InPost (INPST) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 saw record-breaking parcel volumes of 351.5 million, up 34% year-on-year, and revenue of PLN 3.8 billion, up 49% year-on-year, driven by strong performance in the UK, Eurozone, and Poland.

• Adjusted EBITDA reached PLN 1.1 billion, up 24% year-on-year, with a 28% margin, supported by robust volume growth and network expansion.

• Market share increased in all regions, with the UK and Eurozone outpacing their markets and Poland maintaining leadership.

• Over half of group revenue now comes from outside Poland, reflecting successful international diversification and strategic acquisitions.

• Mobile app user base expanded, with 15.3 million users in Poland, 11.3 million in the UK, and 6.7 million in France, enhancing customer engagement.

Financial highlights

• Q3 2025 revenue: PLN 3,768.9 million (+48.7% YoY); 9M 2025 revenue: PLN 10,254.2 million (+35.2% YoY).

• Adjusted EBITDA: PLN 1,055.4 million (+23.8% YoY); margin 28% (down 560bps YoY).

• Adjusted net profit: PLN 322.8 million (down 3.3% YoY); net profit: PLN 164.3 million (down 35.8% YoY).

• Free cash flow for Q3: PLN 171.8 million; for 9M 2025: PLN 226.0 million; Poland FCF: PLN 521.7 million (+33.3% YoY).

• CapEx in Q3: PLN 356 million, mainly for APM network expansion, representing 60% of CapEx.

Outlook and guidance

• FY 2025 outlook: group volume growth expected at 25–30% YoY, revenue at 35–40% YoY, and adjusted EBITDA growth in the mid-teens.

• Adjusted EBITDA margin to stabilize in Poland, increase in Eurozone, and be temporarily lower in the UK due to Yodel integration.

• Q4 2025 group growth anticipated in the high 20% range YoY; UK volumes to nearly triple due to Yodel consolidation.

• Capex for FY 2025 expected at PLN ~1.9 billion, with 60% for APM deployment; positive FCF expected at group level (excluding Yodel impact).