The Revenue LinesNarrow moat

Allegro (ALE) — moat facet

Commission is three-quarters of revenue and the line being discounted; every faster line charges the same merchant again.

Allegro books six kinds of revenue. In 2025 marketplace commission was 8 541,8 million złoty, advertising 1 411,0 million, first-party retail 743,4 million, logistic services 440,8 million, price comparison through Ceneo 248,8 million and other revenue 72,4 million, out of 11 458,1 million 1. Commission was 75% of the total 2.

Group revenue growth by line, 2025 (%)Logistic services+88,7%Advertising+29,7%Marketplace commission+13,4%Price comparison+5,7%Retail (1P)-39,3%Allegro.eu 2025 annual report; bar length is the size of the change
The lines that charge the merchant again grew fastest; the one that carried inventory shrank.

The mix is moving away from the commission. Advertising grew 29,7% in 2025 and logistic services 88,7%, while commission grew 13,4% and retail fell 39,3% 3. In the first half of 2026 the pattern held: advertising up 28,9%, logistic services 88,5%, commission 11,1% 4.

Allegro reports no profit by revenue line. Its segments are geographic and by business, and the only one that maps onto a line is Ceneo, which earned 114,1 million złoty of EBITDA in 2025 5. The leaves therefore judge each line on growth, on what it costs where the filings show it, and on what it does for the rest of the marketplace.

The small Other line, mostly eBilet ticketing, is explained here rather than given a page: 72,4 million złoty in 2025 and 61,7 million in the first half of 2026 alone 6. The test for the six together is commission's share of revenue, 73% in the first half of 2026 7: a falling share with a falling take rate would mean Allegro is being paid less for the transaction and more for everything around it.

Moat trajectory: Holding steady

Commission fell to 73% of revenue in the first half of 2026 from 75% as advertising and logistics grew faster.

The number that tests this moat
Moat Explorer calc
Marketplace commission as a share of revenue, first half
73% in H1 2026 (4 507,3m zł of 6 175,8m zł), 75% in 2025

A falling share with a falling take rate means Allegro is paid less for the sale and more for everything around it.

How it's calculated: Marketplace revenue / revenue: 4 507,3 / 6 175,8; 8 541,8 / 11 458,1
Source: Allegro.eu H1 2026 report ↗
Dig deeper
DIG DEEPER 01
Marketplace commission
The toll rose to 12,70% in 2025 through co-financing changes, then fell in 2026 as Allegro discounted it.
DIG DEEPER 02
Advertising
The second toll on the same merchant, growing about three times as fast as the first.
DIG DEEPER 03
Retail (1P)
First-party retail shrank 39% as the Mall shops closed, and is a selection tool, not a business.
DIG DEEPER 04
Logistic services
Delivery revenue that exists to lower the net cost of free delivery, ahead of the 2027 InPost renegotiation.
DIG DEEPER 05
Ceneo price comparison
A comparison site with a 31% EBITDA margin, part of it paid by Allegro's own marketplace.
References
  1. ReportedIn 2025 marketplace commission was 8 541,8 million złoty, advertising 1 411,0 million, first-party retail 743,4 million, logistic services 440,8 million, price comparison through Ceneo 248,8 million and other revenue 72,4 million, out of 11 458,1 million .
    Allegro.eu Group annual report 2025 - revenue by line for 2025 and 2024 (group and Polish Operations) with explanations, segment note (Allegro, Ceneo, Allegro International, Other), take rate and advertising drivers — FY2024-FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcCommission was 75% of the total .
    Moat Explorer calculation from Allegro's 2025 annual report and H1 2026 report: shares of revenue by line, first-party gross margin (743,4 - 723,8 = 19,6m), Ceneo EBITDA margin (114,1 / 368,0), value of 0,1pp of GMV (69 163,1m x 0,1%) — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedAdvertising grew 29,7% in 2025 and logistic services 88,7%, while commission grew 13,4% and retail fell 39,3% .
    Allegro.eu Group annual report 2025 - revenue by line for 2025 and 2024 (group and Polish Operations) with explanations, segment note (Allegro, Ceneo, Allegro International, Other), take rate and advertising drivers — FY2024-FY2025 · publ. March 2026 · source ↗
  4. ReportedIn the first half of 2026 the pattern held: advertising up 28,9%, logistic services 88,5%, commission 11,1% .
    Allegro.eu Group half-year report for the six months ended 30 June 2026 - revenue by line by segment, take rates and their explanation, advertising and retail drivers, cost of delivery and managed deliveries — H1 2026 · publ. 17 September 2026 · source ↗
  5. ReportedIts segments are geographic and by business, and the only one that maps onto a line is Ceneo, which earned 114,1 million złoty of EBITDA in 2025 .
    Allegro.eu Group annual report 2025 - revenue by line for 2025 and 2024 (group and Polish Operations) with explanations, segment note (Allegro, Ceneo, Allegro International, Other), take rate and advertising drivers — FY2024-FY2025 · publ. March 2026 · source ↗
  6. ReportedThe small Other line, mostly eBilet ticketing, is explained here rather than given a page: 72,4 million złoty in 2025 and 61,7 million in the first half of 2026 alone .
    Allegro.eu Group half-year report for the six months ended 30 June 2026 - revenue by line by segment, take rates and their explanation, advertising and retail drivers, cost of delivery and managed deliveries — H1 2026 · publ. 17 September 2026 · source ↗
  7. Moat Explorer calcThe test for the six together is commission's share of revenue, 73% in the first half of 2026 : a falling share with a falling take rate would mean Allegro is being paid less for the transaction and more for everything around it.
    Moat Explorer calculation from Allegro's 2025 annual report and H1 2026 report: shares of revenue by line, first-party gross margin (743,4 - 723,8 = 19,6m), Ceneo EBITDA margin (114,1 / 368,0), value of 0,1pp of GMV (69 163,1m x 0,1%) — FY2025-H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 24, 2026