✦ Eleven Thousand Lockers and a DeadlineNarrow moat

Allegro (ALE) — the future bets

This is not a logistics project; it is the purchase of a negotiating position, and it settles in 2027.

The One Box network — more than 8 500 lockers in Poland and 800 in Czechia at the end of 20251, and more than 11 000 by June 20262 — is a bet with a date on it.

Share of deliveries through Allegro-managed methods, Q2 (%)34%Q2 202550%Q2 2026Allegro.eu half-year report, H1 2026; Allegro Delivery and Brandless Courier
Half of deliveries now run on Allegro's own methods, a year before the InPost agreement expires.

The agreement under which InPost carries most of Allegro's parcels expires in 20273, and the 2025 accounts show what happens when Allegro negotiates from where it currently stands: supplier price increases added 6,9 percentage points to Polish delivery cost growth4, on a line worth 31% of revenue5.

So the lockers are not really a logistics project. They are the acquisition of a negotiating position, and the return on them will be settled in a room rather than in a warehouse. Allegro has already demonstrated the mechanism works: handling more parcels itself cut 2,9 percentage points off the delivery cost increase6, and the managed share went from 24% to 41% in a year7.

The cost is visible. Capital expenditure doubled to 470,4 million złoty8 and property, plant and equipment rose to 1 383,2 million9, in a company whose balance sheet was previously almost entirely intangible.

There is a second return that does not need the negotiation to go well. A parcel Allegro handles itself is one whose service quality it controls, which matters for a company whose relational net promoter score of 8310 is the evidence that Smart! is worth subscribing to. The lockers buy leverage over a supplier and control over the product at the same time.

The measure is delivery cost per parcel through the renegotiation. Allegro does not need to replace InPost — it needs to be credible enough that it does not have to.

Moat trajectory: Widening

The network is being built ahead of the 2027 renegotiation, and the managed-parcel share has already cut 2,9 points off the delivery cost increase.

The number that tests this moat
Reported
Capital expenditure
470,4m zł, more than doubled

The price of a negotiating position ahead of the 2027 renegotiation. Allegro does not need to replace InPost — it needs to be credible enough that it does not have to.

Source: Allegro.eu Annual Consolidated Report 2025 ↗
References
  1. ReportedThe One Box network — more than 8 500 lockers in Poland and 800 in Czechia — is a bet with a date on it.
    Allegro.eu Annual Consolidated Report 2025 - management report, business and operations (69 163,1m złoty of gross merchandise value with 68 282,4m third-party, 20,4 million active buyers, the Smart! programme past 7,5 million users in Poland at a relational net promoter score of 83, Allegro Pay financing 15,4% of purchases, Allegro One Box lockers, Ceneo and the PKO Bank Polski partnership) — FY2025 · publ. March 2026 · source ↗
  2. ReportedThe Allegro One locker network exceeded 11 thousand automated parcel machines by 30 June 2026.
    Allegro.eu Group half-year report for the six months ended 30 June 2026 (published 17 September 2026) - KPIs: active buyers, GMV, GMV per buyer, take rate by segment and its explanation, adjusted EBITDA; income statement by segment; cost of delivery; lockers; Allegro Pay; buyback phase 1 — H1 2026 · publ. 17 September 2026 · source ↗
  3. ReportedThe agreement under which InPost carries most of Allegro's parcels expires in 2027, and the 2025 accounts show what happens when Allegro negotiates from where it currently stands: supplier price increases added 6,9 percentage points to...
    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 ↗
  4. ReportedThe agreement under which InPost carries most of Allegro's parcels expires in 2027, and the 2025 accounts show what happens when Allegro negotiates from where it currently stands: supplier price increases added 6,9 percentage points to...
    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. ReportedThe agreement under which InPost carries most of Allegro's parcels expires in 2027, and the 2025 accounts show what happens when Allegro negotiates from where it currently stands: supplier price increases added 6,9 percentage points to...
    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. ReportedAllegro has already demonstrated the mechanism works: handling more parcels itself cut 2,9 percentage points off the delivery cost increase, and the managed share went from 24% to 41% in a year.
    Allegro.eu Annual Consolidated Report 2025 - management report, business and operations (69 163,1m złoty of gross merchandise value with 68 282,4m third-party, 20,4 million active buyers, the Smart! programme past 7,5 million users in Poland at a relational net promoter score of 83, Allegro Pay financing 15,4% of purchases, Allegro One Box lockers, Ceneo and the PKO Bank Polski partnership) — FY2025 · publ. March 2026 · source ↗
  7. ReportedAllegro has already demonstrated the mechanism works: handling more parcels itself cut 2,9 percentage points off the delivery cost increase, and the managed share went from 24% to 41% in a year.
    Allegro.eu Annual Consolidated Report 2025 - management report, business and operations (69 163,1m złoty of gross merchandise value with 68 282,4m third-party, 20,4 million active buyers, the Smart! programme past 7,5 million users in Poland at a relational net promoter score of 83, Allegro Pay financing 15,4% of purchases, Allegro One Box lockers, Ceneo and the PKO Bank Polski partnership) — FY2025 · publ. March 2026 · source ↗
  8. ReportedCapital expenditure doubled to 470,4 million złoty and property, plant and equipment rose to 1 383,2 million, in a company whose balance sheet was previously almost entirely intangible.
    Allegro.eu Annual Consolidated Report 2025 - consolidated financial statements and notes (total assets of 19 721,2m złoty, goodwill of 8 816,1m and other intangibles of 4 093,6m, equity, net profit of 1 517,1m and earnings per share, the 177,0m loss from discontinued operations, and the Mall Group acquisition and the disposal of the Slovenian and Croatian platforms) — FY2025 · publ. March 2026 · source ↗
  9. ReportedCapital expenditure doubled to 470,4 million złoty and property, plant and equipment rose to 1 383,2 million, in a company whose balance sheet was previously almost entirely intangible.
    Allegro.eu Annual Consolidated Report 2025 - consolidated financial statements and notes (total assets of 19 721,2m złoty, goodwill of 8 816,1m and other intangibles of 4 093,6m, equity, net profit of 1 517,1m and earnings per share, the 177,0m loss from discontinued operations, and the Mall Group acquisition and the disposal of the Slovenian and Croatian platforms) — FY2025 · publ. March 2026 · source ↗
  10. ReportedA parcel Allegro handles itself is one whose service quality it controls, which matters for a company whose relational net promoter score of 83 is the evidence that Smart!
    Allegro.eu Annual Consolidated Report 2025 - management report, business and operations (69 163,1m złoty of gross merchandise value with 68 282,4m third-party, 20,4 million active buyers, the Smart! programme past 7,5 million users in Poland at a relational net promoter score of 83, Allegro Pay financing 15,4% of purchases, Allegro One Box lockers, Ceneo and the PKO Bank Polski partnership) — FY2025 · publ. March 2026 · source ↗
Sources
Generated September 24, 2026