InPost Q1 EBITDA Beats, UK Volume +220%

InPost Q1 2026 adjusted EBITDA reached PLN 902.2 m, 5% above consensus but 4% lower YoY, margin fell to 23.4%.
Parcel volumes surged 32% YoY to 359.2 m, driven by a 220% UK volume jump after Yodel integration; revenue rose 30.8% to PLN 3.86 bn.
UK & Ireland segment posted a PLN 48.9 m EBITDA loss versus profit, while Poland and Eurozone posted EBITDA gains of PLN 849.4 m and PLN 149.9 m.
Net leverage rose to 2.4×, cash flow turned negative (‑PLN 409.9 m); FY‑2026 guidance unchanged and a €15.60 cash offer pending.