Twenty-Four to Forty-One PercentNarrow moat

Allegro (ALE) — moat facet

The fastest-moving number in the company, and the one that decides whether Smart! is an asset or an invoice.

The share of Allegro's deliveries handled through its own managed methods — Allegro Delivery and Brandless Courier — went from 24% to 41% year on year in the fourth quarter of 20251.

Share of parcels Allegro manages itself (%)24%Q4 202441%Q4 2025Already worth 2,9pp off the delivery cost increase
Seventeen percentage points in twelve months — the fastest structural change anywhere in these accounts.

Seventeen percentage points in twelve months is the quickest structural change anywhere in these accounts, and it is the mechanism by which the delivery cost problem either gets solved or does not. Allegro already quantifies the benefit: growing managed volumes cut 2,9 percentage points off the Polish delivery cost increase2, partly offsetting the 6,9 points added by supplier price rises.

The arithmetic from here is straightforward. At 41% managed, the offset was worth 2,9 points against a 6,9-point headwind. The company does not need to reach 100% — it needs to reach the point where the saving on its own parcels exceeds what its suppliers can extract on the rest, and where the credible threat of moving volume changes what those suppliers ask for in 2027.

There is a cost to being the one responsible. A managed parcel that arrives late is Allegro's failure rather than a courier's, which is why the same programme carries the promise of "top-quality delivery across all options"3 and why the relational net promoter score of 834 is a number worth watching alongside the cost saving.

Grade this on the managed share and the net promoter score together. Both rising means Allegro is taking over the job and doing it well. The share rising while the score falls would mean it has taken on a job it cannot yet do.

Moat trajectory: Widening

Seventeen percentage points in twelve months, already worth 2,9 points off the delivery cost increase. This is the fastest structural improvement anywhere in the accounts.

The number that tests this moat
Reported
Share of deliveries through managed methods, latest quarter
50% in Q2 2026, from 34%

Every point moved off third-party couriers is leverage in the InPost renegotiation of 2027.

Source: Allegro.eu Group half-year report for the six months ended 30 June 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Taking the Job Means Owning the Failures
When Allegro manages the parcel, the late delivery is Allegro's — and the customer who remembers it prepaid to avoid exactly that.
References
  1. ReportedThe share of Allegro's deliveries handled through its own managed methods — Allegro Delivery and Brandless Courier — went from 24% to 41% year on year in the fourth quarter of 2025.
    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 ↗
  2. ReportedAllegro already quantifies the benefit: growing managed volumes cut 2,9 percentage points off the Polish delivery cost increase, partly offsetting the 6,9 points added by supplier price rises.
    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. ReportedA managed parcel that arrives late is Allegro's failure rather than a courier's, which is why the same programme carries the promise of "top-quality delivery across all options" and why the relational net promoter score of 83 is a number...
    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 ↗
  4. ReportedA managed parcel that arrives late is Allegro's failure rather than a courier's, which is why the same programme carries the promise of "top-quality delivery across all options" and why the relational net promoter score of 83 is a number...
    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 ↗
Sources
Generated September 24, 2026