Earnings call transcript: InPost Q2 2026 revenue rises 18% as profit slips

InPost Group reported that its second-quarter revenue increased by 18.2% from the previous year to PLN 4.2 billion, driven by a 16% rise in parcel volume to 381 million. However, the company's adjusted net profit fell significantly, and the organization adjusted its full-year earnings outlook downwards. The shares of InPost remained relatively stable, trading at $15.53, up 0.06% from the previous close of $15.52, and near their 52-week high of $15.55.

This trading pattern indicated that investors were weighing strong growth against weaker profitability and increased investment needs. InPost managed to handle 381 million parcels in Q2, which was a 16% increase compared to the previous year. The revenue growth was faster at 18.2%. Adjusted EBITDA rose by 4.4% to PLN 1,043 million, but adjusted EBIT declined by 19.3%, and adjusted net profit dropped by 50%.

The company lowered its outlook for 2026 adjusted EBITDA, now anticipating a modest decline for the full year. International markets accounted for 54% of InPost's group revenue, demonstrating the extent of growth now originating from outside Poland. InPost continued to expand its locker network, with over 70,000 APMs and more than 100,000 out-of-home points.

While Q2 was a period of "continued growth," the results were mixed compared to earlier periods. The company expanded volumes across Poland, the Eurozone, and the U.K. and maintained its leadership position in locker-based delivery. Nevertheless, profits faced pressure from higher depreciation, foreign-exchange effects, financing costs, and the expense of integrating and scaling its international operations.

The Polish core business remained highly profitable, with an adjusted EBITDA margin of 45.3%. The Eurozone segment exhibited stronger growth, with parcel volume up 30% and adjusted EBITDA increasing by 40% to PLN 203 million. The U.K. business, still undergoing transformation, showed improvement on a quarter-over-quarter basis but remained less profitable, posting an adjusted EBITDA of PLN 29 million.

InPost remains the leading APM network in Poland, France, and the U.K., and it holds the second position in Italy and has recently emerged as the largest local network in Iberia. This scale positions the company as a strong player in a European parcel market that is transitioning towards automated pickup points and out-of-home delivery.