Q3 2025 Operational and Financial Highlights
• Significant and broad-based market share gains. InPost Group delivered 351.5 million parcels in Q3 2025, marking a 34% YoY increase and significantly outpacing the general e-commerce market growth in all its geographies. The UK led YoY growth, followed by the Eurozone and Poland.
• All-Time High Revenue Growth. Group revenue reached PLN 3.8 billion, up 49% YoY, supported by acquisitions, with the UK contributing the largest growth (+307% YoY), alongside solid increase in Eurozone (+36% YoY) and Poland (+13% YoY).
• Adjusted EBITDA Increase. Adjusted EBITDA was PLN 1.1 billion (+24% YoY), with the solid margin of 28%. Margin improvement in Poland was offset by the temporary impact of the Yodel integration in the UK.
• Record Network Expansion. The Group deployed a record number of lockers (12,900 machines deployed LTM). The out-of-home network expanded to nearly 90,000 points, including almost 57,000 APMs - reinforcing InPost leadership position across Poland, France, and the UK. Capex totalled PLN 356.0 million, primarily allocated to long-term network growth and infrastructure.
• Net Leverage and Cash Generation. The Group delivered positive free cash flow (FCF) in the first nine months of 2025. In Poland FCF reached PLN 1,172.5 million, with conversion rate to Adjusted EBITDA of 47%. Internationally FCF was -PLN 774.8 million, reflecting investments in network expansion and IT projects. Net leverage was stable at 2.1x at the end of Q3 2025, a slight improvement vs previous quarter.
Q3 2025 Segment Highlights
• Poland - High Growth and Profitability. Parcel volumes grew by 10% YoY to 187.8 million, outperforming the overall e-commerce market. A favourable shift in the sales mix, combined with disciplined SG&A control, drove an improvement in the Adjusted EBITDA margin, which expanded to 49.2% (up 240 bps YoY).
• Eurozone - Strong Top Line. Volumes increased by 24% YoY to 83.5 million, supported by B2C growth (+47% YoY) and rising APM adoption (flow rate3 at 46%). Volumes excluding Sending grew by 17%, representing a significant acceleration compared to previous quarters. Adjusted EBITDA rose by 34% YoY to PLN 144.3 million, with solid margin at 14.5%.
• UK - Exceptional Growth Driven by Strategic Acquisitions. Parcel volumes in the UK more than tripled YoY, and revenue increased fourfold, reflecting consolidation of Menzies and Yodel. The APM network expanded to over 12,000 machines, further strengthening the gap vs competition and securing #1 APM network position in the UK. Q4 2025 Trading Update & 2025 Outlook
• At the Group level for Q4 2025, we anticipate YoY growth in the high-twenties percent range. In Poland, we expect YoY volume growth at high single digit, continuing to outpace the e-commerce market. Internationally, we are forecasting approximately 70% growth in InPost volume YoY, which includes the consolidation of Yodel.
• For FY 2025, we keep our outlook for the Group volume and revenue unchanged. We also maintain expectation of Adjusted EBITDA growth in Poland and Eurozone. For the UK segment, we are revising the outlook for Adjusted EBITDA due to additional investments and plan to prioritize quality during peak. On the back of the change in the UK our revised outlook assumes Group adjusted EBITDA to grow by mid-teens in 2025. Network deployment, Capex and FCF outlook remain unchanged.
Rafal Brzoska, Founder and CEO of InPost Group, commented
"We are proud to deliver another record-breaking quarter, demonstrating the strength and scalability of InPost's unique out-of-home delivery platform across Europe. Our robust volume and revenue growth-outpacing the market in every geography-reflect the trust of millions of consumers and the commitment of our talented team. Thanks to strategic acquisitions, especially in the UK, our revenues have reached a record high, strengthening our market leadership. In Poland, our 'love brand' status continues to drive engagement and profitability, while in Eurozone and the UK, our expanding network and strategic integrations are fuelling rapid adoption of lockers and out-of-home solutions. Despite significant investments in network expansion, we maintained solid margins and strong cash generation. As we approach the peak season, we are fully committed to deliver the best-in-class quality for our users and merchants. This will enable us to shift e-commerce deliveries to OOH and strengthen the adoption of APM delivery as a new habit across our markets."
Download full press release:
https://inpost.eu/sites/default/files/2025-11/InPost%203Q%202025%20press%20release.pdf
• Significant and broad-based market share gains. InPost Group delivered 351.5 million parcels in Q3 2025, marking a 34% YoY increase and significantly outpacing the general e-commerce market growth in all its geographies. The UK led YoY growth, followed by the Eurozone and Poland.
• All-Time High Revenue Growth. Group revenue reached PLN 3.8 billion, up 49% YoY, supported by acquisitions, with the UK contributing the largest growth (+307% YoY), alongside solid increase in Eurozone (+36% YoY) and Poland (+13% YoY).
• Adjusted EBITDA Increase. Adjusted EBITDA was PLN 1.1 billion (+24% YoY), with the solid margin of 28%. Margin improvement in Poland was offset by the temporary impact of the Yodel integration in the UK.
• Record Network Expansion. The Group deployed a record number of lockers (12,900 machines deployed LTM). The out-of-home network expanded to nearly 90,000 points, including almost 57,000 APMs - reinforcing InPost leadership position across Poland, France, and the UK. Capex totalled PLN 356.0 million, primarily allocated to long-term network growth and infrastructure.
• Net Leverage and Cash Generation. The Group delivered positive free cash flow (FCF) in the first nine months of 2025. In Poland FCF reached PLN 1,172.5 million, with conversion rate to Adjusted EBITDA of 47%. Internationally FCF was -PLN 774.8 million, reflecting investments in network expansion and IT projects. Net leverage was stable at 2.1x at the end of Q3 2025, a slight improvement vs previous quarter.
Q3 2025 Segment Highlights
• Poland - High Growth and Profitability. Parcel volumes grew by 10% YoY to 187.8 million, outperforming the overall e-commerce market. A favourable shift in the sales mix, combined with disciplined SG&A control, drove an improvement in the Adjusted EBITDA margin, which expanded to 49.2% (up 240 bps YoY).
• Eurozone - Strong Top Line. Volumes increased by 24% YoY to 83.5 million, supported by B2C growth (+47% YoY) and rising APM adoption (flow rate3 at 46%). Volumes excluding Sending grew by 17%, representing a significant acceleration compared to previous quarters. Adjusted EBITDA rose by 34% YoY to PLN 144.3 million, with solid margin at 14.5%.
• UK - Exceptional Growth Driven by Strategic Acquisitions. Parcel volumes in the UK more than tripled YoY, and revenue increased fourfold, reflecting consolidation of Menzies and Yodel. The APM network expanded to over 12,000 machines, further strengthening the gap vs competition and securing #1 APM network position in the UK. Q4 2025 Trading Update & 2025 Outlook
• At the Group level for Q4 2025, we anticipate YoY growth in the high-twenties percent range. In Poland, we expect YoY volume growth at high single digit, continuing to outpace the e-commerce market. Internationally, we are forecasting approximately 70% growth in InPost volume YoY, which includes the consolidation of Yodel.
• For FY 2025, we keep our outlook for the Group volume and revenue unchanged. We also maintain expectation of Adjusted EBITDA growth in Poland and Eurozone. For the UK segment, we are revising the outlook for Adjusted EBITDA due to additional investments and plan to prioritize quality during peak. On the back of the change in the UK our revised outlook assumes Group adjusted EBITDA to grow by mid-teens in 2025. Network deployment, Capex and FCF outlook remain unchanged.
Rafal Brzoska, Founder and CEO of InPost Group, commented
"We are proud to deliver another record-breaking quarter, demonstrating the strength and scalability of InPost's unique out-of-home delivery platform across Europe. Our robust volume and revenue growth-outpacing the market in every geography-reflect the trust of millions of consumers and the commitment of our talented team. Thanks to strategic acquisitions, especially in the UK, our revenues have reached a record high, strengthening our market leadership. In Poland, our 'love brand' status continues to drive engagement and profitability, while in Eurozone and the UK, our expanding network and strategic integrations are fuelling rapid adoption of lockers and out-of-home solutions. Despite significant investments in network expansion, we maintained solid margins and strong cash generation. As we approach the peak season, we are fully committed to deliver the best-in-class quality for our users and merchants. This will enable us to shift e-commerce deliveries to OOH and strengthen the adoption of APM delivery as a new habit across our markets."
Download full press release:
https://inpost.eu/sites/default/files/2025-11/InPost%203Q%202025%20press%20release.pdf
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