Allegro 1Q26 First Take: A robust print ahead of expectations

研报英文原文证据摘录

Allegro 1Q26 First Take: A robust print ahead of expectations

J P M O R G A N CEEMEA Equity Research

14 May 2026

Allegro Overweight

ALEP.WA, ALE PW

1Q26 First Take: A robust print ahead of expectations Price (13 May 26):zl30.24

Price Target (Dec-27):zl41.00

Our Take: Allegro reported strong 1Q26 results with 11.6% y/y GMV growth in CEEMEA Consumer

ACPoland exceeding our expectations, and delivering on 24% y/y Adj. EBITDA Elena Jouronova, CFA

growth and 47bps y/y Adj. EBITDA margin improvement for the Group, 6-10% (971) 4561-2010

ahead of our and consensus expectations. Management reiterated its FY26 elena.jouronova@jpmorgan.com

guidance for key financial indicators (while upgrading international business Anastasia Tikhonova

GMV growth) and provided positive commentary on current trading, which is (44-20) 3493-8007

supportive for 2Q26 outlook. We expect a positive market reaction today and anastasia.tikhonova@jpmorgan.com

J.P. Morgan Securities plc

reiterate our OW recommendation. From here, we expect the shares to be driven

by a revisit of the growth prospects of the international business, positive

contribution from new initiatives on profits in Poland and a share buyback to be

voted on by shareholders in June.

• Noteworthy Areas: 1) Allegro Poland recorded 11.6% y/y GMV growth in

2Q26 (exceeding our and consensus expectations), translating into a 30bps q/q

acceleration from 8.6% in 4Q25 and a 27bps improvement y/y. Revenue

increased by 18% y/y (2-3% higher than our and consensus expectations) along

with the take rate increase by 6bps to 12.65%. 2) The number of Active Buyers

on Allegro platform was flat y/y at 20.4mn with a 2.6% y/y growth in Poland,

while GMV per active buyer was up by 10.4% y/y (7.2% y/y in Poland). 3)