InPost (INPST) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw strong topline growth, with parcel volumes up 16% to 380.9 million and revenue up 18% to PLN 4.2 billion, driven by international expansion and record APM deployments, while Poland maintained market leadership.

• International markets contributed 54% of group revenue, led by Eurozone strength and UK transformation.

• User engagement in Poland remains high, with 26 million users and an NPS of 76, far ahead of competitors.

• Record expansion of the APM network, reaching 68,925 globally, with leadership in Poland, France, and the UK.

• Net profit declined due to margin pressure, higher costs, and increased tax rates.

Financial highlights

• Q2 2026 revenue grew 18% to PLN 4.2 billion, parcel volumes up 16% to 380.9 million, and adjusted EBITDA rose 4.4% to PLN 1,043 million, but margin declined to 25%.

• Net profit dropped 30% year-over-year to PLN 93 million, with net profit margin at 2.2%.

• Adjusted EBIT declined 18–19% and adjusted net profit fell 50%, mainly due to higher depreciation and unfavorable FX.

• CapEx increased 7% to PLN 504 million; net leverage rose to 2.5x from 2.1x year-on-year.

• Group free cash flow was negative at PLN 541 million, reflecting international investment and network scale-up.

Outlook and guidance

• Revised 2026 outlook: group volume and revenue growth in the mid-teens; adjusted EBITDA expected to decline by mid-single digits with margin in the mid-20s.

• CapEx planned at PLN 2.1 billion, with 60% for APM deployment; net leverage expected to increase.

• Q3 2026: group volume growth anticipated in low single digits, with flat volumes in Poland due to EU customs fee changes impacting international marketplace volumes.

• FedEx partnership to launch last mile services in the UK and Poland in September 2026.

• Public offer for all shares underway, with completion expected in H2 2026 and potential structural changes.