CONSOLIDATED FINANCIAL STATEMENTS OF

ALLEGRO.EU S.A. GROUP

For the year ended 31 December 2021

Contents

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

The above Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONT.)

The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

CONSOLIDATEDSTATEMENT OF CHANGES IN EQUITY

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

CONSOLIDATED STATEMENT OF CASH FLOWS

The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1. GENERAL INFORMATION

Allegro.eu S.A. Group (‘Group’) consists of Allegro.eu Société anonyme (‘Allegro.eu’ or ‘Parent’), and its subsidiaries. Allegro.eu and the other members of the Group were established for an unspecified period.

The Parent was established as a limited liability company (société à responsabilité limitée) in Luxembourg on 5 May 2017. The Parent was transformed into a joint-stock company (société anonyme) on 27 August 2020. The name was changed from Adinan Super Topco S.à r.l. to Allegro.eu on 27 August 2020.

The Group is registered in Luxembourg, and its registered office is located at 1, rue Hildegard von Bingen, Luxembourg. The Parent’s shares have been listed on the Warsaw Stock Exchange (‘WSE’) since 12 October 2020.

The Group operates in Poland mostly through Allegro.pl sp. z o.o. (‘Allegro.pl’), Allegro Pay sp. z o.o. (‘Allegro Pay’), Ceneo.pl sp. z o.o. (‘Ceneo.pl’), eBilet Polska sp. z o.o. (‘eBilet’), and Opennet.pl sp. z o.o. (‘Opennet.pl’). The Group’s core activities comprise: online marketplace;advertising; online price comparison services;retail sale via mail order houses or via the Internet; online tickets distribution;web portal operations; consumer lending to marketplace buyers;software and solutions for delivery logistics;provider of intra-city SameDay and inter-city NextDay delivery services;data processing, hosting and related activities; other information technology and computer service activities; computer facilities management activities;software-related activities; computer consultancy activities.

These Consolidated Financial Statements were prepared for the year ended 31 December 2021 with comparative amounts for the year ended 31 December 2020.

2. BASIS OF PREPARATION

The Consolidated Financial Statements of Allegro.eu S.A. Group for the year ended 31 December 2021 were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, binding as at 31 December 2021 (together ‘the Consolidated Financial Statements’).

These Consolidated Financial Statements were prepared on the historical cost basis except for certain financial assets and liabilities (including derivative instruments) measured at fair value.

The Consolidated Financial Statements were prepared on the assumption that the Group would continue as a going concern for at least 12 months subsequent to the date of the authorization of these Consolidated Financial Statements. In making this going concern assumption Management took into consideration the impact of the COVID-19 crisis on the Group’s business. The operations have continued with minimal disruption since most staff continue home working mode since 12 March 2020. The Group has noted increased sales on its e-commerce marketplace whenever the Polish government has restricted offline retail activity as part of its lock-down measures to reduce the spread of COVID-19. Furthermore, the demand for the Group’s marketplace services has remained above the historical trend in periods when these lock-down measures have been removed.

The summary of the main accounting policies applied in the preparation of these Consolidated Financial Statements is presented in the note 3. These accounting policies were applied by the Group consistently in all periods presented, unless indicated otherwise.

There were no changes in accounting policies in the period covered by the Consolidated Financial Statements of Allegro.eu S.A. ended 31 December 2021.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of preparation

Measurement of items denominated in foreign currencies

Foreign currency transactions are translated into the functional currency using the National Bank of Poland’s (“NBP”) exchange rates prevailing at the dates of the transactions or on valuation dates (when items are re-measured). Foreign exchange gains and losses arising from settlement of those transactions and from translation at the exchange rate prevailing as at the reporting period end date are recognised on a net basis in the profit or loss. Measurement as at the balance sheet date, used the NBP exchange rate prevailing as at the reporting period end date. The Group does not carry out many foreign currency transactions, however the most common currencies used by the Group are listed below:

Average exchange rates are presented in the table below:

The presentation and functional currency

The presentation currency of the Consolidated Financial Statements is the Polish zloty (‘PLN’).

The results and financial position of Group companies that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

•assets and liabilities for each statement of financial position presented (ie including comparatives) shall be translated at the closing rate at the date of that statement of financial position;

•income and expenses for each statement presenting profit or loss and other comprehensive income (ie including comparatives) shall be translated at exchange rates at the dates of the transactions; and

•all resulting exchange differences shall be recognised in other comprehensive income.

In 2020 the Parent changed the functional currency from EUR to PLN. The decision was supported by the resolution of the extraordinary shareholders meeting concluded on 29 September 2020. The Group operates mainly in Poland and Polish złoty is the currency in which the Group usually generates and spends cash. Furthermore, on 12 October 2020 the Group debuted on the Warsaw Stock Exchange in Poland.

Starting from 30 September 2021 Adinan Super Topco Employee Benefit Trust (“EBT”) whose functional currency was the British Pound (‘GBP’) has been included in the Group’s consolidated financial

statements (see note 28.4), therefore its financial statements required translating into the Group presentation currency.

As at 31 December 2021 the functional currency for all the Group’s entities (except for EBT) and the presentation currency of these Consolidated Financial Statements is PLN.

Consolidation

The Consolidated Financial Statements were prepared on the basis of the financial statements of the Parent, Allegro.eu, and the financial information of entities controlled by the Parent, prepared as at and for the period ended 31 December 2021. Allegro.eu Société anonyme is the topmost entity within the corporate hierarchy, responsible for preparation of Consolidated Financial Statements.

Except for the note with relation to share and per share amounts and unless otherwise stated, these Consolidated Financial Statements have been prepared in PLN thousand, and all amounts are stated in PLN thousand. All material balances and transactions between related entities, including material unrealised profits resulting from such transactions, have been fully eliminated.

Subsidiaries are consolidated under the acquisition accounting method from the moment that the Group has assumed control over them, and will cease to be consolidated when the Group loses control. According to IFRS 10 “Consolidated Financial Statements”, the Group controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

The Group accounts for business combinations under the acquisition method. The consideration for the acquired subsidiary constitutes the fair value of the assets transferred, liabilities incurred in respect of former owners of the target company and equity instruments issued by the Group. The consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets, liabilities and contingent liabilities acquired as a result of a business combination are initially measured at fair value as at the acquisition date.

The Group recognises non-controlling interests either at fair value or at the proportional share of identifiable net assets in the fair value; the method of recognition is selected for each business combination individually.

The excess of the sum of the consideration, value of all non-controlling interests in the acquired entity, and fair value of shares previously held in the acquired entity as at the acquisition date over the fair value of identifiable net assets acquired is recognised as goodwill. If the sum of the consideration, non-controlling interests recognised and interest previously held is lower than the fair value of net assets of the subsidiary acquired as a result of a bargain purchase, the difference is recognised directly in the profit or loss.

Transaction costs from acquisitions are recognized in profit or loss when incurred.

3.2 Changes in accounting policies

3.2.1 New and amended standards and interpretations adopted by the Group

In these Consolidated Financial Statements amendments to the following standards were applied:

Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – issued on 27 August 2020 and effective for annual periods beginning on or after 1 January 2021. The Phase 2 amendments address issues that arise from the implementation of the reforms, including the replacement of one benchmark with an alternative one.

The amendments do not have a significant impact on these Consolidated Financial Statements. The Group borrowings, consumer loans and the variable to fixed interest rate SWAP Contracts are based on the WIBOR reference rate. IBOR Reform has no impact on those financial assets and financials liabilities as the WIBOR is considered to be compliant with the amendments to the standards.

Amendments to IFRS 4 – issued on 25 June 2020 and effective for annual periods beginning 1 January 2021. The amendment extends the temporary exemption of applying IFRS 9 Financial Instruments until 1 January 2023, when IFRS 17 Insurance Contracts becomes effective.

The amendments do not have a significant impact on these Consolidated Financial Statements.

Amendments to IFRS 16 – issues on 31 August 2021 and effective for annual periods beginning 1 April 2021. The amendment provides the annual extension of the May 2020 amendment that grants lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification.

The amendments do not have a significant impact on these Consolidated Financial Statements.

3.2.2 Standards and interpretations published but not yet applicable, which have not been early applied by the Group

IFRS 17 "Insurance Contracts" - issued on 18 May 2017 and effective for annual periods beginning on or after 1 January 2021, not yet endorsed by EU. IFRS 17 replaces IFRS 4, which has given companies dispensation to carry on accounting for insurance contracts using existing practices.

The Group has assessed that the amendment does not have impact on its Consolidated Financial Statements.

Amendments to IAS 1 “Presentation of Financial Statements” – issued on 23 January 2020 and effective for annual periods beginning on or after 1 January 2023. These narrow scope amendments clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period.

As at the date of preparing these Consolidated Financial Statements, the change has not yet been approved by the European Union. The Group is in the process of assessing the impact of the amendments on its Consolidated Financial Statements.

Amendments to IFRS 3 “Business Combination” – issued on 14 May 2020 and effective for annual periods beginning on or after 1 January 2022, IFRS 3 was amended to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination.

The Group has assessed that the amendment does not have impact on its Consolidated Financial Statements.

Amendment to IAS 16 “Property, Plant and Equipment” – issued on 14 May 2020 and effective for annual periods beginning on or after 1 January 2022 prohibits an entity from deducting from the cost of an item of PPE any proceeds received from selling items produced while the entity is preparing the asset for its intended use.

The Group has assessed that the amendment does not have impact on its Consolidated Financial Statements.

Amendments to IAS 37 “Provisions Contingent Liabilities and Contingent Assets” – issued on 14 May 2020 and effective for annual periods beginning on or after 1 January 2022clarifies the meaning of ‘costs to fulfil a contract’. The amendment explains that the direct cost of fulfilling a contract comprises the incremental costs of fulfilling that contract; and an allocation of other costs that relate directly to fulfilling.

The Group has assessed that the amendment does not have impact on its Consolidated Financial Statements.

Amendments to IAS 1 “Presentation of Financial Statements” and IFRS Practice Statement 2: Disclosure of Accounting policies – issued on 12 February 2021 and effective for annual periods beginning on or after 1 January 2023. IAS 1 was amended to require companies to disclose their material accounting policy information rather than their significant accounting policies.

As at the date of preparing these Consolidated Financial Statements, the change has not yet been approved by the European Union. The Group is currently assessing the impact of the amendments on its Consolidated Financial Statements.

Amendments to IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”, Definition of Accounting Estimates – issued on 12 February 2021 and effective for annual periods beginning on or after 1 January 2023. The amendment to IAS 8 clarified how companies should distinguish changes in accounting policies from changes in accounting estimates.

As at the date of preparing these Consolidated Financial Statements, the change has not yet been approved by the European Union. The Group is currently assessing the impact of the amendments on its Consolidated Financial Statements.

Amendments to IAS 12 “Income Taxes”Deferred tax related to assets and liabilities arising from a single transaction – issued on 7 May 2021 and effective for annual periods beginning on or after 1 January 2023. The amendments to IAS 12 specify how to account for deferred tax on transactions such as leases and decommissioning obligations.

As at the date of preparing these Consolidated Financial Statements, the change has not yet been approved by the European Union. The Group is currently assessing the impact of the amendments on its Consolidated Financial Statements.

Amendments to IFRS 17 “Insurance Contracts” – issued on 25 June 2020 and effective for annual periods beginning on or after 1 January 2023. The amendments include a number of clarifications intended to ease implementation of IFRS 17, simplify some requirements of the standard and transition. The amendments relate to eight areas of IFRS 17, and they are not intended to change the fundamental principles of the standard.

As at the date of preparing these Consolidated Financial Statements, the change has not yet been approved by the European Union. The Group is currently assessing the impact of the amendments on its Consolidated Financial Statements.

IFRS 14 “Regulatory Deferral Accounts” – issued on 30 January 2014 and effective for annual periods beginning on or after 1 January 2016. IFRS 14 permits first-time adopters to continue to recognise amounts related to rate regulation in accordance with their previous GAAP requirements when they adopt IFRS. However, to enhance comparability with entities that already apply IFRS and do not recognise such amounts, the standard requires that the effect of rate regulation must be presented separately from other items. An entity that already presents IFRS financial statements is not eligible to apply the standard.

The European Commission has decided not to launch the endorsement process of this interim standard and to wait for the final standard. The standard will not have any impact on the Group’s Consolidated Financial Statements as it is not relevant for the Group’s operation.

Amendments to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures” – issued on 11 September 2014 and effective for annual periods beginning on or after a date to be determined by the IASB. These amendments address an inconsistency between the requirements in IFRS 10 and those in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognised when a transaction involves a business. A partial gain or loss is recognised when a transaction involves assets that do not constitute a business, even if these assets are held by a subsidiary.

As at the date of preparation of these Consolidated Financial Statements, the approval of this amendment is deferred by the European Union.

The Group is in the process of assessing the impact of the amendments on its Consolidated Financial Statements but so far the Group has not entered into the type of the transactions covered by this amendment. The effective date is deferred indefinitely until the research project on the equity method will be concluded.

4. COMPOSITION OF THE BOARD OF DIRECTORS

On 1 September 2020 the shareholders meeting of the Parent appointed each of the following persons as Board of Directors: Francois Nuyts, Jonathan Eastick, David Barker, Paweł Padusiński, Richard Sanders, Carla Smits-Nusteling and Nancy Cruickshank, with immediate effect.

As of 12October 2020, the following persons resigned from the Group Board of Directors: Danielle Arendt-Michels, Gautier Laurent, Severine Michel, Cedric Pedoni and Gilles Willy Duroy. Darren Huston was a member of the Board of Directors throughout 2020.

As at 31 December 2020, during 2021 and as at 31 December 2021 the Board of Directors comprised:

•Darren Huston (Chairman of the Board)

•Francois Nuyts (Group Chief Executive Officer)

•Jonathan Eastick (Group Chief Financial Officer)

•David Barker

•Nancy Cruickshank

•Paweł Padusiński

• Richard Sanders

•Carla Smits-Nusteling

The composition of the Board of Directors remained unchanged until the date of these consolidated financial statements.

5. BUSINESS COMBINATIONS

In the year ended 31 December 2021 and in the comparative period ended 31 December 2020, the Group entered into business combinations as described below:

Acquisition of X-press Couriers sp. z o.o. (‘XPC’) and SkyNet Customs Brokers sp. z o.o. (‘SCB’)

On 8 October 2021 Allegro.pl sp. z o.o. purchased 100% of shares in X-press Couriers sp. z o.o. and 100% of shares in SkyNet Customs Brokers Sp. z o.o. for cash consideration of PLN 26,865 and PLN 1,925respectively.

The payment for XPC was divided into two tranches – PLN 25,865 was settled at the date of the transaction, with the remaining PLN 1,000 payable in October 2022. The payment for SCB was settled in full at the date of the transaction. Both transactions were financed from the Group’s own funds.

X-press Couriers is a leading provider of intra-city SameDay and inter-city NextDay delivery services. XPC concentrates on rapidly expanding SameDay delivery and international segments with e-commerce shipments. SCB is a customs agency that provides services to XPC and other clients.

On the acquisition of XPC, the Group recognized PLN 29,253 of goodwill and PLN 530 of intangible assets. The excess of the consideration paid over the fair value of the net identifiable assets of SCB of PLN 1,067 was fully allocated to goodwill.

Goodwill on both acquisitions is attributable to scale effects expected as a result of the combination of the Group’s operations with those of the acquired entities.

The underlying idea of the transaction was to acquire the existing network of couriers to complement the further roll-out of the Groups logistics operations, including the fulfillment center initiative and expanding network of Automated Parcel Lockers. In Accordance with IFRS 3 the assembled workforce fails to meet the identifiability criteria, hence any value attributed to it is subsumed into goodwill.

The revenue and net loss of XPC and SCB since the acquisition date included in the consolidated statement of comprehensive income for the 2021 financial year amounted to PLN 8,856 and PLN 388 respectively. The revenue and net profit of the Group for the 2021 financial year would have been PLN 5,372,431 and PLN 1,085,135, respectively if the acquisition of XPC and SCB had been as of the beginning of the financial year.

Costs related to the purchase transaction in the amount of PLN 819, were recognized in the consolidated statement of profit or loss and other comprehensive income as transaction costs.

Acquisition of Allegro Pay sp. z o. o. (previously: FinAi S.A.).

On 27 January 2020 Allegro.pl sp. z o.o. acquired 100% of shares in FinAi S.A. (currently: Allegro Pay Sp. z o.o.). The price amounted to PLN 7,000 for 100% of the company’s shares and the cash payment wasdivided into two tranches – PLN 2,000 was settled in 2019 and the remaining PLN 5,000 in January 2020. Together with the legal entity, the Group acquired the following assets: cash balance in the amount of PLN 798, intangible assets of PLN 6,481 trade and other receivables amounted to PLN 804, property plant and equipment amounted to PLN 23 and deferred tax asset amounted to PLN 31 as well as trade liabilities in the amount of PLN 740 and liabilities to employees of PLN 397. The company was a financial intermediary start-up which ceased to trade in September 2019. Together with FinAi, Allegro.pl acquired existing software applicable to credit analysis of the Allegro platform Buyers and performance of AML (Anti Money Laundering), KYC (Know Your Client) checks and a team of FinTech experts.

In order to conclude on the type of the transaction, the Group preformed concentration test as permitted in IFRS 3 para B7A. The concentration test was met and the set of acquired activities and assets was determined not to be a business combination but the purchase of assets. As Allegro.pl acquired means

of production as opposed to a functioning business, the transaction is treated as a purchase of assets and the purchase consideration is allocated to net assets acquired (i.e. financial assets/liabilities are recognized at their fair value and the residual amount is allocated pro-rata to acquired non-financial assets). No goodwill or gain on a bargain purchase were recognized. Asset acquisition was recorded at cost which is allocated over the group of assets based on relative fair value.

On 27 May 2020 the Group entity Adinan Midco purchased 100% shares in FinAi S.A. from its subsidiary Allegro.pl.

The acquired company was renamed as Allegro Pay on 31 July 2020, to reflect the brand of the consumer finance product launched by the company in cooperation with the Allegro marketplace.

Acquisition of the remaining 20% of shares in eBilet Polska sp. z o.o.

On 25 September 2020 Allegro.pl purchased 33,880 shares in eBilet composing the remaining 20% of shares for cash consideration of PLN 40,000 and as at 31 December 2021, Allegro.pl owns 100% of eBilet’s shares. The transaction was financed from the Group’s own funds and as at 31 December 2021 there were no outstanding balances.

eBilet is one of the largest Polish online ticket distributors. Its activity includes sales of tickets for cultural, sport and other entertainment events, mostly through its online channel. The purchase opens a new market for the Allegro.eu Group, previously not available on Allegro and Ceneo platforms.

Costs related to the purchase transaction in the amount of PLN 430, were recognized in the consolidated statement of comprehensive income as Transaction Costs for the year ended 31 December 2020.

Acquisition of Opennet sp. z o.o.

On 27 October 2020 Allegro Logistyka sp. z o.o. (‘Allegro Logistyka’) purchased 100% of shares in Opennet sp. z o.o. for a cash consideration of PLN 12,286. The payment was divided into two tranches – PLN 8,393 was settled at the date of the transaction and the remaining PLN 3,894 is payable in December 2022. The transaction was financed from the Group’s own funds. Opennet is a leading provider of technology solutions for the logistics industry in Poland and beyond, including a range of copyrights for software for automated parcel machines, last mile courier and pick-up points solutions, and for fulfillment. Opennet provides professional software development and maintenance services to a range of leading logistic and postal carriers. Together with Opennet, Allegro Logistyka acquired a team of qualified developers. The acquisition opens new opportunities for the Group in terms of logistics innovations. The transaction was accounted for as a business combination applying the acquisition method.

Based on the Group’s purchase price allocation, goodwill recognized on the acquisition of PLN 7,907, is attributable mostly to synergies from cooperation with the Group. The synergies are expected to occur mostly in Allegro.pl.

The revenue and net profit of Opennet since the acquisition date included in the consolidated statement of comprehensive income for the 2020 financial year amounted to PLN 610 and PLN (266) respectively. The revenue and net profit of the Group for the 2020 financial year would have been PLN 4,001,257 and PLN 419,713 respectively if the acquisition of Opennet had been as of the beginning of the financial year.

Costs related to the purchase transaction in the amount of PLN 123, were recognized in the consolidated statement of profit or loss and other comprehensive income as transaction costs for the period ended 31 December 2020.

On 1 July 2021 Allegro Logistyka merged with Opennet and changed its name to Opennet.pl. The merger does not have an impact on the consolidated financial statement of Allegro.eu.

The effect of accounting for the acquisitions is presented below:

Goodwill is tested for impairment annually or, if there is objective evidence of impairment more frequently (see note 30.1). Customer relationships, trademarks, domains and software are amortized over their estimated useful economic life (see note 13).

6. GROUP STRUCTURE

As at 31 December 2021, the Allegro.eu Group comprised Allegro.eu as well as intermediate holding company Adinan Midco with their registered office in Luxembourg, Employee Benefit Trust located in Jersey and companies conducting operating activities in the territory of Poland – Allegro.pl, Allegro Pay, Allegro Finance, Ceneo.pl, eBilet Polska, Opennet.pl, X-press Couriers and SkyNet Customs Brokers. Each of the Polish Operating Companies and their subsidiaries have their registered offices located in Poland. In addition, Allegro.pl controls Allegro All For Planet Foundation, which is not consolidated due to its immateriality.

On 1 July 2021 the merger of Allegro Logistyka with Opennet was completed. Additionally on 29 December 2021 Trade Analytics Instytut Badań Ecommerce was liquidated. There was no impact on the consolidated financial statements of the Group.

Starting from 30 September 2021 Employee Benefit Trust has been included in the Group Consolidated Financial Statements (for further information see note 28.4).

Key information regarding the members of the Group, shares held by the Group as at 31 December 2021 and 31 December 2020 and the periods subject to consolidation is presented below.

The voting power is the same as interest held in each entity apart from the Adinan Super Topco Employee Benefit Trust (further information see Note 28.4)

7. APPROVAL OF THE CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements for the year ended 31 December 2021 were approved by the Board of Directors for publication on 23 February 2022.

NOTES TO THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

8. SEGMENT INFORMATION

8.1 Description of segments and principal activities

Allegro.eu Group has implemented an internal functional reporting system. For management purposes, the Group is organised into business units based on their activities, and has two reportable operating segments as follows:

Allegro activity – segment which operates as a B2C, C2C and B2B e-commerce platform, comprising Allegro.pl (online marketplace), Allegro Pay, Allegro Finance (financial services), Opennet.pl and, starting from October 2021 X-press Couriers and SkyNet Customs Brokers (delivery experience and logistics solutions),

Ceneo activity – segment which is a price comparison platform in Poland allowing users to compare consumer products from various Polish e-stores.

Other segment consists mainly of the results of eBilet and the costs of the holding companies.

During the third quarter of 2021, Opennet sp. z o.o. merged with Allegro Logistyka sp. z o.o and the Group changed the presentation of Opennet results from the Other operating segment to the Allegro operating segment to reflect how information is reported to chief operating decision maker. This change of operating segment reflected the increasing role of Opennet.pl sp. z o.o. in developing logistics software for the Group, whilst still providing some of its services to third party customers.

X-press Couriers and SkyNet Customs Brokers were acquired in October 2021 and both are allocated to Allegro segment as most of the synergies are expected to occur in Allegro.pl.

The reportable operating segments are identified at the Group level. The Parent, as a holding company is included in Other segment. Segment performance is assessed on the basis of revenue, operating profit before amortisation and depreciation (‘EBITDA’), as defined in note 8.2. The accounting policies adopted are uniform for all segments and consistent with those applied for the Group. Inter-segment transactions are eliminated upon consolidation.

Interest income and finance cost are not allocated to segments, as this type of activity is driven by the central treasury function, which manages the cash position of the Group. Both operating segments have a dispersed customer base – no single customer generates more than 10% of segment revenue. The Group’s operations are conducted in one geographical area, on the territory of the Republic of Poland.