Allegro Raises Profit Growth Forecast to 22%–24%; SBM Targets $7.9 Billion in Revenue

Key Facts

Allegro raised its forecast for group adjusted EBITDA growth in 2026 to a range of 22%–24%, from 13%–17% previously, while SBM Offshore raised its revenue guidance to about $7.9 billion and its EBITDA forecast to more than $1.95 billion. The companies announced the updates on November 12, citing third-quarter and nine-month performance, with growth coming from different sources: expansion in Polish e-commerce and offshore energy project deliveries. Allegro’s new forecast followed adjusted earnings of 1.13 billion zlotys in the third quarter, above analysts’ estimates of about 1.08 billion zlotys. SBM raised its full-year revenue guidance for the third time in 2026, following growth in its year-to-date revenue guidance. The revisions reflect improved estimates of both companies’ full-year performance, while their revenue mix and profit drivers remain different.

At Allegro, net profit from continuing operations rose to 574.7 million zlotys in the third quarter, compared with 396.2 million zlotys in the same period of 2025. Adjusted earnings exceeded analysts’ expectations, while management raised its full-year growth forecast to 22%–24%. The company said the retroactive application of adjusted pricing under a new multi-year agreement with InPost is estimated to add 270–280 million zlotys to adjusted earnings in Poland during 2026. The agreement’s impact comes alongside an acceleration in commercial activity in the Polish market, where Allegro said gross merchandise value grew 16% year over year in the first weeks of the fourth quarter. It added that gross merchandise value in international markets continued to double year over year during those weeks, providing an early indication that activity outside Poland is continuing to grow.

Allegro shares rose 4.3% to 63.51 zlotys in early trading on November 12, after reaching a new 52-week high of 63.95 zlotys at the open. Market coverage linked the move to the results announcement and higher guidance, as quarterly earnings beat analysts’ estimates. The operating indicators reported by the company combine growth in Poland and international markets with the expected financial impact of the InPost agreement. The new earnings range also raises the annual growth estimate from the previous range of 13%–17%. Attention in the coming weeks will focus on whether gross merchandise value momentum continues through the fourth quarter, based on the figures the company reported for its start.

SBM Offshore raised its 2026 revenue guidance to about $7.9 billion from about $7.6 billion, and its EBITDA forecast to more than $1.95 billion from about $1.9 billion. Its year-to-date revenue guidance reached $6.3 billion in the first nine months, up 77% year over year, driven mainly by project-delivery work. Lease and operating revenue also increased 10% to $1.8 billion over the same period, reflecting a change in fleet mix and a broader scope of reimbursable work. The company said this growth was partly affected by two assets leaving the fleet in the fourth quarter of 2025. The figures show that higher project-delivery revenue was the main driver of the annual jump, while lease and operating activity recorded more moderate growth.

SBM had raised its revenue guidance at earlier stages of the year, from a base level of about $6.5 billion at the end of 2025 to more than $6.9 billion in its first-quarter update, then to about $7.6 billion with its half-year results. The increase to about $7.9 billion followed those successive revisions, while coverage cited by Reuters described the current increase as the third in 2026. The coverage quoted the chief executive as saying the company sees 16 opportunities in its preferred floating production, storage and offloading sector over the next three years. These opportunities set out a commercial horizon extending beyond the current year, without changing the financial guidance announced for 2026. SBM said SEAP and Longtail will not contribute to 2026 earnings, as they are not expected to reach the stage of completion required for margin recognition during the year.

SBM’s net debt guidance stood at about $3.6 billion at the end of the third quarter, down 36% compared with the end of 2025. The company attributed the decline mainly to the sale of the ONE GUYANA floating production, storage and offloading unit and repayment of the debt associated with it. Regarding its commitments to shareholders, SBM said it remains on track to return at least $2.1 billion to them through 2031. It added that returns could increase if the company wins new awards or contracts, according to its statement. The company is scheduled to hold a conference call and question-and-answer session on its third-quarter trading update on November 12, 2026, at 10:00 a.m. Central European Time, or 09:00 a.m. Coordinated Universal Time.