GMV Up Sixty-Five Percent, Revenue Down Forty-SixNarrow moat

Allegro (ALE) — moat facet

A first-party retailer books the whole sale and a marketplace books the commission — the same fact, read two ways, and most readers pick the wrong one.

International segment revenue fell 46,1% in 20251. International gross merchandise value rose 64,8% in the first half of 20262. Both are correct and they describe the same transition.

The first-party wind-down (zl m)1 226Retail revenue FY2024743Retail revenue FY20251 140Cost of goods FY2024724Cost of goods FY2025Revenue and its cost disappeared together, which is a model change rather than a decline
The clean evidence is in the cost lines: what left the revenue line took its cost with it.

A first-party retailer that sells a 500-zloty appliance books 500 złoty of revenue and buys the appliance for perhaps 450. A marketplace that hosts the same sale books a commission — at Allegro's international take rate of 7,87%3, about 39 złoty — and buys nothing. Converting the business from the first model to the second removes most of the revenue and almost none of the profit.

The clean evidence is in the cost lines rather than the revenue. Cost of goods sold fell 36,5% to 723,8 million złoty4 as the first-party inventory ran down, and group retail revenue fell 39,3%5. Revenue and its cost disappeared together.

The group-level version of the same effect is visible in the revenue mix. Retail revenue fell 39,3% to 743,4 million złoty and first-party volume 39,2% to 880,7 million6, while marketplace revenue grew 13,4%7. Allegro is shedding the revenue that came with inventory and keeping the revenue that does not.

The margin implication is the point of the exercise. The international segment's adjusted EBITDA loss narrowed to 208,7 million złoty in the first half of 2026, 4,2% better than a year earlier, on GMV up 64,8%8 — more volume, less revenue, a smaller loss.

Watch GMV rather than revenue for this segment for at least another year. Anyone tracking international revenue is measuring the speed of a deliberate wind-down and calling it a decline.

Moat trajectory: Widening

First-party volume has fallen to 880,7 million złoty and cost of goods sold with it. The conversion is essentially complete, and what is left is the better business.

The number that tests this moat
Reported
First-party GMV
880,7m zł, -39,2%

The size of what is left to convert. Retail revenue fell 39,3% and cost of goods sold 36,5% alongside it — revenue and its cost disappearing together is what a model change looks like rather than a decline.

Source: Allegro.eu Annual Consolidated Report 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Commission Is Smaller Than a Sale
The better model books less revenue, and revenue is the number most people model.
References
  1. ReportedInternational segment revenue fell 46,1% in 2025.
    Allegro.eu Annual Consolidated Report 2025 - management report, financial review (revenue of 11 458,1m złoty by line, cost of delivery of 3 578,9m up 26,2% with its decomposition and the InPost pricing headwind under an agreement expiring in 2027, the other cost lines, EBITDA of 3 276,6m and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  2. Third-party estimateInternational gross merchandise value rose 64,8% in the first half of 2026.
    Allegro.eu current report 31/2026 - selected PRELIMINARY, unaudited and unreviewed consolidated financial data for the three and six months ended 30 June 2026 (group GMV of 36 865,1m złoty up 13,7%, revenue up 16,3%, adjusted EBITDA of 1 961,9m up 16,9%, Polish adjusted EBITDA of 2 170,7m against an international loss of 208,7m, international GMV up 64,8%), published early because the share buyback was about to begin; the reviewed half-year report is scheduled for 17 September 2026 — H1 2026 (preliminary) · publ. 13 July 2026 · source ↗
  3. ReportedA marketplace that hosts the same sale books a commission — at Allegro's international take rate of 7,87%, about 39 złoty — and buys nothing.
    Allegro.eu selected historical consolidated financial information for Q1 2026 - the take rate and profitability table (a group take rate of 12,43% unchanged year on year with Poland at 12,65% and the international segment at 7,87%, adjusted EBITDA of 931,8m złoty with Poland at 1 017,8m against an international loss of 85,9m, and adjusted EBITDA at 31,57% of revenue and 5,39% of GMV) — Q1 2026 · publ. May 2026 · source ↗
  4. ReportedCost of goods sold fell 36,5% to 723,8 million złoty as the first-party inventory ran down, and group retail revenue fell 39,3%.
    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 ↗
  5. ReportedCost of goods sold fell 36,5% to 723,8 million złoty as the first-party inventory ran down, and group retail revenue fell 39,3%.
    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 ↗
  6. ReportedRetail revenue fell 39,3% to 743,4 million złoty and first-party volume 39,2% to 880,7 million, while marketplace revenue grew 13,4%.
    Allegro.eu Annual Consolidated Report 2025 - management report, financial review (revenue of 11 458,1m złoty by line, cost of delivery of 3 578,9m up 26,2% with its decomposition and the InPost pricing headwind under an agreement expiring in 2027, the other cost lines, EBITDA of 3 276,6m and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  7. ReportedRetail revenue fell 39,3% to 743,4 million złoty and first-party volume 39,2% to 880,7 million, while marketplace revenue grew 13,4%.
    Allegro.eu Annual Consolidated Report 2025 - management report, financial review (revenue of 11 458,1m złoty by line, cost of delivery of 3 578,9m up 26,2% with its decomposition and the InPost pricing headwind under an agreement expiring in 2027, the other cost lines, EBITDA of 3 276,6m and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  8. Third-party estimateThe international segment's adjusted EBITDA loss narrowed to 208,7 million złoty in the first half of 2026, 4,2% better than a year earlier, on GMV up 64,8% — more volume, less revenue, a smaller loss.
    Allegro.eu current report 31/2026 - selected PRELIMINARY, unaudited and unreviewed consolidated financial data for the three and six months ended 30 June 2026 (group GMV of 36 865,1m złoty up 13,7%, revenue up 16,3%, adjusted EBITDA of 1 961,9m up 16,9%, Polish adjusted EBITDA of 2 170,7m against an international loss of 208,7m, international GMV up 64,8%), published early because the share buyback was about to begin; the reviewed half-year report is scheduled for 17 September 2026 — H1 2026 (preliminary) · publ. 13 July 2026 · source ↗
Sources
Generated September 24, 2026