Inpost Sa

Good morning, my name is Gabriela Burdach and I'm the investor relations director at Inpost. Welcome to Inpost's second quarter 2026 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 Rafal Brzoska, CEO, Michael Rouse, CEO International, and Javier van Engelen, CFO of Impost Group. I am now pleased to hand over to our CEO, Rafal, over to you.

Good morning, everyone. Thank you, Gaby, and thank you all for joining us today. Q2 2026 was a quarter of continued growth for Impulse Group, though the picture was more mixed than in previous quarters, with strong momentum in the Eurozone tempered by the ongoing transformation of our UK business. In total, we handled over 318 million parcels, up 16% year-on-year. Revenue reached 4.2 billion PLN, up 18%, once again growing faster than volume. Adjusted EBITDA came in at just over 1 billion PLN, up around 4%, and capex was half a billion, up 7%. International markets now account for 54% of group revenue, underlining just how much of our growth is being driven outside of Poland. Let's take a look at how our network continued to scale over the past 12 months. At the end of Q2 we operated over 98,000 out-of-home points and today we can say we've already crossed 100,000 out-of-home points and 70,000 APMs. Over the last 12 months we added 15,600 new APMs which is the record high deployment we have ever had. On PUDOS you will see a decline of about 5,500 points across all three regions. That's a deliberate outcome of our network optimization strategy as we continue to shift the network mix towards APMs. We remain the number one APM network in Poland, France and in the UK. Iberia has also recently become the largest Docker network in its market and we continue to hold the number two position in Italy. With that, let's turn to update on Poland. Poland delivered consistent volume growth in Q2, up 9.5% to 198 million parcels. APM volumes were broadly stable, up just 1%, while Tudor volumes grew 46%, again largely driven by demand from international marketplaces. Excluding the top 5 marketplaces, our volumes grew 16% once more ahead of the broader e-commerce market, with domestic merchants, particularly in fashion and beauty, continuing to perform strongly. Let's move on to the next page. Poland continues to operate the largest APM network in the country, and in Q2 the number of impulse machines grew 12% to nearly 30,000. This density keeps improving accessibility. 90% of the urban population and 66% of the total population now lives within a 7-minute walk to an impulse 8pm. Consumer preference remains exceptional. According to the latest counter survey conducted in June, 96% of consumers now receive parcels via impulse lockers and 91% use them to send parcels. Both figures improving yet again versus the previous survey, keeping us the clear most favorite APM network in Poland. Next slide, please. Beyond the network, our advantage comes from an extremely loyal and engaged user base, which we show you every quarter. Today, around 26 million people, effectively the entire Polish e-commerce population, use InPost APM and two-door services. Of these, 21 million are regular APM users, including 17 million app users and 15 million loyalty program participants. This engagement shows up directly in our NPS. impulse scores 76, well ahead of the next 4 players, who are all in negative territory. Our users are at the heart of everything we do. We invest in their experience, convenience and engagement because ultimately it is their trust and everyday choice of inputs that drives our volumes and our growth. With that, let me hand over to Michael who will take you through our international performance.

Thanks, Rafal. Good morning, everyone. So let me start with our Eurozone business, which had another strong quarter. Volume grew 30% to over 100 million parcels, once again outpacing the underlying e-commerce market, which grew around 9%. B2C volumes were up 30% and APM volumes were up 45% year-on-year, underlying the strength of the shift to our locker business. The APM out of home flow rate reached 47%, up from 40% a year ago. Next slide, please. We continue to build Mondial Relay into a trusted European love brand, and the momentum keeps building. Our overall network grew 13% to nearly 46,000 locations, and the brand itself keeps resonating. And within those 46,000 locations, and the growth, APMs grew over 52%, so clearly we continue to build and create a dense network. Mobile app downloads reached 10 million, nearly doubling year on year. Recognition is following. Mondial Relay by InPost was again named amongst France's most valuable brands in ranking this April, and we continue to lead and grow our MPS and our network awareness across most of our European markets, having gained further ground in several of them. Now let's move to the UK. Volumes in Q2 grew by 16% to 82 million parcels, with B2C now representing 61% of the mix, up 27%, while C2C was roughly flat year-over-year. APM and returns volumes were up 29% year-over-year. An important milestone in July 26, Yodel was rebranded to InPost, bringing our UK operations under a single brand for the first time. And customer sentiment continues to improve alongside this with our Trustpilot score now 4.9 out of 5 and mobile app downloads reaching 8 million. And during July, we were in the top two or three free app downloads in the total UK market. Turning to our network position, we continue to extend our lead as the largest APM network in the UK. Our out-of-home network grew 17% to nearly 20,000 points. while we continue to rationalize our PUDO footprint in line with our network optimization strategy. Our operational quality keeps improving in step. More than 77% of B2C parcels are now delivered next day and more than 97% within two days. That's it from my side and thank you and let me now hand over to Javier.