Retail (1P)Thin moat

Allegro (ALE) — moat facet

First-party retail shrank 39% as the Mall shops closed, and is a selection tool, not a business.

Retail is the goods Allegro buys and sells itself. It was 1 225,6 million złoty in 2024 and 743,4 million in 2025, down 39,3% 1, 6% of revenue 2.

First-party retail revenue by segment (zl m)204,0Poland H1 2025265,2Poland H1 2026128,3International H1 202578,1International H1 2026Allegro.eu H1 2026 report
Polish first-party sales grew 30% while the legacy Mall shops kept shrinking.

The decline is the Mall Group unwinding. Allegro bought Mall's first-party shops in Czechia, Slovakia and Hungary and turned them into marketplaces; international cost of goods sold fell from 730,2 million złoty to 223,5 million in a year 3. In Poland, retail grew 15,7% to 518,9 million złoty in 2025, helped by Smart! Week and a longer Black Week campaign 4.

It is priced like any shop: Allegro earns the margin between purchase price and sale price. Group cost of goods sold was 723,8 million złoty against retail revenue of 743,4 million in 2025 5, a gross margin of about 2,6% 6.

In the first half of 2026 Polish retail rose 30,0% to 265,2 million złoty, as first-party GMV reached 0,91% of total GMV from 0,77% 7, while international retail fell 39,1% to 78,1 million 8.

The line is a tool rather than a business: Allegro uses its own stock to fill gaps in selection and to support promotions. The number to watch is first-party GMV as a share of the total, 0,91% in the first half of 2026: rising much further would mean Allegro is competing with its own merchants.

Moat trajectory: Holding steady

Polish first-party retail grew 30% in the first half of 2026 while international retail fell 39%.

The number that tests this moat
Reported
First-party GMV as a share of total GMV, first half
0,91% in H1 2026, from 0,77%

Rising much further would mean Allegro is competing with its own merchants.

Source: Allegro.eu H1 2026 report ↗
References
  1. ReportedIt was 1 225,6 million złoty in 2024 and 743,4 million in 2025, down 39,3% , 6% 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 1 225,6 million złoty in 2024 and 743,4 million in 2025, down 39,3% , 6% 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. ReportedAllegro bought Mall's first-party shops in Czechia, Slovakia and Hungary and turned them into marketplaces; international cost of goods sold fell from 730,2 million złoty to 223,5 million in a year .
    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. ReportedWeek and a longer Black Week campaign .
    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. ReportedGroup cost of goods sold was 723,8 million złoty against retail revenue of 743,4 million in 2025 , a gross margin of about 2,6% .
    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. Moat Explorer calcGroup cost of goods sold was 723,8 million złoty against retail revenue of 743,4 million in 2025 , a gross margin of about 2,6% .
    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 ↗
  7. ReportedIn the first half of 2026 Polish retail rose 30,0% to 265,2 million złoty, as first-party GMV reached 0,91% of total GMV from 0,77% , while international retail fell 39,1% to 78,1 million .
    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. ReportedIn the first half of 2026 Polish retail rose 30,0% to 265,2 million złoty, as first-party GMV reached 0,91% of total GMV from 0,77% , while international retail fell 39,1% to 78,1 million .
    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