Inpost Sa

Good morning. My name is Gabriela Burdach and I'm the Investor Relations Director at InPost. Welcome to InPost First Quarter 2026 Earnings Call. A usual disclaimer, today's call includes forward-looking statements that are subject to risk and it is possible that the actual results may differ materially. One very important highlight with respect to the proposal to acquire OSH as 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 IR website shortly after we wrap it up today. After this break, we will have a Q&A session. Today's presenters are Rafał Froska, CEO, Michael Rouse, CEO International, and Javier Van Emkeren, CFO of Impulse Group. I'm 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. Q1 2016 was yet another strong quarter for InPost Group, with growth in both volumes and revenue driven primarily by our international expansion. In total, we handled almost 360 million parcels, up 32% year-on-year. This reflects continued merchant adoption, strong customer loyalty, our focus on quality, and the contribution from international acquisitions. At the top line, revenue reached 3.9 billion Polish zloty, an increase of 31%. As shown on the right, 53% of group revenue now comes from outside Poland, highlighting international diversification as a key structural driver for our business. Adjusted BDA came in at 902 million Polish zloty, down slightly by 4%, reflecting still some transformation cost in the UK. CAPEX totalled 360 million PS, up 6% year-on-year, as we continue to invest in network expansion and build capabilities for long-term European scale. With that, let me move on to network expansion. At the end of Q1 26, we operated nearly 95,000 out-of-home points. The APM network remains the backbone of our strategy and we continue to expand rapidly. Over the last 12 months, we added almost 15,000 new machines, including 3,500 in Q1 alone. Poland continues to grow steadily, with around 3,000 APMs added over the last 12 months. We are accelerating in the Eurozone, with more than 7,000 additions, and we continue to scale quickly in the UK. On PUDOS, you'll see a slight decline. in line with our network optimization strategy. We are the number one APM network in Poland, France, and the UK, and number two in Italy and Iberia. Importantly, we are closing the gap meaningfully in both these regions. With that, let's turn to Poland, where growth comes from deep brand loyalty and customer trust. Poland delivered consistent volume trends in Q1, with growth led by international and domestic merchants. Total parcel volumes were up 8% to 188 million. APM volumes were broadly stable, while to-do volume grew by 50%, primarily driven by demand from international marketplaces. Excluding marketplaces, our volume grew by 13%, ahead of the broader e-commerce market. Domestic merchants are performed strongly, particularly in fashion and beauty, where convenience and reliability are key to conversion. Let me now move to network expansion and consumer engagement. Poland continues to operate the largest APM network, and in Q1 the number of impulse machines grew by 12%, further strengthening this position. This expansion improves accessibility. 90% of the urban population now lives within a 7-minute walk from Input APM, as well as 66% of the total population in Poland. Customer engagement remains exceptionally strong. In Poland, 94% of consumers receive parcels via Input Lockers, while 89% use them to send parcels reinforcing our number one NPF position in the market. This is what a true love brand looks like, defined by deep loyalty and high engagement. Beyond the network itself, our competitive advantage in Poland is built on a highly loyal and engaged user base. Today, around 26 million people use input services. effectively covering the entire Polish e-commerce population. Of these, 21 million are regular APM users, including 17 million app users and 14 million loyalty program participants. This strong engagement directly translates into activity. 90% of our volume is generated through mobile app users, who are 40% more frequently than those not using the app. Importantly, this scale and engagement create a unique platform for testing and scaling your services, such as the one we launched in March. With that, I'll hand it over to Michael for an update on our international business. Thank you. Thanks, Rafa.

Good morning, everyone. Across our Eurozone business, Q1 was another strong quarter. with broad base growth and continued momentum on our strategic priorities. Volume increased by 28% to 94 million parcels. Importantly, we saw strong growth across all Eurozone markets, with France and Iberia leading the incremental volume growth. BDC parcels were up 34% and the APM out-of-home flow rate reached 46%, up from 36% a year ago, and another great signal at the sign of our accelerating consumer adoption of lockers. We're also seeing increasing efficiency of our APMs as the density improves and utilization grows. Network-wise, we've continued to expand at speed. APMs grew 53% and we remain the number one APM network across the Eurozone. So let's have a closer look at the Mondial Relay brand on the next slide, please. We continue to make strong progress on building Mondial Relay into a trusted European love brand. Cumulative app downloads have reached 9 million. That's double growth year over year. Our brand awareness for Mondial Relay has reached 91% and again was included in the top 50 most valuable French brands by Kantar in the recent study released in April 26. Customer feedback continues to be very positive. We have 4.4 out of 5 rating on ADVLV, alongside the number one NPS and APM network awareness in our key markets. We are clearly on the path to replicating our love brand success across Eurozone markets. And now let's turn our attention to the UK. In the UK, Q126 confirmed strong growth and the transformation is clearly working. Volumes more than tripled year over year, reaching 77 million parcels of 220% growth, reflecting the consolidation of Yodel. The underlying mix continues to strengthen. B2C volumes are up 11.5 times year over year, a meaningful step up in this strategically important segment, where 61% of total UK volume now comes from B2C. Our out-of-home volumes were up 53%, confirming an accelerating consumer shift to out-of-home delivery. The Yodel transformation continues and last quarter is the proof point that the model is working. The volume growth speaks for itself and we have delivered a huge improvement in results quarter on quarter since restarting the transformation in January. We are on track on each of our priorities, our cost per parcel optimization, the logistics network consolidation, and consistent improving middle mile efficiency. In Q3 26, we plan to move to one impulse platform, bringing Yodel and Impulse together under a single brand. And this is a major operational and commercial lock that we're well underway in targeting. And as you remember, in Q4, our UK business boasted 100 million sloppy loss, While we ended Q1 at a 50 million loss with March being a profitable month and an important trigger point as we work towards the goals of transformation and a clear signal that the trajectory is turning. We have a proven playbook. Our operational and financial results show how we transformed Mondial Relay post acquisition and we're confident we're replicating that success with Yodel. So, Similarly to the Eurozone, we're going in line with our strategic priorities, scaling B2C, accelerating out of home, and building meaningful scale and presence in what is Europe's largest e-commerce market. So now let me give you an update on the network. We continue to widen the gap to the second player in the UK market, further extending our footprint, and we've grown our total network 45% year over year. taking us to over 18,600 points, including over 14,600 APMs. In Q1, we deployed at a pace of around 70 new APMs per week, and in Q2, we have significantly accelerated deployment to roughly 100 APMs per week. Density of our network is now translating directly into convenience for consumers. 75% of users in the top three UK cities are within a seven-minute walking distance to an in-post APN. Now, let's look at the impact that is having and actually let's talk through our user experience and operational quality as we aim to turn the flywheel. The most exciting part is that consumers are starting to love the service and we are delivering. This is why we invested in quality in Q4 and an important decision point on that journey. Today, Info stands out in the UK, both on NPS and in Trustpilot score, well ahead of our competition. Our operational quality metrics back this up, with more than 70% of B2C parcels are delivered next day, and more than 90% within two days. We are already better than the peers on the metrics that matter most to consumers. And this is exactly why we couldn't compromise on quality in Q4. Albeit it was expensive, but an important and critical investment to really build the merchant confidence. And yes, the cost of protecting service levels is through peak at our short-term margins. But the trust and consumer user experience we're building is the asset that compounds. It is what wins long-term volumes from merchants and consumers alike. So thank you, and I'll now hand over to Javier for the financials.