InPost (INPST) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw parcel volumes rise 23% year-over-year to 324 million, with revenue up 35% to PLN 3.5 billion, and over half of revenue generated outside Poland, reflecting successful international expansion.

• Adjusted EBITDA reached PLN 1 billion (28.3% margin; 35% excluding Yodel), while net profit dropped 60% to PLN 133 million due to M&A and integration costs.

• Strategic acquisitions (Yodel in the UK, Sendingg in Iberia, Bloq.it) accelerated pan-European expansion and reinforced APM network leadership.

• The network reached over 53,000 APMs and 88,000 out-of-home locations, with international APMs surpassing the Polish network.

• UK volumes surged 177% year-over-year, supported by Yodel integration; Eurozone and Poland also posted solid growth.

Financial highlights

• Q2 group revenue grew 35% year-over-year to PLN 3,533.4 million, driven by international expansion and M&A.

• Adjusted EBITDA margin was 28.3% (down 550bps YoY); excluding Yodel, the base business margin hit a record 35%.

• Net profit margin fell to 3.8% from 12.8% YoY; adjusted net profit margin at 8.5%.

• CapEx in Q2 was PLN 471 million (up 38% YoY), mainly for APM network expansion.

• Free cash flow was slightly negative in Q2 due to high investment, but Poland generated PLN 476.9 million FCF.

Outlook and guidance

• Group volume expected to grow 25-30% and revenue 35-40% year-over-year for 2025.

• Adjusted EBITDA growth forecasted at 20-25% year-over-year, with margin stabilizing at high 40s in Poland and increasing in the Eurozone.

• Over 15,000 new APMs planned for deployment; capex for 2025 increased to PLN 1.9 billion, with 60% for APMs.

• Positive group FCF expected (excluding Yodel impact); net leverage to remain stable.

• Q3 2025: Anticipated group volume growth in high-20s% YoY; international volume to grow ~70% YoY (Yodel consolidation).