Allegro.eu S.a. · GPW:ALE
Allegro.eu — Q4 2025 Earnings Presentation
59 slides from Allegro.eu's earnings presentation, Mar 12, 2026
Slide 1: Allegro.eu Q4 2025 results presentation
Allegro.eu Q4 2025 results presentation 12 March 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 Highlights
Agenda Highlights Financial Results: Polish Operations International Operations Group Management Outlook Key Takeaways Q&A | 33
Slide 4: Highlights
Highlights 4
Slide 5: FY 2025 updated outlook delivered across the board
PRO FORMA Group results, with Mall South still reflected in continuing operations FY 2025 updated outlook delivered across the board Polish GMV rebounded in December while International GMV beat full year expectations Polish Operations International Operations3 Group3 (Allegro International + Mall So
Slide 6: Group GMV nears PLN 70bn for 2025, with Adjusted EBITDA up 15.4% YoY
PRO FORMA Group results, with Mall South still reflected in continuing operations Group GMV nears PLN 70bn for 2025, with Adjusted EBITDA up 15.4% YoY to PLN 3.5bn FY 2025 annual performance highlights GROUP1 GMV PLN 69.7bn REVENUE PLN 12.1bn ADJ. EBITDA3 PLN 3.5bn CAPEX4 PLN 0.9bn 2 2 2 +9.0% YoY +1
Slide 7: Q4 Polish GMV dynamics outpaced total retail market growth
PRO FORMA Group results, with Mall South still reflected in continuing operations Q4 Polish GMV dynamics continued to outpace total retail market growth, supported by further progress in Buyers’ average annual spend Q4 2025 Top Line Highlights1 ● Group Active Buyers advanced to 21 million, of which A
Slide 8: Polish Adj EBITDA/GMV margin stable YoY at 5.59% for Q4
PRO FORMA Group results, excl. impact of Mall South segment disposal Polish Adj EBITDA/GMV margin stable YoY at 5.59% for Q4 Leverage steps down 0.24x during Q4 to 0.81x Adjusted EBITDA Q4 2025 Profitability, Cash-flow and Leverage Highlights1 ● Group Adjusted EBITDA growth outpaces dynamics in Adjust
Slide 9: Evolving priority focus to growing the core marketplace and leveraging assets
Evolving priority focus to growing the core marketplace and leveraging assets Current medium-term priorities Revised medium-term priorities Easy and safe to shop, 1 2 1 Continued Supercharge the core marketplace simple to sell Grow Core Customer and merchants experience radically improved by Marketp
Slide 10: Allegro is a technology native organization leveraging AI
Allegro is a technology native organization leveraging AI across all relevant external and internal applications External AI Internal AI (Client and Partner-facing applications) (Improved operational performance) 1 | How Clients Inside Allegro: AI powers conversation and 1 | Product We accelerate pr
Slide 11: Developing new AI-powered tools for buyers and selling partners
Developing new AI-powered tools for buyers and selling partners Selected use cases For buyers: For selling partners: AI Assistant offering new way of discovering products Ally – Test version of conversational AI assistant Pilot live across Expert for selling on Allegro selected Allegro Conversationa
Slide 12: Solid Christmas peak performance despite slower start of November
Solid Christmas peak performance despite slower start of November… Grow Core … with pricing changes announced in Q1 2026 supportive to accelerating GMV growth Marketplace Empower ● New partnerships with leading European and regional integrators to support seller onboarding ● Leveraging AI to scale c
Slide 13: Advertising revenue up 24% YoY for Q4 to 2.24% of GMV
Advertising revenue up 24% YoY for Q4 to 2.24% of GMV, Build New Engines with material headroom for further expansion High-margin advertising revenue continued to outpace overall GMV growth Solid Q4 2025 Advertising momentum… … to round off a strong 2025 performance ● Advertising revenue grew 24.1%
Slide 14: Excellent 2025 performance and another robust year of growth for Allegro Pay
Build New Excellent 2025 performance and another robust year of growth Build New Engines Engines for Allegro Pay Steady Allegro Pay progress 2026 ambitious product roadmap ● Continued progress in product development, with Allegro Pay card + new products in cooperation For Buyers: with PKO BP (Allegr
Slide 15: Allegro-Managed share in total deliveries continues to grow
Build New Allegro-Managed share in total deliveries continues to grow, Build New Engines Engines adding 17pp during 2025 to reach 41% in Q4 Increasing Allegro-Managed Volume share1 Share evolution of delivery methods2 Courier To Door Brandless courier (incl. Allego One Kurier) Courier 41% Allegro- A
Slide 16: Delivery Experience: Volumes shifted to Allegro Delivery reduce average cost per parcel
Build New Delivery Experience: Volumes shifted to Allegro Delivery Build New Engines Engines reduce average cost per parcel Mix shift to Allegro Delivery partners a tailwind to lower average cost per parcel Allegro One development highlights: Unit cost of parcel delivery to APM ● Reached >8.5k One B
Slide 17: Allegro Delivery offers the largest network of APMs
Build New Allegro Delivery offers the largest network of APMs, Build New Engines Engines building on strength of Allegro One and partner providers Continued expansion of alternative APM providers ● DHL and DPD joined the program during 2025 APM networks size, k significantly expanding the partner net
Slide 18: For consumers, proximity is key and Allegro Delivery is quickly closing the gaps
Build New For consumers, proximity is key Build New Engines Engines and Allegro Delivery is quickly closing the gaps Cumulative share of Allegro customers distance to Allegro Delivery APMs 1 54.3% of buyers have Allegro For 68% of buyers Allegro Delivery APM Delivery APM (One Box, DHL, DPD or is clo
Slide 19: Allegro International with very strong top-line growth and profitability improvement
Allegro International marketplaces (allegro.cz, allegro.sk, allegro.hu) Allegro International with very strong top-line growth (full year GMV Expand Internationally +58% YoY) and on a steep profitability improvement trajectory Strong top-line growth has been fueled by Active … and has been achieved i
Slide 20: 4.6 million customers shopped on international marketplaces in 2025
Allegro International marketplaces (allegro.cz, allegro.sk, allegro.hu) 4.6 million customers shopped on international marketplaces in 2025 Expand Internationally (+37% YoY) with step-up improvement observed across core metrics Continued expansion of the Active Improving customer satisfaction Buyers
Slide 21: In 2025 Allegro completed the transformation of Mall Group legacy operations
International Operations In 2025 Allegro completed the transformation of Mall Group legacy operations Transformation 2022 2025 program 2023-25 Mall In 2022 Allegro acquired Transformed and Mall & CZC brands moved to lean merchant business model Transformed and North Mall Group gaining integrated wit
Slide 22: Allegro consistently ranks among Poland's top employers
Group Allegro consistently ranks among Poland’s top employers Ensure Solid Fundamentals Strong ESG commitment recognized by key rating agencies People and Culture Strong Environmental, Social & Governance commitment High ranks across key ESG ratings: MSCI ”AAA”, ISS “Prime”, S&P “Top Decile” and Sus
Slide 23: Financial Results: Change in segmentation
Financial Results Change in segmentation 23
Slide 24: Mall South reclassified to discontinued operations
Mall South reclassified to discontinued operations in the Group’s Financial Statements for Q4 and FY 2025 and sold in February 2026 ● In December 2025, the Board of Directors of the Group committed to dispose of the the operations in Slovenia and Croatia, resulting in reclassification of the Mall Sout
Slide 25: Mall South reclassification: impact on FY 2025 results
Mall South reclassification to Discontinued Operations Impact on FY 2025 results and growth rates versus restated FY 2024 comparatives FY 2025 Pro forma International Operations1 results (incl. Mall Total Consolidated South) Polish Operations Allegro Mall South Total International Group1 Internationa
Slide 26: Mall South reclassification: impact on Q4 2025 results
Mall South reclassification to Discontinued Operations Impact on Q4 2025 results and growth rates versus restated Q4 2024 comparatives Q4 2025 Pro forma International Operations1 results (incl. Mall Total Consolidated South) Polish Operations Allegro Mall South Total International Group1 Internationa
Slide 27: Financial Results: Polish Operations
Financial Results Polish Operations 27
Slide 28: Q4 2025 key results: Polish Operations
PRO FORMA Polish Operations results, with Mall South still reflected in continuing operations Q4 2025 key results: Polish Operations1 GMV Active Buyers2 LTM GMV / Active Buyer3 Take Rate4 Q4 2025 PLN 18,870m +8.6% YoY 15.3m +1.9% YoY PLN 4,327.3 +7.3% YoY 12.26% +0.25pp YoY FY 2025 PLN 66,416m +9.4%
Slide 29: Continued focus on buyer loyalty drove YoY increase in average spend in Poland
PRO FORMA Polish Operations results, with Mall South still reflected in continuing operations Continued focus on buyer loyalty drove YoY increase in average spend in Poland up 7.3% YoY, reaching over PLN 4.3k Active Buyers (period end) LTM GMV / Active Buyer (period end) m PLN 1.9% 7.3% 0.4% 0.4% 0.4
Slide 30: Polish GMV up 8.6% YoY for Q4 to PLN 18.9bn
PRO FORMA Polish Operations results, with Mall South still reflected in continuing operations Polish GMV up 8.6% YoY for Q4 to PLN 18.9bn, driven by marketing and pricing investments, further supported by strong Christmas delivery promise GMV1 PLN bn ● LTM GMV of PLN 66.4bn, up by 9.4% YoY and advanc
Slide 31: Polish revenue up 16.4% YoY for Q4
PRO FORMA Polish Operations results, with Mall South still reflected in continuing operations Polish revenue1 up 16.4% YoY for Q4, nearly 2x ahead of GMV growth, driven by higher Take Rates, advertising, logistics and income from consumer lending Revenue bridge Take Rate4 PLN m % 10.8% 24.1% 161.0% 2
Slide 32: Q4 Adj. EBITDA/GMV margin at 5.59%, broadly flat YoY
PRO FORMA Polish Operations results, with Mall South still reflected in continuing operations Q4 Adj. EBITDA/GMV margin at 5.59%, broadly flat YoY and seasonally lower QoQ, reflecting typical peak season investment ● Revenue growth ahead of GMV driven by higher Take Rate, with 1 continued healthy contr
Slide 33: Q4 Capex in line with medium-term investment guardrails
PRO FORMA Polish Operations results, ewith Mall South still reflected in continuing operations Q4 Capex in line with medium-term investment guardrails Continued focus on delivery projects and software development Capital expenditures1 by type PLN m 77.6% ● PLN 125.1m or 78% YoY higher capital expendi
Slide 34: Financial Results: International Operations
Financial Results International Operations 34
Slide 35: Allegro intl. marketplaces maintained strong growth, with GMV up 48.8% YoY in Q4
Allegro International marketplaces results (allegro.cz, allegro.sk & allegro.hu) Allegro intl. marketplaces maintained strong growth, with GMV up 48.8% YoY in Q4, driven by 37% increase in Active Buyers with average annual spend +15.1% YoY Pro forma YoY growth dynamics, excl. Mall legacy GMV Traffic1
Slide 36: Q4 2025 key results: Allegro International Segment
PRO FORMA Allegro International Segment results, with Mall South still reflected in continuing operations Q4 2025 key results: Allegro International Segment1 GMV Active Buyers2 LTM GMV / Active Buyer3 Take Rate Q4 2025 PLN 1,026m +21.5% YoY 5.1m -1.2% YoY PLN 544 +3.4% YoY 7.38% +0.19pp YoY FY 2025 P
Slide 37: International marketplaces attracted over 1.2 million new Active Buyers YoY
PRO FORMA Allegro International Segment results, with Mall South still reflected in continuing operations International marketplaces attracted over 1.2 million new Active Buyers YoY, up to 4.6 million, with continued progress in average annual spend Active Buyers LTM GMV per 3.4% (period end)1 Active
Slide 38: Robust GMV growth from international marketplaces, +48.8% YoY
PRO FORMA Allegro International Segment results, with Mall South still reflected in continuing operations Robust GMV growth from international marketplaces, +48.8% YoY Under new segmentation rapid growth from new marketplaces is reported together with legacy Mall North results Allegro n/a -8.1% -8.2%
Slide 39: New segment revenues combine 3P marketplace growth with 1P contraction
PRO FORMA Allegro International Segment results, with Mall South still reflected in continuing operations New segment revenues combine robust 43% YoY growth in 3P marketplace, with 1P contracting 57% after closure of legacy front ends Revenue1 of Allegro International PLN m -30.0% ● 30.0% YoY revenue
Slide 40: Adjusted EBITDA loss cut PLN 13m or 7% YoY
PRO FORMA Allegro International Segment results, with Mall South still reflected in continuing operations Adjusted EBITDA loss cut PLN 13m or 7% YoY, reflecting completion of Mall turnaround and investment in new marketplaces Pro forma results and YoY dynamics, excluding impact of Mall South segment d
Slide 41: Q4 2025 key results: Mall South Segment
PRO FORMA Mall South results, with Mall South still reflected in continuing operations Q4 2025 key results: Mall South Segment Pro forma results and YoY dynamics, excluding impact of Mall South segment disposal GMV Active Buyers1 LTM GMV / Active Buyer2 Take Rate Q4 2025 PLN 186m +1.1% YoY 0.6m -5.9%
Slide 42: Q4 2025 key results: International Operations
PRO FORMA International Operations results, with Mall South still reflected in continuing operations Q4 2025 key results: International Operations1 Pro forma results and YoY dynamics, excluding impact of Mall South segment disposal GMV Active Buyers12 LTM GMV / Active Buyer Take Rate PLN 669.3m -9.0%
Slide 43: Consolidated Group Summary
Consolidated Group Summary 43
Slide 44: Q4 2025 key results: Consolidated Group
PRO FORMA Group Consolidated results, with Mall South still reflected in continuing operations Q4 2025 key results: Consolidated Group1 Pro forma results and YoY dynamics, excluding impact of Mall South segment disposal GMV Active Buyers2 LTM GMV / Active Buyer Take Rate PLN 708m -7.7% YoY 21.1m +4.2
Slide 45: Group leverage dipped to 0.81x as of YE 2025
AS REPORTED Group Consolidated results, with Mall South reclassified to discontinued operations Group leverage dipped to 0.81x as of YE 2025, providing significant financial flexibility 30.06.2025 PLN m (unaudited) 31.12.2024 30.06.2025 pro forma2 30.09.2025 31.12.2025 LTM Adjusted EBITDA Polish Operati
Slide 46: Management Outlook
Management Outlook 46
Slide 47: Update of medium term aspirations
Update of medium term aspirations 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 Polish capex, including 3 more years of accelerated logistics projects
Slide 48: Capital Allocation Policy continues unchanged
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 organic and
Slide 49: Expectations for FY 2026
Group Consolidated Expectations for FY 2026 Growth rates as compared to FY 2025 reported results Polish Allegro International PLN / %1 Operations Segment Group4 Comments GMV 72.4-73.7 bn 3.7-3.9 bn 76.1-77.6 bn ● Objective to accelerate growth in Poland for 2026 9-11% YoY growth 35-40% YoY growth 10
Slide 50: Q1 2026 current trading
Management Outlook Q1 2026 current trading Quarter to date, Group GMV has been growing by 10% Polish Operations ● High single digit GMV growth YoY, above the pace for Q4’25 of 8.6%. Allegro International Segment ● Marketplaces with around 55% YoY GMV growth quarter to date, ● 1P (Mall North) GMV dec
Slide 51: Key Takeaways
Key Takeaways 51
Slide 52: Key takeaways
Key takeaways 01 | 2025 outlook delivered across the board, with International GMV beat full year expectations 02 | Allegro is a technology native organization, leveraging AI across all relevant external and internal applications, with strong moats against disintermediation 03 | Work progressing on
Slide 53: Q&A
Q&A 53
Slide 54: Thank you
Upcoming investor meeting opportunities: Warsaw | 13 March Group investor meeting London | 24 March PKO CEE conference London | 25 March Jefferies Global Emerging Markets conference Boston | 30 March Wood & Co investor meetings New York | 31 March - 1 April Thank you Wood & Co EME NYC conference Con
Slide 55: Appendix | Group structure explained (pro forma)
Appendix | Group structure explained (pro forma) 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. Alle
Slide 56: Appendix | Group structure explained (as reported)
Appendix | Group structure explained (as reported) Consolidated Group: ALLEGRO.EU Polish Operations International Operations Reportable segment Allegro Ceneo Other Allegro International Legal Allegro sp. z o.o. Ceneo.pl sp. z o.o. Allegro Treasury s.à r.l. allegro.cz (excl. Allegro International ent
Slide 57: Q4 2025 key results: Polish Operations (as reported)
AS REPORTED Polish Operations results, including impact of Mall South segment disposal (Mall South reclassified to Discontinued Operations, comparatives restated) Q4 2025 key results: Polish Operations1 As reported and difference vs pro forma results GMV Active Buyers2 LTM GMV / Active Buyer Take Rat
Slide 58: Q4 2025 key results: Allegro International Segment (as reported)
AS REPORTED Allegro International Segment results, including impact of Mall South segment disposal (Mall South reclassified to Discontinued Operations, comparatives restated) Q4 2025 key results: Allegro International Segment1 As reported and difference vs pro forma results GMV Active Buyers2 LTM GMV
Slide 59: Q4 2025 key results: Consolidated Group (as reported)
AS REPORTED Group results, including impact of Mall South segment disposal (Mall South reclassified to Discontinued Operations, comparatives restated) Q4 2025 key results: Consolidated Group1 As reported (continued operations only, excluding demerged Mall South) and difference vs pro forma results GM