Article by Yippee-Ki-Yay

Allegro: Should we bet on the Polish Amazon in 2026?

Buy signal | Free publication | 15 Feb 2026

Allegro.eu: Is Poland's E-commerce Giant Really Worth It? 🛒

Hello investors! Today, we're going to take a closer look at Allegro.eu SA, the Polish online retail giant. With its share price hovering at PLN 29.17 (Polish zlotys, for the uninitiated), is it a gem to snap up or a trap to avoid? Spoiler alert: it depends on your appetite for risk!

Who is this Allegro?

Allegro is Poland's answer to Amazon, but with better local integration. Founded in 1999, this e-commerce platform dominates the Polish market like a boss. We're talking millions of users, tons of sellers, and dream-worthy turnover. In 2024, they raked in PLN 10.8 billion in revenue (around €2.5 billion). Not bad for a country with a population of 38 million, right?

The Numbers That Pop (or Not) 📊

Let's get straight to the point with our ultra-scientific 5-point rating system.

1. Turnover: 4/5 💰

Revenue is the overall health of the company. Allegro posted PLN 10.82 billion in 2024, up slightly from PLN 10.18 billion in 2023. That's cool, but not explosive either. Since 2019 (PLN 2.59 billion), growth has been spectacular, but it is starting to slow down. Basically, they are still growing, but at a cruising speed rather than Formula 1 pace.

Verdict: Solid historical growth, but there are signs that the Polish market is reaching maturity. No cause for panic, but no cause for excitement either.

2. Net result: 3.5/5 📈

Ah, the sinews of war! In 2024, Allegro posted a net profit of PLN 1.03 billion, compared to PLN 284 million in 2023. That's what you call a comeback after the disaster of 2022 (-1.92 billion). But beware, in 2021, they were already at 1.09 billion. So we're back to where we were before, but without really breaking any records.

Verdict: Profitability is back, but volatility is scary. It's like a financial roller coaster.

3. Debt: 2.5/5 ⚠️

Ouch, that's where it hurts. Net debt has fallen from PLN 2.27 billion in 2024 to a forecast of -441 million in 2026 (negative debt = positive net cash). This is a positive trajectory, but currently, with total debt of PLN 6.36 billion and equity of PLN 10.09 billion, the debt ratio remains high.

Verdict: They are reducing their debt, which is good, but we are not yet in a completely comfortable position. To be monitored closely.

4. Return on equity (ROE): 2/5 📉

ROE measures a company's ability to generate profit with shareholders' money. With a profit of £1.03 billion on equity of £10.09 billion, we get an ROE of around 10.2%. That's... average. For a tech/e-commerce company, we'd expect more like 15-20%.

Verdict: Not disastrous, but clearly not top of the class. There are better options elsewhere.

5. Market Performance: 3/5 📊

With a share price of PLN 29.17 and a book value per share of PLN -2.91 (negative book value in 2024, odd!), the price/sales ratio is 2.83. Forecasts show projected net profit growth of up to PLN 3.08 billion in 2028, but the current consensus among analysts remains cautious.

Verdict: The market is waiting to see what happens. No euphoria, but no collapse either.

Overall Average Rating: 3/5 🏆

Allegro is decent without being exceptional. It is a solid company and a market leader, but it has a few burdens to bear: high debt, average ROE, and slowing growth. It is more of a Polish family man's stock than a rocket ship.

Predictions for the Future 🔮

According to the data, here is what we can expect:

  • 2026: Estimated net profit of PLN 2.20 billion, revenue of PLN 13.46 billion
  • 2027: Net profit of PLN 2.64 billion, revenue of PLN 14.90 billion

For the price estimate:

  • 2026: Between PLN 35-40 (based on a reasonable growth multiple)
  • 2027: Between PLN 40-45 (if all goes well)

Please note that these are only estimates! The market may hold surprises.

Strengths and Risks of the Sector ⚔️

Strengths:

  • Dominance of the Polish market
  • Continued growth of e-commerce in Eastern Europe
  • Diversification of services (payments, logistics)

Risks:

  • International competition (Amazon, AliExpress)
  • Saturation of the Polish market
  • Dependence on a single geographical market
  • Volatility of results
  • Debt still present

General Conclusion 🎯

Allegro is a bit like that reliable but not particularly exciting friend: they'll be there for you, but don't expect any memorable nights out. It's a defensive stock in the European e-commerce sector, with potential but also risks. If you're looking for Amazon-style success, look elsewhere. If you're looking for reasonable exposure to Eastern Europe with a market leader, then yes, it's worth a try.

My advice: Buy in small quantities as part of a diversified portfolio, not all-in. And always keep an eye on debt trends and competition!

That's it for today! Remember: investing involves risk, and just because some random person on the internet tells you something, it doesn't mean it's gospel truth. Do your own research! 🚀

  • Signal : Buy
  • Budget/Investment : Medium
  • Reinforcement required : No
  • Exposure : Medium
  • Horizon : 2 to 3 years
  • Potential profitability : +37% to +54%
  • Ref. ISIN code : LU2237380790