Closing the Shops It Had Just BoughtNarrow moat

Allegro (ALE) — moat facet

Turning off an asset you paid for is an expensive admission and usually the right one.

Allegro bought Mall Group in 2022 and by 2025 had shut Mall.cz, Mall.hu and Mall.sk1.

The unwind, step by stepNov 2021Mall Group and WE|DO agreedApr 2022transaction closesQ2 2025Mall North moves into Allegro InternationalQ4 2025Mall South becomes discontinued operationsFeb 2026Slovenia and Croatia soldLoss from discontinued operations: 177,0m zł in 2025, 154,0m zł in 2024
Turning off an asset you paid for is an expensive admission and usually the right one.

Closing an asset you paid for is an unusually clear admission, and it was the right one. The Mall shops competed with the Allegro marketplaces Allegro was simultaneously launching in the same countries, which meant the group was funding both sides of the same contest and taking the worse economics on one of them.

The reorganisation shows in the segment structure. After the closures, "Mall North" ceased to be part of the Mall Segment and moved into Allegro International from the second quarter of 20252; Mall South — Slovenia and Croatia — became discontinued operations from the fourth quarter, with comparatives for the first three quarters of 2025 and for 2024 restated3.

That restatement is worth noting for anyone reading the numbers: the 2024 comparatives in the 2025 report are not the 2024 figures as originally published.

The acquisition that produced all of this was announced on 4 November 2021 and closed on 1 April 20224, and it included the courier WE|DO alongside the Mall retail operations — so Allegro bought a logistics business at the same time as a retailer, in the same transaction it spent the next four years unwinding.

The residual cost was 177,0 million złoty of losses from discontinued operations in 20255, on top of the 154,0 million the year before.

The measure is whether anything is left to unwind. After February 2026 the answer is no, which means 2026 is the first year the international business can be judged on its own performance rather than on the disposal of somebody else's.

Moat trajectory: Widening

The reorganisation finished in February 2026, so 2026 is the first year in which the international business can be judged rather than explained.

The number that tests this moat
Reported
Loss from discontinued operations
177,0m zł in 2025

The residual cost of the unwind, on top of 154,0m the year before. The disposals concluded in February 2026, so this line should disappear — and 2026 becomes the first clean comparative year since 2021.

Source: Allegro.eu Annual Consolidated Report 2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Three Years Is a Long Time to Be Reorganising
Four years of history that cannot be compared with itself, in exactly the period the acquisition was meant to prove itself.
References
  1. ReportedAllegro bought Mall Group in 2022 and by 2025 had shut Mall.cz, Mall.hu and Mall.sk.
    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. ReportedAfter the closures, "Mall North" ceased to be part of the Mall Segment and moved into Allegro International from the second quarter of 2025; Mall South — Slovenia and Croatia — became discontinued operations from the fourth quarter, with...
    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 ↗
  3. ReportedAfter the closures, "Mall North" ceased to be part of the Mall Segment and moved into Allegro International from the second quarter of 2025; Mall South — Slovenia and Croatia — became discontinued operations from the fourth quarter, with...
    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 ↗
  4. ReportedThe acquisition that produced all of this was announced on 4 November 2021 and closed on 1 April 2022, and it included the courier WE|DO alongside the Mall retail operations — so Allegro bought a logistics business at the same time as a...
    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 ↗
  5. ReportedThe residual cost was 177,0 million złoty of losses from discontinued operations in 2025, on top of the 154,0 million the year before.
    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 ↗
Sources
Generated September 24, 2026