InPost (INPST) H2 2025 earnings summary

Executive summary

• Achieved record parcel volumes of up to 1.4 billion in 2025 (+25% YoY) and revenue of PLN 14.7 billion (+34% YoY), with over half of revenue now from outside Poland, reflecting successful international expansion and strategic acquisitions such as Yodel and Sending.

• Adjusted EBITDA grew 12% YoY to PLN 4.1 billion, but margin declined to 27.9% due to integration costs, especially in the UK, and heavy investments in network, logistics, IT, and AI.

• Net profit dropped 58% YoY to PLN 526 million, impacted by restructuring, M&A, and FX losses.

• The company launched a five-year sustainability strategy, achieving a 56% reduction in scope 1 and 2 emissions since 2021 and increasing renewable energy use to 91%.

Financial highlights

• Q4 2025: 418 million parcels handled (+30% YoY), revenue of PLN 4.5 billion (+33% YoY), adjusted EBITDA of PLN 1.1 billion (down 4% YoY, margin 25%).

• Full year 2025: Adjusted EBITDA up 12%, margin at 27.9%, adjusted net profit of PLN 1.1 billion (margin 7.7%).

• CapEx for 2025 was PLN 1.8 billion (+31% YoY), representing 12.5% of revenue, focused on APM network, logistics, IT, and AI.

• Group free cash flow was PLN 84 million; Poland generated PLN 1.6 billion free cash flow, while international operations were negative due to ongoing investments.

• Net debt rose to PLN 9.1 billion, with net leverage at 2.2x, up from 1.9x YoY.

Outlook and guidance

• 2026 guidance: Group volume growth in mid- to high-teens percent, with Poland mid-single digits, Eurozone high-20s percent, UK low-30s percent.

• Group revenue expected to grow mid-teens percent; adjusted EBITDA to remain broadly flat with margin in mid-20s.

• CapEx planned at PLN 2.4 billion (60% for APM deployment); negative free cash flow and slightly higher net debt/EBIT ratio anticipated.

• Q1 2026: Group volume growth in high 20s percent, with international markets forecast to grow ~70% YoY.