Logistic servicesThin moat

Allegro (ALE) — moat facet

Delivery revenue that exists to lower the net cost of free delivery, ahead of the 2027 InPost renegotiation.

Logistic services are the paid deliveries Allegro organises, charged per parcel. The line was 233,6 million złoty in 2024 and 440,8 million in 2025, up 88,7% 1, 4% of revenue 2.

Polish cost of delivery against logistic revenue, 2025 (zl m)3 393,6Cost of delivery347,7Logistic service revenueAllegro.eu 2025 annual report, Polish Operations
Logistics revenue recovers about a tenth of what Allegro spends on delivery in Poland.

It exists because Allegro took over its own delivery. In Poland logistic service revenue rose 152,6% in 2025, as Allegro-managed methods reached 41% of delivery volumes in the fourth quarter from 24% 3; the share was 50% in the second quarter of 2026, from 34% 4.

Much of the growth is accounting as well as volume. When Allegro runs a delivery itself it books the charge as revenue and the courier cost as cost of delivery, rather than netting them 5.

The line does not make money on its own: Polish cost of delivery was 3 393,6 million złoty in 2025 against logistic revenue of 347,7 million 6. Its job is to lower the net cost of free delivery, and in the first half of 2026 cost of delivery net of merchant co-financing and logistic revenue fell to 2,22% of GMV from 2,55% 7.

Group logistic revenue was 329,5 million złoty in the first half of 2026, up 88,5% 8. The figure to watch is net delivery cost as a share of GMV: below 2,2% by the time the InPost agreement expires in 2027 would mean the logistics build has paid for itself.

Moat trajectory: Widening

Managed methods reached 50% of deliveries in Q2 2026, and net delivery cost fell to 2,22% of GMV.

The number that tests this moat
Reported
Group logistic service revenue, first half
329,5m zł in H1 2026, +88,5%

The line's value is in lowering net delivery cost; watch that ratio (2,22% of GMV) alongside it.

Source: Allegro.eu H1 2026 report ↗
References
  1. ReportedThe line was 233,6 million złoty in 2024 and 440,8 million in 2025, up 88,7% , 4% 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 calcThe line was 233,6 million złoty in 2024 and 440,8 million in 2025, up 88,7% , 4% 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 logistic service revenue rose 152,6% in 2025, as Allegro-managed methods reached 41% of delivery volumes in the fourth quarter from 24% ; the share was 50% in the second quarter of 2026, from 34% .
    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 Poland logistic service revenue rose 152,6% in 2025, as Allegro-managed methods reached 41% of delivery volumes in the fourth quarter from 24% ; the share was 50% in the second quarter of 2026, from 34% .
    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. ReportedWhen Allegro runs a delivery itself it books the charge as revenue and the courier cost as cost of delivery, rather than netting them .
    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. ReportedThe line does not make money on its own: Polish cost of delivery was 3 393,6 million złoty in 2025 against logistic revenue of 347,7 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 ↗
  7. ReportedIts job is to lower the net cost of free delivery, and in the first half of 2026 cost of delivery net of merchant co-financing and logistic revenue fell to 2,22% of GMV from 2,55% .
    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 ↗
  8. ReportedGroup logistic revenue was 329,5 million złoty in the first half of 2026, up 88,5% .
    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