⚠ The Buyers Stopped ArrivingHigh threat

Allegro (ALE) — threat to the moat

Twenty point four million, then twenty point four million, with the growth market shedding customers.

Active buyers were 20,4 million in the first quarter of 2026 against 20,4 million a year earlier, a decline of 0,2%1, and 20,9 million at the end of June against 20,5 million, up 1,6%2.

Active buyers, June 2026 against June 2025 (% change)+3,1%Poland+1,6%Group-1,8%InternationalAllegro.eu half-year report, H1 2026; in Q1 2026 the group was -0,2%
Buyers started growing again, slowly, and only in Poland.

For a network-effect business that is the number that matters most, because the whole argument for the moat is that more buyers attract more merchants, which attract more buyers. Growth of under 2% a year means the flywheel is turning mostly on one axis.

The composition changed between the two quarters. In the first quarter Polish active buyers rose 2,6% to 15,5 million and the international segment fell 7,5% to 4,9 million3; by June Poland was up 3,1% to 15,6 million and the international segment down 1,8% to 5,3 million4. Much of the international decline follows the closure of the legacy Mall shops, whose customers were counted as buyers and whose stores no longer exist5.

Allegro's answer is spend per buyer, which keeps working: 3 528,2 złoty over the year to June, up 9,8%6.

The falsifier is Polish active buyers specifically. At 15,6 million in a country of about 37 million people7, the ceiling is arithmetic rather than competitive. A quarter in which the Polish figure stops rising is the quarter growth has to come entirely from the wallet.

References
  1. ReportedActive buyers were 20,4 million in the first quarter of 2026, down 0,2%.
    Allegro.eu selected historical consolidated financial information for Q1 2026 - the operating KPI table (active buyers of 20,4 million with Poland at 15,5 million and the international segment down 7,5% to 4,9 million, GMV per active buyer of 3 492,4 złoty, GMV of 17 293,3m, 378,0 million items sold, a take rate of 12,43% unchanged year on year, and adjusted EBITDA of 931,8m) — Q1 2026 · publ. May 2026 · source ↗
  2. ReportedActive buyers were 20,9 million at the end of June 2026 against 20,5 million, up 1,6%.
    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 ↗
  3. ReportedIn the first quarter Polish active buyers rose 2,6% to 15,5 million and the international segment fell 7,5% to 4,9 million.
    Allegro.eu selected historical consolidated financial information for Q1 2026 - the operating KPI table (active buyers of 20,4 million with Poland at 15,5 million and the international segment down 7,5% to 4,9 million, GMV per active buyer of 3 492,4 złoty, GMV of 17 293,3m, 378,0 million items sold, a take rate of 12,43% unchanged year on year, and adjusted EBITDA of 931,8m) — Q1 2026 · publ. May 2026 · source ↗
  4. ReportedBy June Poland was up 3,1% to 15,6 million and the international segment down 1,8% to 5,3 million.
    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. ReportedThere is a benign reading, and it is genuinely available: the international decline follows the closure of the legacy Mall shops, whose customers were counted as buyers and whose stores no longer exist.
    Allegro.eu selected historical consolidated financial information for Q1 2026 - the operating KPI table (active buyers of 20,4 million with Poland at 15,5 million and the international segment down 7,5% to 4,9 million, GMV per active buyer of 3 492,4 złoty, GMV of 17 293,3m, 378,0 million items sold, a take rate of 12,43% unchanged year on year, and adjusted EBITDA of 931,8m) — Q1 2026 · publ. May 2026 · source ↗
  6. ReportedGMV per active buyer was 3 528,2 złoty over the year to June 2026, up 9,8%.
    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 ↗
  7. ReportedPoland has about 37 million people.
    Statistics Poland (GUS) - the population of Poland, 37,33 million in 2025, against Allegro's 15,5 million Polish active buyers — 2025 · publ. 2026 · source ↗
Sources
Generated September 24, 2026