InPost: The Supplier That Raised Its PricesThin moat

Allegro (ALE) — moat facet

Allegro's power comes from owning the demand; InPost's comes from owning the lockers, and only one of them raised prices last year.

The competitor that has extracted the most money from Allegro is not a marketplace. It is the courier.

What raised Polish delivery costs, H1 2026 (percentage points of growth)GMV growth+11,8Own paid parcels+4,8Own-delivery accounting+3,2Other carriers' prices+3,0Smart! penetration+2,2Cheaper own methods-5,2Allegro.eu half-year report, H1 2026; total +19,8%
Moving parcels to its own cheaper methods took five points off cost growth, more than supplier price rises added.

Allegro's filing is explicit: "The majority of the pricing headwind has come from higher prices charged by InPost from January 2025 in accordance with the terms of the long term agreement that expires in 2027"1. Supplier price increases added 6,9 percentage points to the growth in Polish delivery costs2, on a line worth 3 578,9 million złoty and running at 31% of revenue3.

This is the mirror image of everything else on these pages. Allegro's power over its merchants comes from owning the demand; InPost's power over Allegro comes from owning the lockers, and there is no meaningful sense in which Allegro was the stronger party in that negotiation.

Rated wide — for InPost. A supplier that can raise prices on a dominant customer's largest cost line, under a contract that customer signed, holds a genuinely strong position.

Allegro's response is the only available one: build the alternative. More than 11 000 One Box lockers by June 20264, DHL and DPD added to the roster alongside Poczta Polska and Orlen Paczka5, and the managed share of parcels up from 24% to 41%6.

The measure is the 2027 renegotiation. Allegro is spending capital now — 470,4 million złoty in 2025, more than double the prior year7 — to change what it will be asked to pay then. Whether that worked is the single most consequential number this company will report in the next two years, and it will arrive as a delivery cost line rather than as an announcement.

Moat trajectory: Narrowing

The supplier exercised pricing power in 2025 and the governing agreement expires in 2027. Allegro's position improves only to the extent the locker programme changes the next negotiation.

The number that tests this moat
Reported
Supplier price contribution to delivery cost growth
+6,9 percentage points

A supplier raising prices on a dominant customer's largest cost line, under an agreement expiring in 2027. Whether Allegro rebuilt its leverage in time is the most consequential number it will report in two years.

Source: Allegro.eu Annual Consolidated Report 2025 ↗
References
  1. ReportedAllegro's filing is explicit: "The majority of the pricing headwind has come from higher prices charged by InPost from January 2025 in accordance with the terms of the long term agreement that expires in 2027".
    Allegro.eu Annual Consolidated Report 2025 - management report, cost review (cost of delivery of 3 578,9m złoty up 26,2% against revenue growth of 10,5%, its decomposition into Smart! volume, the expansion of Allegro Delivery and unit cost, the InPost pricing headwind under an agreement expiring in 2027, marketing service expenses at 2,07% of GMV, staff and IT costs, and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  2. ReportedSupplier price increases added 6,9 percentage points to the growth in Polish delivery costs, on a line worth 3 578,9 million złoty and running at 31% of revenue.
    Allegro.eu Annual Consolidated Report 2025 - management report, cost review (cost of delivery of 3 578,9m złoty up 26,2% against revenue growth of 10,5%, its decomposition into Smart! volume, the expansion of Allegro Delivery and unit cost, the InPost pricing headwind under an agreement expiring in 2027, marketing service expenses at 2,07% of GMV, staff and IT costs, and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  3. ReportedSupplier price increases added 6,9 percentage points to the growth in Polish delivery costs, on a line worth 3 578,9 million złoty and running at 31% of revenue.
    Allegro.eu Annual Consolidated Report 2025 - management report, cost review (cost of delivery of 3 578,9m złoty up 26,2% against revenue growth of 10,5%, its decomposition into Smart! volume, the expansion of Allegro Delivery and unit cost, the InPost pricing headwind under an agreement expiring in 2027, marketing service expenses at 2,07% of GMV, staff and IT costs, and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  4. ReportedThe Allegro One locker network exceeded 11 thousand automated parcel machines by 30 June 2026.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  5. ReportedMore than 8 500 One Box lockers in Poland and 800 in Czechia, DHL and DPD added to the roster alongside Poczta Polska and Orlen Paczka, and the managed share of parcels up from 24% to 41%.
    Allegro.eu Annual Consolidated Report 2025 - management report, business and operations (69 163,1m złoty of gross merchandise value with 68 282,4m third-party, 20,4 million active buyers, the Smart! programme past 7,5 million users in Poland at a relational net promoter score of 83, Allegro Pay financing 15,4% of purchases, Allegro One Box lockers, Ceneo and the PKO Bank Polski partnership) — FY2025 · publ. March 2026 · source ↗
  6. ReportedMore than 8 500 One Box lockers in Poland and 800 in Czechia, DHL and DPD added to the roster alongside Poczta Polska and Orlen Paczka, and the managed share of parcels up from 24% to 41%.
    Allegro.eu Annual Consolidated Report 2025 - management report, business and operations (69 163,1m złoty of gross merchandise value with 68 282,4m third-party, 20,4 million active buyers, the Smart! programme past 7,5 million users in Poland at a relational net promoter score of 83, Allegro Pay financing 15,4% of purchases, Allegro One Box lockers, Ceneo and the PKO Bank Polski partnership) — FY2025 · publ. March 2026 · source ↗
  7. ReportedAllegro is spending capital now — 470,4 million złoty in 2025, more than double the prior year — to change what it will be asked to pay then.
    Allegro.eu Annual Consolidated Report 2025 - management report, cost review (cost of delivery of 3 578,9m złoty up 26,2% against revenue growth of 10,5%, its decomposition into Smart! volume, the expansion of Allegro Delivery and unit cost, the InPost pricing headwind under an agreement expiring in 2027, marketing service expenses at 2,07% of GMV, staff and IT costs, and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026