InPost (INPST) H1 2024 earnings summary

Executive summary

• Q2 2024 parcel volume grew 23% year-over-year to 264–264.4 million, with revenue up 22.5%–23% to PLN 2,623 million and Adjusted EBITDA margin at 33.8%–34%.

• Poland saw 20% parcel volume growth and 22% revenue growth, maintaining high network utilization and a 46.2% Adjusted EBITDA margin.

• International segment volume rose 29% year-over-year, with revenue up 27% in local currency and Adjusted EBITDA margin improving to 15%.

• UK & Italy reported 119%–163% parcel volume growth and 133% revenue growth, with segment Adjusted EBITDA margin turning positive at 10.4%.

• Continued expansion of the out-of-home network, deploying a record 3,000 new APMs in Q2 and strengthening market leadership in the UK, France, and Poland.

Financial highlights

• Q2 2024 Adjusted EBITDA: PLN 887.3 million (+28.6% YoY); margin at 33.8%.

• Q2 2024 net profit: PLN 336.4 million (+162.8%–163% YoY), margin up to 12.8%.

• Q2 2024 free cash flow: PLN 154.1 million; H1 2024 FCF: PLN 367.3 million (+65.7%–74.7% YoY).

• Net leverage reduced to 1.95x at end-Q2 2024, down from 2.7x a year earlier.

• Q2 2024 CAPEX: PLN 342 million (+39.9% YoY), with capex intensity at 11%–13%.

Outlook and guidance

• FY 2024 outlook: high single-digit to low double-digit e-commerce market volume growth in Poland; negative to mid-single-digit in France and UK.

• Group parcel volume and revenue expected to outperform market, with revenue growth exceeding volume by low to mid-single digits.

• Adjusted EBITDA margin in Poland to stabilize in mid-40s; international margin to rise to low double digits.

• FY 2024 capex expected at ~PLN 1.3 billion, with positive Group FCF and continued deleveraging.

• Q3 2024 volume growth running at around 20% at group level.