Two Point One Percent of Everything SoldWide moat

Allegro's advertising business earned 1 411,0 million złoty in 2025, up 29,7%, and reached a record 2,1% of gross merchandise value¹.

The economics are the best in the company. The audience was assembled for another purpose, the inventory is a position in a list, and the buyer is somebody who has already decided to purchase — which is why advertising grew more than twice as fast as marketplace revenue's 13,4%² and why it carries almost no direct cost.

It is also the reason the flat take rate has been affordable. A merchant's total cost of selling on Allegro is the commission plus whatever it spends on visibility, and only the first of those is a published rate. Allegro can raise its effective take without touching the number anybody quotes.

The comparison worth making is with Amazon, whose advertising business is proportionally far larger, which is the basis for arguing Allegro's 2,1% has room to run. The comparison worth resisting is with Google and Meta, who are competing for the same merchant's budget with far greater reach — Allegro's advantage is intent, not scale.

There is a natural ceiling and it is not financial. Every sponsored placement makes the results slightly less useful, and a marketplace whose search results stop answering the question loses the traffic the advertising is sold against.

Grade this on advertising as a share of GMV. Each tenth of a percentage point is roughly 70 million złoty at close to full margin, which is why this line and not the take rate is where the pricing power actually shows.