Marketplace commissionNarrow moat

Allegro (ALE) — moat facet

The toll rose to 12,70% in 2025 through co-financing changes, then fell in 2026 as Allegro discounted it.

Marketplace commission is the toll: the fee Allegro charges merchants on each third-party sale. It was 7 529,9 million złoty in 2024 and 8 541,8 million in 2025, up 13,4% 1, 75% of Allegro's revenue 2.

Polish take rate (%)12,30%FY202412,70%FY202513,01%Q2 202512,59%Q2 2026Allegro.eu 2025 annual report and H1 2026 report
Up 0,40 points in 2025 on co-financing changes, then down 0,42 points in the second quarter of 2026.

What sets it is volume times rate. In Poland marketplace revenue rose 12,9% in 2025 on GMV growth of 9,4%, lifted by a take rate that rose to 12,70% from 12,30%, mostly through changes to merchant co-financing rates introduced in early March 2025 3. That was the last increase.

In the first half of 2026 the rate turned. The Polish take rate was 12,62% against 12,81%, and 12,59% against 13,01% in the second quarter; Allegro says the decline, following many quarters of increases, reflects no significant monetization changes in the first quarter, discounting of the take rate to support promotional deals and consumer price perception, and lower revenue from legacy promotion services 4. Group commission still rose 11,1% to 4 507,3 million złoty, because GMV grew 13,7% 5.

The international marketplaces charge less: 7,38% in the first half against 7,77%, as Allegro offered incentives to new sellers 6, and their commission, 130,6 million złoty in the half, is small beside Poland's 4 376,7 million 7.

Allegro does not report the line's profit, but its costs are mostly shared: delivery, marketing and technology serve every line at once.

The number that would change the verdict is the Polish take rate: 12,59% in the second quarter of 2026. Back above 13% would say the discounting was temporary; below 12,5% would say the toll is now set by competitors.

Moat trajectory: Narrowing

The Polish take rate fell to 12,59% in Q2 2026 from 13,01%, after rising to 12,70% for 2025.

The number that tests this moat
Reported
Group marketplace revenue, first half
4 507,3m zł in H1 2026, +11,1%

Growing slower than GMV (13,7%) means the take rate is falling; the gap is the discount.

Source: Allegro.eu H1 2026 report ↗
References
  1. ReportedIt was 7 529,9 million złoty in 2024 and 8 541,8 million in 2025, up 13,4% , 75% of Allegro's 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 7 529,9 million złoty in 2024 and 8 541,8 million in 2025, up 13,4% , 75% of Allegro's 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. ReportedIn Poland marketplace revenue rose 12,9% in 2025 on GMV growth of 9,4%, lifted by a take rate that rose to 12,70% from 12,30%, mostly through changes to merchant co-financing rates introduced in early March 2025 .
    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. ReportedThe Polish take rate was 12,62% against 12,81%, and 12,59% against 13,01% in the second quarter; Allegro says the decline, following many quarters of increases, reflects no significant monetization changes in the first quarter, discounting of the take rate to support promotional deals and consumer price perception, and lower revenue from legacy promotion services .
    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 ↗
  5. ReportedGroup commission still rose 11,1% to 4 507,3 million złoty, because GMV grew 13,7% .
    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 ↗
  6. ReportedThe international marketplaces charge less: 7,38% in the first half against 7,77%, as Allegro offered incentives to new sellers , and their commission, 130,6 million złoty in the half, is small beside Poland's 4 376,7 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 ↗
  7. ReportedThe international marketplaces charge less: 7,38% in the first half against 7,77%, as Allegro offered incentives to new sellers , and their commission, 130,6 million złoty in the half, is small beside Poland's 4 376,7 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