InPost (INPST) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw parcel volumes rise 32% year-on-year to nearly 360 million, with revenue up 31% to PLN 3.9 billion, driven by international expansion and acquisitions.

• International revenue now represents 53% of total, up 6% year-on-year, reflecting strong growth in the Eurozone and UK.

• Adjusted EBITDA declined 4% year-on-year to PLN 902 million, with margin compressing to 23.4% from 31.9% last year, mainly due to UK transformation costs.

• Network expansion continued, with nearly 95,000 out-of-home points and rapid APM deployment, reaching 64,680 APMs (+30% YoY) across Europe.

• Capex increased 6% year-on-year to PLN 360 million, supporting network and APM expansion.

Financial highlights

• Revenue: PLN 3.86 billion (+31% YoY); Adjusted EBITDA: PLN 902 million (-4% YoY); Net profit: PLN 108 million (-41% YoY).

• Adjusted EBITDA margin fell to 23.4% (from 31.9% YoY); Adjusted EBIT margin at 7.5% (down from 17.7% YoY); Net profit margin dropped to 2.8% (from 6.2%).

• Free cash flow was negative at PLN 410 million, driven by international investments and higher capex.

• Net leverage increased to 2.4x from 1.9x YoY, reflecting higher debt and lower cash.

• Gross debt rose to PLN 10.5 billion, with net debt at PLN 9.9 billion.

Outlook and guidance

• Full-year 2026 outlook unchanged: group volume expected to grow mid-to-high teens YoY, with Poland mid-single digit, Eurozone high 20s, UK low 30s.

• Group revenue expected to grow mid-teens YoY; adjusted EBITDA margin to remain in the mid-20s.

• Capex for 2026 planned at PLN 2.4 billion, with 60% for APM deployment; negative FCF and slightly higher net debt/EBITDA expected.