Allegro: Another bit of good news (Q2 positive pre-release)

研报英文原文证据摘录

Allegro: Another bit of good news (Q2 positive pre-release)

Equity Research

EMEA Internet

14 July 2026

Allegro

Another bit of good news (Q2

positive pre-release)

Another bit of good news with Q2 pre-release ahead to build ALEP.WA/ALE PW EQUAL WEIGHT

on top of PE overhang clearing, InPost Letter of Intent. Stock EMEA Internet POSITIVE

has rightly rerated. Not cheap on '26E but still valuation Price Target PLN 35.00

Price (13-Jul-26) PLN 40.00

support a couple of years out and confidence in EPS delivery Potential Upside/Downside -12.5%

getting increasingly credible. Source: Bloomberg, Barclays Research

EMEA InternetAllegro pre-released preliminary Q2 results yesterday. This pre-release is not a typical

Andrew Ross, CFA

pattern but comes in the context of the buyback being potentially due to start on the 15th.

+44 (0)20 7773 3023

The pre-release is strong: andrew.ross@barclays.com

Barclays, UK

Q2 ahead of expectations (no consensus). Group GMV grew 14.4% in Q2 to PLN 19,572 (ahead

of our estimates by 3%), with Poland growing 12% and International growing 82% (off a clean Olivia Venancio

base ex sold assets), both ahead of our estimates. Group revenues grew by 16% (ahead of our +44 (0)20 3555 0278

olivia.venancio@barclays.comestimates by 1%), with Poland growing 14% and International 46%. Adjusted EBITDA for the

group came in at PLN 1,030 (+12% YoY), ahead of our estimates by 2%. Within this, Polish

EBITDA is 3% ahead and International lost more money than expected but this is the output of Guillaume Galland, CFA

better GMV; the EBITDA margin as % GMV is actually better than our model and continues to +44 (0)20 7773 4061

guillaume.galland@barclays.comprogress.

Second half of Q2 was strong. Recall that during Q1 results in mid-May, Allegro spoke about Yash Jain