Allegro: CEO/CFO fireside chat was bullish

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Allegro: CEO/CFO fireside chat was bullish

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Allegro

CEO/CFO fireside chat was bullish

Reiterate Rating: BUY | PO: 39.00 PLN | Price: 30.92 PLN

Growth, new initiatives and shareholder remuneration 18 May 2026

We hosted a fireside chat with CEO Marcin Kusmierz and CFO Jon Eastick on May 15. Key Equity

takeaways: (1) trading remains solid, (2) multiple service-led levers to accelerate growth,

(3) AI is viewed firmly as an opportunity rather than a threat, and (4) capital returns—

Key Changesincluding buybacks—will be reviewed annually. Overall, management struck a confident,

bullish tone, with the CEO’s long-term strategy coming through more clearly. We reiterate (PLN) Previous Current

our Buy rating, underpinned by the 27% upside potential to our PLN39 price objective, and 2026E EPS 1.95 1.99

raise our 2026/27E Adj. EBITDA by 2%/1% on lower international losses. 2027E EPS 2.30 2.28

2028E EPS 2.70 2.76

Short- and multiple long-term growth avenues

Key takeaways: 1) Polish GMV grew high single digits Y/Y during the first 6 weeks of Cesar Tiron >>

Research Analyst

2Q26 while International GMV has accelerated further to above 70% Y/Y. 2) YTD Polish Merrill Lynch (DIFC)

GMV growth is around the midpoint of the 9-11% FY26 guidance and International is > +971 4 425 8216 cesar.tiron@bofa.com

50% Y/Y 3) Long term services could represent a material portion of revenue. This

Ophelie Grassini >>

includes Fintech with PKO Bank partnership to boost conversion and support sellers Research Analyst

offering innovative merchant digital lending solutions but also scaling BNPL from the Merrill Lynch (DIFC) +971 4 425 8332

current c.16% GMV. CEO also mentioned expanding partnerships and broadening the ophelie.grassini@bofa.com

product suite to insurance.