The Merchant Is the Customer Who PaysNarrow moat

Allegro (ALE) — moat facet

Buyers generate the volume and sellers generate the revenue, which is why the take rate is set by people who can compare.

Almost everything Allegro earns comes from the seller. Marketplace commission of 8 541,8 million złoty, advertising of 1 411,0 million and logistics of 440,8 million1 are all billed to merchants; the buyer contributes a Smart! subscription and nothing else.

Revenue billed to merchants, FY2025 (zl m)Marketplace commission — 82%Advertising — 14%Logistic services — 4%Buyers contribute a Smart! subscription; merchants contribute the rest
Almost everything Allegro earns is billed to the seller, which is why the take rate is set by people who can compare.

That inverts the way the company is usually described. Allegro's 20,4 million buyers2 are the inventory it sells access to, and the customers are the tens of thousands of businesses bidding for that access.

It also explains the flat take rate. A customer base of merchants is one that can compare — each of them can price Allegro's 12,43%3 against Amazon's fees, against Temu's, and against the cost of buying the same traffic from Google. Buyers do not run that calculation; merchants run it every month.

There is a fourth charge that rarely gets counted. Payment charges of 174,6 million złoty4 pass through the group, and Allegro Pay finances 15,4% of purchases5 — so on a meaningful share of transactions Allegro is also the payment method and the lender, earning on the same sale a fourth and fifth time.

The relationship is deepening in the one direction that creates a genuine lock. Logistic Service Revenue grew 88,7%6 and the share of parcels Allegro manages end to end reached 41% from 24%7 — a merchant using Allegro's fulfilment has handed over an operation, not just a listing.

Grade this on revenue per merchant, which Allegro does not disclose — it publishes no merchant count at all. That absence is the most significant gap in the company's reporting, because the health of the paying customer base cannot be read from any number it currently provides.

Moat trajectory: Widening

Merchants now pay Allegro four ways on the same transaction: commission, advertising, fulfilment and increasingly payments and credit.

The number that tests this moat
Moat Explorer calc
Revenue billed to merchants
~10,4bn zł of 11,5bn zł

Commission, advertising and logistics are all charged to the seller; the buyer contributes a Smart! subscription. Allegro publishes no merchant count, which is the most significant gap in its reporting.

Source: Allegro.eu Annual Consolidated Report 2025 ↗
References
  1. ReportedMarketplace commission of 8 541,8 million złoty, advertising of 1 411,0 million and logistics of 440,8 million are all billed to merchants; the buyer contributes a Smart!
    Allegro.eu Annual Consolidated Report 2025 - management report, financial review (revenue of 11 458,1m złoty by line, cost of delivery of 3 578,9m up 26,2% with its decomposition and the InPost pricing headwind under an agreement expiring in 2027, the other cost lines, EBITDA of 3 276,6m and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  2. ReportedAllegro's 20,4 million buyers are the inventory it sells access to, and the customers are the tens of thousands of businesses bidding for that access.
    Allegro.eu selected historical consolidated financial information for Q1 2026 - the operating KPI table (active buyers of 20,4 million with Poland at 15,5 million and the international segment down 7,5% to 4,9 million, GMV per active buyer of 3 492,4 złoty, GMV of 17 293,3m, 378,0 million items sold, a take rate of 12,43% unchanged year on year, and adjusted EBITDA of 931,8m) — Q1 2026 · publ. May 2026 · source ↗
  3. ReportedA customer base of merchants is one that can compare — each of them can price Allegro's 12,43% against Amazon's fees, against Temu's, and against the cost of buying the same traffic from Google.
    Allegro.eu selected historical consolidated financial information for Q1 2026 - the take rate and profitability table (a group take rate of 12,43% unchanged year on year with Poland at 12,65% and the international segment at 7,87%, adjusted EBITDA of 931,8m złoty with Poland at 1 017,8m against an international loss of 85,9m, and adjusted EBITDA at 31,57% of revenue and 5,39% of GMV) — Q1 2026 · publ. May 2026 · source ↗
  4. ReportedPayment charges of 174,6 million złoty pass through the group, and Allegro Pay finances 15,4% of purchases — so on a meaningful share of transactions Allegro is also the payment method and the lender, earning on the same sale a fourth and...
    Allegro.eu Annual Consolidated Report 2025 - management report, cost review (cost of delivery of 3 578,9m złoty up 26,2% against revenue growth of 10,5%, its decomposition into Smart! volume, the expansion of Allegro Delivery and unit cost, the InPost pricing headwind under an agreement expiring in 2027, marketing service expenses at 2,07% of GMV, staff and IT costs, and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  5. ReportedPayment charges of 174,6 million złoty pass through the group, and Allegro Pay finances 15,4% of purchases — so on a meaningful share of transactions Allegro is also the payment method and the lender, earning on the same sale a fourth and...
    Allegro.eu Annual Consolidated Report 2025 - management report, cost review (cost of delivery of 3 578,9m złoty up 26,2% against revenue growth of 10,5%, its decomposition into Smart! volume, the expansion of Allegro Delivery and unit cost, the InPost pricing headwind under an agreement expiring in 2027, marketing service expenses at 2,07% of GMV, staff and IT costs, and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  6. ReportedLogistic Service Revenue grew 88,7% and the share of parcels Allegro manages end to end reached 41% from 24% — a merchant using Allegro's fulfilment has handed over an operation, not just a listing.
    Allegro.eu Annual Consolidated Report 2025 - management report, financial review (revenue of 11 458,1m złoty by line, cost of delivery of 3 578,9m up 26,2% with its decomposition and the InPost pricing headwind under an agreement expiring in 2027, the other cost lines, EBITDA of 3 276,6m and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
  7. ReportedLogistic Service Revenue grew 88,7% and the share of parcels Allegro manages end to end reached 41% from 24% — a merchant using Allegro's fulfilment has handed over an operation, not just a listing.
    Allegro.eu Annual Consolidated Report 2025 - management report, financial review (revenue of 11 458,1m złoty by line, cost of delivery of 3 578,9m up 26,2% with its decomposition and the InPost pricing headwind under an agreement expiring in 2027, the other cost lines, EBITDA of 3 276,6m and capital expenditure of 470,4m) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026