Executive summary Q4 2024
Record Group volume: In Q4 2024, the Group parcel volume reached 322 million, representing a significant YoY increase of 20%. InPost Poland and International markets2 contributed to this growth, recording YoY improvements of 20% and 21%, respectively, both significantly above market levels.
Healthy Group revenue growth: In Q4 2024, Group revenue grew by 26.4%, reaching PLN 3.4 billion. This success was fuelled by significant volume growth in Poland and the UK as well as consolidation of Menzies Newstrade segment.
Continued Adjusted EBITDA growth: In Q4 2024, Group Adjusted EBITDA reached PLN 1.1 billion, marking a 35.7% YoY increase and achieving an Adjusted EBITDA Margin of 34.2%. The primary contributors to this growth were the markets in Poland and the UK.
Positive Free Cash Flow and further deleverage: In Q4 2024, InPost delivered positive Free Cash Flow (FCF) of PLN 355.6 million at the Group level. In Poland, FCF amounted to PLN 594.0 million, corresponding to a 68% FCF/Adjusted EBITDA conversion (vs 53% in Q4 2023), which allows for the financing of the Group's rapid expansion in Europe. At the same time, the Group's net leverage decreased to 1.9x, as of Q4 2024, compared to 2.2x, as of Q4 2023.
Strategic growth through investment: InPost invested CAPEX of PLN 413.5 million in Q4 2024, representing a 32.1% YoY increase, driven by business growth and network development. A significant 63% of this investment was strategically allocated to international expansion. Consequently, the CAPEX-to-revenue ratio saw a slight increase to 12.3% (vs 11.8% in Q4 2023).
Poland's volume surpassed market growth while maintaining high margins: In Poland, InPost delivered 210 million parcels in Q4 2024, marking a 20% YoY increase. This growth was primarily driven by SME merchants, the fashion segment, and local and international marketplaces. Revenue in Poland grew to PLN 1.9 billion (up by 15.0% YoY). Adjusted EBITDA reached PLN 879.5million (up by 19.2% YoY) with margins remaining robust at 47.2% (compared to 45.5% in Q4 2023).
Mondial Relay delivered strong B2C growth while further improving profitability: Mondial Relay made a significant contribution, with a volume of 78 million parcels in Q4 2024, representing a 10% YoY increase, primarily driven by a 28% growth in the B2C sector. The Adjusted EBITDA Margin for Mondial Relay improved to 17.3%, up from 12.6% a year ago, which was higher than guided earlier, benefiting from scale, product mix effects, and operational improvements.
UK and Italy notably increased revenue and step-changed profitability: The Other International segment, encompassing the UK and Italy, recorded a 56% increase in volume growth in Q4 2024. Revenues were boosted to PLN 587.7 million (up by 151% YoY), while Adjusted EBITDA reached PLN 111.3 million, a significant rebound from PLN 7 million in the previous year. These strong results were driven by enhanced logistics operations and significant network expansion, along with the contribution from the consolidation of Menzies Newstrade, which started in Q4 2024.
2025 outlook: We expect YoY Group revenue to grow in the high-teens to low-twenties range, and will surpass market volume growth in all our geographies. We expect an Adjusted EBITDA increase in the low to mid-twenties. We plan to accelerate deployment to over 14,000 APMs across all markets.
Q1 trading update: For Q1 2025, in Poland we anticipate c. 10% volume growth, thereby clearly outperforming a softer e-commerce market, and delivering year-on-year growth across all segments regardless of the very high baseline established in Q1 2024. In International we also continue to outgrow the market, expecting c. 17% InPost volume growth YoY.
Rafal 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 promotors 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."
Integrated Annual Report 2024 is available at:
https://inpost.eu/investors/integrated-annual-report
© 2025 GlobeNewswire (Europe)
