Inpost S.a Stock Earnings Reports

InPost reported a strong Q1 2026 driven by international expansion. Group volumes reached ~360 million parcels (+32% YoY) and revenue was PLN 3.9 billion (+31%). Adjusted EBITDA was PLN 902 million (‑4% YoY) with a 23.4% margin; declines were mainly driven by transformation costs in the U.K., while Poland and Eurozone delivered solid profitability. Key operational highlights: nearly 95,000 out‑of‑home points (APMs backbone), +15,000 APMs added in the last 12 months (3,500 in Q1), and continued rapid APM deployment in the Eurozone and U.K. Poland remains highly profitable and cash‑generative (Poland FCF PLN 276m, +59% YoY) and is the company’s engine; 53% of group revenue now comes from outside Poland. Eurozone (including Mondial Relay) showed broad‑based growth and stable margins; the U.K. (post‑Yodel) scaled rapidly—volumes +220% YoY to 77m—but remains in an investment/transformation phase (Q1 U.K. adj. EBITDA -PLN 49m) with improving operational metrics and March reported as profitable. Group free cash flow was negative PLN 410m in Q1 because of international investment and network expansion; net leverage rose to 2.4x. Guidance for 2026 remains unchanged; Q2 volumes are expected to grow mid‑ to high‑teens overall, with Poland mid‑ to high‑single digits and international high‑20s. Management emphasizes continued APM network expansion, customer engagement via the app and loyalty program, and execution on U.K. transformation with a planned single InPost platform/brand in Q3 2026.