Inpost Sa

Good morning, my name is Gabriela Burdach and I'm Investor Relations Director at Inpost. Welcome to Inpost's fourth quarter and full year 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. One very important highlight, with respect to the proposal to acquire all shares in Inpost, we will not answer any questions related to the tender offer. This call is strictly focused on financial results, trading performance, and the outlook update. This call is also being recorded, and the recording will be available on our Aira website shortly after we wrap it up today. After this slide, we will have a Q&A session. Today's presenters are Rafał Roska, 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 all for joining us today. 2025 was a truly transformational year for Inpost Group. We continued to scale rapidly while strengthening our international footprint through targeted M&As and strategic investments. Let me start with the highlights. In 2025, we handled 1.4 billion parcels, an increase of 25% year-on-year. This reflects increased merchant adoption, strong customer loyalty, and the operational advantages of our expanding network. At the top line, we generated 14.7 billion Polish zloty in revenue, up 34%. And importantly, as shown in the revenue split, more than 50% of group revenue now comes from outside Poland. International diversification is no longer an ambition. It's a structural driver of our business. Our profitability remains solid. Adjusted EBITDA reached 4.1 billion PLN, growing 12% year on year. At the same time, the bottom line came under pressure, particularly in the fourth quarter. This reflects temporary integration related costs in the UK, as well as higher investments in network expansion, logistics, IT and AI driven initiatives. Javier and Michael will cover the details later in the presentation. CAPEX increased accordingly as we continued to build the infrastructure and capabilities required for long-term Europe in scale. With that foundation, let's move to the key messages. Looking specifically at 2025, there are three key messages I'd like to highlight. First, we delivered a very strong peak season. On the busiest day of the year, we handled 15 million parcels. This was a clear proof of the robustness of our infrastructure, reliability of our operations, and the trust that merchants and consumers placed in InPost. Second, our B2C performance remained solid, supported by continued momentum from international marketplaces. Across Europe, more merchants chose Impos as their preferred out-of-home partner and more consumers shifted to lockers as their default delivery option. Third, 2025 was a year of strategic expansion. We completed two major acquisitions which are already reinforcing our competitive position. Michael will talk about it later. Together, these elements make 2025 productive and strategically important year for InPost. Let's now move to how this execution translates into our expanding network and international leadership. 2025 was also a year in which we strengthened one of our greatest competitive advantages, the largest and the most advanced locker network in Europe. We ended the year with almost 95,000 out-of-home points, including over 61,000 APMs, an increase of about 14,000 lockers versus last year. This represents exceptional acceleration and clearly demonstrates our ability to scale consistently across multiple markets. Poland remained our strongest and most mature APM market, with nearly 3,000 new machines added. But the real engine of expansion came from the international part. In the Eurozone, we added almost 7,000 lockers, and in the UK, more than 4,500, further strengthening Inpol's leadership position. Let's now move to the next slide, which compares our performance with overall market trends. In Poland, in full year, despite already holding a leading market position, we continue to expand our market share. Poland remains a stable and profitable foundation for the Group, a market that reliably supports our international ambitions. Moving to the Eurozone, we saw broad-based, double-digit growth across several countries. While the overall market expanded in the highest single digits, our Eurozone volumes grew significantly faster. This region is becoming a true engine of diversified growth for the group. And finally, the UK, where we delivered one of the strongest growth trajectories. The market itself grew modestly, but in post, supported by the acquisition of Yodel, expanded at a multiple of the market rate. With that, let's move to the ESG chapter and how we continue evolving our sustainability strategy. This morning, we officially published our five-year sustainability strategy, which is fully detailed in our annual report. We aim to refine our previous approach, continuing the direction, but with greater maturity. On the slide, I will highlight just a few of the most important elements. Last year, we delivered tangible progress across our key sustainability KPIs. We reduced scope one and two absolute emissions by 56% versus the 2021 base year. And we increased the share of renewable energy in the group to 91%. These results reflect systematic, disciplined work, not standalone initiatives. Our new strategy is structured around four pillars, planet, consumer, people, and trust. We commit to ambitious science-based emissions reductions and a clear path to net zero across our value chain. We focus on transparency and accessibility. In people, we strengthen training, inclusion, and safety. In trust, reinforces governance and risk management. Together, these pillars embed sustainability into how we operate, grow, and create long-term value. With that, let's turn to Poland. Poland remains the foundation of our business, a market where the strength of the impulse brand continues to drive stable, reliable growth. In 2025, both domestic merchants and international marketplaces contributed to that growth. In Q4, total parcel volume increased by 5%. APM volumes were broadly stable, reflecting the high base effect from last year. To-door volumes grew strongly, driven primarily by increasing demand from international marketplaces. This pattern continued at the full year level. It is also worth emphasizing that domestic merchants perform very well, particularly in categories such as fashion and beauty, sectors where convenience and delivery reliability are critical to conversion. Now let's turn to loyalty, an area where Poland continues to set the benchmark for the entire group. We operate the number one APM network in the country, and in 2025, we expanded it even further. Local density remains one of our strongest competitive advantages, reinforcing convenience and proximity for millions of users. What stands out most is the scale of our active customer base. Today, around 26 million people in Poland use InPost. either through APM or to-door deliveries. Our mobile app remains a key engagement driver, reaching 16 million users and maintaining an outstanding rating of 4.9 out of 5, one of the highest in the Polish digital ecosystem. These strong customer relationships translate directly into loyalty metrics. InPost holds the number one NPS position in the market with 94% of consumers receiving parcels via our lockers and 89% sending parcels via lockers. InPost is the undisputed leader in consumer preference, trust, and everyday relevance in Poland. We want to build on that. Let's see how on the next page. At InPost, we love to explore new directions, and we are always looking for ways to extend the ecosystem we have been building over many years. InPost is a link between users, merchants, and delivery services, and we are now experimenting with how that connection can be expanded through a more integrated digital experience. Today, I would like to introduce Inpulse Plus, a new product we are developing to help customers search, compare, and shop online in a simpler way. We are introducing a new service for users and merchants, an AI-supported shopping experience integrated into the Inpulse mobile app. Online shopping today can be fragmented and time consuming. Our intention with this project is to explore whether parts of that journey can be brought together into a more coherent flow. The product includes an AI shopping assistant that supports conversional search, both text and voice. InputsPlus connects merchant integrations, a shared catalog, and product feeds to help users identify items that are available and relevant to them. If the experience works as intended, users will be able to move from product discovery to payment with Impulse Pay and eventually to returns within the same environment. We are currently beginning external testing, so some active Impulse users may start seeing this feature in the app in the near future. This is an early version of the product and we expect to evolve over time as we learn from user feedback, so we appreciate your patience as we continue to improve the experience. Why do we believe Inpulse is well positioned to introduce new services? Because our customer base is both loyal and highly engaged. Around 20% of our users are super heavy users, collecting more than 40 passes a year. This group generates 70% of our total APM volume and is also highly active within the mobile app. Importantly, they shop across multiple platforms. They compare options, look for value, and are open to exploring the wider e-commerce ecosystem. We see an opportunity for InPost Plus to support them and all our users by providing a more informed, streamlined way to make shopping decisions. With that, I will hand it over to Michael for an update on our international business.

Thanks, Rafal. Good morning, everyone. As Rafal highlighted, a landmark moment for InPost in 2025 was that international revenue now represents more than half of the group. A lot has happened to drive that, both organically and through M&A. So let me walk you through the key developments starting with the Eurozone. Across our Eurozone business, our strategic plan is taking shape. We continue to grow and gain market share in line with our strategic priorities. Development of our B2C merchants and the growth of our APM network. while also gaining access to Tudor, which will allow us to reach an even broader base of consumers for the future as we continue to develop across this region. You'll also see PUDO volumes are lower year over year. Again, this is deliberate. As our APM density improves, we're migrating volumes away from PUDOs to our own network, which is both higher margin and better consumer experience. Volume in the Eurozone segment increased by 23% in Q4 2025, or basically 105 million parcels during that time, driven by B2C volume growth of 60% year-over-year and APM deliveries, which were up 51%, translating into improved full-year profitability. Growth was supported by acquisitions. However, even excluding the sending business, which we acquired in July 2025, organic in-post volume still grew an impressive 17% in Q4 2025. This marks another quarter in which we are growing twice as fast as the e-commerce market itself. Importantly, our Eurozone margins continue to improve, as I mentioned. full year adjusted EBITDA margin reached 15.5% up 60 basis points year-over-year demonstrating that our scale benefits are translating into structural profitability improvement. Javier will cover this in more detail later. So let's have a look at Eurozone network and Mondial Relay brand on the next slide please. In Q4 we expanded our APM network by 55% Adding almost 7,000 machines in 2025 across the Eurozone, we remain the number one locker network. APM expansion was driven by strategic partnerships with major retail chains such as Carrefour, Conforama, Lidl, Auchan and Ile-les-Clerques, as well as collaboration with the public sector. As in previous quarters, while we continue adding new PUDO points, we're also closing those located too close to our APMs as part of our network optimization strategy. Customers are clearly shifting towards out of home, with lockers gaining in popularity. Mondial Relay Awareness has reached a high level of 91%, together with our number one NPS, high Trustpilot scores across the region, and a growing mobile app user base. we are well positioned to replicate our love brand success across our Eurozone markets. So let's move on to the UK on the next slide. In the UK, we more than tripled our volume in Q4 year over year, reaching 92.6 million parcels, a 240% increase. This reflects the first full peak season with Yodel and clearly demonstrates the scale of the combined platform. Importantly, this growth was B2C-led. B2C volumes increased 13 times year-over-year in Q4, significantly strengthening our position in the strategically important segment within the UK market. At the same time, C2C continued to grow at a healthy pace, up 1.5 times year-over-year, supporting overall momentum. For the full year, volume reached 262 million parcels, up 181% year-over-year. We now capture around 8% market share in the UK, already a visible and meaningful scale in a highly competitive market. We're also seeing a clear acceleration consumer shift towards out of home. Out of home volumes doubled year on year, confirming that lockers and pooter are becoming increasingly embedded in checkout behavior. Peak trading was strong across all services. We grew within our existing client base and increased share of checkout. We delivered operationally during peak. Profitability in Q4 was deliberately impacted by our decision to invest in service quality, as we highlighted on our previous call. This was a conscious, time-bound trade-off, our purposeful choice to invest in merchant relationships and long-term volume growth within the UK market. Javier will cover the margins in more detail in the following section. But just like in the Eurozone, this confirms we're executing consistently on our strategic volume priorities, scaling B2C, accelerating out-of-home, in particular our locker development in the UK, and building meaningful market share. Next slide, please. We continue to expand our out-of-home network, and importantly, network density is now creating a structural competitive moat in the UK. In Q4-25, our total out-of-home footprint reached over 19,000 locations, up 59% year-over-year. APMs alone grew by 48% year-over-year, and over the last 12 months, we've added approximately 4,500 lockers. firmly securing our position as the number one APM network in the UK. At the same time, our PUDO network almost doubled, reinforcing accessibility and convenience for our consumers and the importance of continuing to build density. What differentiates us is not only scale, but the quality of locations. We accelerated expansion through strategic partnerships with leading national retailers. We signed a trial agreement with the UK Post Office covering over 300 initial locations, representing a potential opportunity of more than 1500 sites. InPost has also strengthened cooperation with Lidl, where the 700 locker location was installed, Michelin butlers with over 500 pub locations signed, and Iceland targeting deployment across more than 200 stores in key high street locations. From May 2025, in-post lockers are also available in Northern Ireland, further expanding geographic coverage across the UK. This growing density improves consumer proximity, strengthens merchant's value proposition, and raises barrier to entry, making our network not just bigger, but structurally stronger. Moving on to the next slide. The UK has reached a turning point in parcel delivery with lockers becoming the preferred choice for both consumers and businesses alike. 40% of consumers now receive parcels through lockers as frustration with home delivery grows and more people look for flexible, out-of-home options. In addition, 44% of consumers send parcels using lockers. These figures show that lockers are now one of the UK's most trusted and widely used out-of-home delivery options. We're extremely pleased that over 60% of locker users choose in-post lockers now. This shows that we are well positioned to benefit from this shift towards out-of-home delivery. Our combined mobile app has reached 7.5 million unique downloads and our Trustpilot score stands at 4.7. These metrics are particularly meaningful in the context of the quality reset we've executed post-Yodel. They confirm that consumers are responding positively. Moreover, our merchant feedback post-peak has been positive, with active choices we made to deliver on our promise playing through in our continued development within the market. So let me close the international section with an update on our recent investments and how they position us for 2026. In Q4, we made a deliberate decision to prioritize service quality during peak. We absorbed the cost impact in Q4 25, and the results validate that decision. Q4 marked the operational trough that we needed to go through to build on the future of that UK business. The UK business now enters 26 with the number one APM network, restored quality leadership and a clear and credible path to profitability. January marked the restart of one network that unlocks logistics cost synergies with benefits flowing through from half to 26. We also released the volume cap, meaning we can now fully utilise the Yodel infrastructure combined with the existing infrastructure, improving absorption and driving operating leverage. At the same time, improved service quality is translating in strategic merchant wins, such as Debenhams reinforcing higher quality revenue growth. On margins, let me be clear on cadence. Half 1, 26 remains an investment phase. The step change comes in half 2 as synergies and full utilizations come through. This supports a credible path back to mid single digit adjusted EBITDA margins by the second half of 26. In Eurozone, the sending integration is fully on track. The acquisition has helped us widen our merchant base, and we've improved Sending Trust's pilot score from 1.3 to 4.3 in just six months. An impressive result. We've also started redirections to converting sending to door volumes into more profitable out-of-home deliveries. The next steps in the sending integration are merging the logistics networks, rebranding, and a continued optimization of the network offer. So thank you, and I will now hand over to Javier for the financials.