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Investing.com -- Shares of InPost dropped 6% on Tuesday after the Polish-based logistics company reported second-quarter results that met expectations but showed a slowdown in earnings growth, while keeping its full-year guidance unchanged.
Adjusted EBITDA increased 13% to PLN 999.5 million, in line with consensus estimates of PLN 999 million.
Parcel volumes rose 23% to 324 million, also meeting forecasts, supported by the consolidation of the company’s recent U.K. acquisitions, Menzies and Yodel.
Revenue grew 35%, but the EBITDA margin narrowed by 550 basis points to 28.3%, compared with consensus expectations of 28.7%.
Poland delivered EBITDA growth of 12% to PLN 834.4 million, with parcel volumes up 6%. Deliveries outside marketplaces rose 17%, which lifted the EBITDA margin by 220 basis points to a record 49.3%.
In the U.K., EBITDA rose 44% to PLN 48.4 million as parcel volumes surged 177%. The expansion was offset by a 920-basis-point decline in margin to 5.1%, reflecting the addition of Yodel, which remained loss-making.
Excluding Yodel, the U.K. margin exceeded 20%. In the Eurozone, volumes rose 10%, including 27% growth in business-to-consumer shipments, while the EBITDA margin slipped 40 basis points to 16.4%.
The company expanded its automated parcel machine network by 31% to 53,287 units. Growth included 14% in Poland, 59% in the Eurozone and 48% in the U.K., resulting in more parcel machines outside Poland for the first time.
Capital expenditure rose 38% to PLN 471.0 million, which led to free cash usage of PLN 9.2 million. The company’s net leverage ratio stood at 2.1 times EBITDA, compared with 2 times a year earlier.
For the third quarter, InPost projected parcel volume growth in the high-20% range, with high single-digit growth expected in Poland as e-commerce activity recovers.
Full-year targets were reaffirmed, including parcel volume growth of 25% to 30%, revenue growth of 35% to 40% and EBITDA growth of 20% to 25%.
InPost shares are down 26% since the start of the year and are trading at 7.5 times expected 2025 enterprise value-to-EBITDA, representing a 45% discount to the company’s historical valuation.