Allegro (ALE) · Q2 2026 results and valuation

At 8.4% growth a year (3-year revenue growth), the model's fair value is 44.91 zł a share — the stock trades 36% above it. Today's price assumes 12.3% growth a year.

1. Figure

   Total revenue and other operating income rose to 6,291.2 from 5,408.7, representing a 16.3% increase for the quarter.

   Source quote

   “Total revenue and other operating income 6,291.2 5,408.7 16.3%.”

2. Figure

   Costs increased due to a 4.8% increase in employment compared to June 2025 and the impact of salary and related cost increases to fuel growth engines.

   Source quote

   “The growth resulted predominantly from a 4.8% increase in employment as compared to the end of June 2025, mainly in technology, fintech, logistics and customer services to fuel the Group’s growth engines, coupled with the impact of salary and related cost increases.”

3. Figure

   Allegro Pay loan originations grew 35.8% year-over-year to PLN 8.4 billion in H1 2026, including PLN 4.5 billion during Q2 2026.

   Source quote

   “During H1 2026, the value of loans originated by Allegro Pay surged YoY by 35.8% to PLN 8.4 billion, of which PLN 4.5 billion originated during Q2 2026.”

Very upbeat for a company report — about as upbeat as in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“ation and amortisation and impairment losses of non-current non-financial assets and decreased by reversal of such impairment losses; “Adjusted EBITDA” means EBITDA further adjusted to exclude resolution of legal proceedings...”

“82.4% YoY in Q2, up 36.1 pp sequentially, as the new international marketplaces enjoyed strong customer growth, increasing shopping frequency and growing basket sizes as consumers across the CE-3 warmed...”

“The growth resulted predominantly from a 4.8% increase in employment as compared to the end of June 2025, mainly in technology, fintech, logistics and customer services to fuel the Group’s...”