InPost (INPST) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 delivered double-digit revenue growth (+22% YoY to PLN 2,951.9m) and adjusted EBITDA (+24% YoY to PLN 940m), with improved profitability across all segments and a 12% YoY increase in parcel volume to 272 million, led by UK expansion and Yodel acquisition.

• The acquisition of Yodel increased UK market share to 8%, tripled UK volumes, and will make international business over half of group revenue from Q2 onward.

• Network expansion continued rapidly, reaching 50,000 APMs (+32% YoY) and 83,172 OOH points (+20% YoY), solidifying the largest independent locker network in Europe.

• User base in Poland grew 7% to nearly 20 million APM users, with 24 million total users and 200,000 new users added monthly.

• Merchant relationships strengthened, including new pan-European agreements with Vinted, expanded cooperation with Amazon, and a unique ASOS contract for D+1 locker delivery in the UK.

Financial highlights

• Group revenue rose 21.7% YoY to PLN 2,951.9m; adjusted EBITDA up 23.7% YoY to PLN 940.2m, with margin at 31.9% (+52bps YoY).

• Poland: Parcel volume up 10% to 174.2m, revenue up 11.4% to PLN 1,652.1m, adjusted EBITDA up 15.4% to PLN 791.1m (margin 47.9%).

• Eurozone: Parcel volume up 11% to 73.5m, revenue up 13.5% to PLN 870.7m, adjusted EBITDA up 53.7% YoY, margin at 13.5%.

• UK & Ireland: Volume up 39% to 24.0m, revenue up 145% to PLN 429.1m, adjusted EBITDA up 193.8% YoY, margin at 14.4%.

• Group capex was PLN 340.6m (11.5% of revenue), mainly for APM network and IT; net leverage stable at 1.89x.

Outlook and guidance

• Upgraded FY 2025 outlook: group volume to grow 25–30% YoY, revenue 35–40% YoY, adjusted EBITDA 20–25% YoY, incorporating Yodel from May.

• Over 14,000 new APMs planned for 2025; capex guidance at PLN ~1.8bn, with 60% for APMs.

• Adjusted EBITDA margin to decrease YoY due to UK mix; Poland margin to stabilize at mid-40s, Eurozone to improve, UK & Ireland to decrease with Yodel consolidation.