Allegro: New agreement with InPost - another catalyst to drive the share price

研报英文原文证据摘录

Allegro: New agreement with InPost - another catalyst to drive the share price

J P M O R G A N CEEMEA Equity Research

18 June 2026

Allegro Overweight

ALEP.WA, ALE PW

New agreement with InPost - another catalyst to drive Price (18 Jun 26):zl38.29

the share price Price Target (Dec-27):zl40.00

Allegro announced that it entered into a non-binding Letter of Intent with InPost CEEMEA Consumer

AC(Not Rated), signalling the parties’ intention to negotiate, over the coming months, Elena Jouronova, CFA

a new framework agreement governing their cooperation in out-of-home delivery (971) 4561-2010

services. In parallel, both parties agreed to suspend the ongoing arbitration. We elena.jouronova@jpmorgan.com

view the announcement as a constructive development for Allegro. While 45% of Anastasia Tikhonova

volumes are currently handled through Allegro’s managed delivery programme, a (44-20) 3493-8007

new agreement with InPost is a long-anticipated step that should help reduce anastasia.tikhonova@jpmorgan.com

J.P. Morgan Securities plc

delivery costs on the remaining volumes, improve visibility beyond 2027, and

support investor sentiment – particularly given that the dispute has been an

overhang on the shares. We reiterate our OW rating, expect a positive market

reaction, and see the equity story as progressing as planned, with multiple catalysts

beginning to materialise. These include the recent removal of the PE ownership

overhang following Permira’s disposal of its entire 12.4% stake on 16 June,

progress towards a new InPost arrangement, traction in new verticals, and the early

stages of an international business turnaround.

A new long-term agreement is forthcoming. Management expects the revised

agreement to be signed within the coming months. According to companies, it will