InPost (INPST) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 delivered double-digit revenue growth (+22% YoY to PLN 3.0bn) and adjusted EBITDA (+24% YoY to PLN 940m), with improved profitability across all segments and strong B2C expansion.

• Parcel volume grew 12% YoY to 272m, led by UK (+39% YoY), with international business now over half of group revenue, driven by APM deployment and Yodel acquisition.

• APM network expanded to 50,000 (+32% YoY), with 83,172 OOH points (+20% YoY) and 33,000 PUDO points (+5% YoY) across Europe.

• Strategic partnerships with Vinted, Amazon, and ASOS, and increased InPost Pay adoption, are enhancing merchant and user engagement.

Financial highlights

• Group revenue rose 21.7% YoY to PLN 2,951.9m; adjusted EBITDA up 23.7% YoY to PLN 940.2m; adjusted EBIT up 11.1%; adjusted net profit from continuing operations up 11.7%.

• Poland: Parcel volume +10% (174.2m), revenue +11.4% (PLN 1.65bn), adjusted EBITDA +15.4% (PLN 791.1m), margin 47.9%.

• Eurozone: Parcel volume +11% (73.5m), revenue +13.5% (PLN 870.7m), adjusted EBITDA margin 13.5% (+53.7% YoY).

• UK & Ireland: Volume +39% (24.0m), revenue +145% (PLN 429.1m), adjusted EBITDA +193.8%, margin 14.4%.

• Group CapEx PLN 340.6m (11.5% of revenue), mainly for APM network and IT; free cash flow PLN 63.4m, impacted by tax payment timing.

• Net debt increased to PLN 7,249.7m due to Yodel investment; leverage stable at 1.89x.

Outlook and guidance

• Upgraded FY 2025 outlook: group volume to grow 25–30% YoY, revenue 35–40% YoY, adjusted EBITDA 20–25% YoY.

• Adjusted EBITDA margin expected lower YoY due to Yodel consolidation; Poland margin to stabilize at mid-40s, Eurozone to improve, UK & Ireland to decrease.

• Q2 2025: group volume growth in high 20s percent YoY, UK volumes to triple with Yodel.

• CapEx for 2025 planned at ~PLN 1.8bn, with 60% for APMs; positive FCF expected for FY 2025 (excluding M&A).