InPost (INPST) H2 2024 earnings summary

Executive summary

• Achieved record-breaking 2024 results with parcel volume up 22% year-on-year to 1.1 billion and revenue rising 23.5% to PLN 10.9 billion, driven by strong growth in all markets.

• Adjusted EBITDA increased 33–33.5% year-on-year to PLN 3.6 billion, with group free cash flow up 22% to PLN 934.5 million.

• Net leverage improved to 1.9x from 2.2x at end-2023, reflecting strong deleveraging and cash flow supporting European expansion.

• Expanded OOH network to 47,000 APMs (+32% YoY) and 34,000 PUDO points, reinforcing leadership in out-of-home delivery in Europe.

• Strong ESG progress, with a 37% reduction in CO2 emissions per parcel since 2021 and a 98% CO2 reduction over the last mile.

Financial highlights

• Q4 2024 revenue grew 26.4% year-on-year to PLN 3.4 billion; Adjusted EBITDA up 35.7% to PLN 1.1 billion (margin 34.2%).

• FY 2024 net profit from continuing operations nearly doubled year-on-year to PLN 1,247 million, with margin rising from 7.3% to 11.3%.

• Free cash flow for FY 2024 was PLN 934.5 million (+22% YoY); Q4 FCF was PLN 355.6 million (+46% YoY).

• CapEx increased 37% YoY to PLN 1.4 billion, mainly for APM network and international expansion.

• Adjusted EBITDA margin improved to 33.3% (+250bps YoY); Q4 margin at 34.2%.

Outlook and guidance

• 2025 group revenue expected to grow in high teens to low twenties percent, outpacing market volume growth in all geographies.

• Volume growth forecast: mid-teens group-wide, high single to low double digits in Poland, mid to high single digits in Mondial Relay, mid-forties in the UK.

• Adjusted EBITDA projected to increase in low to mid-twenties percent, with margin improvement.

• CapEx planned at PLN 1.8 billion, with 60% for APM deployment; over 14,000 new APMs to be deployed in 2025.

• Positive cash flow and further deleveraging expected, excluding M&A.