Inpost Sa

Good morning, my name is Gabriela Burgach and I'm the Investor Relations Director at InPost. Welcome to InPost Third Quarter 2025 earnings call. A usual disclaimer, today's call includes forward-looking statements that are subject to risks and it is possible that the actual results may differ materially. This call is also being recorded and the recording will be available on our IR website shortly after we wrap it up today. After the slides, we will have a Q&A session. Today's presenters are Rafał Brzoska, CEO, Michael Rouse, CEO International, and Javier Van Engelen, CFO of InPost Group. I am now pleased to hand over to our CEO, Rafał, over to you.

Good morning, everyone. Thank you, Gabi, and thank you all for joining us today. Q3 was another very strong quarter for InPost Group. We delivered record-breaking volumes and revenue growth while maintaining solid margins. Let me start with the highlights first. In the third quarter, we handled 351 million parcels, an increase of 34%. And this is not just a big number. It's a reflection of consistent merchant adoption, customer loyalty, relentless focus on quality, as well as strategic acquisitions. At the top line, we generated 3.8 billion PLN in revenue, up almost 50% year on year. As you can see on the pie chart, already 54% of group revenue came from outside Poland. International diversification has become a core top-line growth engine for InPost. Our growth translated into profitability in terms of adjusted EBITDA reached 1.1 billion PLN, up 24% at a solid 28% margin. The three messages I want you to take away are simple. First, Poland continues to deliver strong volume growth supported by high customer loyalty and merchant satisfaction. Second, we are accelerating across eurozone with growth broadening as we build scale. And third, the UK is hitting new records in volume and revenue accelerated by the euro acquisition. Let's shift focus to one of the key engines behind this progress, network expansion. Our network is going from strength to strength. At the end of Q3, we operated almost 90,000 out of home points. APM network is the backbone of our strategy. Therefore, we keep expanding rapidly, adding nearly 13,000 new machines in the last 12 months, strengthening our leadership position. While Poland continues to grow steadily, we are accelerating in Eurozone and we continue to expand at speed in the UK. On PUDOS, you will see a slight but intentional overall decline as we optimize our network to be smarter and more efficient. As visualized in the map, InPost is the APM leader in Poland, Eurozone and the UK. Yet, that leadership isn't just about the number of APMs. It's also about the structural advantage we create through a focus on consumer convenience, consistent quality, and merchant buy-in. Let's move on to the next slide, which compares our performance to the market trends. The picture here is clear. We continue to gain market share across all our geographies with a notable acceleration in the last quarter. Starting with Poland, the market grew by 6% and our volume increased by 10%. It is important to flag that for many years we have consistently outperformed the market despite being the largest e-commerce logistics provider in Poland. In Eurozone, market share growth is even more striking. The market was up 7%, while impulse volumes increased by 24%. Excluding sending the company we acquired in July, growth was still at an impressive 17% year-on-year. And then the UK, our volumes more than tripled with the integration of Yodl, yet also on a like-for-like basis, we grew by 19% in Q3 2025. This broad-based market share gains are a signal that we are reshaping the market and we are creating a new out-of-home habit outside of Poland. The next slide illustrates something I always emphasize. It's not just about the lockers. Let's turn to our top-rated mobile app, which plays a key role in building customer loyalty. The InfoStack is now available across all our main markets. We recently launched it in Spain and Portugal, and their rollout in Italy is just around the corner. The number of app users keeps growing steadily in the UK and in France. We now have twice as many active users compared to the previous year. Why does this matter? Because it's a major engagement driver. Mobile app users place around 40% more orders than those who don't use the app. Our focus goes beyond downloads. The real value lies in functionality. We are continuously developing and adding new features, and this strong emphasis on user experience is what truly sets us apart from the competition. With that, let's turn to Poland, where growth continues to be fueled by deep brand loyalty and customer trust. Poland continues to deliver. In Q3, parcel volumes increased by over 10%, driven by key merchants and international marketplaces. Our network strength remains unmatched, with over 27,000 APMs and being the number one in unique locations. Since the utilization rates remain high, we are not stopping here. Our 4 million compartments give us 70% market share and service quality stays exceptional with 98% of parcels delivered next day. This is the flywheel effect in action. Scale, efficiency and customer trust driving sustainable growth. Let's move to the next slide. The numbers speak for themselves. Customers simply love the convenience we deliver. 87% of online shoppers choose InPost as their most preferred delivery APM. That's leadership built on trust and simplicity. On top of that, our user base keeps growing. We've now crossed 20 million APM users and 15 million app users in Poland. And here's an interesting fact. 95% of online shoppers say that having access to impulse APMs actually motivates them to shop online. This is what being a love brand looks like. Deep loyalty, strong engagement, and therefore a clear competitive edge. I'll now hand it over to Michael for an update on our international business. Thank you.

Thanks, Rafael. Good morning, everyone. Across our Eurozone business, the pieces of our strategic transformation are coming together. We continue growing and gaining market share in line with our strategic priorities focused around B2C and APM growth, while gaining access to DOR, which allows us to achieve broader consumer coverage. Volume in our Eurozone segment increased by 24%. This was supported by acquisition, but also excluding sending. The growth was at an impressive 17% in Q3 25. For the first time, the share of B2C in total volume exceeded 50%. It was less than 40% only three years ago, so fantastic progress. We continue to see a proving APM flow rate, i.e. PUDO volume conversion to APM. A critical enabler of long-term profitability for us, even though PUDOs still make up 60% of out-of-home points across Eurozone markets, 46% of all out-of-home volume now goes through APMs. In France, where PUDOs and APMs are nearly balanced, the flow rate to APMs has sustainably surpassed 50%. So let's have a look at Eurozone Network and Mondial Relay brand on the next slide, please. In Q3, we expanded our APM network by 53%, adding almost 6,000 machines over the past 12 months. Across Eurozone, we remain the number one locker network. While we continue adding new PUDU points, we're also closing those located too close to our APMs as part of our network optimization and conversion strategy. We're on a good path to replicating the love brand in France. Customers are clearly shifting towards out of home with lockers gaining popularity. And as you can see on the chart, 75% of customers indicated Mondial Relay as their preferred option for delivery and parcel sending. And what's more, we achieved our highest MPS score of 53, significantly outperforming all other locker suppliers and getting closer towards the Polish benchmark level. Next slide, please. Now focused on the UK, we have more than tripled our volume as the integration of Yodel allowed us to attract new customers and gain market share. Even on a like-for-like basis, we achieved impressive growth and market share gains, way above the market performance at 19% volume growth, and all of this while actively removing extra and ugly parcels in order to streamline our operations and a critical transformational imperative to prioritize quality. Volume growth has been driven by acceleration out-of-home deliveries, especially through APMs, as well as by B2C segment. So similarly to Eurozone, we're expanding in line with our strategic priorities. We're continuing to rapidly expand our out-of-home network as our deployment hits 100 per week run rate. In Q3 25, we increased the APM network by 45%. In the last 12 months, we added 4,000 APMs, further widening the gap between us and the second player, Amazon, and nearly four times larger than the next nearest competitor. So let me give you an update on our path to one network and Yodel integration on the next slide. We have made significant progress on phase one of the Yodel integration. We consolidated from 83 down to over 50 shared depots, handling Tudor, APM and PUDO parcels, and our teams are now fully trained to manage all product types. To boost capacity and speed ahead of peak season, we also opened two additional sorting hubs in the Midlands and Southeast earlier than planned. However, as noted in late September, we encountered a technical issue during the phase one integration that resulted in a customer backlog. While this was resolved by early October, it was an operational setback. Consequently, we have made the decision to pause further integration work for the remainder of 25, resuming phases two and three in Q1 26. This ensures stability during a critical trading period of peak. A critical pillar of our transformation is rebuilding the consumer and merchant trust that was historically lost through Yodel. We simply cannot compromise on this, especially with the peak period. Therefore, as we enter peak season, our priority is unequivocal. Quality over volume. Because certain milestones were not fully achieved during the initial one network cutover, we're actively investing in necessary manual resources for Q4 and early Q1 to bridge this gap and guarantee service levels due to the lack of automation. We have a clear roadmap to restart phase two and three remaining milestones in mid Q1. And remarkably, demand for peak volume has exceeded our available planned capacity. In fact, our pre-book volumes were tracking significantly higher year on year before we implemented necessary constraints. This is a powerful segment of merchant confidence in our recent performance and transparency since acquisition. However, firmly adhering to our quality first pillar, we're exercising strict discipline and we're capping Q4 volumes with certain merchants and temporarily removing large and irregular parcels from the network altogether rather than risking service standards. While this operational pivot impacts short-term profitability, our medium-term strategy remains intact. It is important to note that despite the integration pause, our current operating network is performing at a significantly higher service level than the legacy Yodel operation did at the same point last year. And in summary, we have a strong operational foundation for Peak and are prepared to continue the one network implementation post this season. I will now hand over to Javier for the financials.