Allegro 1Q26 Results and FY26 Outlook Upgrade

Allegro reported a strong 1Q26 with a broad-based beat on GMV and EBITDA, leading to an upgraded full-year outlook for its International operations. Goldman Sachs maintains a Buy rating with a PLN 37.0 price target.

Key Takeaways

• 1.Allegro's 1Q26 results beat consensus expectations across GMV and Adj. EBITDA in both Polish and International segments.
• 2.Management upgraded the FY26 outlook for the International segment due to strong year-to-date performance, with GMV growth expectations raised to 40-45%.
• 3.The company is successfully expanding its logistics and fintech capabilities, including growth in its locker network and Allegro Pay.

Table of Contents

• Other notes from results release
• Valuation and risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Company-specific regulatory disclosures
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• General disclosures

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