Shoper (SHO) Q1 2025 earnings summary

Executive summary

• Achieved 17% year-over-year revenue growth to PLN 51.7m for the Group, with Shoper S.A. up 14% to PLN 46.4m, driven by Subscriptions and Solutions segments.

• Adjusted EBITDA rose 24% year-over-year to PLN 18.5m, with margin up to 35.8%; Group net profit up 27% to PLN 9.8m, and adjusted net profit at PLN 11.0m.

• Gross profit adjusted increased 25% year-over-year to PLN 13.7m, with margin at 26.4%.

• Record GMV of PLN 4.1bn, up 33% year-over-year; Stores GMV up 11% to PLN 2.73bn; MRR rose 14% to PLN 3.7m.

• Cyber_Folks S.A. acquired 49.9% of Shoper S.A. shares in February 2025, resulting in significant changes to the Management and Supervisory Boards.

Financial highlights

• Group revenue: PLN 51.7m (+17% y/y); operating profit: PLN 12.5m (+26% y/y); net profit: PLN 9.8m (+27% y/y); adjusted EBITDA: PLN 18.5m (+24% y/y); margin 35.8%.

• Adjusted gross profit: PLN 13.7m (+25% y/y); margin 26.4%.

• Shoper S.A. revenue: PLN 46.4m (+14% y/y); net profit: PLN 8.7m (+20% y/y); adjusted EBITDA: PLN 15.9m (+19% y/y).

• Net cash from operating activities: PLN 17.1m (+9% y/y); cash and cash equivalents at period end: PLN 49.6m.

• Total assets for the Group: PLN 168.7m (+10% vs. Dec 2024); equity: PLN 85.0m (+15%).

Outlook and guidance

• Optimistic outlook for 2025, with focus on building the Shoper ecosystem, new product strategy, and leveraging synergies with cyber_Folks.

• Management highlights strong growth prospects for SaaS e-commerce solutions, supported by rising GMV and MRR.

• Expected interest rate cuts may improve consumer sentiment.

• No formal earnings guidance published for 2025.