AdvertisingNarrow moat

Allegro (ALE) — moat facet

The second toll on the same merchant, growing about three times as fast as the first.

Advertising is sponsored placement sold to merchants on Allegro, and increasingly off it. It was 1 088,3 million złoty in 2024 and 1 411,0 million in 2025, up 29,7% 1, 12% of revenue 2.

Group advertising revenue (zl m)1 08820241 4112025632H1 2025815H1 2026Allegro.eu 2025 annual report and H1 2026 report
Nearly 30% growth a year, sold to the merchants already paying the commission.

It is paid per click. In Poland advertising rose 28,5% in 2025, with the cost per click up 22%, and reached 2,08% of GMV, 0,31 points more than a year earlier 3. The buyer is the same merchant who pays the commission, bidding for position in search results.

It keeps accelerating. Group advertising was 815,3 million złoty in the first half of 2026, up 28,9%, and 436,8 million in the second quarter, up 31,9% 4; Allegro attributes the Polish growth to AI enhancements to its algorithms, inventory optimisation and demand, and says merchant-funded advertising of Allegro offers outside Allegro keeps growing 5.

The line's profit is not disclosed, and it has almost no direct cost: the traffic it sells is traffic the marketplace already has.

It also cushions the commission. In the second quarter of 2026 advertising grew three times as fast as commission 6, so a merchant's total payment to Allegro rose even as the take rate fell.

The measure is advertising as a share of GMV, 2,08% in 2025 in Poland. Each additional tenth of a point on 2025 group GMV of 69,2 billion złoty is worth about 69 million złoty 7; a flat share would mean the second toll has reached what merchants will pay.

Moat trajectory: Widening

Advertising grew 31,9% in Q2 2026 and reached 2,08% of Polish GMV in 2025, with cost per click up 22%.

The number that tests this moat
Reported
Group advertising revenue, first half
815,3m zł in H1 2026, +28,9%

Growth below 20% would mean the second toll has reached what merchants will pay.

Source: Allegro.eu H1 2026 report ↗
References
  1. ReportedIt was 1 088,3 million złoty in 2024 and 1 411,0 million in 2025, up 29,7% , 12% of revenue .
    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 calcIt was 1 088,3 million złoty in 2024 and 1 411,0 million in 2025, up 29,7% , 12% of revenue .
    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. ReportedIn Poland advertising rose 28,5% in 2025, with the cost per click up 22%, and reached 2,08% of GMV, 0,31 points more than a year earlier .
    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. ReportedGroup advertising was 815,3 million złoty in the first half of 2026, up 28,9%, and 436,8 million in the second quarter, up 31,9% ; Allegro attributes the Polish growth to AI enhancements to its algorithms, inventory optimisation and demand, and says merchant-funded advertising of Allegro offers outside Allegro keeps growing .
    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. ReportedGroup advertising was 815,3 million złoty in the first half of 2026, up 28,9%, and 436,8 million in the second quarter, up 31,9% ; Allegro attributes the Polish growth to AI enhancements to its algorithms, inventory optimisation and demand, and says merchant-funded advertising of Allegro offers outside Allegro keeps growing .
    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 ↗
  6. ReportedIn the second quarter of 2026 advertising grew three times as fast as commission , so a merchant's total payment to Allegro rose even as the take rate fell.
    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 calcEach additional tenth of a point on 2025 group GMV of 69,2 billion złoty is worth about 69 million złoty ; a flat share would mean the second toll has reached what merchants will pay.
    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