InPost surges across Europe as Eurozone parcel volumes rise 30%

InPost delivered 380.9 million parcels in the second quarter of 2026, 16% more than a year earlier, as growth outside its home market continued to accelerate. Group revenue rose 18.2% year on year to PLN 4.18 billion, or around €965 million, while adjusted EBITDA increased by 4.4% to PLN 1.04 billion (around €241 million). International operations accounted for 54% of group revenue, compared with 46% generated in Poland.

The figures cover InPost’s operations in Poland, the UK and Ireland, as well as seven countries included in its Eurozone segment: France, Belgium, the Netherlands, Luxembourg, Spain, Portugal and Italy. The strongest growth came from this Eurozone business, where parcel volumes reached 101 million in Q2, up 30% year on year. Revenue in the region increased 37.9% to PLN 1.22 billion (around €282 million), while adjusted EBITDA rose 39.8% to PLN 202.5 million (around €46.8 million).

Locker use was expanding even faster. InPost said automated parcel machine volumes in the Eurozone grew 45% year on year, while its APM network increased by 52% to 23,385 machines. The share of parcels moving through automated lockers and other out-of-home locations rose from 40% to 47% over the year, indicating continued migration towards collection outside the home.

Poland nevertheless remained InPost’s largest market by volume, with 198 million parcels handled during the quarter, up 9% from the same period in 2025. Polish revenue increased by 12.7% to PLN 1.91 billion (around €441 million). Adjusted EBITDA rose by 3.5%, although margins were lower as the company absorbed changes in its product mix and continued investing in new projects.

UK volumes grow, but transformation weighs on earnings

The picture was more mixed in the UK and Ireland. InPost handled 81.8 million parcels in the UK during Q2, a 16% year-on-year increase, with B2C volumes up 27% and APM volumes rising 29%. Revenue from the UK and Ireland segment increased 9.8% to PLN 1.05 billion, around €242 million, but adjusted EBITDA fell 39.9%, from PLN 48.4 million (around €11.2 million) to PLN 29.1 million (around €6.7 million). The adjusted EBITDA margin dropped from 5.1% to 2.8%.

InPost attributed the weaker profitability to the continuing transformation of its UK parcel business. The company said the process is focused on reducing cost per parcel, consolidating its logistics network and improving middle-mile efficiency. In July 2026, the Yodel brand was replaced by InPost, bringing the business together under a single name and app.

At the same time, InPost continued to expand its physical network rapidly. Its UK APM network reached 15,628 lockers at the end of Q2, 41% more than a year earlier, with around 80 new machines being deployed each week. Across the group, InPost installed more than 4,200 APMs during the quarter alone, taking the total network to 68,925 machines. Including staffed pick-up and drop-off locations, the company had 98,206 out-of-home points across its markets.

The expansion is set to continue. InPost plans to deploy around 19,000 additional APMs across its markets during 2026, including approximately 11,000 in the Eurozone, 5,000 in the UK and Ireland and 3,000 in Poland. Around 60% of its planned PLN 2.1 billion, or roughly €485 million, in capital expenditure for the year is expected to go towards APM production and deployment.

Profit outlook lowered despite strong volume growth

Despite the strong top-line performance, InPost has revised its full-year expectations. The company now forecasts a mid-single-digit decline in adjusted EBITDA, compared with its previous expectation of broadly flat performance. Planned capital expenditure has also been reduced from PLN 2.4 billion (around €554 million) to approximately PLN 2.1 billion (€485 million), while year-end net leverage is expected to be higher than in 2025.

Growth is also expected to slow in the third quarter. InPost forecasts group parcel volumes to increase only in the low-single-digit percentage range year on year, citing changes to EU customs fees affecting international marketplace volumes in Poland and the Eurozone, as well as a tougher comparison base in the UK and Ireland.

The company also disclosed another development due in September: InPost plans to begin last-mile delivery services for FedEx in the UK and Poland as part of an initial pilot phase under a commercial agreement being negotiated by the two companies.

(Euro conversions are approximate and based on an exchange rate of PLN 1 = €0.23096 on 1 September 2026.)