Allegro Navigating market debates. Investment thesis on track.

研报英文原文证据摘录

Allegro Navigating market debates. Investment thesis on track.

J P M O R G A N CEEMEA Equity Research

19 May 2026

Allegro Overweight

ALEP.WA, ALE PW

Navigating market debates. Investment thesis on track. Price (18 May 26):zl31.83

▼Price Target (Dec-27):zl40.00

Prior (Dec-27):zl41.00

Allegro remains our preferred exposure to the Polish consumer sector and

conviction level increased post strong 1Q26 results. We reiterate our OW CEEMEA Consumer

recommendation, expecting the platform’s profitability to land at the top end of Elena Jouronova, CFA AC

management guidance and slightly ahead of current consensus estimates on the (971) 4561-2010

back of margins resilience in Poland and cost improvement in international elena.jouronova@jpmorgan.com

operations. In the medium-term we see further upside stemming from new Anastasia Tikhonova

initiatives driving GMV in Poland, investment in logistics and partnerships, (44-20) 3493-8007

anastasia.tikhonova@jpmorgan.com

fintech, advertising and steady development of international operations. In this J.P. Morgan Securities plc

note, we address key market debates on Allegro.

GMV growth drivers in Poland are crystallising. Allegro has consistently Key Changes (FYE Dec)

proven its ability to grow GMV ahead of expectations and the Polish e-commerce Prev Cur Δ

market, which we expect to continue, underpinned by introduction of new products Adj. EPS - 26E (zl) 1.66 1.70 2.2%

and services, AI implementation and fintech initiatives. The recent agreements Adj. EBITDA - 26E (zl mn) 3,833 3,945 2.9%

with LuxMed and Itaka allow Allegro to tap into the large and growing healthcare

Style Exposure

and travel services which could spur additional GMV growth with double-digit

take rates currently. According to Allegro, total private services health care