The latter, as we know, has experienced meteoric growth over the past ten years, with parcel volumes processed rising from 15 million in 2015 to 1.1 billion in 2024; these volumes have notably doubled since the IPO in 2021 and the acquisition of Mondial Relay.

The course remains set for new acquisitions, such as those recently completed in the UK with Menzies Distribution and Yodel. InPost founder Rafał Brzoska intends to double down this year, with up to €1bn earmarked for acquisitions.

This is aimed at achieving two objectives: first, to expand the network from nine to fifteen countries in Europe; second, to expand further in the UK market, identified as the one with the highest potential, with parcel volumes twice those of France and a still minority penetration of out-of-home delivery.

As it stands, InPost still generates 56% of its revenue in the Polish market. Margins in this domestic segment are three times higher than in the international segment, but this gap should narrow as InPost expands and consolidates its presence.

Notwithstanding this difference, on a consolidated basis, InPost generated €3bn in revenue, €500m in operating profit and €350m in free cash flow before acquisitions and stock option compensation or equivalents over the last twelve months.

Profitability is stratospheric—70% return on equity on average over the last two years—and financial leverage is under control, with its interest expenses over  three times covered by operating profit. Note that the group, despite its growth ambitions, has opted for a very reasonable approach here.

Despite all these qualities and the competitive advantage that is developing as the famous "network effect" grows stronger, InPost has experienced a certain disenchantment from investors in recent weeks. Its valuation has thus fallen back to 15x operating profit, a floor from which it has rebounded several xtimes in the past.