InPost (INPST) Q3 2025 TU earnings summary

Executive summary

• Achieved record-breaking Q3 2025 results with 351.5 million parcels handled (+34% YoY) and PLN 3.8 billion revenue (+49% YoY), driven by strong organic growth, strategic acquisitions, and international expansion, especially in the UK and Eurozone.

• Over 54% of group revenue now comes from outside Poland, reflecting successful international diversification and market share gains in the Eurozone and UK.

• Integration of Yodel in the UK tripled volumes and accelerated revenue, though integration work is paused until Q1 2026 to prioritize service quality during peak season.

• Mobile app user base expanded, with 15.3 million users in Poland, 11.3 million in the UK, and 6.7 million in France, enhancing customer engagement and order frequency.

• Strategic focus remains on network expansion, customer experience, and maintaining leadership in out-of-home delivery across Europe.

Financial highlights

• Q3 2025 revenue: PLN 3,768.9 million (+48.7% YoY); adjusted EBITDA: PLN 1,055.4 million (+23.8% YoY) at a 28% margin; adjusted net profit: PLN 322.8 million (down 3.3% YoY).

• Poland: Revenue up 12.5% YoY to PLN 1.7 billion, adjusted EBITDA up 18% to PLN 856 million, margin at 49.2%.

• Eurozone: Volume up 24% YoY to 83.5 million, revenue up 35.6% YoY, adjusted EBITDA margin stable at 14.5%.

• UK & Ireland: Volumes up 219% YoY (Yodel), revenue up 306.7% YoY, adjusted EBITDA margin at 8.5% (down YoY due to integration costs).

• Q3 CapEx at PLN 356 million, with 60% invested in APM network; group free cash flow positive at PLN 172 million.

Outlook and guidance

• Full-year 2025 outlook: volume growth 25%-30% YoY, revenue growth 35%-40% YoY, with expectations at the lower end depending on peak season.

• Adjusted EBITDA margin for Poland expected in the high 40s; international margins to progress year-on-year.

• Temporary lower adjusted EBITDA margin projected for UK & Ireland due to Yodel integration and quality investments.

• Q4 2025 group growth anticipated in the high 20% range; international growth forecast at ~70% YoY (including Yodel).

• CapEx for FY 2025 expected at PLN ~1.9 billion, with 60% for APM deployment.