Logistic Service Revenue Nearly DoubledNarrow moat

Allegro (ALE) — moat facet

The smallest line in the accounts is the only one that makes a merchant harder to move than a second listing elsewhere.

Logistic Service Revenue rose 88,7% to 440,8 million złoty in 20251 — the fastest growth of any line Allegro reports.

Logistic Service Revenue (zl m)234FY2024441FY2025+88,7%, and still only 3,8% of revenue
The only line that makes a merchant harder to move than a second listing elsewhere.

It is small against marketplace revenue of 8 541,8 million2 and it matters out of proportion to its size, because it is the only thing Allegro sells that a merchant cannot replicate with a second listing elsewhere. A merchant whose stock is in Allegro's fulfilment network, whose parcels move on Allegro's labels and whose customer service runs through Allegro's system has moved part of its operations inside another company. That is a switching cost in the strict sense, and this business has almost no others.

It is also the commercial expression of the delivery build. The managed share of parcels went from 24% to 41%3, which is the same programme viewed from the cost side rather than the revenue side — Allegro is simultaneously buying its way out of a supplier's pricing power and selling the resulting capability back to its merchants.

The scale it is growing into is set by the delivery operation behind it. Allegro spent 3 578,9 million złoty on delivery in 20254 and now handles 41% of parcels itself5; selling that capability to merchants converts a cost centre into a revenue line without adding a single new activity.

The margin is thinner than anything else in this facet. Logistics is a real operation with vans, lockers and people, and the 88,7% growth arrived alongside a 26,2% increase in delivery costs6.

The measure is this line's growth against marketplace revenue's. Outgrowing it means merchants keep handing over more of the job, which is the only genuine lock Allegro is building.

Moat trajectory: Widening

The fastest-growing line in the accounts, and the only one building a switching cost — though from a base of 3,8% of revenue.

The number that tests this moat
Reported
Logistic services as a share of revenue
3,8%

The stickiest line and the smallest. Even at 88,7% growth it takes years to matter to the group, and the growth rate must decelerate off a base this small.

Source: Allegro.eu Annual Consolidated Report 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Doubling From Almost Nothing
Eighty-nine percent growth on 3,8% of revenue, at the thinnest margin in the company.
References
  1. ReportedLogistic Service Revenue rose 88,7% to 440,8 million złoty in 2025 — the fastest growth of any line Allegro reports.
    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. ReportedIt is small against marketplace revenue of 8 541,8 million and it matters out of proportion to its size, because it is the only thing Allegro sells that a merchant cannot replicate with a second listing elsewhere.
    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 ↗
  3. ReportedThe managed share of parcels went from 24% to 41%, which is the same programme viewed from the cost side rather than the revenue side — Allegro is simultaneously buying its way out of a supplier's pricing power and selling the resulting...
    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 ↗
  4. ReportedAllegro spent 3 578,9 million złoty on delivery in 2025 and now handles 41% of parcels itself; selling that capability to merchants converts a cost centre into a revenue line without adding a single new activity.
    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. ReportedAllegro spent 3 578,9 million złoty on delivery in 2025 and now handles 41% of parcels itself; selling that capability to merchants converts a cost centre into a revenue line without adding a single new activity.
    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. ReportedLogistics is a real operation with vans, lockers and people, and the 88,7% growth arrived alongside a 26,2% increase in delivery costs.
    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