Allegro.eu (ALEP.WA): Reports preliminary 2Q26 results ahead of expectations; flags upside risk to FY26 guidance

研报英文原文证据摘录

Allegro.eu (ALEP.WA): Reports preliminary 2Q26 results ahead of expectations; flags upside risk to FY26 guidance

Equity Research

14 July 2026 | 3:24AM GST

Allegro.eu (ALEP.WA): Reports preliminary 2Q26 results ahead of

expectations; flags upside risk to FY26 guidance

Allegro announced preliminary 2Q26 results post market close on July 13. Roman Reshetnev

+971(4)376-3423 |

roman.reshetnev@gs.com

GS view: We expect the results to be taken positively by the market, given a beat Goldman Sachs International

across the board, particularly the continued strong momentum in Poland and Faisal AlAzmeh, CFA

+971(4)376-3476 |

further acceleration in International GMV growth. We also view positively faisal.alazmeh@gs.com

Goldman Sachs International

management’s indication that Group and International GMV, as well as Group

and Polish Adj. EBITDA, are clearly trending ahead of their respective FY26

guidance ranges, pointing to potential upside to the current full-year outlook.

While International losses were higher than expected in 2Q, the continued

strong GMV growth and further acceleration provide additional evidence of

improving marketplace traction.

Preliminary results overview:

Group GMV was up 14.4% YoY and 3%/3% above GSe/Visible Alpha Consensus

Data, respectively. The performance was driven by stronger-than-expected growth

across both Poland and International. Polish GMV grew 12.0% YoY, versus

high-single-digit growth indicated in the initial 2Q26 current-trading comments and

GSe/consensus of 9.0%/9.3%, respectively. International GMV grew 82.4% YoY,

accelerating further, well ahead of GSe/consensus at 59.6%/55.3%. As a result,

Group GMV growth of 14.4% was materially ahead of the c.10% YoY growth

indicated in the initial 2Q26 trading update and GSe/consensus at 10.7%/10.8%.