Inpost Q1: strong growth but EBITDA hit by UK transformation costs

Q1 2026 Operational and Financial Highlights

• Volume growth outpacing the market: InPost Group’s parcel volume reached 359 million, a 32% year-over-year (YoY) increase. The UK segment led with a 220% YoY volume increase, followed by the Eurozone at 28% YoY and Poland at 8% YoY.
• Double-digit Group revenue growth: The Group started 2026 with significant revenue growth, reaching PLN 3,860 million, a 31% YoY improvement. This was driven by particularly strong performance in the UK, with a 121% YoY increase reflecting the consolidation of Yodel, while the Eurozone and Poland posted 28% and 9% YoY growth, respectively.
• Group Adjusted EBITDA continued growth in Poland and Eurozone, with the UK parcel impacted by transformation: Group Adjusted EBITDA reached PLN 902 million in Q1 2026 (-4% YoY), with continued profit growth in Poland (+7% YoY) and the Eurozone (+28% YoY), more than offset by the UK parcel transformation.
• Net leverage at 2.4x: Net leverage stood at 2.4x at the end of Q1 2026, in line with our outlook. The increase reflected higher debt and a lower cash balance — driven primarily by negative free cash flow in the international part of business and interest payments — while LTM Adjusted EBITDA remained broadly flat.
• Network expansion: In Q1 2026, Capex amounted to PLN 360 million, with the majority allocated to APM production and deployment. The Group added almost 3,500 APMs in the quarter, taking the total network to 64,680 APMs at the end of Q1 2026.

Q1 2026 Segment Highlights

• Poland delivers strong volume growth: Poland volume grew 8% YoY to 188 million parcels supported by strong expansion across key merchants and international marketplaces. Adjusted EBITDA was up 7%, with margins modestly compressed by higher logistics costs and investments in new projects.
• Eurozone accelerating APM volumes: Eurozone parcel volume reached 94 million, up 28% YoY, driven by B2C growth (+34% YoY) and strong momentum in locker volumes (+48% YoY). Adjusted EBITDA grew 28% YoY, with margin holding flat at a solid 13.5%.
• UK & Ireland – strong growth and continued investment: InPost delivered 77 million parcels in the UK and Ireland in Q1 2026, a 220% YoY increase driven by strong C2C performance and B2C gains following the consolidation of Yodel. Adjusted EBITDA was negative at PLN -49 million, reflecting the ongoing transformation of the UK parcel business.

Rafał Brzoska, Founder and CEO of InPost Group, commented: “2026 has started in line with our expectations, and in several areas ahead of them. We handled almost 360 million parcels in Q1, up 32% year-on-year, with international markets now generating 53% of Group revenue.Across our international geographies, we continued to grow faster than e-commerce overall, scaling our pan-European out-of-home logistics platform and the convenience we offer to consumers and merchants.The UK was a particular highlight. InPost already is the country’s largest out-of-home network. The Yodel transformation we restarted in January is already translating into better service for British shoppers — faster, more reliable, and increasingly out-of-home, although still requiring investment.In Poland, we continued to deepen our merchant relationships while focusing on user experience and testing new services to strengthen our market-leading position.In Eurozone, B2C and locker adoption are accelerating, and Mondial Relay has established itself as a genuine consumer brand, with strong NPS and APM awareness across its markets.We are building the only truly pan-European out-of-home logistics platform, and Q1 confirms that our strategy is working.”