InPost S.A.

In Q1 2026, InPost handled nearly 360 million parcels, up 32% year over year, and revenue rose 31% to PLN 3.9 billion. Adjusted EBITDA was PLN 902 million, down 4% year over year, with a 23.4% margin; adjusted net profit was PLN 72 million and group free cash flow was negative PLN 410 million. CapEx totaled PLN 360 million, up 6% year over year, or 9.3% of revenue. By segment, Poland revenue grew 9% to over PLN 1.8 billion and adjusted EBITDA rose 7% to PLN 849 million; Eurozone revenue and adjusted EBITDA both grew 28% to PLN 150 million; the U.K. recorded an adjusted EBITDA loss of PLN 49 million. For Q2 2026, management expects group volume growth in the mid- to high teens, Poland growth in the mid- to high single digits, and international growth in the high 20s year over year; full-year 2026 outlook was unchanged, and the company continues to expect negative full-year free cash flow.

Rafal Brzoska framed the quarter as proof that InPost’s European expansion is working, pointing to 53% of revenue now coming from outside Poland and saying the question is no longer whether the company can build a European platform, but how fast. He emphasized Poland’s role as the high-margin, cash-generative core that funds network density, brand trust, and international growth. On the U.K., he said the worst quarter appears behind the company, the trajectory has turned, and the transformation is on track.

Javier van Engelen said Q1 free cash flow was negative PLN 410 million, reflecting international investment, integration spending, and the U.K. transformation, while Poland generated PLN 276 million of free cash flow, up 59% year over year. He highlighted gross debt of PLN 10.5 billion, cash of PLN 604 million, net debt of PLN 9.9 billion, and net leverage of 2.4x, up 0.2x versus year-end. He also noted adjusted EBITDA margin of 23.4%, Poland adjusted EBITDA margin of 47.1%, Eurozone margin of 13.5%, and a U.K. adjusted EBITDA loss of PLN 49 million; outlook for 2026 remained unchanged, including negative full-year free cash flow.

Analysts pressed management on whether the U.K. had truly turned a corner, the level of one-off restructuring costs, and how much of the recent payables increase reflected timing versus underlying working capital. Management said March was profitable but did not call the turnaround complete, citing ongoing seasonal effects and a still-in-progress transformation. They also said most restructuring costs were already taken in 2025, payables should stabilize after Q4 and Q1 one-offs, and the U.K. quality and cost-to-serve are improving. Other questions focused on Poland mix shifts toward to-door volumes, CapEx intensity, logistics cost inflation, and the impact of Amazon’s supply-chain announcement; management said they are building for future network capacity, expect to remain financially prudent on CapEx, believe surcharges and efficiencies can offset fuel pressure, and see Amazon as a limited immediate threat to InPost’s model.