H1 2026 report
Dominująca pozycja na polskim rynku e-commerce z przyspieszającym wzrostem GMV (13,7% r/r w H1, 17-18% r/r w pierwszych tygodniach Q3), rosnącym szybciej niż rynek detaliczny (3,5% w tym samym okresie).
Sentiment
●●●●●●
ALE
H1 2026 report
Revenue
6.18 bn PLN
— YoY
Net income
870.4 m PLN
— YoY
EBITDA
1.89 bn PLN
— YoY
Net debt / EBITDA
0.72x
— YoY
Summary
Investment thesis
- Rentowność Polskich Operacji powyżej własnego celu średnioterminowego (marża Adjusted EBITDA/GMV 6,20% wobec celu 5,7-6,0%), napędzana reklamą, fintechem i migracją do własnej sieci logistycznej.
- Segment Allegro International (Czechy, Słowacja, Węgry) rośnie skokowo (GMV +64,8% r/r) przy systematycznie zawężanej stracie EBITDA, z perspektywą osiągnięcia progu rentowności w kolejnych latach.
- Bilans oczyszczony z nierentownego segmentu Mall South (dezinwestycja zakończona luty 2026) i zdrowa dźwignia finansowa (0,72x Net Debt/Adjusted EBITDA LTM) w ramach własnej polityki alokacji kapitału.
- Pierwszy w historii spółki program skupu akcji własnych (800 mln PLN, I transza) sygnalizuje przekonanie zarządu o niedowartościowaniu i przejście do zwrotu kapitału do akcjonariuszy.
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Financials
BETA
ALE · H1 2026
| Metric | H1 2026 | H1 2025 | Δ YoY | YTD 2026 | Δ YoY | Value type | Segment | Conf. |
|---|---|---|---|---|---|---|---|---|
|
Revenue
Polish Operations
|
5,873.7 | — | — | 5,873.7 | — | reported | Polish Operations | 1.00 |
| Revenue | 6,175.8 | — | — | 6,175.8 | — | reported | — | 1.00 |
|
Revenue
Allegro International Segment
|
309.2 | — | — | 309.2 | — | reported | Allegro International Segment | 1.00 |
| EBITDA | 1,887.7 | — | — | 1,887.7 | — | reported | — | 1.00 |
|
EBITDA
Polish Operations
|
2,101.9 | — | — | 2,101.9 | — | reported | Polish Operations | 1.00 |
|
EBITDA
Allegro International Segment
|
-214.1 | — | — | -214.1 | — | reported | Allegro International Segment | 1.00 |
| EBIT | 1,348.1 | — | — | 1,348.1 | — | reported | — | 1.00 |
| EBT | 1,224.9 | — | — | 1,224.9 | — | reported | — | 1.00 |
| Net income | 870.4 | — | — | 870.4 | — | reported | — | 1.00 |
| EPS (basic) (PLN) | 0.86 | — | — | 0.86 | — | reported | — | 1.00 |
| EPS (diluted) (PLN) | 0.85 | — | — | 0.85 | — | reported | — | 1.00 |
| D&A | 539.6 | — | — | 539.6 | — | reported | — | 0.90 |
| Interest expense | 163 | — | — | 163 | — | reported | — | 1.00 |
| Income tax | 250.4 | — | — | 250.4 | — | reported | — | 1.00 |
| EBITDA margin | 30.57% | — | — | 30.57% | — | reported | — | 1.00 |
| EBIT margin | 21.83% | — | — | 21.83% | — | reported | — | 1.00 |
| EBT margin | 19.83% | — | — | 19.83% | — | reported | — | 1.00 |
| Net margin | 14.1% | — | — | 14.1% | — | reported | — | 1.00 |
| Cash | 3,044.8 | — | — | — | — | reported | — | 1.00 |
| Total debt | 5,759.1 | — | — | — | — | derived | — | 1.00 |
| Net debt | 2,714.3 | — | — | — | — | reported | — | 1.00 |
| Equity | 11,110.5 | — | — | — | — | reported | — | 1.00 |
| Total assets | 20,527.9 | — | — | — | — | reported | — | 1.00 |
| Working capital | 2,593.2 | — | — | — | — | reported | — | 1.00 |
| Current assets | 5,939.1 | — | — | — | — | reported | — | 1.00 |
| Current liabilities | 3,345.9 | — | — | — | — | reported | — | 1.00 |
| Non-current liabilities | 6,071.4 | — | — | — | — | reported | — | 1.00 |
| Inventory | 139 | — | — | — | — | reported | — | 1.00 |
| Trade receivables | 297.2 | — | — | — | — | reported | — | 0.90 |
| Goodwill | 8,816.1 | — | — | — | — | reported | — | 1.00 |
| CFO | 1,284.4 | — | — | 1,284.4 | — | reported | — | 1.00 |
| CapEx | 531.1 | — | — | 531.1 | — | reported | — | 1.00 |
| FCF | 753.3 | — | — | 753.3 | — | reported | — | 0.95 |
| FCF conversion | 39.91% | — | — | 39.91% | — | reported | — | 0.90 |
| CFO conversion | 68.06% | — | — | 68.06% | — | reported | — | 0.95 |
| ROE | 16.05% | — | — | — | — | reported | — | 0.60 |
| Current ratio | 1.78x | — | — | — | — | reported | — | 1.00 |
| Quick ratio | 1.73x | — | — | — | — | reported | — | 1.00 |
| Cash ratio | 0.91x | — | — | — | — | reported | — | 1.00 |
| Net debt / EBITDA | 0.72x | — | — | — | — | reported | — | 1.00 |
| Debt / equity | 0.52x | — | — | — | — | reported | — | 1.00 |
| Debt / assets | 0.28x | — | — | — | — | reported | — | 1.00 |
| Net debt / equity | 0.24x | — | — | — | — | reported | — | 1.00 |
| Revenue growth (YoY) | 15.86% | — | — | — | — | reported | — | 1.00 |
| EBITDA growth (YoY) | 20.65% | — | — | — | — | reported | — | 1.00 |
| EBIT growth (YoY) | 21.27% | — | — | — | — | reported | — | 1.00 |
| Net income growth (YoY) | 27.57% | — | — | — | — | reported | — | 1.00 |
| EPS growth (YoY) | 32.31% | — | — | — | — | reported | — | 1.00 |
| EBITDA margin Δ (YoY) | 1.21 pp | — | — | — | — | reported | — | 1.00 |
| Net margin Δ (YoY) | 1.3 pp | — | — | — | — | reported | — | 1.00 |
H1 2026 · Δ YoY
Revenue
Polish Operations
5,873.7
—
Polish Operations
5,873.7
—
- H1 2025
- —
- YTD 2026
- 5,873.7
- Δ YoY
- —
Revenue
6,175.8
—
6,175.8
—
- H1 2025
- —
- YTD 2026
- 6,175.8
- Δ YoY
- —
Revenue
Allegro International Segment
309.2
—
Allegro International Segment
309.2
—
- H1 2025
- —
- YTD 2026
- 309.2
- Δ YoY
- —
EBITDA
1,887.7
—
1,887.7
—
- H1 2025
- —
- YTD 2026
- 1,887.7
- Δ YoY
- —
EBITDA
Polish Operations
2,101.9
—
Polish Operations
2,101.9
—
- H1 2025
- —
- YTD 2026
- 2,101.9
- Δ YoY
- —
EBITDA
Allegro International Segment
-214.1
—
Allegro International Segment
-214.1
—
- H1 2025
- —
- YTD 2026
- -214.1
- Δ YoY
- —
EBIT
1,348.1
—
1,348.1
—
- H1 2025
- —
- YTD 2026
- 1,348.1
- Δ YoY
- —
EBT
1,224.9
—
1,224.9
—
- H1 2025
- —
- YTD 2026
- 1,224.9
- Δ YoY
- —
Net income
870.4
—
870.4
—
- H1 2025
- —
- YTD 2026
- 870.4
- Δ YoY
- —
EPS (basic)
(PLN)
0.86
—
0.86
—
- H1 2025
- —
- YTD 2026
- 0.86
- Δ YoY
- —
EPS (diluted)
(PLN)
0.85
—
0.85
—
- H1 2025
- —
- YTD 2026
- 0.85
- Δ YoY
- —
D&A
539.6
—
539.6
—
- H1 2025
- —
- YTD 2026
- 539.6
- Δ YoY
- —
Interest expense
163
—
163
—
- H1 2025
- —
- YTD 2026
- 163
- Δ YoY
- —
Income tax
250.4
—
250.4
—
- H1 2025
- —
- YTD 2026
- 250.4
- Δ YoY
- —
EBITDA margin
30.57%
—
30.57%
—
- H1 2025
- —
- YTD 2026
- 30.57%
- Δ YoY
- —
EBIT margin
21.83%
—
21.83%
—
- H1 2025
- —
- YTD 2026
- 21.83%
- Δ YoY
- —
EBT margin
19.83%
—
19.83%
—
- H1 2025
- —
- YTD 2026
- 19.83%
- Δ YoY
- —
Net margin
14.1%
—
14.1%
—
- H1 2025
- —
- YTD 2026
- 14.1%
- Δ YoY
- —
Cash
3,044.8
—
3,044.8
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total debt
5,759.1
—
5,759.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt
2,714.3
—
2,714.3
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Equity
11,110.5
—
11,110.5
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Total assets
20,527.9
—
20,527.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Working capital
2,593.2
—
2,593.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current assets
5,939.1
—
5,939.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current liabilities
3,345.9
—
3,345.9
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Non-current liabilities
6,071.4
—
6,071.4
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Inventory
139
—
139
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Trade receivables
297.2
—
297.2
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Goodwill
8,816.1
—
8,816.1
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
CFO
1,284.4
—
1,284.4
—
- H1 2025
- —
- YTD 2026
- 1,284.4
- Δ YoY
- —
CapEx
531.1
—
531.1
—
- H1 2025
- —
- YTD 2026
- 531.1
- Δ YoY
- —
FCF
753.3
—
753.3
—
- H1 2025
- —
- YTD 2026
- 753.3
- Δ YoY
- —
FCF conversion
39.91%
—
39.91%
—
- H1 2025
- —
- YTD 2026
- 39.91%
- Δ YoY
- —
CFO conversion
68.06%
—
68.06%
—
- H1 2025
- —
- YTD 2026
- 68.06%
- Δ YoY
- —
ROE
16.05%
—
16.05%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Current ratio
1.78x
—
1.78x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Quick ratio
1.73x
—
1.73x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Cash ratio
0.91x
—
0.91x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / EBITDA
0.72x
—
0.72x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / equity
0.52x
—
0.52x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Debt / assets
0.28x
—
0.28x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net debt / equity
0.24x
—
0.24x
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Revenue growth (YoY)
15.86%
—
15.86%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA growth (YoY)
20.65%
—
20.65%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBIT growth (YoY)
21.27%
—
21.27%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net income growth (YoY)
27.57%
—
27.57%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EPS growth (YoY)
32.31%
—
32.31%
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
EBITDA margin Δ (YoY)
1.21 pp
—
1.21 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —
Net margin Δ (YoY)
1.3 pp
—
1.3 pp
—
- H1 2025
- —
- YTD 2026
- —
- Δ YoY
- —