We will continue to grow the portfolio of active stores, both through acquisition and activation, with a focus on increasing the number of productive relationships between stores and affiliates, which is the most important sales driver in the ecosystem.

In Ireland, we are moving from setup to traction. After a quarter dedicated to testing and building, we have the initial conclusions that will allow us to accelerate on awareness in Q2: the first major event, the first local partnerships, and the first campaigns dedicated to the Irish market.

Sincerely,

Top 20 E-Shops

Top 20 Affiliates

Top 5 Categories

In Q1 2026, the upward trend that began in September 2025 is confirmed, marking the 7th consecutive month of growth in sales volume generated through the platform, with an accelerating pace from 10% in January to 13% in March.

In total, over 563,000 sales were generated, in contrast with local market trends, which, according to studies published in 2026, show an estimated growth of approximately 5% YoY (compared to 6% in 2025). This context positions the BusinessLeague.com platform in a significantly superior performance zone.

The category ranking remains relatively stable, with one major change in the hierarchy: Health & Personal Care surpassing Electronics IT&C (historically present in the top 5). This shift is primarily driven by the accelerated growth of certain category players, such as aronia-charlottenburg.ro and vetro.ro, which managed to scale rapidly through affiliation, capitalizing on consistent interest in health products, supplements, and personal care. In contrast, the Electronics IT&C category is experiencing a market-level slowdown, due to more tempered demand following peak periods in previous years and a context where many players report stagnation or even declines across their main marketing and sales channels. High-value products and longer replacement cycles reduce purchase frequency, limiting short-term growth potential, especially in the absence of major commercial events. Thus, while Health & Personal Care benefits from volume and recurrence, Electronics IT&C remains dependent on seasonality and promotional campaigns to generate significant growth.

Overall, the positive evolution of the top 5 categories is supported by ecosystem expansion and collaboration efficiency. The total value of sales reaches €30 million. In terms of volume, the Books category maintains its leading position, followed by Fashion, while in terms of value, the hierarchy is reversed.

Analyzing the evolution of the main categories and, granularly, the drivers for each category reveals significant differences between categories in terms of YoY evolution, outlining an ecosystem where growth is primarily driven by the performance of key players, rather than by a uniform market expansion.

Books

The Books category remains stable overall, with visible variations between merchants who continue to embrace program growth, traffic source diversification, and promotion through CSS and Google Search Ads, indicating a concentration of demand toward brands with solid positioning and efficient affiliate execution. This polarization suggests category maturation, where differences in strategy and product offering become increasingly relevant.

Pharma

In Pharma, the evolution is more balanced, typical of a mature and recurring category. There is accelerated growth for some challenger players, moderate growth for category leaders, and negative variations for other e-shops. This mix of results indicates a stable market where demand is constant, but competition between players leads to occasional volume redistribution without major structural changes.

Fashion

The Fashion category continues to be an important growth engine. This dynamic confirms both the recovery of consumption in the fashion segment after the Q4 peak period and the category's ability to scale efficiently through affiliation. At the same time, the amplitude of growth differences suggests that commercial execution and campaign optimization play an essential role in capturing demand, particularly evident for the category leader this quarter, which is defined by massive investments and optimizations over the past year, across the entire business chain.

Health & Personal Care

In Health & Personal Care, the data indicates high volatility and accelerated market share redistribution. On one hand, the category leader, aronia-charlottenburg.ro, records strong growth thanks to its undisputed commercial offer, investments across all business areas, and a strong embrace of affiliation. On the other hand, e-shops that decided to shut down certain volume-generating traffic sources are experiencing declines. These variations suggest a category in transformation, where consumer preferences and product positioning rapidly influence performance, and competitive advantage can shift in a relatively short time.

Beauty

The Beauty category presents a similar polarization pattern, with large differences between merchant performance, indicating intense competition and a possible shift in consumer behavior or in the promoted product mix. This dynamic reflects a market sensitive to trends and to how brands adapt their offerings and promotional strategies.

The YoY evolution at the category level shows that the BusinessLeague ecosystem continues to grow through differentiated performance, where category leaders consolidate their position and generate most of the growth. At the same time, categories with high volatility indicate opportunities for rapid market share gains, but also increased risks for players who do not adapt quickly enough to market changes.

Traffic Source Distribution

The BusinessLeague ecosystem continues to show a strong concentration around Google Shopping Ads (CSS), which generates 65.1% of total sales (366,877) and over €17.7 million in value, with the traffic being NON-brand. This channel remains the main ecosystem driver, confirming the efficiency of formats based on direct purchase intent and the ability of affiliates to scale large volumes through constant optimization.

*Trafic non-brand

Google Ads – search contributes approximately 9.7% of sales (54,531) and €3.29 million, playing an important complementary role, especially in capturing existing demand, overtaking Cashback & Coupons compared to Q4 2025. Although the share is significantly smaller than CSS, the Google Ads Search channel remains relevant through traffic quality and the conversions generated on specific queries. The cashback segment generates 9.3% of sales (52,150) and €2.59 million, confirming its role in the final conversion zone, where users are already close to the purchase decision and are influenced by direct financial benefits.

The "Others" category, with a 16% share of sales (89,914) and over €6 million in value, indicates a healthy degree of traffic source diversification, including content, retargeting solutions, social media, or other emerging channels. This component becomes relevant in the context of reducing dependence on a single dominant channel and exploring new growth opportunities.

The traffic source structure shows a mature ecosystem in which performance channels (especially Google Shopping) generate most of the volume, while other sources contribute to conversion funnel optimization and risk diversification.

Number of Sales - Q1 2026

The distribution is calculated for all 563,472 sales generated through the BusinessLeague platform between January 1 – March 31, 2026.

The First Technology Company Listed on BVB

We are the first technology company listed on the Bucharest Stock Exchange — a business built with the clear vision that marketing can become one of the first industries to be 100% collaborative, transparent, and exclusively results-driven.

The platform we develop connects online stores with marketing specialists through a simple and fair model: advertising at Cost Per Sale. Through our technology, hundreds of online stores collaborate with thousands of marketing specialists in an intuitive way, because we have automated all processes related to legal, commercial, attribution, invoicing, and collection. In practice, we eliminate bureaucracy from marketing and provide a unique collaboration system between marketing entrepreneurs and e-commerce entrepreneurs.

In 2024, we transformed affiliation into a competition — BusinessLeague.com — an e-commerce championship where performance is measured in real sales, not impressions or likes. It is a gamified ecosystem where online stores and affiliates compete, grow, and develop together.

By the end of Q1 2026, we facilitated over 16.5 million sales worth 832 million euros, for thousands of brands in Romania, Bulgaria, and an increasing number of European markets.

We are part of the New Economy. We believe in innovation, transparency, and a meritocratic model where any talented entrepreneur or marketer can win — regardless of where they start.

Business Model

2Performant is a marketplace that brings together e-commerce entrepreneurs with digital marketing professionals, in a model based solely on cost per sale. Advertisers — online stores — pay only when they sell. Marketers — affiliates — are rewarded based on the performance they generate. The platform is self-service, gamified, and oriented toward maximum efficiency.

Affiliate Marketing

Affiliate marketing involves promotion paid at cost per sale. For brands, affiliate marketing is probably the most efficient promotion and sales tool, and for specialists, it is the simplest way to earn revenue using their time and digital marketing skills.

The BusinessLeague platform mediates this relationship, making it simple, fair, and performance-based.

Advertisers / Merchants

Online stores that use the 2Performant platform to promote their offers through affiliation. They increase their sales exclusively based on the performance generated by affiliates.

Affiliates / Marketers

Affiliates are platform users who promote advertisers' offers online through affiliate relationships. They generate targeted traffic for online stores and are compensated based on performance.

The traffic sources they use are diverse: Google Ads, Meta Ads, TikTok, YouTube, blogs, cashback, price comparators, influencers, and more.

Revenue Model

Within its affiliate marketing activity, 2Performant generates revenue from two main sources:

The business model and the BusinessLeague competition allow both affiliates and advertisers to receive rewards based on their success in the categories they participate in.

Additionally, the platform generates indirect revenue through commissions paid by advertisers to affiliates, amounts that transit through 2Performant and contribute to the total operated turnover, thus supporting ecosystem development and consolidating the company's market position.

The 2Performant platform allows two payment methods for companies: Prepaid — advance payment system and continuous account funding; Postpaid — payment system with weekly or monthly billing. For the Prepaid payment method, 2Performant has implemented the Direct-Debit functionality, which automates the affiliate program funding process, ensuring an uninterrupted flow of sales.

2Performant Network SA  •  SMT AeRO Premium  •  Symbol: 2P
Bucharest Stock Exchange  •  Operational Report Q1 2026