Ceneo price comparisonNarrow moat

Allegro (ALE) — moat facet

A comparison site with a 31% EBITDA margin, part of it paid by Allegro's own marketplace.

Ceneo is Poland's price-comparison site, owned by Allegro. Its external revenue was 235,3 million złoty in 2024 and 248,8 million in 2025, up 5,7% 1, 2% of Allegro's revenue 2.

Ceneo segment revenue and EBITDA (zl m)343,2Revenue 2024368,0Revenue 2025107,0EBITDA 2024114,1EBITDA 2025Allegro.eu 2025 annual report, segment note; inter-segment revenue 75,3 in 2025
A steady 31% EBITDA margin, with a fifth of revenue paid by Allegro's own marketplace.

It is paid per click: shoppers compare offers, click through to a shop, and the shop pays a fixed fee for the lead 3.

It is the only line with its own reported profit. The Ceneo segment earned EBITDA of 107,0 million złoty in 2024 and 114,1 million in 2025, on segment revenue of 368,0 million 4, a margin of about 31% 5.

Part of that revenue comes from Allegro itself. Of Ceneo's 368,0 million złoty of segment revenue in 2025, 75,3 million was inter-segment, up from 62,1 million in 2024 6: Allegro's marketplace buys clicks from the comparison site it owns.

Growth is slow and steady. Price comparison revenue was 118,5 million złoty in the first half of 2026, up 5,7%, and 54,8 million in the second quarter, up 7,6% 7.

Ceneo matters less for its revenue than for where it sits: at the point where a shopper checks whether Allegro is the cheapest place to buy. The number to watch is its external revenue growth, 5,7% in the first half of 2026; a line growing at half the speed of the marketplace is being run for position, not for size.

Moat trajectory: Holding steady

Revenue grew 5,7% in 2025 and in the first half of 2026; segment EBITDA rose to 114,1 million złoty.

The number that tests this moat
Reported
Ceneo segment EBITDA
114,1m zł in 2025, from 107,0m zł

The only line with its own profit; a falling margin would mean Allegro is running it for position rather than for money.

Source: Allegro.eu 2025 annual report, segment note ↗
References
  1. ReportedIts external revenue was 235,3 million złoty in 2024 and 248,8 million in 2025, up 5,7% , 2% of Allegro's 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 calcIts external revenue was 235,3 million złoty in 2024 and 248,8 million in 2025, up 5,7% , 2% of Allegro's 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. ReportedIt is paid per click: shoppers compare offers, click through to a shop, and the shop pays a fixed fee for the lead .
    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. ReportedThe Ceneo segment earned EBITDA of 107,0 million złoty in 2024 and 114,1 million in 2025, on segment revenue of 368,0 million , a margin of about 31% .
    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 ↗
  5. Moat Explorer calcThe Ceneo segment earned EBITDA of 107,0 million złoty in 2024 and 114,1 million in 2025, on segment revenue of 368,0 million , a margin of about 31% .
    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 ↗
  6. ReportedOf Ceneo's 368,0 million złoty of segment revenue in 2025, 75,3 million was inter-segment, up from 62,1 million in 2024 : Allegro's marketplace buys clicks from the comparison site it owns.
    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 ↗
  7. ReportedPrice comparison revenue was 118,5 million złoty in the first half of 2026, up 5,7%, and 54,8 million in the second quarter, up 7,6% .
    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 ↗
Sources
Generated September 24, 2026