InPost results: we are excited to celebrate a year full of amazing achievements across all markets

InPost Group announced strong results for the fourth quarter and full year of 2024. The Group delivered a record-breaking year in terms of volumes, revenues, and Adjusted EBITDA, almost doubling the EPS and making significant progress in expanding its out-of-home (OOH) network and operations across Europe.

Financial highlights

Parcel volume: 1.1 billion (+22% YoY)
Revenue: PLN 10.9 billion (+23.5% YoY)
Adjusted EBITDA: PLN 3.6 billion (+33.5% YoY)

Executive Summary Q4 2024

Record Group volume: In Q4 2024, the Group’s parcel volume reached 322 million, a 20% year-over-year increase. InPost Poland and international markets contributed to this growth, with YoY improvements of 20% and 21%, respectively, both exceeding market levels.
Healthy Group revenue growth: Group revenue grew by 26.4% in Q4 2024, reaching PLN 3.4 billion. This was driven by strong volume growth in Poland and the UK, as well as the consolidation of the Menzies Newstrade segment.
Continued Adjusted EBITDA growth: Group Adjusted EBITDA reached PLN 1.1 billion in Q4 2024, a 35.7% YoY increase, with an Adjusted EBITDA margin of 34.2%. The key contributors to this growth were the markets in Poland and the UK.
Positive Free Cash Flow and deleveraging: InPost generated positive Free Cash Flow (FCF) of PLN 355.6 million at the Group level in Q4 2024. In Poland, FCF reached PLN 594.0 million, with a 68% FCF/Adjusted EBITDA conversion (compared to 53% in Q4 2023). This financial strength supports the Group’s rapid expansion across Europe. Net leverage decreased to 1.9x in Q4 2024, down from 2.2x in Q4 2023.
Strategic growth through investment: InPost invested PLN 413.5 million in CAPEX in Q4 2024, a 32.1% YoY increase, driven by business expansion and network development. Of this investment, 63% was allocated to international expansion. The CAPEX-to-revenue ratio increased slightly to 12.3% (compared to 11.8% in Q4 2023).
Poland’s volume surpassed market growth while maintaining high margins: In Q4 2024, InPost delivered 210 million parcels in Poland, a 20% YoY increase. Growth was driven by SME merchants, the fashion segment, and local and international marketplaces. Poland’s revenue reached PLN 1.9 billion (up 15.0% YoY), with Adjusted EBITDA increasing to PLN 879.5 million (up 19.2% YoY). Margins remained strong at 47.2%, compared to 45.5% in Q4 2023.
Mondial Relay delivered strong B2C growth while improving profitability. In Q4 2024, Mondial Relay handled 78 million parcels, a 10% year-over-year increase, driven by 28% growth in the B2C sector. The Adjusted EBITDA margin improved to 17.3%, up from 12.6% a year ago, benefiting from scale, product mix effects, and operational improvements.

The UK and Italy saw notable revenue growth and profitability improvements. The Other International segment, which includes the UK and Italy, recorded a 56% increase in volume growth in Q4 2024. Revenue rose to PLN 587.7 million, a 151% YoY increase, while Adjusted EBITDA reached PLN 111.3 million, a significant improvement from PLN 7 million the previous year. These results were driven by enhanced logistics operations, network expansion, and the consolidation of Menzies Newstrade, which began in Q4 2024.
2025 Outlook: Group revenue is expected to grow year-over-year in the high-teens to low-twenties range, surpassing market volume growth across all geographies. Adjusted EBITDA is projected to increase in the low to mid-twenties. The company plans to accelerate deployment to over 14,000 APMs across all markets.
Q1 Trading Update: In Poland, volume growth is expected to be around 10%, outperforming a softer e-commerce market and achieving year-over-year growth across all segments despite a high baseline from Q1 2024. Internationally, InPost anticipates approximately 17% YoY volume growth, continuing to outpace market trends.

Rafał Brzoska, Founder and CEO of InPost Group, commented: “Looking back at 2024, we are excited to celebrate a year full of amazing achievements across all markets. The strong results of 2024 show that our vision and our strategic choices resonate well with both merchants and consumers. By focusing on our customers, innovation, and quality, we’ve built a solid foundation that has helped us reach new milestones, and that sets us up for continued success in the future.

In 2024, InPost saw high growth, delivering over 1.1 billion parcels – a 22% increase from 2023. We grew faster than the e-commerce market, and increased our market share in all key regions. Last year’s peak once again proved that InPost is the most reliable and, therefore, the preferred partner for customers and merchants alike. Our financial results reflect this success. Our revenue hit a new high, which demonstrates our strong performance and market leadership.

We are expanding our network in Europe. Last year, we installed over 11,500 new APMs, growing our network by 32% compared to 2023, and solidified our top position in APM networks in Poland, France, and the UK. In the European markets where we are currently active, we rank third in terms of total combined volume among B2C e-commerce logistic carriers.

With our focus on customer-centricity and our proven ability to deliver new tech-enabled digital services to e-merchants, InPost is continuing to strengthen its position as the partner of choice for e-merchants in its key markets. In Poland, where we lead market collaboration with e-commerce shoppers, InPost developed InPost Pay and the newly introduced Loyalty Programme, reaching 14 million app users, with an opportunity to continue adding more innovative digital services that will entrench mutual customer and merchant loyalty as we accelerate heavy and medium user engagement. We deliver the best quality and convenience, as a result of which the InPost brand scores, by far, the highest NPS and the highest number of promoters in the market. In the UK and France, we are on the path to replicate that same service, logistics quality, and focus on UX.

Since our IPO in 2021 we consistently deliver on our unchanged strategy and that is also the focus in 2025.”

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