◆ Inside the Latest Quarter (Q2 2026)

Allegro (ALE) — the variant view

GMV up 14%, EBITDA up 12%, buyers up 2% — and the commission down half a point.

📈 ALE valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Allegro's second quarter of 2026 grew strongly and was the first in a long time in which its commission fell.

Q2 2026 against Q2 2025 (% change)+16,1%Revenue+14,4%GMV+11,5%Adjusted EBITDA+1,6%Active buyers-4,4%Take rateAllegro.eu half-year report, H1 2026; take rate 12,30% against 12,86%
Revenue outgrew adjusted EBITDA as the commission fell.

Gross merchandise value rose 14,4% to 19 571,8 million złoty, total revenue and other operating income 16,1% to 3 339,5 million, and adjusted EBITDA 11,5% to 1 030,1 million1. For the half, profit rose to 870,4 million złoty from 682,3 million2.

Three things are worth separating.

The take rate fell. It was 12,30% against 12,86%, and in Poland 12,59% against 13,01% after many quarters of increases, which Allegro attributes partly to discounting "to support promotional deals and consumer price perception"3. Margin fell with it: adjusted EBITDA was 5,26% of GMV against 5,40%4.

Active buyers grew a little. The group had 20,9 million, up 1,6%; Poland 15,6 million, up 3,1%; the international segment 5,3 million, down 1,8%5. Spend per buyer rose 9,8% to 3 528,2 złoty6.

International volume accelerated and its losses did not shrink. International GMV rose 82,4% to 1 057,9 million złoty, while the segment's adjusted EBITDA loss was 122,8 million, 8,2% wider than a year earlier7; its take rate fell to 7,00% from 8,07% on incentives for new sellers8.

The largest cost grew fastest. Cost of delivery rose 22,6% in the quarter to 1 060,7 million złoty9, though net of merchant co-financing and logistics revenue it fell to 2,22% of GMV in the half from 2,55%10. The One Box network passed 11 000 lockers11.

Allegro is returning the cash. Between 15 July and 15 September it bought back 17,4 million shares for 777,3 million złoty, an average of 44,63 złoty, under a first phase capped at 800 million12.

The number to carry forward is the Polish take rate: 12,59% in the quarter. Allegro chose to discount it to keep prices looking low; whether it can bring it back up is the test of the moat.

References
  1. ReportedGMV rose 14,4% to 19 571,8 million złoty, total revenue and other operating income 16,1% to 3 339,5 million, and adjusted EBITDA 11,5% to 1 030,1 million.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  2. ReportedProfit for the first half rose to 870,4 million złoty from 682,3 million.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  3. ReportedThe take rate was 12,30% against 12,86%, and in Poland 12,59% against 13,01% after many quarters of increases, partly through discounting to support promotional deals and consumer price perception.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  4. ReportedAdjusted EBITDA was 5,26% of GMV against 5,40%.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  5. ReportedActive buyers were 20,9 million, up 1,6%; Poland 15,6 million, up 3,1%; international 5,3 million, down 1,8%.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  6. ReportedSpend per buyer rose 9,8% to 3 528,2 złoty.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  7. ReportedInternational GMV rose 82,4% to 1 057,9 million złoty; the segment's adjusted EBITDA loss was 122,8 million, 8,2% wider.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  8. ReportedThe international take rate fell to 7,00% from 8,07% on incentives for new selling partners.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  9. ReportedCost of delivery rose 22,6% in the quarter to 1 060,7 million złoty.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  10. ReportedNet of merchant co-financing and logistics revenue, cost of delivery fell to 2,22% of GMV in the half from 2,55%.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  11. ReportedThe One Box network passed 11 000 lockers.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  12. ReportedBetween 15 July and 15 September 2026 Allegro repurchased 17,4 million shares for 777,3 million złoty at an average of 44,63 złoty, under a phase 1 budget of up to 800 million.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
Sources
Generated September 24, 2026