⚠ Three Years Is a Long Time to Be ReorganisingLow threat

Allegro (ALE) — threat to the moat

Four years of history that cannot be compared with itself, in exactly the period the acquisition was meant to prove itself.

Between the Mall Group closing in April 2022 and the sale of the Slovenian and Croatian platforms in February 2026, Allegro's segment reporting changed repeatedly.

What changed in the reportingQ2 2025Mall North leaves the Mall SegmentQ4 2025Mall South reclassified as discontinuedRestatedQ1-Q3 2025 and the whole of 2024Consequencethe 2024 in the 2025 report is not the 2024 first publishedFour years that cannot be compared with themselves without adjustment
A restatement is the correct treatment and it makes deterioration hard to tell from reorganisation.

Mall North left the Mall Segment for Allegro International in the second quarter of 2025; Mall South became discontinued operations in the fourth quarter, with the first three quarters of 2025 and the whole of 2024 restated1. The 2025 report shows a 2024 that was not what 2024 originally looked like.

For an investor the practical cost is that four years of the company's history cannot be compared with itself without adjustment, in exactly the period the acquisition was supposed to be proving itself. A restatement is not a deception — it is the correct treatment — and it makes deterioration and reorganisation genuinely difficult to tell apart from outside.

Allegro publishes pro-forma figures under the old segmentation in an appendix2, which is the right response.

The measure is whether the definitions now hold still. The disposals concluded in February 2026, so 2026 should be the first clean comparative year since 2021 — and the first period in which the international business can be judged rather than explained.

References
  1. ReportedMall North left the Mall Segment for Allegro International in the second quarter of 2025; Mall South became discontinued operations in the fourth quarter, with the first three quarters of 2025 and the whole of 2024 restated.
    Allegro.eu Annual Consolidated Report 2025 - consolidated financial statements and notes (total assets of 19 721,2m złoty, goodwill of 8 816,1m and other intangibles of 4 093,6m, equity, net profit of 1 517,1m and earnings per share, the 177,0m loss from discontinued operations, and the Mall Group acquisition and the disposal of the Slovenian and Croatian platforms) — FY2025 · publ. March 2026 · source ↗
  2. ReportedAllegro publishes pro-forma figures under the old segmentation in an appendix, which is the right response.
    Allegro.eu Annual Consolidated Report 2025 - management report, business and operations (69 163,1m złoty of gross merchandise value with 68 282,4m third-party, 20,4 million active buyers, the Smart! programme past 7,5 million users in Poland at a relational net promoter score of 83, Allegro Pay financing 15,4% of purchases, Allegro One Box lockers, Ceneo and the PKO Bank Polski partnership) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026