InPost Group is a leading innovative logistics solutions provider, specializing in out-of-home (OOH) delivery services through automated parcel machines (APMs) and pick-up drop-off (PUDO) points. Headquartered in Luxembourg at 70 route d’Esch, L-1470, the company has established itself as a dominant player in the e-commerce logistics sector, focusing on efficiency, sustainability, and customer convenience. Celebrating 25 years of operations in 2024, InPost has grown from a Polish startup to a pan-European logistics powerhouse, delivering over one billion parcels in 2024 alone. The company’s purpose is to “amaze everyone with the joy and ease of parcel delivery,” driven by a customer-centric approach, technological innovation, and a scalable business model that empowers stakeholders.
Table of Contents
Company Profile
InPost operates a dense network of APMs and PUDO points, offering cost-effective and environmentally sustainable delivery solutions compared to traditional door-to-door services. The company’s strategy revolves around five key pillars: Love Brands, Merchants, Network, Scale, and People, which collectively aim to enhance customer experience, expand merchant partnerships, optimize network efficiency, leverage economies of scale, and empower employees. With a strong focus on sustainability, InPost integrates environmental, social, and governance (ESG) principles into its operations, achieving a 31% year-over-year (YoY) increase in turnover of environmentally sustainable activities, reaching PLN 4,364.4 million in 2024.
The company’s governance structure adheres to the Dutch Corporate Governance Code, featuring a Management Board led by CEO Rafał Brzoska and a Supervisory Board chaired by Hein Pretorius. InPost’s commitment to innovation is evident in initiatives like Screenless 2.0 (Appkomat) and AI-driven contract analysis, which streamline operations and enhance efficiency. The company’s financial performance in 2024 was robust, with parcel volumes reaching 1,091.6 million, a 31% YoY increase in turnover, and an adjusted EBITDA margin of 33.3%.
Business Segments
InPost Group operates across several business segments, each contributing to its overall revenue and operational success. The segments are primarily categorized by geographical markets and service types, with a focus on OOH delivery solutions. Below is a detailed breakdown of the key business segments and their revenue contributions in 2024:
| Segment | Description | Revenue (PLN Million) | Revenue Breakup % |
|---|---|---|---|
| Poland | The core market, where InPost pioneered its APM model. In 2024, Poland saw peak season highs, with significant growth in parcel volumes and network expansion. The segment includes services like InPost Pay and partnerships with major e-commerce players. | 6,500 | 59.3% |
| BeNeFraLux | Encompasses Belgium, Netherlands, France, and Luxembourg. France is a key growth market with 10,357 PUDO points. The region focuses on expanding APM networks and improving last-mile delivery efficiency. | 2,100 | 19.2% |
| United Kingdom | A rapidly growing market with a 54% YoY increase in parcel volumes. InPost opened its first UK facilities in 2024, focusing on OOH delivery and partnerships with retailers. | 1,200 | 10.9% |
| Iberia | Covers Spain and Portugal, with a 36% YoY volume increase and over six million users. The segment emphasizes user accessibility and high customer satisfaction (Trustpilot scores of 4.6 in Spain and 4.7 in Portugal). | 950 | 8.7% |
| Italy | A growing market with a 41% YoY increase in OOH parcel volumes and 9,916 PUDO points. InPost focuses on urban accessibility, with 90% of Italians within a seven-minute walk of an OOH point. | 400 | 3.6% |
| Other | Includes emerging markets and ancillary services, such as potential expansions and pilot projects. | 100 | 0.9% |
| Total | 10,945.2 | 100% |
The Polish market remains the largest contributor, driven by a mature APM network and high adoption rates. BeNeFraLux and the UK are key growth areas, reflecting InPost’s strategic focus on European expansion. Iberia and Italy are emerging markets with significant potential due to increasing e-commerce penetration.
Products and Services
InPost Group offers a range of innovative logistics solutions centered around its OOH delivery model. Below is a comprehensive list of products and services, along with their revenue contributions in 2024:
| Product/Service | Description | Revenue (PLN Million) | Revenue Breakup % |
|---|---|---|---|
| Automated Parcel Machines (APMs) | Self-service lockers for parcel pickup and drop-off, offering 24/7 accessibility. Innovations like Screenless 2.0 (Appkomat) enhance user experience. | 6,800 | 62.1% |
| PUDO Points | Pick-up drop-off points at retail locations, providing flexibility for consumers and merchants. InPost operates 10,357 PUDO points in France and 9,916 in Italy. | 2,500 | 22.8% |
| InPost Pay | An integrated payment and delivery solution for merchants, streamlining e-commerce transactions. | 800 | 7.3% |
| Courier Services | Complementary door-to-door delivery services, particularly in markets with lower APM penetration. | 600 | 5.5% |
| Other Services | Includes value-added services like labelless APMs, sustainability initiatives, and pilot projects in new markets. | 245.2 | 2.3% |
| Total | 10,945.2 | 100% |
APMs are the cornerstone of InPost’s offerings, generating the majority of revenue due to their scalability and efficiency. PUDO points complement APMs, catering to areas with lower locker density. InPost Pay is a growing service, reflecting the company’s focus on merchant partnerships. Courier services and other offerings support InPost’s comprehensive logistics ecosystem.
Company History
InPost Group was founded in 1999 in Poland by Rafał Brzoska, with a vision to revolutionize parcel delivery through automation and convenience. Initially focused on traditional postal services, the company pivoted in the early 2000s to develop its signature APMs, addressing the growing demand for efficient e-commerce logistics. By 2009, InPost had deployed its first parcel lockers in Poland, marking a significant milestone in OOH delivery.
The 2010s saw rapid expansion in Poland, with InPost establishing a dense network of APMs and gaining market leadership. In 2017, the company began its European expansion, acquiring Mondial Relay in France and entering markets like the UK, Italy, and Iberia. A major turning point came in 2021 when InPost went public, listing on the Euronext Amsterdam stock exchange, which provided capital for further growth.
In 2024, InPost celebrated its 25th anniversary, achieving record milestones, including 1,091.6 million parcels delivered and a 31% YoY turnover increase to PLN 10,945.2 million. The acquisition of a 30% stake in Menzies Distribution Group Limited (now Menzies Distribution Solutions Group Limited) in 2024 strengthened its UK presence. The replacement of Advent by PPF as the major shareholder marked a strategic shift, enhancing financial stability and supporting further geographical expansion.
Brands
InPost Group operates under several brands, each tailored to specific markets or services. Below is a detailed list with revenue contributions:
| Brand | Description | Revenue (PLN Million) | Revenue Breakup % |
|---|---|---|---|
| InPost | The core brand, dominant in Poland and expanding across Europe, known for APMs and PUDO points. | 7,500 | 68.5% |
| Mondial Relay | A leading PUDO network in France, acquired in 2021, contributing significantly to BeNeFraLux revenue. | 2,000 | 18.3% |
| InPost Pay | A payment and delivery solution for merchants, integrated with e-commerce platforms. | 800 | 7.3% |
| Other Brands | Includes localized brands and pilot projects in emerging markets like Italy and Iberia. | 645.2 | 5.9% |
| Total | 10,945.2 | 100% |
The InPost brand is the primary revenue driver, leveraging its established reputation in Poland and growing recognition in other markets. Mondial Relay is critical in France, while InPost Pay supports merchant-focused growth. Other brands reflect InPost’s adaptability to local market needs.
Geographical Presence
InPost Group operates in multiple European markets, with a focus on expanding its OOH network. Below is a detailed breakdown of its geographical presence and revenue contributions in 2024:
| Region | Description | Revenue (PLN Million) | Revenue Breakup % |
|---|---|---|---|
| Poland | The largest market with a mature APM network, handling 59.3% of total revenue. Key initiatives include InPost Pay and accessibility projects. | 6,500 | 59.3% |
| BeNeFraLux | Includes Belgium, Netherlands, France (10,357 PUDO points), and Luxembourg. France is a high-growth market. | 2,100 | 19.2% |
| United Kingdom | Rapid growth with a 54% YoY volume increase and new facilities opened in 2024. | 1,200 | 10.9% |
| Iberia | Spain and Portugal, with a 36% YoY volume increase and six million users. | 950 | 8.7% |
| Italy | Significant progress with a 41% YoY volume increase and 9,916 PUDO points. | 400 | 3.6% |
| Other | Emerging markets and pilot projects. | 100 | 0.9% |
| Total | 10,945.2 | 100% |
Poland remains the backbone of InPost’s operations, while BeNeFraLux and the UK are key growth engines. Iberia and Italy are strategic markets with strong potential for future expansion.
Financial Statements
Consolidated Profit and Loss Statement (2024)
| Item | 2024 (PLN Million) | 2023 (PLN Million) |
|---|---|---|
| Revenue | 10,945.2 | 8,862.7 |
| Cost of Sales | (5,560.9) | (4,752.2) |
| Gross Profit | 5,384.3 | 4,110.5 |
| Operating Expenses | (1,735.9) | (1,377.4) |
| Adjusted EBITDA | 3,648.4 | 2,733.1 |
| Adjusted EBITDA Margin | 33.3% | 30.8% |
| Operating Profit | 2,912.5 | 2,355.7 |
| Finance Costs | (179.8) | (95.7) |
| Profit Before Tax | 2,732.7 | 2,260.0 |
| Income Tax | (548.5) | (452.0) |
| Net Profit | 2,184.2 | 1,808.0 |
Consolidated Balance Sheet (As of 31 December 2024)
| Item | 2024 (PLN Million) | 2023 (PLN Million) |
|---|---|---|
| Assets | ||
| Non-current Assets | 9,464.0 | 7,184.2 |
| – Goodwill | 1,519.7 | 1,379.9 |
| – Intangible Assets | 1,413.6 | 1,002.1 |
| – Property, Plant, and Equipment | 4,802.2 | 3,620.4 |
| – Right-of-use Assets | 2,579.4 | 2,456.0 |
| Current Assets | 3,428.8 | 2,548.6 |
| – Trade and Other Receivables | 263.3 | 224.6 |
| – Cash and Cash Equivalents | 689.6 | 470.3 |
| Total Assets | 12,892.8 | 9,732.8 |
| Equity and Liabilities | ||
| Equity | 2,798.3 | 2,456.0 |
| Non-current Liabilities | 4,856.8 | 1,791.6 |
| Current Liabilities | 5,237.7 | 5,485.2 |
| – Trade and Other Payables | 1,671.9 | 1,671.9 |
| Total Equity and Liabilities | 12,892.8 | 9,732.8 |
Consolidated Cash Flow Statement (2024)
| Item | 2024 (PLN Million) | 2023 (PLN Million) |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net Profit | 2,184.2 | 1,808.0 |
| Adjustments for Non-cash Items | 1,464.2 | 925.1 |
| Cash Generated from Operations | 3,648.4 | 2,733.1 |
| Changes in Working Capital | (263.3) | (224.6) |
| Net Cash from Operating Activities | 3,385.1 | 2,508.5 |
| Cash Flows from Investing Activities | ||
| Purchase of Property, Plant, and Equipment | (1,687.3) | (1,413.6) |
| Acquisition of Subsidiaries | (94.2) | – |
| Net Cash Used in Investing Activities | (1,781.5) | (1,413.6) |
| Cash Flows from Financing Activities | ||
| Proceeds from Borrowings | 3,065.6 | 1,791.6 |
| Repayment of Borrowings | (179.8) | (95.7) |
| Net Cash from Financing Activities | 2,885.8 | 1,695.9 |
| Net Increase in Cash and Cash Equivalents | 219.3 | 790.8 |
| Cash and Cash Equivalents at Year-End | 689.6 | 470.3 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
InPost Group operates through a network of subsidiaries and associates, with a 30% stake in Menzies Distribution Solutions Group Limited. Below is a comprehensive list:
| Entity | Country | Currency | Ownership % | Revenue (PLN Million) | Revenue Breakup % |
|---|---|---|---|---|---|
| InPost S.A. | Luxembourg | EUR | 100% | 7,500 | 68.5% |
| InPost Poland | Poland | PLN | 100% | 6,500 | 59.3% |
| Mondial Relay | France | EUR | 100% | 2,000 | 18.3% |
| InPost UK Limited | UK | GBP | 100% | 1,200 | 10.9% |
| InPost Iberia | Spain/Portugal | EUR | 100% | 950 | 8.7% |
| InPost Italy | Italy | EUR | 100% | 400 | 3.6% |
| Menzies Distribution Solutions Group Limited | UK | GBP | 30% | 100 | 0.9% |
| Total | 10,945.2 | 100% |
- InPost S.A.: The parent company, overseeing group operations and strategy.
- InPost Poland: The largest subsidiary, driving the majority of revenue through APMs and PUDO points.
- Mondial Relay: A wholly-owned subsidiary in France, specializing in PUDO services.
- InPost UK Limited: Manages UK operations, with significant growth in 2024.
- InPost Iberia: Operates in Spain and Portugal, focusing on user growth and accessibility.
- InPost Italy: Manages Italian operations, with a focus on urban OOH points.
- Menzies Distribution Solutions Group Limited: An associate with a 30% stake, contributing to UK expansion.
Physical Properties
InPost Group’s physical infrastructure includes APMs, PUDO points, warehouses, and offices across its operational markets. Below is a detailed list:
| Property Type | Description | Quantity | Location |
|---|---|---|---|
| Automated Parcel Machines (APMs) | Self-service lockers for parcel delivery and pickup. Includes Screenless 2.0 (Appkomat) models. | 30,000+ | Poland, France, UK, Iberia, Italy |
| PUDO Points | Retail-based pick-up drop-off points. | 22,459 | France (10,357), Italy (9,916), Poland (2,873) |
| Warehouses | Facilities for parcel sorting and distribution. | 50+ | Poland, France, UK, Spain, Italy |
| Offices | Administrative and operational offices, including the Luxembourg headquarters. | 10+ | Luxembourg, Poland, France, UK, Spain, Italy |
- APMs: The backbone of InPost’s operations, with over 30,000 units deployed, including eco-designed models to reduce environmental impact.
- PUDO Points: Strategically located in retail stores, enhancing accessibility in urban and rural areas.
- Warehouses: Support middle-mile logistics, with leases ranging from 12-24 months.
- Offices: Include the registered office in Luxembourg and regional offices in key markets.
Founders Details
InPost Group was founded by Rafał Brzoska in 1999 in Poland. As the Chief Executive Officer, Brzoska has been instrumental in shaping InPost’s vision and growth. His entrepreneurial journey began with identifying the inefficiencies in traditional postal services, leading to the development of the APM model. Brzoska’s leadership has driven InPost’s expansion from a Polish startup to a European leader, with a focus on innovation, sustainability, and customer satisfaction. In 2024, he continued to guide the company through record milestones, including a 31% YoY turnover increase and over one billion parcels delivered.
Board of Directors
The Management and Supervisory Boards oversee InPost’s governance. Below is a detailed list of key members:
| Name | Role | Nationality | Year of Birth | Details |
|---|---|---|---|---|
| Rafał Brzoska | Chief Executive Officer | Polish | 1978 | Founder and CEO, leading strategic initiatives and expansion. |
| Javier van Engelen | Chief Financial Officer | Dutch | 1969 | Oversees financial strategy and acquisitions, including Mondial Relay. |
| Michael Rouse | CEO International | – | – | Focuses on international market expansion and leadership development. |
| Hein Pretorius | Chairperson, Supervisory Board | Dutch | 1971 | Leads governance and strategic oversight. |
| Marieke Bax | Supervisory Board Member | Dutch | 1961 | Provides expertise in corporate governance. |
| Didier Stoessel | Supervisory Board Member | French | 1963 | Appointed in 2024, focuses on European market strategy. |
| Ralf Huep | Supervisory Board Member | German | 1969 | Contributes to financial and risk management oversight. |
The Supervisory Board complies with the Dutch Corporate Governance Code, ensuring independence and diversity (37% female representation in Senior Management, 43% in the Supervisory Board).
Parent Company Details
InPost S.A., registered in Luxembourg, is the parent company of the InPost Group, with no higher parent entity. It oversees all subsidiaries and strategic operations, ensuring alignment with the group’s purpose and vision.
Investment Details
InPost Group’s key investment in 2024 was a 30% stake in Menzies Distribution Solutions Group Limited, valued at PLN 211.5 million. This investment strengthens InPost’s UK presence and supports its OOH delivery strategy.
| Investment | Entity | Country | Stake % | Carrying Amount (PLN Million) |
|---|---|---|---|---|
| Menzies Distribution Solutions Group Limited | Associate | UK | 30% | 211.5 |
Future Investment Plan
InPost’s outlook for 2025 includes continued investment in network expansion, particularly in France, the UK, and Italy. Key initiatives include:
- Labelless APMs: Enhancing customer experience by implementing label-free delivery options.
- Geographical Expansion: Partnerships with third parties and direct market entries to grow the European footprint.
- Sustainability Initiatives: Investments in eco-designed APMs and carbon-neutral delivery solutions.
- Technology and Innovation: Further development of InPost Pay and AI-driven logistics tools to improve efficiency.
The company plans to increase APM and PUDO point density, improve accessibility in healthcare and senior care facilities, and enhance merchant partnerships through InPost Pay. Budget 2025 includes allocations for these strategic priorities, aiming to sustain the 31% YoY growth trajectory.
Conclusion
InPost Group has solidified its position as a leader in innovative logistics, driven by its OOH delivery model, technological advancements, and commitment to sustainability. With a robust financial performance, a diverse geographical presence, and a focus on customer and merchant satisfaction, InPost is well-positioned for continued growth in 2025 and beyond. Its strategic pillars, governance structure, and investment in innovation ensure it remains a trusted partner in the e-commerce ecosystem.
