutio
Slide 37: Q&A
Q&A 37
Slide 38: Thank you
Upcoming investor meeting opportunities: Online | 15 May Bank of America Consumer Apparel & E-commerce Warsaw | 19 May mBank Spring Conference Online | 20 May Goldman Sachs virtual fireside chat London | 22 May J.P. Morgan European TMT Conference Warsaw | 26 May Erste The Finest CEElection Equity Con
Slide 39: Q1 2026 key results: Consolidated Group
Group Consolidated Q1 2026 key results: Consolidated Group1 GMV Active Buyers2 LTM GMV / Active Buyer Take Rate Q1 2026 PLN 17,293m +12.8% YoY 20.4m -0.2% YoY PLN 3,492 +10.4% YoY 12.43% +0.00pp YoY Revenue Adjusted EBITDA Adj. EBITDA / GMV Margin Cash Conversion Q1 2026 PLN 2,952m +16.5% YoY PLN 93
Slide 40: Q1 2026 key results: Polish Operations
Polish Operations Q1 2026 key results: Polish Operations1 GMV Active Buyers2 LTM GMV / Active Buyer3 Take Rate4 Q1 2026 PLN 16,489m +11.6% YoY 15.5m +2.6% YoY PLN 4,393 +7.2% YoY 12.65% +0.06pp YoY Revenue5 Adjusted EBITDA Adj. EBITDA / GMV Margin Cash Conversion6 Q1 2026 PLN 2,822m +18.0% YoY PLN 1
Slide 41: Q1 2026 key results: Allegro International Segment
Allegro International Segment Q1 2026 key results: Allegro International Segment1 GMV Active Buyers2 LTM GMV / Active Buyer3 Take Rate Q1 2026 PLN 804m +46.3% YoY 4.9m -7.5% YoY PLN 614 +22.8% YoY 7.87% +0.45pp YoY Revenue Adjusted EBITDA Adj. EBITDA / GMV Margin Q1 2026 PLN 134m -10.7% YoY PLN -85.
Slide 42: Appendix | Medium-term aspirations
Appendix | Medium-term aspirations Updated medium-term aspirations as published on March 12th, 2026 Growth and Profitability Investment funding guide rails ● Deliver >10% GMV CAGR in Poland, supported by new product and From Polish Adjusted EBITDA, invest: service categories ● Up to 25% to fund Polis
Slide 43: Appendix | Capital Allocation Policy continues unchanged
Appendix | Capital Allocation Policy continues unchanged Share buyback recommendation is PLN 1.6 billion for 2026 Key principles Management’s targets and comments ● Allegro’s primary focus is to invest in its medium term business Allegro’s leverage and liquidity targets: objectives to drive further
Slide 44: Appendix | Group structure explained
Appendix | Group structure explained Consolidated Group: ALLEGRO.EU Polish Operations International Operations Reportable Allegro Ceneo Other Allegro International segment Legal Allegro sp. z o.o. Ceneo.pl sp. z o.o. Allegro Treasury s.à r.l. International marketplaces: (excl. Allegro International