• Volume growth outpacing the market: InPost Group's parcel volume reached 272 million, a 12% year-over-year (YoY) increase, outperforming e-commerce market growth in its key geographies. The UK segment led with a 39% YoY volume increase, followed by the Eurozone at 11% YoY (with B2C growing at 29% YoY), and Poland at 10% YoY.
• Double-digit Group revenue growth: The Group started 2025 with significant revenue growth, achieving PLN 2,951.9 million, a 21.7% YoY improvement. This was driven by particularly strong performance in the UK & Ireland, with a 145% YoY increase, while Poland and the Eurozone saw growth rates of 11% and 14% YoY, respectively.
• Significant Adjusted EBITDA increase: Group Adjusted EBITDA reached PLN 940.2 million in Q1 2025, reflecting a 23.7% YoY increase. The Adjusted EBITDA margin increased to 31.9%, marking a 52bps improvement compared to Q1 2024. This was primarily driven by Poland, supported by margin improvements in both the Eurozone and the UK & Ireland segment.
• Financial discipline with net leverage at 1.9x: InPost achieved positive free cash flow of PLN 63.4 million, impacted by full-year income tax balance payments made in Q1 2025 (whilst paid last year in Q2 2024). Net leverage remained at 1.9x consistent with the end of 2024 despite the impact of the cash injection into Yodel incurred in Q1 2025.
• Network expansion: In Q1 2025, Capex amounted to PLN 340.6 million, with nearly 70% allocated to network development, in line with our strategy to strengthen our position as the leading locker network in Europe. This investment allowed us to achieve the milestone of 50,000 APMs.
• Poland's volume exceeds market growth: Volume in Poland increased by 10% YoY, exceeding e-commerce market growth. SME merchants were the primary driver, with 18% YoY growth. The Adjusted EBITDA margin increased to 47.9% in Q1 2025, supported by changing volume structure and effective cost control.
• Eurozone B2C expansion and profitability improvement: Eurozone parcel volume reached 73.5 million, an 11% YoY increase. Revenue grew by 13.5% YoY (17% in local currency, EUR), with Adjusted EBITDA margin increasing to 13.5% compared to 10.0% a year earlier. This growth was driven by higher volume, increasing APM adoption and operational leverage.
• High dynamic growth in the UK across all levels: In the UK and Ireland, InPost delivered 24.0 million parcels in Q1 2025 (a 39% YoY increase), while revenue increased by 144.8%. Adjusted EBITDA tripled, and margins improved due to efficiency gains and the consolidation of Menzies. In April, InPost acquired Yodel, which will be consolidated starting from May 2025.
• Trading update Q2: At the Group level for Q2 2025, we anticipate YoY growth in the low to mid-twenties percent range. In Poland, we expect YoY volume growth at high single digit, continuing to outpace a softer Q2 eCommerce market. Internationally, we are forecasting approximately 50% growth in InPost volume YoY, which includes the consolidation of Yodel starting from May 2025.
Rafal Brzoska, Founder and CEO of InPost Group, commented:
"InPost Group made a strong start to 2025, in line with our expectations. Our Group parcel volume increased by 12%, surpassing market growth across key geographies. Key contributors to this volume increase include the SME sector in Poland and the B2C segment in the Eurozone. In the UK, the impact of B2C offer expansion is already visible in our volume, and this will become even clearer going forward, thanks to the acquisition of Yodel finalized last month.
We are proud to be the leading pan-European locker network and we are continuing our rapid expansion. In Q1, we deployed almost 3,000 lockers, bringing our APM network to a milestone of 50,000 machines.
We remain focused on international expansion. In April, we acquired Yodel, a major logistics player in the UK. This transaction elevates us to the position of the third-largest agnostic logistics provider in this market.
We are also strengthening our relationships with merchants. This week, we launched a partnership with ASOS, offering exclusive next-day delivery to lockers and PUDO points in the UK. Recently, we announced a multi-year contract with Vinted, Europe's leading marketplace for second-hand fashion. In Poland, we have broadened our offer for Amazon, demonstrating our ability to support major marketplaces and merchants in the region.
These strategic moves position us well for continued growth as we progress toward becoming the #1 e-commerce logistics provider in Europe."
Download full press release:
https://inpost.eu/sites/default/files/2025-05/InPost%201Q%202025%20press%20release.pdf
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