InPost sees flat 2026 earnings as Yodel integration costs weigh

By Mateusz Rabiega

March 18 (Reuters) - Parcel locker company InPost INPST.AS said on Wednesday it expected no change in its core profit this year, after costs related to the Yodel acquisition in Britain weighed on fourth-quarter results.

Adjusted earnings before interest, taxes, depreciation and amortisation were 1.10 billion zlotys ($298 million) in the fourth quarter, below analysts' median estimate of 1.21 billion zlotys provided by the company.

The result was hit by costs associated with the integration of Yodel, which is undergoing network optimisation and restructuring. These costs are expected to persist into 2026, though at a smaller scale.

Quarterly adjusted EBITDA in Britain and Ireland was a loss just below 100 million zlotys, against a similarly sized profit a year before.

InPost founder and CEO Rafal Brzoska said he expected Britain to return to double-digit percent EBITDA growth in the medium term, while the breakeven point should come by the end of 2026.

Both results and outlook were negative surprises, Erste Group analyst Piotr Bogusz said in a note, though he expected investor focus to stay on the takeover offer by a FedEx FDX.N and Advent-led consortium. The Amsterdam-listed shares were little changed in early trading.

The offer, made to InPost shareholders in February, values the Polish company at $9.2 billion and is aimed at expanding its reach across Europe. At least 80% of shareholders need to commit to the sale for it to go through.

InPost said it aimed to increase its market share in 2026, with mid- to high-teens growth in processed parcel volumes and mid-teens growth in overall revenue.

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In Poland, InPost's biggest market making up nearly half of its revenue, the company saw a 12% revenue rise to 2.09 billion zlotys.

It had earlier said fourth-quarter parcel volumes rose only 5% in its home market, partly reflecting a strained relationship with key client Allegro ALEP.WA, which is building a rival delivery‑partner network.

"We see that one-third of shipments initially chosen by users are affected by a change imposed by Allegro," Brzoska said in a press conference.

($1 = 3.6898 zlotys)