SHOPER +50% GMV! Wyniki 2025 – czy to KONIEC hossy? | Analiza SHO

SHOPER S.A. (SHO) reports RECORD-BREAKING results for 2025! Omnichannel GMV EXPLODES by +50% YOY to PLN 6.5 billion, with Q4 revenue reaching a historic PLN 59.8 million. But is the -28% take rate decline a WARNING signal? Full financial analysis! CHAPTERS: 0:00 - Omnichannel GMV +50% historical growth to PLN 6.5 billion 0:25 - Presentation outline: 5 key areas of analysis 1:01 - SHOPER business model, SaaS platform, and e-commerce ecosystem 1:52 - Record results for Q4 2025: PLN 59.8 million in revenue 2:59 - Annual results for 2025: PLN 218 million in total revenue 3:47 - Business segments: Subscriptions vs. Solutions 4:53 - GMV and take rate WARNING: take rate drops by 28% YOY! 6:01 AM - One-off costs PLN 2.4 million due diligence acquisition 6:56 AM - Margins and profitability: EBITDA PLN 22.7 million in Q4 7:55 AM - Balance sheet and assets: PLN 89 million cash, ZERO debt 8:54 AM - Cash and liabilities repaid PLN 15 million Sempire 10:03 AM - Option program PLN 2.4 million cost, ZERO payout 10:59 AM - Shareholder structure: cyberFolks 49.9%, Santander TFI 5% 11:48 AM - Growth strategy: SaaS, BNPL, Shoper App Store 12:51 PM - Seasonality of business Q4 is a sales peak 1:40 PM - Risks: take rate -28%, geographic concentration 95% PL 2:32 PM - Key findings: 6 most important findings from the report 3:48 PM - Summary and encouragement to Subscriptions KEY INFORMATION: Omnichannel GMV INCREASED by +50% YOY to PLN 6.49 billion, a growth driver for years to come! Q4 2025 revenue: RECORD PLN 59.8 million (+9% YOY) Q4 adjusted EBITDA: PLN 22.7 million (+15% YOY) margin 38% WARNING! Omnichannel take rate DECREASED from 1.27% to 0.92% (-28% YOY) Liquidity cushion: PLN 89 million (cash + deposits), ZERO loans The Solutions segment generates 4x MORE revenue than Subscriptions PLN 15 million of Sempire liabilities repaid and cash increased by PLN 10 million About SHO: Shoper S.A. is a Polish technology company listed on the Warsaw Stock Exchange (GPW), a leader in e-commerce SaaS platforms for small and medium-sized enterprises (SMEs). Its business model is based on monthly subscriptions and a comprehensive ecosystem of services: payments, advertising, logistics, and BNPL. CyberFolks S.A. generates 95% of its revenue from the Polish market, with CyberFolks S.A. (49.9%) being the main shareholder. Subscribe to the channel to stay up to date with the results of companies listed on the Warsaw Stock Exchange (GPW)! Like if this analysis was helpful! Share your opinion about SHO in the comments! DISCLAIMER: This material is for educational purposes only and does not constitute investment advice. Investing in the stock market involves the risk of capital loss. Before making an investment decision, consult a financial advisor.