Why InPost Still Deserves Attention
- ZIIX Growth
- Oct 17
- 4 min read
Updated: Nov 7
In recent weeks, InPost ($INPST) has seen a notable pullback in its market valuation. After an earlier run of optimism, the company that sends packages to many European countries very efficiently and quickly is now under pressure from a mix of operational, financial, and strategic headwinds.
What’s Driving InPost Decline?
The fact that a company is down does not necessarily have to be bad, it can actually be a great investment opportunity if you know how to see its true value. A number of interlocking factors help explain why investor sentiment has cooled during the last few weeks.
1. Slower Volume Growth in Poland
Poland remains InPost’s largest market and a core revenue and margin base. In its Q2 2025 report, InPost disclosed that parcel volume growth in Poland slowed to 6% year over year, down from 10% in the prior quarter. That deceleration rattled the market, because it calls into question the sustainability of premium growth in its home market.
2. Margin Pressure, Especially in International & Integration Costs
While revenue and adjusted EBITDA grew, margins are under strain. In Q2, InPost posted PLN 999.5 million in adjusted EBITDA, in line with expectations, and revenue rose 35%, but the EBITDA margin narrowed by 550 basis points. Part of the margin squeeze stems from the costs tied to integration, especially of its UK acquisitions, most notably Yodel, as well as increased depreciation, amortization, and financing costs. In the UK segment, margins are particularly weak due to Yodel’s legacy losses and the early stage of consolidation.
3. Overreliance & Tension with Key Client Allegro
Allegro, a major Polish e-commerce marketplace, has long been an important client and partner for InPost. But concerns have intensified that Allegro might reduce its reliance on InPost or even build its own locker network.
In fact, InPost’s Polish unit has filed an arbitration claim against Allegro for PLN 98.7 million, alleging breaches of delivery agreements. Allegro has denied the claims, calling them baseless. Given that Allegro at times accounts for 18% of InPost’s group revenues, any weakening of that relationship raises material business risk.
