InPost S.A.

Q1 2026 group volume was nearly 360 million parcels, up 32% year on year, and revenue reached PLN 3.9 billion, up 31%. Adjusted EBITDA was PLN 902 million, down 4%, with a 23.4% margin. Adjusted EBIT margin was 7.5%, adjusted net profit was PLN 72 million, and group free cash flow was negative PLN 410 million. CapEx was PLN 360 million, up 6% year on year and equal to 9.3% of revenue. By segment, Poland adjusted EBITDA was PLN 849 million, up 7%, Eurozone adjusted EBITDA was PLN 150 million, up 28%, and the U.K. posted adjusted EBITDA of minus PLN 49 million. For Q2 2026, management expects group volume growth in the mid- to high teens percentage range, Poland growth in the mid- to high single digits, and international growth in the high 20s year on year. Full-year 2026 outlook was left unchanged, and management reiterated that full-year free cash flow is expected to be negative.

Rafal Brzoska framed the quarter as proof that InPost is building a durable European platform, not just a Polish parcel business. He emphasized that more than half of group revenue now comes from outside Poland and said the company is investing intentionally in network density, brand trust and scale. His tone was confident and expansive, saying the Eurozone concept has been proven, the U.K. trajectory has turned, and the company is “years ahead” of competitors.

Javier van Engelen focused on the math behind the quarter: nearly 360 million parcels, PLN 3.9 billion of revenue, PLN 902 million of adjusted EBITDA, and negative PLN 410 million of group free cash flow. He noted Poland generated PLN 276 million of free cash flow, up 59%, while international cash flow was negative because of network expansion, integration spending and the U.K. transformation. He also highlighted gross debt of PLN 10.5 billion, cash of PLN 604 million, net debt of PLN 9.9 billion, and leverage of 2.4x, which was up 0.2x from year-end.

Analysts pressed on whether March profitability in the U.K. marked a real turnaround; management said the restart of the transformation and better cost-to-serve are helping, but the process is not complete and sustainability still needs to be proven in the second half. Questions also focused on the rise in payables, with CFO saying the quarter reflected the paydown of Q4 restructuring items and taxes, and that payables should stabilize. Other notable topics included the Q1 price increase for Allegro, which management confirmed was implemented under contract, and whether Poland APM volume softness could pressure profitability; management said lockers are being built for future demand and that the company is intentionally steering merchants toward out-of-home delivery.