Poland's biggest e-commerce platform Allegro said on Thursday it expected its core earnings to grow 30-32% in its key Polish market in the third quarter, after its second quarter results beat market expectations.
Allegro's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from Polish operations rose 22% on the year to 673 million zlotys ($152.4 million) in the second quarter, clearly above the 638 million zlotys expected by analysts polled by the company.
"The impact of last year's monetization initiatives on take rate alongside strong advertising performance, fuelled revenue rise in Poland," Allegro's finance chief Jon Eastick said in a statement.
Allegro has so far managed to defend its dominant market position in its home market from competitors such as Amazon, which launched its service in Poland in 2021.
On group level, Allegro's adjusted core profit came in at 580.4 million zlotys, above the 521 million expected by analysts.
Gross merchandise value (GMV), an industry metric used to measure transaction volumes, jumped 10% on the year to 14.23 billion zlotys.
Revenue for the period came in at 2.40 billion zlotys, slightly below analysts' 2.44 billion zloty estimate.
In the third quarter, Allegro expects its GMV to grow by 10-11% year-on-year in Poland, with revenue seen rising by 19-21%. On the group level, it expects GMV to grow by 8-9% on the year, with revenue rising by 3-5%. ($1 = 4.4156 zlotys) (Reporting by Adrianna Ebert; Editing by Milla Nissi)