Overview
InPost Group posted weaker second-quarter results as an incomplete turnaround in its UK business and rising group-level costs countered robust growth in its core European markets. The parcel delivery and locker operator said net profit slid 30% year-on-year to PLN 93 million.
Drivers of the drop
Management attributed the profit decline to several identifiable factors: increased depreciation related to the ongoing expansion of its locker network, a higher effective tax rate during the period, and an adverse foreign exchange movement tied to euro-denominated debt. Those headwinds outweighed gains elsewhere in the group.
Operational results
Adjusted EBITDA increased by 4.4% to PLN 1.04 billion, but profitability was weaker at the margin level. The adjusted EBITDA margin contracted by 330 basis points to 25%. Performance varied markedly by geography: earnings in the Eurozone were stronger, with EBITDA up nearly 40%, while the UK business recorded a substantial drop in EBITDA, nearly halving to PLN 29.1 million.
Top-line metrics showed continued volume and revenue expansion. Group revenue rose 18% to PLN 4.18 billion and parcel volumes increased 16% to 380.9 million items. For the first time, international markets accounted for a majority of sales, contributing 54% of revenue and edging out Poland as the largest source of group sales.
Outlook and guidance changes
Against the Q2 results, InPost revised its 2026 outlook. The company now expects adjusted EBITDA to decline by a mid-single-digit percentage, a downgrade from prior guidance that anticipated flat adjusted EBITDA. The capital expenditure plan was lowered to PLN 2.1 billion, and the company flagged that year-end leverage will be higher than previously expected.
For the near term, InPost forecasts low-single-digit Group volume growth for the third quarter. The company specifically pointed to new EU customs fees as a headwind for marketplace volumes in Poland and across the Eurozone.
"The UK remains a work in progress," the company said, reflecting ongoing efforts to stabilise that market.
Context for investors
The results and guidance shift underline a split performance across InPost's footprint: stronger momentum on the continent versus continued strain in the UK. Cost pressures from network build-out and FX movements have weighed on reported profit despite rising revenues and volumes.
Data points referenced in this article were provided by the company and pertain to the second quarter results and 2026 guidance.