By the end of the quarter, InPost Group reached the level of 43,812 devices, a 33% y/y increase. In the third quarter, the Group handled 262 million parcels, an increase of 25% y/y, while turnover jumped 23% r/r, reaching 2.54 billion PLN.
The past quarter was another period of implementing the InPost Group’s strategy, which expects growth in all key markets. We increased the volumes of handled parcels by ¼ compared to the third quarter of last year. The development of the Paczkomat® network was also accelerated, which expanded by a record number of 3,000 new devices in the last quarter and by over 10,000 in the last twelve months – this means that the number of InPost machines in Europe y/y increased by 1/3 – this is our record so far.
The Group further strengthens its leading position in Poland by continually growing faster than the market, while maintaining high margins – which was achieved despite intensifying competition. We accelerated our investments in IT and logistics – in early October, we opened the largest and most modern logistics centre in Poland, where on an area of 36,000 m² InPost will be able to sort over 1 million parcels daily.
Also, Mondial Relay had excellent results, with double-digit volume growth and a significant increase in adjusted EBITDA, driven by B2C and C2C segment orders. In the UK, the Group achieved record volumes and high margins. The recent acquisition of Menzies allows us to fully control logistics in the UK and develop our next-day B2C delivery offer.
Approaching the logistics industry’s key peak in the fourth quarter, InPost Group focuses on continuing to offer the highest market standard of services, with dynamically growing volumes. – Rafał Brzoska, founder and president of InPost
KEY INFORMATION
- Dynamic volume growth: The Group’s parcel volume reached 262.5 million in the third quarter of 2024, a significant increase of 25% y/y. Both the Polish market and foreign markets contributed to this, recording y/y growth of 21% and 32% respectively.
- Strong revenue growth: The Group recorded another quarter of significant revenue growth, reaching a level of 2.54 billion PLN and improving by 23% y/y (25% excluding the effect of currency changes). Particularly good results were achieved in Poland and the UK, as well as in the B2C segment in Mondial Relay markets.
- Significant growth in adjusted EBITDA: The Group’s adjusted EBITDA reached 852.7 million PLN in the third quarter of 2024, an increase of 33% y/y. The adjusted EBITDA margin reached 33.6%, an increase of 270 basis points compared to Q3 2023. The EBITDA growth was mainly driven by the international part of the activity.
- Accelerated investment: The Group’s total investment outlays in the first 9 months of 2024 reached 986 million PLN (+40% y/y), with about 70% allocated to the expansion of the Paczkomat® machine network, mainly in international markets. The investment outlay to revenue ratio increased to 13% from 11% last year.
- Positive FCF and further reduction of financial leverage: InPost achieved positive free cash flows amounting to 578.9 million PLN at the group level in the first 9 months of 2024. The Group’s net financial leverage dropped to 1.9x at the end of Q3 2024 – from 2.2x at the end of 2023.
- Volume growth in Poland above the market dynamics, maintaining high margins: In Poland, InPost’s volume in the third quarter of 2024 reached 170 million parcels, representing a growth of 21% y/y, much more than the growth of the e-commerce market.
- InPost continued to expand its network in Poland and at the end of the third quarter had 24,340 machines (+15% r/r), with 2,370 added since the beginning of the year. Continuous expansion led to an increase in the number of Paczkomat® machine users, which by the end of the quarter reached 18.9 million. At the end of the quarter, the InPost Mobile application had 13.1 million users.
- Mondial Relay achieves good results in the B2C and C2C segments while improving profitability: Mondial Relay’s parcel volume reached 62.3 million in the third quarter of 2024 (+17% y/y), mainly due to further dynamic growth in the B2C segment (+24% y/y), while C2C was extraordinarily strong (10% y/y). The adjusted EBITDA margin of Mondial Relay improved to 15% from 10% a year earlier due to scale, product mix effect, and operational improvements.
- The third quarter of 2024 was another quarter for Mondial Relay, in which deliveries to Paczkomat® machines were the main driver of growth – the growth was nearly 100%. APM deliveries now represent nearly 30% of Mondial Relay’s total volume compared to 17% a year ago.
- Mondial Relay consistently focuses on building scale – at the end of the third quarter of 2024, the number of OOH points exceeded 30,000, an increase of 23% y/y. The APM network grew by 81% y/y, now comprising over 8,200 devices.
- The UK and Italy achieve record results: In the third quarter of 2024, the UK and Italy segment successfully delivered 30 million parcels – a record quarterly result. Both markets recorded another profitable quarter at the level of adjusted EBITDA. For the whole segment, the adjusted EBITDA reached the highest level ever – 39.8 million PLN in the third quarter of 2024 (adjusted EBITDA margin 12.5%), compared to a loss of 7.3 million PLN a year earlier.
- In the third quarter of 2024, shipment volume in the UK accelerated significantly, growing by 88% y/y and reaching 25.1 million. InPost’s revenues in the UK market doubled, reaching 253.8 million PLN in the third quarter of 2024, which represents a record high quarterly turnover. InPost’s network in the UK expanded to over 11,800 OOH points, a significant increase of 72% y/y.
- In Italy, the package volume increased to 5 million (+47% y/y) in the third quarter of 2024, and revenues reached 63.7 million PLN, which is a 46% year on year increase. This growth was driven by both the B2C and C2C segments. The OOH network in Italy grew to over 8,000 points (+53% y/y), including 2,800 APMs.
OUTLOOK for Q4 2024
So far in the fourth quarter, we have observed volume growth in the Polish market of several percent compared to the same period last year and about 20% outside of Poland. At the group level, we see the volume increasing by a high percentage year over year.
Source: https://managerplus.pl/inpost-43-tys-paczkomatow-i-rekordowe-wyniki-przychody-wzrosly-o-23-a-liczba-przesylek-o-25-r-r-83848
