Shoper (SHO) Q3 2025 earnings summary

Executive summary

• Achieved faster growth than competitors, with record turnover and high profitability maintained year-over-year.

• Revenue for the nine months ended 30 September 2025 increased by 15% year-over-year to PLN 158.3 million, with adjusted EBITDA up 24% to PLN 57.4 million and net profit up 25% to PLN 29.5 million.

• Store GMV rose 10% to PLN 8.5 billion, while Omnichannel GMV surged 43% to PLN 14.5 billion, reflecting strong e-commerce market growth.

• The Group completed the acquisition of the remaining shares in Apilo and Sempire, consolidating full control and supporting strategic expansion.

• Continued implementation of AI solutions and a new product strategy, supporting an optimistic outlook for 2025.

Financial highlights

• Q3 2025 revenue rose 12% year-over-year to PLN 52.9m; adjusted EBITDA up 25% to PLN 19.4m.

• 9M 2025 revenue increased 15% year-over-year to PLN 158.3m; adjusted EBITDA up 24% to PLN 57.4m.

• Adjusted net profit for Q3 2025 was PLN 11.3m (+26% y/y); for 9M 2025, PLN 33.6m (+24% y/y).

• Omnichannel GMV reached PLN 5.5bn in Q3 2025 (+55% y/y) and PLN 14.5bn for 9M 2025 (+42% y/y).

• Operating profit margin improved to 24% from 22% year-over-year; net margin increased to 19% from 17%.

Outlook and guidance

• Optimistic outlook for 2025, driven by AI implementation and new product strategies.

• Management expects continued growth driven by SaaS e-commerce adoption and the new Selium sales model, with Q4 typically stronger due to seasonality.

• The Group’s performance will be influenced by the integration of Apilo and Sempire, and the closure of the incentive scheme.