InPost has cut its full-year profit guidance despite reporting record parcel volumes in Q2 2026. Margins have been eroded by its rapid European expansion and ongoing investment in the UK following the integration of Yodel.
The parcel locker operator now expects adjusted EBITDA to decline by a mid-single-digit percentage this year, having previously forecast flat performance. The company also said net leverage would be higher than in 2025, although it reduced planned capital expenditure guidance to PLN2.1bn from PLN2.4bn.
Strong volume growth
This is despite a strong quarter for the Polish company, which delivered 380.9 million parcels, up 16% year-on-year, while revenue rose 18.2% to PLN4.18bn (£850 million). Growth was driven by strong demand across its international markets, particularly the Eurozone, where parcel volumes increased 30%. UK and Ireland volumes rose 16%, while volumes in Poland, the group’s home market, increased by 9%.
For retailers, the results show the growing popularity of out-of-home delivery – to which InPost is strongly committed. It expanded its network by more than 4,200 automated parcel machines during the quarter, taking its total locker estate to almost 69,000 across Europe. Locker volumes in the Eurozone increased 45%, while UK locker volumes were up 29%.
However, rising volumes did not translate into equivalent profit growth. Adjusted EBITDA increased by just 4.4% to PLN1.04bn (£210 million), while the group’s adjusted EBITDA margin fell from 28.3% to 25%. Net profit dropped 30.2% to PLN93m (£19 million).
The UK’s impact on profits
The UK remains the main drag on profitability. Revenue in the UK and Ireland grew 9.8%, slower than the increase in parcel volumes, while adjusted EBITDA fell 39.9% as InPost continued to overhaul the business. The company completed the rebranding of Yodel in July, bringing the operation under the InPost name and app.
Rafał Brzoska, founder and chief executive of InPost, said: “We delivered a quarter of strong growth in Q2, with total Group volume reaching 380.9 million parcels, up 16% year-on-year. Across our international geographies, we continued to grow faster than e-commerce overall, scaling our pan-European out-of-home logistics platform and the convenience we offer to consumers and merchants.”
Looking ahead, InPost expects parcel growth to slow to low single digits in the third quarter, partly due to changes to EU customs fees that are expected to affect international marketplace volumes.
The company is currently in the process of a €7.8 billion ($9.0 billion) buyout from a consortium led by FedEx and Advent International, which will delist it and return it to private ownership. This is expected to complete in H2 2026.
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