InPost Aktie

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 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 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 InPost Group. I'm now pleased to hand over to our CEO, Rafal, over to you.

Good morning, everyone. Thank you, Gabi, and thank you all for joining us. Q1 2026 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 PLN 3.9 billion, 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 EBITDA came in at PLN 902 million, down slightly by 4%, reflecting still some transformation costs in the U.K. CapEx totaled PLN 360 million, 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 U.K. On PUDOs, you will see a slight decline in line with our network optimization strategy.

We are the #1 APM network in Poland, France and the U.K. and #2 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-door 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 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 InPost 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 InPost APM as well as 66% of the total population in Poland. Customer engagement remains exceptionally strong.

In Poland, 94% of consumers receive parcels via InPost lockers, while 89% use them to send parcels, reinforcing our #1 NPS 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 InPost 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 order 40% more frequently than those not using the app. Importantly, this scale and engagement create a unique platform for testing and scaling new 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, Rafal. Good morning, everyone. Across our Eurozone business, Q1 was another strong quarter with broad-based 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. B2C parcels were up 34% and the APM out-of-home flow rate reached 46%, up from 36% a year ago and another great signal -- 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 #1 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 loved 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 Avis Verifies alongside the #1 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 U.K.

In the U.K., Q1 '26 confirmed strong growth and the transformation is clearly working. Volumes more than tripled year-over-year, reaching 77 million parcels or 220% growth, reflecting the consolidation of Yodel. The underlying mix continues to strengthen. B2C volumes are up 11.5x year-over-year, a meaningful step-up in the strategically important segment, where 61% of total U.K. 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 InPost platform, bringing Yodel and InPost together under a single brand. And this is a major operational and commercial unlock that we're well underway in targeting. And as you remember, in Q4, our U.K. business posted a PLN 100 (sic) [ 99 ] million loss, while we ended Q1 at a PLN 50 (sic) [ 49 ] 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 are replicating that success with Yodel. So similarly to the Eurozone, we're growing 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 U.K. end 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 3 U.K. cities are within a 7-minute walking distance to an InPost APM. 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, InPost stands out in the U.K., 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 2 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 ] hit 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.

Thank you, Rafal and Michael, and good morning, everyone. Let's now see how all of this translates into the company's key figures for Q1 2026. Before getting into the segmental details, let me highlight the main points on Q1 2026 group performance. Starting with the good news on volume and revenue. In Q1, we handled nearly 360 million parcels, up 32%, while revenue grew 31% to PLN 3.9 billion. As Rafal and Michael mentioned, this strong top line performance reflects continued organic momentum, broad-based volume growth and the contribution of our international expansion, including Yodel and Sending.

Turning to profitability. Q1 adjusted EBITDA came in at PLN 902 million, translating to a 23.4% margin. While this represents a 4% decline year-on-year at a group level, the underlying picture is a strong delivery in Poland and Eurozone, offset by an improving but still loss-making U.K. business. Adjusted EBIT and adjusted net profit are lower year-on-year, reflecting both the U.K. transformation and a higher depreciation and amortization base from our recent acquisitions.

I will walk you through the key drivers in a moment. On CapEx, in Q1, we invested PLN 360 million, up 6%, representing 9.3% of revenue. As mentioned in previous quarters, our CapEx remains primarily geared towards our APM network, in line with our strategy of accelerated network expansion. Finally, group free cash flow in Q1 was negative at PLN 410 million. Poland continued to deliver strong free cash flow generation of PLN 276 million, up 59% year-on-year.

The negative international free cash flow reflects our continued commitment to invest in network expansion, integration and the U.K. transformation. Net leverage stands at 2.4x higher year-on-year, reflecting M&A-related debt and the negative cash flow in the quarter. I'll discuss some of these elements in more detail on the next slide. As to the results by segment, let me again call out some of the key numbers. Rafal and Michael already covered the strong volume, revenue and growth progress across segments. What I want to add are 3 takeaways from the profitability lines.

First, Poland adjusted EBITDA increased 7% to PLN 849 million, with margin holding at a strong 47% despite continued investment in new services. Second, Eurozone adjusted EBITDA grew 28% to PLN 150 million, with margins stable at 13.5%. And lastly, you can see the impact of the U.K. parcel transformation with adjusted EBITDA at minus PLN 49 million in Q1, reflecting the investment phase Michael discussed earlier.

On the next slides, let's review this in more detail, starting with Poland. In Poland, we saw an 8% volume increase in Q1, reaching 188 million parcels. Revenue in Poland grew 9% to over PLN 1.8 billion, slightly outpacing volume due to the positive price effect on APMs, partially offset by volume mix. To-door volumes grew 50% with corresponding revenue up 35%, slower than volume given the merchant mix.

On profitability, Q1 adjusted EBITDA grew 7% to PLN 849 million, with margins slightly down by 80 bps to 47.1%, reflecting higher logistic costs and continued investments in new projects. Let's now look at the Eurozone results. In our Eurozone markets, Q1 2026 was another quarter of strong volume momentum and stable margins. Q1 volumes increased by 28% to 94 million parcels, once again significantly outpacing the e-commerce market, fueled by another quarter of strong performance in the strategically important B2C segment, up 34% as well as C2C.

Revenue grew 28%, in line with volume, with limited FX impact on the year-on-year comparison. Q1 adjusted EBITDA increased by 28% year-on-year to PLN 150 million with flat margin year-on-year at 13.5% Scale benefits and disciplined SG&A management were partially offset by the dilutive impact of Sending's to-door operations. In summary, Q1 2026 confirms the effectiveness of our strategic priorities in the Eurozone, outpacing e-commerce market growth, growing B2C and steadily improving APM density and efficiency.

Let's now move to the U.K. On the top line, the picture is exactly what you'd expect following the Yodel integration. Volumes tripled to 77 million parcels and parcel revenue followed suit, reflecting the step change in scale. Including the Newstrade business, total revenue more than doubled to PLN 948 million. Volume growth was driven by strong C2C performance and B2C gains following the consolidation of Yodel. Parcel revenue actually outpaced volume given the favorable mix.

On adjusted EBITDA, the U.K. segment recorded a loss of PLN 49 million. This reflects the ongoing U.K. parcel transformation process in line with what we communicated at our Q4 2025 results. As Michael discussed, the operational picture is improving. Quality is better. The network is expanding and the transformation program has restarted. Next slide, please. On this page, you can see the bridge between adjusted EBITDA and adjusted net profit.

Year-over-year, adjusted EBITDA was down 4%. The corresponding 23.4% adjusted EBITDA margin translates into an adjusted EBIT margin of 7.5% after taking into account a higher D&A base, mainly driven by the Yodel consolidation, the integration of Newstrade and our continued investments in APMs, depots and automation. IFRS-16 amortization alone is up 50% year-on-year, reflecting the network scale-up. The PLN 25 million in restructuring costs primarily reflect the ongoing Yodel transformation.

Between adjusted EBIT and adjusted net profit, you'll see the usual interest expense line, higher year-on-year driven by lease interest. This quarter, we recorded unrealized FX gains of PLN 92 million, driven by the strengthening of the euro and British pound against the Polish zloty. As mentioned in previous periods, this is a noncash effect arising from translation differences on Polish denominated debt and intercompany loans held at the Luxembourg parent level.

In total, adjusted net profit for Q1 2026 amounts to PLN 72 million with a margin of 1.9%. Let's now look at our free cash flow on the next slide. For Q1 2026, Poland generated PLN 276 million of free cash flow, up 59% year-on-year, reflecting our disciplined approach to cash generation in Poland. In line with our strategy of accelerated expansion, the strong domestic cash flow gets reinvested in our international operations, including spending on APM deployment, network scale-up, integration-related CapEx and expenses for Yodel.

After incorporating international adjusted EBITDA, integration CapEx, working capital movements and group costs, we ended Q1 2026 with a group free cash flow of negative PLN 410 million. This is fully in line with our 2026 outlook of negative full year free cash flow, reflecting our continued investment cycle ahead of the next phase of growth. To conclude the financial highlights section, let me briefly address net debt and leverage as shown on this slide.

At the end of Q1 2026, gross debt increased to PLN 10.5 billion, mainly driven by higher lease liabilities and additional financing of approximately PLN 270 million drawn during the quarter to support our investments. Cash position decreased to PLN 604 million, reflecting the negative free cash flow and interest payments. As a result, net debt rose to PLN 9.9 billion, with adjusted EBITDA last 12 months broadly flat year-on-year, net leverage increased to 2.4x, up 0.2x versus year-end. This is fully in line with the trajectory we communicated as we accelerate investments in 2026.

Now let me walk you through our outlook for full year 2026 and our latest view on Q2 2026 trading. Our outlook for the year remains unchanged versus what we communicated at the full year 2025 results. So I will not go into details here. Regarding trading update, looking at Q2 2026, as of today, we see group volume growth in the mid- to high teens percentage range. Poland should deliver mid- to high single-digit growth, while international markets are expected to grow in the high 20s year-on-year. Please note that this includes Europe consolidation in the base since May 2025. And with this, let me hand over to the operator for the Q&A session. Thank you.

[Operator Instructions] And it seems that we have a question from Henk Slotboom from The Idea.

Michael, a question to you. I believe you already said that the U.K. operation was profitable in March. Now March is the run-up towards Easter. Is this the definitive turnaround in the trend in results in the U.K.? Or is it -- do we have to wait a little bit longer until the operations there turn positive?

Thank you. I think there's a number of factors driving. One, the turnaround program is really well aggressively restarted. We have seen significant improvement in our cost to serve. But obviously, there's some seasonal element in there from a volume point of view that is contributing to that. So I wouldn't say it's completed as in we still have a journey we're completing, and we're still working towards our projection for the second half of the year for what I call ongoing sustainability.

Okay. That's clear. And then well, you don't quantify how much one-off there is in the results of the U.K. But could you provide any -- well, a bit of a feeling how much of, yes, restructuring or integration costs are included in the results?

Javier, do you want to comment, but...

Yes, I can comment to Henk. The majority of the restructuring costs have come in last year. So we'll reach back out to you for the detailed numbers if you want to, but it's a limited amount of number that we have. And going forward, also there, you see the number going down. So majority has been taken all in the 2025 actuals.

[Operator Instructions] It appears there are currently no further questions over the phone. With this, I'd like to hand the call over to [ Daniel ] for any webcast questions.

Thank you. We have a few via the webcast this morning. Firstly, what are the opportunities and challenges of Amazon announcement to offer supply chain capabilities to third parties?

Maybe I'll take that, a comment. I think, look, first thing to comment when you get into the specifics of Amazon's announcement, it really is directly firstly, to valid business addresses in the U.S. and China or Hong Kong. So when we think, firstly, what does that mean from a global point of view, this is very much focused on what I would call U.S.-based consumer goods that are selling products that are either nonregulated or non-hazardous and probably mainly focused on domestic U.S. and oversee China-U.S. trade flows.

So from, I call it a challenge, I really don't see anything immediate. Clearly, from a future point of view, there's no clear time line on Europe. And from a focus point of view, clearly, there's ambition, but it doesn't give any clear time lines. So I think really, I look at this as sort of really focus around the threat to integrators and freight forwarders. And actually, for a business like InPost, I think, it reinforces the importance of neutrality in our last mile and continuously doubling down on our density of our network to make sure we provide that continuous first-mover advantage. So that would be my succinct summary.

Thank you, Michael. Can you comment on the PLN 212 million increase in your payables? What is behind the strong increase?

I'll take that one. Thanks, [ Francois. ] Two things to look into here. If you look at the year-on-year, we see an increase of about 17%, which is slightly below the top line growth and also the cost base growth. So there is a slight decrease in payables days if you compare year-on-year. But if you compare versus Q4, that's where you see a decrease of PLN 248 million which is due to significant restructuring that was taken also in the U.K., which has been paid in the first quarter of this year, including also some significant tax payments. So I would expect my payables situation to roughly stabilize versus where we are today after some of the significant one-offs that we have basically in Q4 and in Q1.

Thanks, Javier. Did InPost implement a price increase for Allegro in Q1 '26 in line with the terms of the agreement?

Thank you for the question, guys. Happy to answer. Yes, we did according to the contract.

Thank you. This is the second consecutive quarter in which APM volumes in Poland have slightly declined. At the same time, you continue to expand the parcel locker network in Poland. Should we, therefore, expect a gradual decline in profitability of APM deliveries in the medium to long term? What is the rationale behind opening new parcel lockers despite the lack of volume growth? Could you share your perspective on this?

Again, happy to answer that question. Obviously, we are building the network capacity not for today, but for future and for the volume that we expect to come, means the current product mix shift that we don't control because you may imagine that we don't control the checkout preferences of the merchants. And if someone is putting more pressure on door-to-door promotions vis-a-vis out-of-home promotions that naturally drive a different product mix.

Just a reminder, we are sitting on both ends, means irrespective of the flow, both door-to-door and out-of-home, we do control, and we are the most reputable, the biggest and the most reliable partner for our merchants. Means, we don't control the flow, but the flow at the end lands within InPost. So -- that's the simplest possible answer. Do I expect gradual decline in profitability? I think that question pops up since our IPO. So you can track and trace the profitability in recent few years, and the answer should be very obvious. So we build for future, not for tomorrow.

Thanks, Rafal. Is your CapEx to revenue ratio of 9.3% sustainable in upcoming quarters?

Here, I would refer back, and I'll take that question. I refer back to the announcements and the outlook we gave, which is clear where we're going to end up for the full year. If you project where we are in Q1 compared to the full year, you would see that there is a slight acceleration that we would see in the second half of the year, which means that from an APM expansion, we're a little bit slower in Q1 than what we expect to have in the rest of the year, which, by the way, is not a bad situation to be today because of what happens in the world to be a bit more cautious. But so we still project to catch up in the rest of the year, and let's keep track of what happens around us in the world that we stay financially prudent and financially smart on where and how much we invest.

Thanks, Javier. You mentioned Polish margins are affected by investments in new projects and new services. Can you quantify the margin drag from these initiatives in quarter 1 '26?

We don't disclose the specifics, but you can look back at the guidance we gave compared to the margins we established or that we delivered in 2025. We clearly highlighted in our outlook that our margins would get back to more about 45%. If you then look at Q1 performance, what you see is a great performance in Poland because although we have started new initiatives and new services, we were able to still maintain a profit margin above 47%, which was better than what we had given the outlook for, which is a combination of also discipline on the cost side, making sure that we also price for the services we have. So all in all, yes, there has been a slight margin drag, but it's been clearly offset by excellent operational performance in Poland in Q1.

Can you please provide more detail on InPost's performance in the Newstrade in the U.K. and how you expect the restructuring to impact the InPost U.K.'s circa 20,000 Newstrade customers?

I'll happily take that question. Firstly, we don't disclose the specific Newstrade performance, but more -- what I would comment on is it continues to perform in line with the industry performance. So similar trends as -- when we invested into the company overall. When it comes to the restructuring, there has been no impact to the customers relative to Newstrade. Most of the restructuring, as Javier already talked about, was done last year, which is really around our Yodel acquisition business. And really, we continue to ensure the performance of the Newstrade business that is really at top level quality and service levels. It's really incumbent to really service that industry.

And in fact, we continue to take lessons and learnings of the real-time distribution network that was built through Newstrade and really look at how that is adapting to our parcel locker network also. So I think from that point of view, really, really pleased and really the business continues to stay solid. And I think the final comment I would make is actually as part of our CapEx investment in terms of automation as we look at how we merge services under the same roof, that is an important part of how we go forward and continue to invest in the Newstrade sector to really benefit the Parcel business at the same time where we see potential synergies. But that would be my comment at that point.

Thanks, Michael. For Poland, Q1 revenue growth versus volumes, what do you mean by positive price effect on APMs slightly offset by volume mix? Does it mean you price non-Allegro marketplaces higher versus Allegro?

I'll quickly cover that. What we see in Poland is that we see a revenue per parcel on APMs, which is indeed growing. At the same time, we see the revenue per parcel on the to-door going down also with the marketplaces coming in. So these are the 2 dynamics. And then the mix effect is the significant growth on the to-door, which is higher than the APM, means that the decrease on the To-door segment has a weight on the total average. So the mix is referring here to the to-door versus APM mix in a situation where we're pricing on APM, and we have seen a slight decrease in revenue per parcel on the to-door.

Thank you. How do you view the risks from rising logistics costs following the Middle East conflict? What makes you confident you will be able to achieve your EBITDA margin guidance?

Look, let me start with the second part of the question. What gives us confidence is the results of Q1. So we clearly see in Q1 that we've been able to deliver better margins than what we have obviously put in the outlook. And this is despite the fact that we have the Middle East crisis going on. If we dive a little bit more in the detail is that like most companies do, there are fuel surcharges that are being applied across the total value chain across all industries or most industries.

So we are able to compensate for those fuel increases through surcharges. And in those places where there's less possibility to price through fuel charges, there's internal efficiencies that still keep on being worked, and that helps us to deliver a strong profit margin despite what's happening in the Middle East. And that's how we give our confidence that we can still maintain that EBITDA margin going forward.

How do you view the risks from rising -- sorry, just read that one. Do you view such a strong volume growth in Poland to-door as sustainable for the rest of the year? Or should we assume a slowdown?

Happy to answer that question. This is a big question mark typically because the inflow is controlled by the marketplaces, specifically those from abroad. But what we can explicitly highlight is that we educate our partners that out-of-home is much more efficient and much more beloved by the end consumers, specifically in Europe and in Poland, means we are very advanced in shifting that checkout from being predefined door-to-door value proposition among many of the merchants into out-of-home default InPost option. So I guess very soon, we'll see first positive effect of that education and partnership that we provide for our -- specifically merchants from Asia. And that should definitely rebalance the product mix that we are seeing right now.

Thanks, Rafal. And it appears there are no further questions. So I'd like to hand back to you now for closing remarks.

Thank you. Thank you, guys. Just maybe -- let me leave you with a few thoughts. 3 years ago, 4 years ago, people asked whether InPost could succeed outside Poland. This quarter, again, is explicitly proving that majority of our revenue came from outside Poland. That answers the question. And the question is now not whether we can build a European platform, it is how fast we can build it. And naturally, Poland remains our engine, business with best-in-class margins, extraordinary consumer loyalty and free cash flow that funds everything else we do.

The vast majority of our volume flows through the mobile app, which is remarkable, and our loyalty program keeps growing. That flywheel means network, mobile app, loyalty, volume is really what makes this business so difficult to replicate. Also, as you noticed in the Eurozone, we are no longer proving the concept. The concept has been proved. Mondial Relay is a top French brand. Consumers are adopting lockers faster than we projected, and we are the #1 network, and we are pulling away. U.K., and I want to be very clear, yes, it seems the worst quarter is behind us. The trajectory has turned, and we are deploying at record pace. The transformation is on track. And I hope by Q3, we'll operate under one InPost brand. We know how to do this. We did it with Mondial Relay, and we will do it again.

And when you step back and look at the bigger picture, what we are building is literally very unique, largest out-of-home delivery network in Europe, fueled by technology. and we are years ahead the competition. We are investing heavily. Yes, sometimes people may think we are overinvesting specifically on our home market. But let me be direct. This is not a problem. This is our choice. We are deploying capital into network density, scale, brand trust and those 3 things that compound over time in our business.

And yes, I think right now, we need to be very frank that the promise to our consumer that the parcel will be delivered within Europe because they need it is what we want to prove and deliver on a daily basis. And that promise is what drives everything we do. Our outlook is unchanged. Our conviction is stronger than ever. And as well, the great team you heard today and the entire InPost organization is executing with the urgency, discipline because the opportunity is there. Thank you very much for your time, your questions, your continued partnership, and we look forward to updating you next quarter. Thank you.

Good morning. My name is Gabriela Burdach, and I'm Investor Relations Director at InPost. Welcome to InPost 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 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 InPost Group.

I'm now pleased to hand over to our CEO, Rafal, over to you.

Good morning, everyone. Thank you all for joining us today. 2025 was a truly transformational year for InPost Group. We continue 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 PLN 14.7 billion in revenue, up 34%. And importantly, as shown in the revenue split, more than 50% of group revenue now comes from outside Poland. The international diversification is no longer an ambition. It's a structural driver of our business.

Our profitability remained solid. Adjusted EBITDA reached PLN 4.1 billion, 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 U.K. 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 continue to build infrastructure and capabilities required for long-term European scale.

With that foundation, let's move to the key messages. Looking specifically at 2025, there are 3 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 place in InPost.

Second, our B2C performance remains solid, supported by continued momentum from international marketplaces. Across Europe, more merchants choose InPost 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 2 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 international part. In the Eurozone, we added almost 7,000 lockers and in the U.K., more than 4,500, further strengthening InPost'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 high single digits, our Eurozone volumes grew significantly faster. This region is becoming a true engine of diversified growth for the group.

And finally, the U.K., where we delivered one of the strongest growth trajectories. The market itself grew modestly, but InPost, 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 5-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 this 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 1 and 2 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 stand-alone initiatives.

Our new strategy is structured around 4 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 strengthened 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 InPost 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 performed 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 #1 APM network in the country. And in 2025, we expanded it even further. Locker 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 #1 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 InPost Plus, a new product we are developing to help customers search, compare and shop online in a simpler way.

[Presentation]

We are introducing a new service for users and merchants and AI-supported shopping experience integrated into the InPost 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 conversational search, both text and voice. InPost Plus connects merchant integrations, assured 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 InPost Pay and eventually to returns within the same environment.

We are currently beginning external testing, so some active InPost 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 InPost 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 parcels 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 has taken 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 to-door, 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 are 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 on 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 InPost volumes 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 '25. Across the Eurozone, we remain the #1 locker network.

APM expansion was driven by strategic partnerships with major retail chains such as Carrefour, Conforama, Lidl, Auchan and E.Leclerc 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 #1 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 U.K. on the next slide. In the U.K., 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 13x year-over-year in Q4, significantly strengthening our position in the strategically important segment within the U.K. market. At the same time, C2C continued to grow at a healthy pace, up 1.5x 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 U.K., already a visible and meaningful scale in a highly competitive market.

We're also seeing a clear acceleration in consumer shift towards out-of-home. Out-of-home volumes doubled year-on-year, confirming that lockers and PUDO 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 on long-term volume growth within the U.K. 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 U.K. 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 U.K. 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 a #1 APM network in the U.K. 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 U.K. Post Office covering over 300 initial locations, representing a potential opportunity of more than 1,500 sites.

InPost has also strengthened cooperation with Lidl where the 7,000 locker location was installed, Mitchells & Butlers with over 500 pub locations signed and Iceland targeting deployment across more than 200 stores in key high street locations.

From May 2025, InPost lockers are also available in Northern Ireland, further expanding geographic coverage across the U.K. This growing density improves consumer proximity, strengthens merchants value proposition and raises barrier to entry, making our network not just bigger but structurally stronger.

Moving on to the next slide. The U.K. 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 U.K.'s most trusted and widely used out-of-home delivery options. We're extremely pleased that over 60% of locker users choose InPost 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. That 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 need to go through to build on the future of that U.K. business.

The U.K. business now enters '26 with the #1 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 2 '26.

We also released the volume cap meaning we can now fully utilize 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's Trustpilot score from 1.3 to 4.3 in just 6 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 the continued optimization of the network offer.

So thank you, and I will now hand over to Javier for the financials.

Thank you, Rafal and Michael, and good morning, everyone. Let's now see how all of this translates into the company's key figures for Q4 and full year 2025. Yet as the title already suggests, despite the strong top line performance, Q4 EBITDA has been under pressure due to the investments in quality in the U.K.

Before getting to the U.K. details, in the table on Slide 24, you can see the overview of our Q4 and full year performance. Let me here just highlight the main points.

Starting with repeating the good news on volume and revenue. In Q4, we handled 418 million parcels, up 30% year-on-year. Q4 revenue grew 33%, reaching a record PLN 4.5 billion. As mentioned by Rafal and Michael, the strong top line growth reflects continued strong organic growth and market share gains combined with the impact of our international expansion, including contributions from Yodel and to a lesser extent, from Sending.

On profitability, Q4 adjusted EBITDA reached PLN 1.1 billion, down 4% versus 2024, yet still at a healthy margin of 25%. Importantly, the year-on-year decline in EBITDA is a result of a solid and broad-based EBITDA growth in Poland, across all key Eurozone markets and in Newstrade yet fully offset by our significant strategic investment into quality in the U.K. parcel business ahead and during peak 2025.

On a full year basis and despite the Q4 U.K. investments, 2025 adjusted EBITDA is still up by 12%. Q4 adjusted EBIT came in at PLN 481 million and adjusted net profit reached PLN 199 million, both significantly lower year-on-year on the back of the mentioned U.K. quality investment as well as higher financial costs in Q4 2025 compared to last year. I will walk you through the key drivers behind these movements in a moment.

On CapEx, let's turn to the full year numbers as quarterly swings are mainly driven by timing of payments. For full year 2025, we invested PLN 1.8 billion, a 31% year-on-year increase and representing a 12.5% of revenue. This reflects continued strategic investments in our APM network, logistics infrastructure, IT and AI-driven projects, all essential to further strengthen our Polish business and to support our longer-term European scaleup.

Finally, full year group free cash flow in 2025 stood at PLN 84 million, with Poland continuing to deliver strong free cash flow generation of PLN 1.6 billion at a continued strong 46% adjusted EBITDA conversion. The negative international free cash flow reflects our continued commitment to invest in network expansion, logistics and strategic M&A.

I'll again discuss some of the mentioned elements in more detail on the next slides. So next slide, please. As to the results by segment, let me again call out some of the key numbers. Rafal and Michael already covered the strong volume, revenue and market share progress across all segments.

What I want to add here are 3 takeaways from the profitability lines. First, Poland profit margins continue to strengthen with adjusted EBITDA margin reaching 49.5% in Q4. Second, in the Eurozone segment, full year adjusted EBITDA increased 25%, with margins continuing to creep up. And lastly, here, you notice the significant impact of the investment into quality in the U.K.&I parcel business.

On the next slide, let's review this in more detail, starting with Poland. As already discussed, in Poland, we saw a 5% increase in Q4 volume reaching 220 million parcels. Full year volume was up by 8% versus prior year. Q4 revenue in Poland grew 12% to over PLN 2.1 billion, outpacing volume due to repricing and a favorable volume mix.

Full year revenue ended up plus 11% versus 2024. Q4 APM volume was slightly down versus Q4 2024 on the back of a high base and changing volume structure. In the to-door segment, revenue grew slower than volume due to merchant mix and high activity of international marketplaces.

On profitability, Q4 adjusted EBITDA grew by 16% year-on-year to PLN 1 billion, lifting our margin to 49.5% and reflecting a combination of solid volume growth, strong cost management and a continuing shift in volume structure.

Let's now look at the Eurozone results. In our Eurozone markets, in Q4, we delivered strong and broad-based growth showing accelerating momentum across all key markets. Q4 parcel volumes increased by 23%, reaching 105 million parcels fueled by another quarter of expansion in the strategically important B2C segment as well as continued APM adoption across the region.

Q4 volume growth also reflects the consolidation of Sending which strengthened our to-door capabilities in Iberia. Excluding Sending, our Q4 2025 was still strong with volume up by 17% year-on-year.

Revenue in the Eurozone grew by 22%. Excluding FX, revenue growth was broadly in line with volume. Q4 adjusted EBITDA increased by 20% year-on-year with margin broadly stable at 17.1% despite the consolidation of Sending's lower margin. For full year 2025 and excluding the effect of Sending, Eurozone adjusted EBITDA margin improved by over 100 basis points.

Let's now move to the U.K. As mentioned before, top and bottom line show 2 different pictures. On top line, 2025 marked the year when InPost delivered a step change in scale and market share through the strategic acquisition of Yodel. In Q4, we more than tripled U.K.&I volume over delivering on our initial plan and answering some of the initial key concerns.

Along 2025, we have materially strengthened our market position and reinforced our relevance in both the B2C and C2C segments. Parcel revenue increased broadly in line with the underlying volume growth with Newstrade adding another plus 10% Q4 revenue increase to the mix.

Turning to adjusted EBITDA then. Following 3 strong quarters of continued margin expansion on the U.K. parcel business, we moved into a loss position in Q4. This reflects our strategic decision to invest in guaranteed service quality following our One Network implementation at the end of Q3.

While we invest in capacity and quality, we kept volumes to protect customer experience and post a further One Network optimization, consciously deprioritizing short-term cost savings in favor of operational stability. Following a successful peak season, we are now resuming cost optimization through both operational efficiencies and right pricing the quality services we offer.

Next slide, please. On this page, you can see the bridge between adjusted EBITDA and adjusted net profit for full year 2025. Year-over-year, adjusted EBITDA increased by 12%, reaching PLN 4.1 billion with a margin of 27.9%. As mentioned before, excluding the U.K. parcel business, we would have grown adjusted EBITDA by 21%.

Below EBITDA, the margin progression reflects higher depreciation and amortization mainly driven by the Yodel consolidation, the integration of Menzies and our continued investments in APMs, depots and automation. After taking these D&A effects into account, the adjusted EBIT margin stands at 13.8%, with adjusted EBIT slightly lower year-on-year due to the higher depreciation base following acquisitions and integration.

Between adjusted EBIT and adjusted net profit, we see financial costs related to debt, including the interest component of IFRS 16. We also recorded unrealized FX losses on intercompany loans driven by the strengthening of the Polish zloty versus the euro.

As mentioned in previous periods, this is a noncash effect arising from translation differences on euro-denominated debt held at the Luxembourg parent company. In total, adjusted net profit for full year 2025 amounts to PLN 1.1 billion with a margin of 7.7%.

Let me here remind you that the difference between our adjusted and reported numbers is primarily driven by 2 elements. First, the usual incentive programs, which are excluded from adjusted performance to better reflect underlying operating trends. Second, the exceptional cost line which this year mainly reflects restructuring and transformation initiatives within Yodel. These are nonrecurring in nature and relate to the integration and operational reset of the business.

Let's now look at our free cash flow on the next slide. For the full year 2025, Poland generated PLN 1.6 billion of free cash flow, corresponding to a 46% EBITDA conversion, as always reflecting our disciplined approach to cash generation. As part of our strategy of accelerated expansion, the Polish domestic cash flow gets reinvested into our international operations, including spending on APM deployment, network scale-up, integration-related CapEx and expenses for Yodel and Menzies.

After incorporating international EBITDA, integration CapEx, changes in working capital and FX at group level, we ended 2025 with group free cash flow of PLN 84 million excluding the cost of M&A acquisition.

To conclude the financial highlights section, let me briefly address net debt and leverage, as shown on this slide. At the end of 2025, gross debt increased to PLN 10.1 billion, driven by financing restructuring, strategic investments in Yodel and higher lease liabilities. As a result, net debt rose to PLN 9.1 billion. With adjusted EBITDA growing 12% year-on-year, net leverage increased to 2.2x.

Now let me walk you through our outlook for full year 2026 and the Q1 2026 trading update, yet starting with emphasizing that our outlook assumes stable operating conditions. Ongoing geopolitical conflicts may impact oil and energy prices, inflation and broader macroeconomic stability, which means actual performance could differ from our current expectations.

Starting with group volume, we expect to continue gaining market share and to deliver year-on-year volume growth in the mid- to high teens. This should be driven by a diversified mix across markets. Mid-single-digit growth in Poland, high 20s growth across the Eurozone and low 30s growth in the U.K.

International markets, therefore, remain the key engine of pan-European expansion. In terms of group revenue, we anticipate mid-teens year-on-year growth. Revenue in Poland and the U.K. should grow slightly below volume, while Eurozone should grow in line with volume.

Moving to profitability. We expect group adjusted EBITDA to remain broadly flat year-on-year, with a margin in the mid-20s. In Poland, margins should remain strong, but lower compared to 2025 at the mid-40s level. In the Eurozone, we expect a continued slight margin improvement as higher profitability from out-of-home delivery is partly offset by the expansion of our to-door offering.

In the U.K. and Ireland, we anticipate a recovery with adjusted EBITDA margins improving to the mid-single-digit range. From a network perspective, we plan to accelerate deployment to approximately 20,000 APMs across all markets, around 3,000 in Poland, 12,000 in the Eurozone and 5,000 in the U.K.

Regarding CapEx and cash flow, we expect capital expenditures of approximately PLN 2.4 billion, with around 60% allocated to APM production and deployment. As a result of higher CapEx and flat adjusted EBITDA, we anticipate negative free cash flow in 2026 and a slightly higher net debt-to-EBIT ratio year-on-year.

Finally, looking at Q1 2026. As of today, we see group volume growth in the high 20s percentage range. Poland should deliver mid- to high single-digit growth, while international markets are forecast to grow by approximately 70% year-on-year.

And with this, let me hand over to the operator for the Q&A session. Thank you.

[Operator Instructions] Our very first question this morning is coming from David Kerstens of Jefferies.

I was wondering if you could provide, please, more insight into drivers behind the expected lower EBITDA margin for Poland, mid-40s versus 49% last year. Doesn't mean you have now more visibility on how the relationship with Allegro will play out this year on the new contracts with the clarity on volume and pricing. Is that an important driver behind that lower margin?

And Rafal, you talked about the new AI shopping tool that is still being finalized. What will be the related investments in 2026 that will lead to lower profitability in Poland? And maybe a quick question on the U.K. What was the organic development in the U.K., excluding the acquisition of Yodel in terms of volume and revenue?

Maybe let me first answer the second question, and then I will hand over to Javier for the first and the third one to Michael.

So indeed, our new focus, not maybe completely new because we were preparing ourselves for a huge transformation in terms of AI development and finding new levers for our future growth already for many months and quarters by developing, for instance, InPost Pay, which is a critical enablement platform for us to make that development of AI shopping assistance as simple as possible and as seamless solution for our end consumers.

And indeed, if you ask me what are the priorities currently, the priority is not to sacrifice future opportunities by keeping extremely high level of the EBITDA, specifically on our most mature market. We are heavily investing into human resources. We are bringing best talents from all around the world to AI data teams because we believe this is our future -- next future engine that will boost our development on e-commerce markets, existing one and also future one.

End users are extremely ready, in our opinion, to disrupt traditional way of shopping and their willingness to test is profound. We started -- just to give you a flavor, we started 24 hours application form for our testers, for people who will test our solution, 0.5 million linked to the form, 300,000 applied to become a tester and it was all within 24 hours. It's way above my expectations being very frank.

So yes, this year is a massive investment into human resources, OpEx related to new development, specifically on the new features in our mobile app. And this will continue as a focus for the management Board.

Thank you, Rafal. David, I'll take on the first question that you raised on the margin. As a caveat, let's start from the 49%. And we mentioned a number of times also that the high 40s is a nice place to be, but we said strategically, it's not necessarily we want to be. We want to reinvest into the business, which you basically also see coming back in the guidance that we have for 2026.

The key components there is indeed that we look for volume and also for pricing, the investment that Rafal has talked about, and that's an investment both in terms of CapEx and in terms of OpEx to make sure that we have the right capabilities in the organization. And also, of course, compared to previous year, we've got slightly less leverage on the volume, where our volume is projected to be mid-teens and so there's slightly less leverage.

Now having said that, in investment phase where we want to change also the digital capabilities of the company at a 45% margin. We think we're still delivering a very, very healthy and very acceptable margin for a business which we think can still scale for the future and which is still the bread and butter of our business.

So we still feel 45% is a very reasonable and acceptable guidance for 2026 in view of the extraordinary results of 2025 and then the investments we take to build the brand and to keep on building the Polish business.

Then on the U.K., I think Michael can add perspective on the organic numbers.

Thanks, Javier. David, on the U.K. numbers, on a pro forma basis, full year, the numbers were 20% growth and I think it's important to remind ourselves during Q4, in particular, we capped volume actively as well as we exited larger parcels or what we call as uglies out of the network during that time as well. So considering the restriction on volume, the full year pro forma is actually 20%, which is a very strong result considering where the market growth was at as well.

[Operator Instructions] Another question just came in from Henk Slotboom of The Idea.

So I have 2. First of all, if I look at Slide 25 of the presentation, then I'm trying to reconcile what's happening there. First of all, the growth in APM volumes. I do understand that it mainly has to do with the Allegro in-sourcing. And then I see a 36% growth in out-of-home, which you attribute to international platforms.

But the gap between the volume growth of out-of-home and the value growth, the revenue contribution of out-of-home is widening. And so on a full year basis, plus 19% volume, plus 17% revenue. In the fourth quarter, the GAAP widens, 36% versus 27%. What exactly is happening there?

And my second question relates to the agentic AI model, Rafal, maybe you could answer that. And what exactly is the revenue model behind it? Because on the one hand, you'll see that bringing business to web shops is at no charge to the web shop. I read in the same press release on the same statement that delivery and returns are for free.

Is the delivery -- is the revenue model for you more in terms of a volume driver, which obviously in an operationally geared environment is a positive. Is it perhaps you mentioned InPost Pay as an important carrier for this project? Or is it perhaps the data, which, in due course, you might be able to monetize? Those are my questions.

Henk, thanks for your question. Let me take the first one and then hand over back to Rafal. In terms of volume versus revenue mix, let me just walk in, especially Q4, walk you through some of the key dynamics on why there's different developments.

On Poland, basically, 5% volume versus 12% revenue is mainly the impact of pricing on the APM, which is positive. And so the RPP on APM is slightly up. Then on to-door, it's a slight decrease in revenue per parcel. But then the mix between to-door and APM creates basically the higher revenue per unit that we see in Poland in Q4, and that's a slightly different dynamic on the full year.

On Eurozone, there's an FX impact happening here, which means if you exclude FX, our revenue would be roughly in line with volume. And there, again, you have the positive impact of APM still growing. You have a little bit of impact of the mix of to-door, but that would still be a small impact on the total revenue.

On U.K. and Ireland, where you see the biggest difference, take into account that volume does not include Menzies and revenue includes Menzies and Newstrade business. The Newstrade business in revenue is growing 10%, whereas the rest of the business is growing on volume 240%.

So you cannot really compare U.K. and Ireland on volume and revenue without splitting up Newstrade from the rest of the U.K. parcel business. So that creates some of the changes we have on volume versus revenue.

I think answering the second question, so you're spot on in terms of key observations. So definitely, for us, this platform is, first of all, agnostic that has to support independent players in doing more transactions based on our high user base consolidation and loyalty.

Secondly, this platform will be an open platform at the end of the day, internationally, and will boost cross-border deliveries. So it's a volume driver, domestic one, for sure. Why it's a volume driver? If you may guess that there is no take rate because we don't want to undercut people's neck here in such a highly demanding and competitive environment.

We want them to be competitive against the giants and let them develop their own e-commerce businesses seamlessly and that will naturally translate into overall e-commerce adoption growth where we believe being such well positioned player, we will benefit from that on the transaction basis.

Transactions means volume naturally, volume from cross-border because linking all our markets and the merchants from different geographies, you can imagine how much it may boost the volume on cross-border.

It's not that the delivery is for free. The delivery is free at certain minimum order value for the end consumers. Typically, merchants have to cover that cost, but that cost will be very competitive for them vis-a-vis other existing solutions.

Then you are right, InPost Pay will become a platform where multiple of financial services will be built on top of that. And this is the most attractive part for us where we want to be a serious player on that field.

Data is rather an enabler. We don't want to monetize the data externally. We want to create most compelling, most personalized customer experience, people may imagine. And let's be very frank, what we've shown 2 days ago on a demo, no one has shown globally.

There is no single platform among the giants or smaller start-ups who may start and finish end-to-end purchase process in e-commerce like we have shown. So it's more, of course, how to build a compelling solution.

There will be dozens or even hundreds of different functionalities we'll develop just this year in our AI assistant and we have extremely strong pipeline of those developments, and we'll surprise the market and the consumers most probably even more by adding services that they haven't even expected. And that's also part of our investment into human resources to have best people in the world working for us.

Can I perhaps squeeze in a third question, and that's the famous A word of Allegro. Any developments in the contract renewal talks in that respect?

First of all, we are in a continuous dialogue with our colleagues from Allegro naturally because we have a pending contract, which means we have to interact on several basis to fulfill our own obligations that are on us. So we may have different views on market evolution in future or what they focus on as key levers for companies should be like.

But maybe let me not comment on what's on our friends from Allegro agenda is. We have as InPost to own our own destiny, not us being dependent on someone else's decision. And this is a paradigm that is like highlighted by us, and that's actually driving all our forces full steam to be and control our own destiny.

[Operator Instructions] We'll now go to Piotr Lopaciuk of PKO BP.

I just wanted to clarify a little bit about the upcoming shopping assistant. So if I understand correctly, the free delivery will be financed by merchant. And I also saw a remark somewhere that there's no fee from merchants for service is valid till September this year. Is it true? Or how do you see it?

And the final question would be, is it roughly a correct estimate looking at your EBITDA forecast for this year in Poland that you roughly plan to invest PLN 200 billion to PLN 250 million in the new platform, and that would be it.

Thank you. Happy to pick it up. So first of all, I don't want to comment exactly how much we want to invest. This will be a very, I would say, proper investment vis-a-vis our belief in terms of transformational impact on the market. We want to be first. We are first. That's done.

We want to be the fastest first-mover advantage because the others, for sure, will try to follow that development. But yes, that will be a bold investment. This will not be a dozen or 2 dozens of millions, this will be a profound investment into that new tool because we believe the market is shifting, and we will be the main proliferator of that shift.

You're right that there are some so-called complete free of charge elements until September for all those merchants who made the bet on InPost's strategy and InPost's vision but it doesn't mean that starting from September, everything will change and there will be, let's say, take rate like the market set up for recent years. I want to confirm once again, there will be no take rate we know from the current world also after September.

So we will do our best to make that platform best for every single player willing to collaborate with InPost strategically. It means it's also an open platform for marketplaces. As you all may have noticed, Modivo, for instance, it's a marketplace, x-kom is becoming a marketplace. Means this is a platform as well for the marketplaces. Those marketplaces will feel that InPost is the right partner to team up in the new disruptive era of AI.

We'll now go to Marc Zeck of Kepler Cheuvreux.

Really just got one again on AI and the agentic shopping assistant or AI that you want to introduce. I guess, OpenAI and ChatGPT tried to do something like this a couple of quarters ago, and it's probably fair to say that they failed. I would be interested to learn what are your thoughts about what OpenAI got wrong and why they failed and why you believe that you can succeed?

Is it merely that they had basically no idea how to monetize this? And the examples you just mentioned on monetizing on volumes and the Pay app. Is that kind of the only difference? Or do you think there were also kind of conceptual, technical or consumer behavior hurdles that prevented OpenAI from succeeding? And yes, what are your thoughts how you would overcome this?

Yes, happy to comment. Frankly, I was surprised how quickly they dropped the ball here because still with their capabilities and if there is more focus, I would say, I would definitely try harder being in their shoes, but it's not me about commenting what's the priority in front of them right now.

But yes, partially you answered rightly that question. First of all, they control just one piece of the overall process. When you look at the process of e-commerce delivery, you need to understand that, first of all, there is the search and discovery phase which was well covered in my opinion, by them.

But then you need to somehow search, discover and check if what you've discovered is really the thing you've been looking for, the price is right and the inventory is there. And this was the first lacking point for them.

So you cannot provide end-to-end seamless process for the end consumers without having proper relationship with the merchants, having proper relationships, direct relationships with the end consumers.

And at the end, the most boring stuff. If you don't control end-to-end logistics process and you are dependent on third-party providers, the whole beautiful quick search or comparison or whatever process you may use ChatGPT and other LLMs for is destroyed.

Means your tool is destroyed completely out of your control because a random merchant or a random delivery company destroyed the customer experience in that process. And this was the main reason that they -- because they couldn't control end-to-end process, they cannot provide best customer experience.

If you look at InPost and what we do, we keep all the elements in our hands, and we can control, we can put a stamp of InPost quality over it and take full responsibility if something goes wrong. And that's the main difference. And that's why this is globally the most disruptive and the most revolutionary solution that was ever presented.

As we have no further audio questions, [ Danielle ], I'd like to turn the call over to you to take any questions submitted through webcast. Thank you.

Thank you, George. We have a few from the webcast this morning. So can you provide more color on the disconnect between the high 20s volume growth guidance for Eurozone markets and only a slight increase in adjusted EBITDA in the region. What is the specific margin headwind from the to-door expansion? And at what point do you expect operating leverage to kick in and translate volume growth into meaningful profitability improvement?

Yes, I'll take that question. Thank you, Pavel. Must be some misunderstanding here because if you look at our guidance, what we are saying is that we will be growing at the high 20s volume in Eurozone. And when we talk about the slight increase in Eurozone, it's about margin. It's not about absolute profitability.

So we still expect to grow EBITDA margin slightly which means that in absolute terms we'll be, of course, slightly better than what we do on volume growth and revenue growth in the Eurozone. And that exactly reflects what you're saying. It's basically that we get more leverage in Eurozone.

Let's go back to a couple of years ago when Eurozone was kind of at low teens. We're now at the high teens basically across Eurozone and key markets. So leverage is clearly there. And your question is probably misinterpretation of what we mentioned in terms of margin progress versus absolute EBITDA progress.

Thanks, Javier. We have a few more from Pavel. You flagged investments in pricing and volume as the key driver of margin compression in Poland. Can you clarify whether this reflects a broader strategic repricing of APM deliveries and to what extent this is linked to the competitive dynamics with Allegro, specifically whether there are any ongoing or prospective discussions around resuming commercial cooperation?

Happy to answer that, Pavel. I think we already like answered that question several times, but just to reinforce, we want to be continuously a helping hand for the merchants, means both repricing/incentives against higher volume are key elements of our strategy which goes alongside with the new tools development.

So the answer is, yes, we are ready to make concessions for those players that are happy to go with us in each and every new tool, each and every new service, they position us very well, that drives the volume. And that's so visibly well perceived in terms of the pace of volume growth on the independent merchants and international marketplaces because exactly this is the strategy on the top line.

So nothing will change here. We won't continuously be perceived as well by the international players, specifically in cross-border, as the first choice partner for their deliveries.

Thank you. What is the technology stack behind Von Halsky and how deep is the Bielik integration? Is the model being trained on InPost's proprietary data? Or is it a third-party LLM with the product feed on top? And also, how does the offer ranking algorithm work? What determines which merchant appears first?

I don't want to go into too many details. As you may imagine, such questions are on top of our competitors has right now. I can only say that it's extremely complex environment that we've created. It was more than a year of work on that. We use both Bielik local domestic model and big LLMs, as you may imagine, providing a quick answer from the product catalog.

We've been literally less than 5 seconds with description, which is personalized, which includes the memory and all of that. It's a very multi-agent, multi LLM environment that was created by us.

In terms of what's the key driver or what are the drivers of -- for the listings of the products, price, quality opinions, including historical opinions of the consumers validated by the LLM, that's like the key differentiator, giving you answer which product will be listed on what position.

And later on, naturally once the consumer becomes well known for the AI shopping agent, then the memory place and the personalized items are the key differentiator to match people's expectation what has to be listed in at the first place.

Thanks, Rafal. Next, on the Eurozone, what is the optimal split between PUDO and APM in the medium term? Have you seen any specific trends or preference from merchants, customer cross-border versus domestic towards PUDO and APM?

Let me take that question. Thank you. I think if you look today, our mix in Poland is 90% APM and 10% PUDO. If we look towards the Eurozone, there's certain constraints, particularly in inner cities that we would anticipate right now, clearly, we're moving towards a 50-50 split. And over the medium term, we want to drive that more towards 75-25.

Longer term, it's unlikely we'll be at 90-10, similar to Poland because of certain constraints in inner cities that exist in London or Paris or Rome and we anticipate that more to be 80-20, but we're certainly driving towards a 50-50 and heading towards a 75-25. And then particularly in France already within the Eurozone, we have overtaken actually PUDOs this year during the midpoint of the year.

When you look at preference, we see consistent trends that we've seen at the very beginning since we started the journey in the Eurozone. But ultimately, NPS score is significantly higher in an APM versus a PUDO. And clearly, the studies we're doing at the minute with the Mondial Relay brand show increasing consumer preference.

Looking at the merchants themselves, domestically, there is a strong request for APMs now. We see that consistently driving our B2C trends as the coverage and density continues to improve.

And even on international merchants, clearly coming into Eurozone and particularly France, out-of-home is a preference where clearly, as a market, it's nearly 1 in 3 consumers will choose out-of-home as a preference today and that continues to improve as our coverage and offering increases.

Thanks, Michael. And then what are the challenges of integration of Yodel versus Mondial Relay? Is it the size of InPost today versus 2021, '22 that is making it challenging?

No. I mean, the size is not relevant to the integration. I think it goes back to the rationale in terms of the investment and what we saw as an opportunity to take a 5-year leap in terms of coverage in the market and volume and scale.

But what came with that, clearly, and what we spent to buy Yodel was a really cheap asset. And a cheap asset because it had been in the market for a number of years for sale and significant underinvestment and no automation, right?

So that literally is a journey we're on. And I think it's a reminder, this is a journey that won't happen. We only acquired the asset in end of May. And clearly, we started that journey with an ambition trying to trigger some achievements pre-peak, but we decided as we flagged, the quality and service over peak were too important to put any further risk into the plant, so we stopped that integration.

But it's important to stress, this was a stressed asset under-invested in. And clearly, it now need that investment, and that reflects the price we paid for it but the opportunity we see and what it's already bringing is quite significant and the scale that it helped accelerate in the market, as you see on the volume numbers already.

Can you also comment on CapEx intensity for Poland and international in the medium term?

I'll take that one. From a CapEx point of view, if you look at where we are today and if you look at the guidance for 2026, you see that the overall company will probably be around about 14% of turnover in terms of CapEx investment.

If you break that down between Poland, international, we mentioned that before, Poland is at higher single digit, whereas the international business will be at a higher double-digit and I think that's going to stay as long as we are looking for that strategy across international to keep on expanding the business and take a competitive advantage.

So I think that's still where we will end up. And then it will depend on the mix between Poland and international. But so this is a proven successful and proven to have a very good return on investment. So we keep on that strategy.

Thank you. And next from the webcast. To what extent do you plan to reduce revenue per parcel in the current year. As I understand it, the pricing increase for Allegro is expected to be implemented in accordance with the existing agreement. Are pricing adjustments for other clients driven primarily by competitive dynamics and the continued decline in Allegro's share?

Happy to answer that question. So it's rather not predefined revenue reduction per parcel. It's rather a function and a result of product mix. More smaller, tiny parcels where the pricing is different vis-a-vis average B or C size parcels, that's point number one.

Point number two is what I've said earlier on, a proper balance in terms of the repricing capabilities vis-a-vis proliferation of imposed services among different merchants. And giving you just one example, we haven't repriced one of our clients this year at all because the client became part of our new AI shopping tool.

The client had implemented InPost Pay in the checkout and below the product card driving his share of checkout on every transaction from less than 50% closed transactions towards 75% closed transaction. What does it mean?

It gives you a clear flavor that in exchange for lower price because of lack of repricing, our volume from that client had increased by 20 percentage points and this is the logic behind our pricing strategy. And by the way, it's nothing new. This is something what was in the past as well, a rule in terms of how and whom to reprice.

Thank you. Should the development of the InPost Plus service be interpreted as a potential indication of the conclusion of InPost cooperation with Allegro under the Smart! program beyond 2027?

I don't want to comment about our future plans and what InPost Plus will be in the future and how will it look like. I will just want to reinforce previous statement. We are agnostic. We are driving all the merchants on the market towards better checkout, better conversion rate and proliferation of e-commerce vis-a-vis physical retail. And we'll use all our leverage on making it happen at speed. So stay tuned as more to come.

Thank you. Our next set of questions. How does your volume guidance compare to expected overall market GMV growth and volume growth in Poland?

I'll quickly answer that. At this point in time, as you see from our guidance, Poland is basically plus 5%, which we expect to be roughly in line with the market. It was very difficult to say today what the market will do in view of everything which is happening around us, but with our current market share as projected to maintain that market share in Poland is clearly the minimum that we want to do.

Internationally, you see that in all the markets, we are accelerating in terms of growing our market share. So as an overall company, it's clearly a market share gain, the combination of stabilizing Poland, where we are as a forecast and gaining significantly in the international markets.

Thank you. And then based on your statements for Poland, it seems that you expect 2026 to be a year of growth investments, both in price and OpEx, but you don't expect the impact on volume. Can you please elaborate on why and when one should expect the investments to pay off?

Thank you, Richard. I'll also take this one briefly. I look at it slightly different, okay? It's an investment, but with the profit margins we make in Poland, it's an investment with a very quick return on investment.

So whatever we invest in Poland to make sure it delivers, whether it's in 1 year or 2 years, it's for sure the right thing to do in Poland to defend our home market, where there's still growth opportunities. So yes, we're investing, but remember, 45% profit margin is still a place where it's a good place to go from a return, and that's what we're doing.

Thank you. And our final question from the webcast. How do you convince major online retailers to join your AI shopping platform despite giving up a key customer touch point?

Happy to answer that. I think it's proven already when you look at the list of clients are the major Polish merchants already sitting with InPost alongside with InPost to develop the future of e-commerce and shape the future of e-commerce. For them, it's not about sacrificing their existing channels. We are not expecting that.

We create a completely new channel where all of them are nonexisting or if they want to be there, they have to invest a lot. They have to invest a lot that at the end of the day, very often, they will end up where OpenAI has ended up, without controlling the full end-to-end value chain.

And that's the difference. Our partners are smart partners. Smart partners understand that it's easier to collaborate versus compete against someone who is giving you best-in-class customer realization. And that's why, simply smart people.

Thanks, Rafal. As there are no further questions, I'd like to hand back to you for final remarks.

Thank you very much, guys. Thank you for joining the call. As you've noticed, 2025 was a year of accelerated growth, accelerated ambition which markets we should operate at speed and where we can fast track. U.K. naturally, we knew from the first day will be a challenge as acquiring Yodel, it's all about acquiring slightly different history and slightly different culture.

But I can only say Q4 was the best investment for future we could have, and we made the right decision to invest over quality and it's paying off in Q1 already visibly seeing how many clients are turning back towards Yodel when they left a year ago or 2 years ago, because of the quality. This was the best investment.

Looking at the CapEx spending, you may also read clearly that we don't want to pause. We want to accelerate actually and develop the markets at speed because we feel and we see the momentum is here. The others try to catch up. The others try to follow but that's why, again, a year ago, we made the decision that we'll make a big bet on AI. I'm a big AI believer. I strongly believe that now is the moment to sacrifice earnings by investing into AI, and this will be the right decision.

Looking at the pace of development and what was 6 months ago, 9 months ago, 12 months ago, available as a tool set to create new products, it's changing rapidly. And only those who are similarly big believers that AI may change the landscape completely and will vanish many of the existing old-fashioned business models by creating new venues for growth, those players will win.

And that's why we need to invest more, that's why we want to invest more and I strongly believe this is the best for the company. And yes, thank you, every single investor supporting us in that journey continuously. And thank you for your participation in the call, guys. Thank you.

Thank you, everyone.

Good morning, everyone, and thank you for making time for us on such short notice. Before getting into the details, let me first introduce who are the presenters on the call today. Hein Pretorius, Chairman of the Supervisory Board of InPost; Javier van Engelen, our CFO; and Michael Rouse, our CEO, International. You will notice the absence of the group CEO in this call. That is a deliberate decision, and Hein will explain why before commenting on the announcement and taking your questions.

As we are a listed company, we strictly follow the disclosure guidelines and can only answer questions within those guidelines. Thank you.

Thank you, Gaby, and thank you all for joining. Today marks an important milestone in the history of InPost. I will touch upon the highlights of the announcement we made this morning first. And as Gaby said, we will then take your questions.

As you have read in the press release, Rafal Brzoska is part of the consortium. This means that he can't participate in any communications relating to the transaction as he was not involved in the assessment of the offer on behalf of the company. This has been a deliberate decision by the Board of Directors of InPost to ensure a strict governance and a clear separation between the company and the consortium.

To that end, a special committee was formed of nonconflicted members of the Supervisory and Management Boards, including myself, further referred to as the Boards, which considered all aspects of the offer we received. The special committee ensured that the interest of the company and all of its stakeholders were taken into account in the decision-making. Rafal did not participate in any of these discussions. That explains why you are hearing from me today as a new face to walk you through the key highlights.

Turning to the highlights of the transaction. As you have seen in the press release, InPost, Advent, FedEx, A&R, an investment vehicle founded by Rafal, and PPF have announced an agreement on recommended all-cash offer for all issued and outstanding shares of InPost at an offer price of EUR 15.60 per share. After the transaction, Advent will have a 37% interest in the consortium; FedEx, 37%; A&R, 16%; and PPF, 10%. PPF will sell the entirety of its stake in support of the transaction, but will remain committed to InPost through the reinvestment of a minority part of proceeds to become a 10% shareholder in the consortium.

Following a thorough and diligent process, including external advice, InPost Boards consider this offer to be in the best interest of all stakeholders and unanimously support the transaction and recommend the offer. For shareholders, the offer price of EUR 15.60 values 100% of the shares at EUR 7.8 billion, providing immediate and certain value with an attractive offer premium.

From a strategic perspective, the consortium will help drive InPost's growth potential as a leading European e-commerce solutions enabler by supporting its existing accelerated growth strategy, including further expansion of its parcel locker network in its existing markets and growth in consumer-centric and B2C digital solutions. The consortium brings together a proven and visionary founder and long-term experienced financial and strategic investors in the sector, with FedEx adding deep industry expertise based on its diversified and global network and advanced technology.

After completion of the transaction, InPost and FedEx intend to enter into commercialization agreements to benefit from complementary strengths and a shared vision. But to be clear, FedEx and InPost will not integrate their operations and will remain independent competitors in their respective markets and segments. In that respect, I want to stress that InPost will continue to operate under the InPost brand with its head office in Poland and with its current management structure led by its CEO, Rafal. The transaction is supported by shareholders representing 48% of the outstanding shares in the company. The transaction offers a high degree of certainty and is subject to customary closing conditions.

Let's move to the next slide. As for the financial considerations, all shareholders will receive a cash consideration of EUR 15.60 per share that is validly tendered. We believe the offer price clearly represents an attractive premium of 50% to the undisturbed share price on 2 January 2026, and 53% to the 3-month volume-weighted average price prior to 2 January.

Let's now take a look at the consortium composition. The consortium brings together experienced financial and strategic partners who know our company very well. Advent has been part of InPost's journey since 2017. PPF is InPost's largest shareholder and although it will sell the majority of its stake, will remain invested. The continued investment of A&R signals Rafal's full commitment to the company and its strategic direction. FedEx adds deep industry expertise based on its diversified global network and advanced technology.

Now Michael will walk you through the strategic rationale.

Thank you, Hein. Good morning. The strategic rationale for this transaction is clear. It supports the further expansion of InPost's European footprint and its parcel locker network across key markets as a leading e-commerce solutions enabler. At the same time, it strengthens our ongoing initiatives to redefine the European e-commerce sector and to grow our consumer-centric and B2C digital solutions. Together, this will unlock growth, increase consumer choice and drive value creation in Europe's fastest-growing delivery sector.

FedEx brings deep industry expertise through its diversified global network and advanced technology. This creates a clear path to significantly expand InPost's out-of-home network, including the deployment of automated parcel machines, rapid and flexible doorstop delivery and PUDO locations. Finally, the partnership will connect FedEx global network of 3 million businesses and 225 million recipients worldwide with InPost locker network and B2C last mile operations. And just to be clear, as already mentioned by Hein, FedEx and InPost will not integrate their operations and will remain independent competitors in their respective markets and segments.

And now moving on to the next slide. We believe this transaction is in the best interest of all stakeholders, and we have agreed to certain nonfinancial covenants. In addition to the strategic benefits already mentioned, let me highlight a few other important aspects. Our corporate identity, culture and values will remain unchanged, and our head office will continue to be based in Poland. Existing employee rights and benefits will be respected as will InPost current employee consultation structure. Furthermore, we do not anticipate any workforce changes as a direct result of the transaction. Our customers will remain at the center of our focus as we continue to deliver the high quality of service they know from us. The consortium will ensure that the company remains prudently financed.

I will now hand back to Hein to cover the transaction assessment.

Thank you, Michael. As I already mentioned, a special committee was formed of nonconflicted members of the Supervisory and Management Boards to consider all aspects of the offer we received. The committee ensured that the interest of the company and all stakeholders were fully taken into account in the decision-making process. The process involved constructive discussions with the consortium, which led to improvements to the offer and today's announcement. Throughout this period, the Boards, supported by external advisers, carefully reviewed the proposal with a strong focus on stakeholder interest. Following this thorough review, both the Management Board and the Supervisory Board concluded that the offer is in the best interest of all stakeholders. They unanimously support the transaction and recommend the offer.

Let's move on to the next slide. Commencement and consummation of the offer are subject to customary pre-offer and offer conditions. Let me briefly highlight the most important ones. These include that no material adverse effects has occurred, that the offer memorandum has been approved, that no competing or mandatory offer has been made, that antitrust approval and any other regulatory approvals are obtained, and that a minimum acceptance level of at least 80% of the shares is reached.

Let me now give the floor to Javier to talk about the transaction elements and timetable.

Thank you, Hein. Thank you, Michael, and good morning, everyone. Regarding the transaction elements, I would like to highlight two. The consortium will fund the transaction through a combination of equity funding and debt financing. Also, a robust set of nonfinancial covenants have been agreed in the interest of all stakeholders.

As for the next steps in the process, we envisage the following time line that starts with today's announcement. Towards the end of Q1, the consortium will file the draft offer memorandum for review with the AFM. Simultaneously, the consortium will also make the required antitrust and other regulatory filings. Once approval is received, the offer memorandum is expected to be published towards the end of Q2, marking the start of the tender period. During this time, we will hold an EGM to engage with our shareholders. We expect settlement and closing of the transaction in the second half of this year. We will keep all stakeholders, including yourselves, regularly informed throughout this process.

And with that, we will now open the floor for any questions you may have.

[Operator Instructions] Our first question is from Michal Potyra from UBS.

I'm really sorry, I'm starting with a tricky one. But I have a question to the Board. It's exactly 5 years since the IPO and the IPO price was EUR 16. So I'm wondering if you believe that was a fair price back then, I'm wondering how are you -- what kind of arguments are you using to justify this price 5 years later when the company is way larger?

Thank you, Michal. Look, we followed a thorough diligent process, including external advice. InPost Boards considered the offer to be in the best interest of all stakeholders. And obviously, we unanimously support the transaction. We believe it provides immediate and certain value for InPost's shareholders with an attractive offer premium, which you've seen in the slides, it's about 50%. And we also believe it supports InPost's long-term strategy in the interest of all our stakeholders.

The consortium will help drive InPost's growth potential by supporting its existing growth strategy, including further expansion of its European footprint in France, Spain, Portugal, Italy and the U.K. And InPost will continue to operate under the InPost brand with its head office in Poland. We've also obtained 2 fairness opinions. So we absolutely believe that this is the best offer for our shareholders.

And maybe -- I know it's not directly related to this transaction, but I guess it's very important for the share price. Do you have anything to report considering your ongoing contract with Allegro, please?

We continue to be in discussions. And obviously, we can't disclose any confidential discussions that we have with Allegro or any of our customers.

[Operator Instructions] There are currently no further questions over the phone. Apologies, we have a question from Henk Slotboom from the IDEA!

On the relationship with FedEx, perhaps. On the one hand, you say the companies remain independent and remain each other's competitors. Yet if I look at Slide 6 of the presentation, then the last bullet point shows that there may be more than just a passive shareholdership of FedEx. Perhaps you could elaborate on that?

Yes, Henk. Let me comment on that. I think what we have highlighted, which is also commented in the press release, post the closure of the transaction, it is our intent to go into a series of commercialization agreements with FedEx. Those agreements will form the backbone of a few different components.

First, the ability for FedEx to use InPost's last mile network across Europe and the markets we operate in today. And two, the reversibility for InPost customers in Europe to use the vast global network of about 3 million businesses and 225 million consumers in terms of accessing that, especially as we look at the development of cross-border outside of Europe. Clearly, that means we're really going to market and operating as 2 separate companies, but where we can see components that collaborate, we will look to explore that.

It appears, there are currently no further questions over the phone. With this, I'd like to hand the call over to Harry for any webcast questions. Over to you, Harry.

Yes, we've got quite a few questions on the webcast. The first being from Dylan Simmonds at Serone. Will the existing bond be refinanced or remain outstanding as part of the transaction?

I'll take that question. The key thing in this transaction is that we've kept the optionality. It's our current assessment that indeed, the change of control clause that is built in both in our regular financing and in the bond, is not automatically triggered, but that will be a discussion that we will have in the coming months, both with the consortium and with the lending banks. But for us, it was important to keep the optionality open here.

The next question comes from Marnix Guillot at UBS. Can you please clarify whether you intend to call outstanding InPost 4% unsecured notes due 2031? If you do intend to call or refinance the bond, can you please clarify how you intend to do so? My understanding is that the current transaction structure would not trigger a change of control language in the bond.

So that's exactly what I just mentioned, right? So it's going to be the same thing. So we will basically have a look at what the contracts tell us, and we keep maximum optionality to basically get the best financing for the company going forward. So more news to come on that, but that's going to be later in the process. But again, we have the optionality in our assessment.

The next one comes from Josh Rosen at UFP. Could you kindly provide more details on which antitrust and regulatory clearances will be required?

Yes, we have to do a couple of filings. Obviously, we have merger control and FDI filings that have to be done. And they will be in the EU, the U.K., China, Israel, Turkey, Ukraine, Switzerland and in Vietnam. The most important of these filings would be within the EU.

The next question comes from [ Martin ]. Why is the transaction to be completed in H2 only? Do you see any antimonopoly issues in the countries InPost is now present?

In terms of H2, obviously, we have to go through the AFM now in terms of getting the merger protocol approved. Once that's approved, we go into an offer period. And only once the offer period is complete do we get into the completion cycle. So that takes some time, and there's a process to be followed within that. So that's why we foresee it only being closed in the second half of the year.

With regards to the antimonopoly issues, from an InPost perspective, we don't see any issues, but this would be obviously driven by the consortium. So maybe a question for them.

The next question comes from David Kerstens at Jefferies. How does the takeover offer compare to recent transactions in the industry, notably the takeover of Evri last year for circa 10x EBITDA for a to-door parcel delivery company by Apollo?

If we compare that, we are bang on a 10.1x in terms of EBITDA multiple, so it's quite comparable.

The next question comes from [ Darius Sawatco ]. Did you concern offer price versus IPO price since the IPO company has grown significantly? And do you believe that fair value is significantly below IPO price, is that right?

Look, I mean, following, again, a diligent process, including with our external advisers and obtaining 2 fairness opinions, we consider the offer to be in the best interest of all stakeholders. And again, we unanimously support this transaction. It provides immediate and certain value for our shareholders and it supports our long-term strategy from an InPost perspective. We continue to look at this from all aspects. And it's everything in terms of the circumstances that we've looked at today, which is we think is fair value, and thereby, we are recommending this offer.

The next question comes from Monika Zdunska of IPOPEMA TFI. Could you please explain a post-closing demerger in details and give us an example of such a transaction in the past?

I'll take that one. Monika, look, it's -- I'm not going to go through the details because it's very technical. But if you take a step back, there will be a demerger process, and that's in the case that the tendered shares are between 80% and 95%. There will be demerger where all the assets of InPost will be transferred to a new entity, which will subsequently be transferred to the consortium. As a result of that later on, the minority shareholders that remain will receive a liquidation distribution which is equal to the offer price. It's also as described in the press release.

Now to the second part of the question, yes, it's a standard way of looking at the transaction like these. We've checked both in Holland and in Luxembourg that these back-end structure demerger have been implemented. And therefore, that's also an option that we keep.

The next question comes from Rasmus Kantsø at Morgan Stanley. What is the expected leverage post the transaction?

The -- when we look at the financing of the transaction, again, one of the nonfinancial covenants is that basically, the consortium will be prudent in the way the company is capitalized, with a EUR 5.9 billion injection of equity and then up to EUR 4.9 billion or EUR 5 billion in debt financing. If you project that forward towards the end of the year roughly, then you will come to a leverage ratio which is slightly above 4, at least that's our estimation today, which is, I would say, for similar transactions and take private, is still well below or at least in line or below what we have seen in similar transactions. And by the way, it's significantly lower than how the company was capitalized in the first IPO -- in the first [ take-private ].

The next question comes from [ Jin Yu ]. Given the strategic benefits that the new shareholders can bring, i.e., improved operations longer term, why is the offer price still below sell-side's average target price of EUR 16 per share?

I'll take that one again. As we've mentioned before, we've gone through a diligent process. We have taken external advice. We have 2 fairness opinions from external advisers on this. And in the circumstances where we are today, we have an offer premium of above 50%, and we believe it's in the best interest of our shareholders to take this offer that's on the table. It provides immediate and certain value for them. And from an InPost's perspective, it supports our strategy in terms of accelerating our growth in the markets that we are currently present. So we believe this is the best offer that we can get on the table in the circumstances of where we're trading today.

The next question comes from Tom Beckmann at Jefferies. Are there an agreement at the consortium level where FedEx can take control of the consortium in the future, such as put/call arrangements or preemptive buying rights?

Unfortunately, that would be a question that you'd have to get from the consortium. That's not one that we as a company could answer.

The next one comes from Jakub Plotka Santander. Is the potential demerger upon reaching 80% of the votes as mentioned in the announcement in the interest of the company InPost within the meaning of the Dutch Civil Code?

I will get back to that one. Again, as we mentioned before and has said that we've taken extensive external advice on all the aspects of the transaction in line with our fiduciary duties that takes into account -- our Dutch listing takes into account that we are also a Luxembourg company. We think we have taken all those acts into account. And so the demerger or the potential demerger, if we don't get to the 95% threshold, is basically clear from all those angles and also then in line with the Dutch Civil Code.

Perfect. The next one comes from Florence Tournier at Churchill Capital. Dutch tender offers are usually subject to a 90% acceptance condition waivable to 80% following an EGM vote. Why isn't that the case here? Why is the EGM vote on post-closing merger taking place post settlement?

I would have to revert to the details to the lawyers, but still, as I mentioned before, we've looked at this from the Dutch and from a Luxembourg angle. Of course, we're incorporating Luxembourg. We've looked at similar transactions, both in Holland and in Luxembourg. And so the thresholds that we have mentioned in the announcement part are the ones that we are aware of. There will -- as you mentioned, there will be an extraordinary general meeting later in the process at the time of closure to get the vote on that demerger, if it happens there. But again, as people tender their shares, it will also include a proxy to vote in favor of that demerger.

Perfect. The next one comes from David Abraham at TD Securities. Could you please provide a list of the merger control and regulatory clearances, such as FDI or FSR that will be required?

I don't have this immediately to hand, but we would be able to provide that in more detail after this call.

Perfect. The next one comes from Alexia Dogani at JPMorgan. Will InPost utilize the FedEx network in other non-InPost countries to enter the market?

I'll take that one. I think, to emphasize, our focus will continue to be in the markets we operate today. As I've stated earlier, I think when Henk asked the question, we see the complementary assets that we both can play, and especially when you look at the global reach that FedEx have. But really, we see the opportunity to use FedEx's network for the benefit of our merchants in our existing countries. And, therefore, be able to sell internationally in that basis, and vice versa with FedEx being able to sell into the European markets, specifically around e-commerce and last mile. Clearly, that will provide significant growth opportunities for both companies. And together, we see a path to unlocking that growth, enhancing the B2C operations and also servicing and boosting returns and provide a better service for customers right across Europe.

The next question comes from [ Lukasz Jakubowski ] at PZU. Number one, what is the ultimate goal/intent of FedEx investment according to your best knowledge? Have you discussed with them a possibility of taking over full -- 100% of shares of InPost/or operating company after one stage of the transaction?

I think as Hein mentioned earlier, and again, I'll take this one. I think the intent of FedEx really here is part of the consortium. And therefore, it's important to stress that clearly, our focus here from us as a company is to remain independent, and that is something we've clearly been part of the discussion, and InPost will continue to operate stand-alone on that basis.

I will also emphasize that clearly, this is an arm's length agreement we're getting into from a commercial point of view. And therefore, we will remain competitors, to some extent, in these segments and markets that we operate within today. So therefore, this is not seen as a takeover, as you highlighted, more -- we're really -- there's FedEx investing as part of the consortium; and two, the opportunity post closing for us to develop a commercial agreement, but very much InPost remaining stand-alone.

The next question comes from Marcin Nowak, IPOPEMA Securities. Regarding the post-closing demerger, in case of it happening, is there determined a pricing mechanism for selling stake in the company's splitco? And then the second part of the question is, is the 80% minimum acceptance threshold set, i.e., if the acquired number of shares is below 80%, does consortium plan to back out of the deal?

Yes. Look, there's a couple of questions also following. I'm going to try to bundle those that we don't have a repetition all the time. Let me start from the one that comes later on from [ Carol ], which suggests that we are circumventing statutory thresholds for squeeze-out.

So let me immediately tackle that head on. We are not circumventing anything. We have again taken the right advice, looking at both markets on what are standard structures which are in place, which have been implemented in other occasions. And so again, we have different threshold. When you get to 95%, it's a normal squeeze-out; when it's above 80%, it's a demerger process. So again, we are not circumventing anything here. And so no, we don't expect at this point in time, but also not any kind of liabilities or any kind of minority shareholders.

The price at which -- back to the first question, the price at which basically the demerger happened between the companies and the splitco is the offer price, so that is basically settled at that point in time. And again, once we get above 80%.

And then basically, there was another question on any tax consequences. So far from all the things we've looked at, there is no significant tax consequences There's, of course, a couple of transactions that happened in the background, but they're minimal in terms of tax impact.

And an important question was also earlier today that all of that tax modeling can be done as a standard practice, and InPost will remain significant and most important taxpayer in Poland throughout all of this.

And the next question comes from [ Nicolas ] at Square Global Markets. And you just said that the price in the post-merger restructuring will be equal to the offer. Can you develop on that and explain the absence on tax impact/liabilities of the demerger for minority stakeholders as it is usually the case?

That's what I've just done. So...

In which case, we'll move to a question from Lukasz Wachelko from Wood. He wants to understand, the stake of Mr. Brzoska post the transaction will increase to 16% from 12.5% currently. Do we get it right that Mr. Brzoska will inject fresh cash into the company?

I can quickly talk about that. No, there will be no fresh cash. What you basically see the rollover of Rafal's stake in InPost today. Now because of the different debt structure and the way the consortium is structured, that rollover translates mathematically from a 12.5% into a 16% in the new consortium. So there is no incremental cash, but Rafal will basically roll over his total stake and interest in InPost also coming in the consortium. So it's a mathematical translation from his current 12.5% to the 16% in the new setting and his commitment to basically be the key driver, still, of this business.

Perfect. There's currently no further questions, so I'll hand back for any closing remarks.

Again, I just -- thank you very much for all the questions. I hope we could answer all of them for you. I just want to reiterate that from our perspective, the Board believes that we've gone through a thorough and diligent process. We've taken on external advice. And from an InPost perspective, strategically, this deal makes a lot of sense. It will help InPost in terms of accelerating its growth in all of its current markets. And InPost will continue to operate under an InPost brand with its head office in Poland, and remain very strong from that perspective. So from a Board perspective, we recommend this offer, and we hope that all our shareholders can see the value that they can get that is on the table today.

Good morning. My name is Gabriela Burdach, and I'm the Investor Relations Director at InPost. Welcome to InPost Third Quarter 2025 Earnings Call. The 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 InPost 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. 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 PLN 3.8 billion 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 PLN 1.1 billion, up 24% at a solid 28% margin. The 3 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 U.K. is hitting new records in volume and revenue accelerated by the Yodel 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. ATM 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 U.K. 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 U.K. 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 in the U.K., our volumes more than tripled with the integration of Yodel, 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 InPost app is now available across all our main markets. We recently launched it in Spain and Portugal, and the rollout in Italy is just around the corner. The number of app users keeps growing steadily in the U.K. 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 the 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 #1 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 IPO 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 InPost APMs actually motivates them to shop online. This is what being a loved 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, Rafal. 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 door, 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 and total volume exceeded 50%. It was less than 40% only 3 years ago, so fantastic progress. We continue to see improving APM flow rate, i.e., PUDO volume conversion to APM, a critical enabler of long-term profitability for us, even though PUDO 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 FPM network by 53%, adding almost 6,000 machines over past 12 months. Across Eurozone, we remain the #1 locker network. While we continue adding new PUDO 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 NPS score of 53, significantly outperforming all other locker suppliers and getting closer towards the Polish benchmark level.

Next slide, please. Now focused on the U.K., 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 in 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 4x 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 1 of the Yodel integration. We consolidated from 83 down to over 50 shared depots handling to-door, 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 2 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 1 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 2 and 3 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 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 road map to restart Phase 2 and 3 remaining milestones in mid-Q1. And remarkably, demand for peak volumes exceeded our available planned capacity. In fact, our prebook 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.

Thank you, Rafal, and thank you, Michael, and good morning to everyone. Let's now see how all of this translates into the company's key figures for the third quarter of 2025.

As Rafal already mentioned, it is a quarter with record-breaking revenue growth and solid operating profit margins. In the table on Slide 17, you see that in Q3, we delivered strong results across all of our businesses. Without getting into every number here, let me highlight a few things. As mentioned before, Q3 volume at plus 34% and revenue at plus 49% reflects strong organic growth and market share gains with additional contribution of Menzies, Yodel and Sending. Q3 adjusted margin came in at a healthy 28% and is a combination of a higher margin on the base business, offset by Yodel results. Adjusted EBIT increased by 6.7% year-on-year, while adjusted net profit decreased by 3.3%. I will go into details in a couple of slides.

Turning to capital expenditures. In Q3, we invested PLN 356 million, 11% lower year-on-year. This is merely a phasing effect as on a 9-month basis, you can see an increase year-on-year and only a slightly lower year-on-year CapEx to revenue ratio. As mentioned in previous quarters, our CapEx remains primarily geared towards strategic investments in our APM network, representing approximately 60% of Q3 CapEx. Group free cash flow for Q3 returned to positive at PLN 172 million. Whilst Poland has improved its free cash flow contribution year-on-year and maintains a healthy adjusted EBITDA conversion, we have invested more in the international business as we continue to accelerate our expansion.

Again, I'll dive into this later. Next slide, please. Here's another table with lots of details. So let me again call out the key numbers. Rafal and Michael already discussed the strong volume, revenue and market share progress across all segments. You will also note the strong profit margin progress in Poland, a 34% adjusted EBITDA increase in the Eurozone and a more than double adjusted EBITDA in the U.K., yet at a lower EBITDA margin.

Let's review this in more detail, starting with Poland on the next slide. As already discussed, in Poland, we saw a 10% increase in parcel volume, reaching 188 million parcels. This is especially encouraging given the high base from the whole of 2024. Revenue in Poland grew by 13% to over PLN 1.7 billion. APM revenue outpaced volume by 2 percentage points, driven by repricing and a favorable volume mix. In the to-door segment, volume and revenue were broadly in line. Adjusted EBITDA in Poland grew 18% year-over-year to PLN 856 million, boosting our margin to 49.2% compared to 46.8% last year. This improvement reflects solid volume growth, strong cost management and a shift in volume structure.

Let's now look at Eurozone results. In the Eurozone markets, we delivered 24% volume growth, reaching 83.5 million parcels in Q3. Volume growth was fueled by another quarter of expansion in the strategically important B2C and APM volumes with an additional boost from the consolidation of sending. Revenue in the Eurozone increased far ahead of volume, up 36%. This difference was driven by the sending consolidation and by a favorable mix with higher cross-border and to-door deliveries.

Adjusted EBITDA margin remained broadly stable year-over-year at 14.5% in Q3 2025, supported by tight G&A cost control, offset by a higher cost per parcel resulting from Sending's to-door business. Without Sending, the Eurozone adjusted EBITDA margin would be slightly above 15%.

In summary, Q3 2025 was a successful quarter for Eurozone, demonstrating the effectiveness of our strategic initiatives. Let's turn to the U.K. and Ireland, where volumes have tripled, driven by the consolidation of Yodel, which strengthens our position in both B2C and C2C. On a pro forma basis, growth remains robust at plus 19% with both to-door quality Yodel and out-of-home growing year-on-year. Parcel revenue was in line with volume growth, while total revenue outpaced volumes, thanks to the Menzies consolidation.

Adjusted EBITDA has more than doubled compared to last year, reflecting strong core business performance. Adjusted EBITDA margins are higher than in Q2, though still lower year-on-year due to the impact of Yodel's integration and some additional costs related to the network launch that Michael mentioned earlier. On the next page, you can see the bridge between adjusted EBITDA and adjusted net profit for the first 9 months of 2025.

Year-over-year, adjusted EBITDA was up 20%. The corresponding 29.2% adjusted EBITDA margin translates into a 15.1% adjusted EBIT margin after taking into account the increase in depreciation and amortization charges, mainly as a result of both the Yodel integration and the acceleration of our APM rollouts.

Adjusted EBIT in absolute is still up 2.2% year-on-year despite the before-mentioned effects. Between adjusted EBIT and adjusted net profit, you can see the usual interest expenses related to debt as well as unrealized FX losses on intercompany loans driven by the strengthening of the Polish zloty versus the euro. Interest expenses are higher year-on-year due to a higher utilization of our revolving credit facility and higher interest part of IFRS 16.

Let's now take a look at our free cash flow on Slide 23. We continue to generate healthy and strong free cash flow in Poland. In the first 9 months of 2025, Poland delivered PLN 1.173 billion, reflecting a robust free cash flow conversion rate at 47%; in line with our strategy of accelerated expansion, the strong domestic cash flow was largely reinvested into our international APM deployment and operations. We ended quarter 3 2025 with free cash flow, excluding M&As at a positive PLN 226 million.

To conclude the financial highlights section, let me briefly address net debt and leverage, as shown on this slide. At the end of Q3, gross debt increased to PLN 10.1 billion, primarily driven by 2 factors: strategic investments in Yodel and higher lease liabilities. As a result, net debt rose to PLN 8.7 billion. However, thanks to adjusted EBITDA growth, this resulted in only a slight increase year-over-year in net leverage to 2.1x, yet still a slight decrease from quarter 2 2025.

Now let me walk you through our outlook for the full year and share a quick update on quarter 4 trading. Our outlook for the year remains largely unchanged. We maintain our top line outlook ranges of, respectively, between 25% and 30% on volume and between 35% and 40% on revenue. While we are currently expecting to be at the lower end of the range, the final numbers will obviously be highly dependent on the success of this year's peak season.

The network increased by 15,000 APMs and CapEx spending at PLN 1.9 billion also remain unchanged. We also maintain our adjusted EBITDA margin outlook for Poland at the high 40s and the year-on-year margin progress for international. The only change to our full year outlook is a temporary lower adjusted EBITDA margin projection for the U.K. and Ireland business.

Referring to Michael's overview, this is on the back of the consolidation of Yodel and the impact of the investments in quality for U.K Peak. Altogether, we expect to grow adjusted EBITDA by mid-teens year-on-year. Based on October performance, our current view for Q4 2025 is as follows: At the group level, we anticipate year-on-year growth in the high 20s percent range. In Poland, we expect year-on-year volume growth at high single digit, continuing to outpace the e-commerce market. Internationaly, we are forecasting approximately 70% growth in InPost's volume year-on-year, which includes the consolidation of Yodel.

And with this, let me hand over to the operator for Q&A session. Thank you.

[Operator Instructions] We will now take our first question from David Kerstens from Jefferies.

I've got 3 quick questions, please. First, what drives the acceleration in parcel volume growth in Poland from 6% in the second quarter to 10% in the third quarter? And can you remind us what is now your overall market share in the Polish B2C market? And second question is regarding the U.K. It seems that based on your adjusted guidance, it looks like the U.K. will likely be at around breakeven in the fourth quarter? And how does the trajectory towards EBITDA neutral look? And I think you previously guided for a 14% EBITDA margin before Yodel as of the second quarter. Is that now pushed back further into 2026? And maybe finally, you mentioned Eurozone profitability just above 15%, excluding Sending. Do you also have that number for the U.K., excluding Yodel? Or is it now more difficult to provide as the integration progresses?

Rafal, do you want to take Poland and I'll take the..

Yes, I can. So it's first question regarding market share. We estimate because, of course, there are like 3 or 4 different sources of that market share estimate, specifically that it's continuously polluted with the parcels reported by Polish Post. Some of them are small parcels like letters, and there is not much clarity around this. But if we take that element out of the consideration, we expect it's now around 60% and that's clearly also fueled by faster door-to-door development because we are the most reliable and the highest ranked door-to-door provider right now, and we are literally taking share from the other vendors.

So these are like the brackets, I would say, 58% to 62%, 63%, but this is our internal calculation. More we will learn once the report of the -- all the operators is going to be published, I think, May next year by the central regulatory office.

And what is the -- the acceleration in the third quarter to 10% versus only 6% in the second quarter?

Yes. I think this is what I continuously say some quarters we will be the market. Some quarters will be 1% above the market. I remember the comments after Q2. People said this is the end of InPost. InPost is going to shrink now. And Q3 is again showing all our strengths. I mean this is not quarter-to-quarter play. This is a strategic play where at the end of the day, I can imagine there will be 2 players in Poland. The rest will die. And we observed that already in the U.K., how quickly the market has changed in recent 10 years from a market where 15-plus players were present. Now it's literally down to 4.

And this will continuously happen in each and every market. There is less and less capacity on the European market; because smaller players cannot survive and the midsized players were already acquired or consolidated. Now it's the play among the biggest. We are among the biggest.

I'll take the Eurozone question first, then I'll finish with the U.K., if you don't mind, David. So on the Eurozone, just as a side note, when you look at the Eurozone profitability in Q3, when you see it topically, it shows kind of a flat, a flat margin. But as we said, excluding Sending, it's basically about 100 basis points improvement. And if you look within that, just also has additional background, there's a negative mix effect playing because the 2 markets, Iberia, Italy, which are slightly lower in margin, they're growing much faster than France, which is still growing double digit on revenue.

So France and Iberia are growing significantly in margin, but the mix effect takes the total region slightly down. And that's again a very positive development in Eurozone within the Eurozone numbers. Your question was, can we isolate from the U.K., you likely do Sending?

Well, unfortunately, not anymore. As Michael said, we have gone to one network. And as you go to one network, you look at basically a lot of the parameters sorting, line haul, also last mile that you combine efforts -- so it's going to be very difficult to separate one versus the other one. We will see -- still see in the future that we look at segmentation between those 2 segments, which is to-door and out-of-home. That's going to be based on cost allocations, but that is something that is very difficult to isolate as such.

So that's going to be more difficult going forward. When we stay at the U.K., your calculation is correct. If you look at the adjustment, we're kind of more looking to a breakeven situation in the U.K. in Q4. As Michael already said, that's because we deliberately prioritize quality over volume and pushing volume. What does it mean for 2026? Michael already said that we have paused some of the integrations that's until Q1. We expect that Q1, Q2 will then continue that integration. It's fair to assume that, therefore, the 14% margin accretion by Q2 will be pushed back a little bit. Now interesting here is to separate percentages from absolutes, as you also have seen this year.

And that's what we are quality are trying to push for. If our volume continues to triple, which it has done so far, then obviously, from an absolute EBITDA point of view, we could still make significant progress in 2026 even if we might not hit the 14% margin that we mentioned before by the end of Q2. But in absolute terms, as we said, quality first, then making sure we continue gaining volume. And then from an absolute profitability point of view, we should still have a good progress in 2026.

We'll now take our next question from Marc Zeck from Kepler.

I've got a question on the quality measures you do with Yodel. To what extent will you -- is this kind of restricted to temporary employees? Or is this something for the peak season where you say these extra costs will then come back or go down into Q1, Q2 next year? And do you expect in Q4 2026 to again have some temporary additional workers to help out with the peak season? Or is this really just more of a one-off that you need for this peak season because the network is not yet fully kind of integrated? That's my first question.

The second question would be really on the competitive landscape in Poland. I guess in Q3, we had some news about DHL buying out its operations from a joint venture partner, Alibaba and Porskapolska is doing a joint venture with Olin. Is that something that you would see as a tougher competitive environment in Poland going forward? Or would you say these new joint ventures are built from a position of weakness from your competitors and you wouldn't expect that they will gain momentum by working more closely together?

Let me take the first one. I mean, I think just to clarify regarding Yodel and what we're investing in because of the -- there's 2 things there that I think are super important for everyone to understand.

One; one of the objectives of one network was clearly to streamline and have a single solution under the roof and from an end-to-end process from a system and a platform point of view. Because of one of the issues identified and the pauses of Phases 2 and 3 until Q1 until we commence again, there will be, therefore, certain processes and systems that we need to maintain and double that impact certain under the roof processes. That is further compounded by the fact Yodel is a massive underinvested business and just a complete lack of automation. And that's obviously things that we need to put in place that are an ongoing program of automation that won't change overnight. And so therefore, when you take both factors together, that's why the investment needs to go in.

I think there's 2 parts to that. One is clearly temporary investment like you flagged. We're putting in extra to ensure the consistence of quality. But there's also ongoing structural investment that we need to maintain that we had ambitions to remove because of the one network integration, but we won't achieve and we will pause until Q1. And therefore, those things have caused some of the delays that Javier just flagged on the outlook.

Obviously, short term, still in the scheme of things because this is just literally 1 to 2 quarters. This is not like a 2 to 3 years challenge, right? So this is clearly -- we have to prioritize quality. That is the imperative, and we need to continue to build the trust and confidence that we've already gained with the customers within the U.K. already as we've seen for the volume demand.

Yes. Sorry, the question about Poland. Thank you, Michael. I was muted. So first of all, we try not to comment on competitors. But if you link my previous answer about consolidation on the market, the weaker players may not sustain. And then there will be less and less trustworthy capacity, specifically for peak, you can connect the dots.

So we are not commenting on the competitors' moves. We try to deliver best-in-class quality and set of services for the merchants and for the end consumers, and we are winning on that. So nothing has changed.

This is our strategy, and this is literally our main trajectory when you look at the growth of the APMs. Yes, we're at 9,000. When we look at the top line growth, clearly, what we're seeing is a continued acceleration of B2C. I think one thing that's been quite an important tipping point this year, considering the journey we've been on. I called it out, but I want to reinforce it, is actually now APMs now considerably dominate the market for us in terms of coverage versus the legacy PUDO business that clearly Mondial has been built on.

And there's 2 factors that really jump out from that, that clearly are going to continue to drive and drive 2 things: one, the economics; and two, the customer satisfaction is clearly the flow rate, i.e., the amount of volume now going through APMs has clearly surpassed what used to go through PUDOs. And I think to build on your point, the customer impact, therefore, of that, you see when you look at the NPS survey that we just did was considerably above the rest of the market considerably at those level of numbers, which really demonstrates the journey we've gone on, to transform that business from effectively what was a low-cost, low perception to now sort of a winning proposition in the market that the B2C customers are now really starting to buy into, which it takes time, right?

So you're clearly going through that massive transformation. So next year, looking into '26, I think we want to continue our ambition. We'll talk later in Q1 around our guidance, but clearly is to maintain the level of APM deployment, and I would expect us to be towards the 12,000 to 13,000 mark of locations and continuing the replacement of the PUDO as we continue to drive coverage. A bit similar to other European markets, Western European markets, I think one of the changes in the model that we've had to adapt from Poland is really what we do in what I call inner cities. and how that model develops. And sort of we're testing different concepts between London, Rome and Paris as an example right now, and we'll continue to evolve that. And what does that mean? We're looking at different sort of ways to deploy APMs, both indoors and outdoors.

And clearly, one of the big factors that clearly now plays to our benefit really in the public spaces in those Western European cities is the battery operated. And really in the second half of this year, we've started rolling out those machines, and that will take a sort of an important part of our traction next year across all of the Western Europe, especially where public spaces need that type of solution.

We will now take our next question from Jack Weber from Bank of America.

I'm standing in on behalf of Manea today. Two lines of questions. Firstly, on Yodel. With integration work paused, is there a new time line for Yodel to be accretive? I think previously, the assumption was 2Q '26. And longer term, do you think it could be increased to the same profitability level as the underlying U.K. business, which I think you stated was about 20% ex Yodel last quarter? And then just to confirm on Allegro trading patterns. So quarter-on-quarter, is the Allegro source volume still showing a similar trend, i.e., like a small negative? Or is it moving in a certain direction? And finally, do you have any comment on Allegro's recent contract terms with DPD and the precedent it could set for your renewal, specifically the possibility of no minimum volume agreements?

Jack, I'll take the first one on the overall profitability. As mentioned already before, Michael already alluded to the fact that the interventions we're taking in Q4 also mean that we're pausing some of the Phase 2, Phase 3 of the integration, which has a knock-on effect on probably quarter 1, quarter 2 next year, which means that what I mentioned before that the -- being accretive by the end of Q2 2026 is going to be pushed forward a bit. It doesn't change the end game, doesn't change what we want to deliver and that the total business will be accretive once we get through the integration, but it's reasonable to expect that, that's going to be pushed forward.

As I was mentioned before, even if the percentage might not reach exactly the accretive stage in Q2, if we continue to deliver on the quality and we can continue tripling the top line on an absolute level, we should still see that the integration of Yodel will turn out to be for higher profitability in the U.K, even if short term from a margin point of view, you might see a little bit of a delay versus being accretive on a margin point of view.

And taking the questions around Polish market and Allegro. So nothing has changed in terms of our friends from Allegro trying to redirect predefined options, prechosen options from the consumers to their own network, which is on the same level like in the previous quarters in terms of their contract with other vendors, again, as I said, we are not commenting. This is their own will to choose with whom and on what kind of service they want to collaborate. Simply, we are fully focused on supporting them on the areas they want us to support. And we continue to build our relationship with the others as well simultaneously as we are the most agnostic player here in this most advanced out-of-home market in Europe.

We'll now take our next question from Alexia Dogani from JPMorgan.

Just a couple of questions as well on the U.K. integration. Can you discuss a little bit how you're positioning the price point at the moment for APM deliveries? And where are you on the cost curve for these APM deliveries? Maybe if you can kind of disassociate from the Yodel network? And then have you seen kind of increasing appetite from merchants in the U.K. to switch some of the deliveries to APMs already? And then finally, can you give us a little bit of a guide around restructuring costs?

Obviously, in 3Q were higher than Q2. But obviously, you're alluding to that the integration kind of pausing for a couple of quarters. So should we expect integration costs to be lower in Q4 and then ramp up again Q1, Q2? And how long do you think these integration costs will endure?

Javier, I can take the first one and then maybe pass to you for the second one. To reinforce, I think, to what we're seeing now from an integration and customer merchant uptake, I think is super positive from an APM delivery point of view. Clearly, the acquisition of Yodel was really about giving us -- one of the pillars of that was really about giving us the footprint, the scale and the coverage in the U.K. and Ireland in order to really have those merchant conversations.

One of the -- clearly, the benefits now is clearly we have a to-door business that really merchants now can allocate to us for driving APM conversion. And when you look at the unit economics that you're alluding to in terms of pricing structure, it's very similar to how we want to -- we have learned from Poland, where there's a price differential, which ranges from about 20% to 30% for APMs versus to-door. And that really provides the leverage for merchants to really want to test, learn, adopt, change the checkout. And when you look at the merchants now in the last quarter where we've gone live, and you can see that impact coming through in our out-of-home growth, specifically on B2C, you've now merchants in the U.K. like Debenhams new marketplace, ASOS, Boohoo, to name a few.

Actually, Pandora went live this morning as an example, and where brands now are really seeing the benefit they've seen of what in other markets, but more importantly, in the U.K., they now have the option. And that option is driven by the fact we obviously have to-door offer, but now can complement very strongly with APM, brings down the risk for the merchant and clearly, the price differential then allows them to really start to test and learn and drive that consumer behavior change. So I think you see very clearly an increasing appetite. The numbers themselves clearly demonstrate that -- and I think what's also critical clearly is to deliver that quality and really balance the quality of to-door, which still is a primary part of the legacy Yodel business, but now really developing the APM offer for that whole merchant base, which is really the winning proposition. And to reinforce, we're not building a to-door business. We're really APM first, but clearly, to-door increases the funnel for us to work and really develop our merchants to change the behaviors in the market. Javier?

Yes. Thank you, Michael. On the question of restructuring, just to get back also to the numbers. So if you look at the details of the report that we've sent out, you see that there is about restructuring of PLN 55 million in Q3 and about PLN 99 million in the year-to-date.

First of all, the majority of that is the U.K., right? So that is basically U.K. restructuring. And if you go back to our conversation last quarter, we talked about Yodel being more front-loaded. You might argue that but hold on Q3 is still significant, but it is front-loaded in terms of the original optimization of Yodel by itself. If you look in Q2, we spent the majority of the restructuring was exactly on restructuring, people, consolidation of warehouses. That's what went in there. In Q3, on those items, the restructuring is much, much lower. But what comes in Q3 is the cost we have on One network and the restructuring of One network, which is not anymore, let's say, a Yodel specific restructuring.

It is how to bring the 2 operations together. And what was left specifically on Yodel is the rebranding where we spent still some significant money on. So there was a Yodel restructuring front-loading in Q2, which was really kind of optimizing Yodel itself. The restructuring now in Q3 is more as we combine the 2 networks where we have got more restructuring. As it goes forward into next year, Q4 next year, we're still going to see some impact of our network in Q4. As we head into Q1, we should see lower effects coming through. We'll still have to see what happens in Q4 with peak and the learnings we get from that. But I would assume that you will see a declining trend in as of 2026 on the restructuring part itself.

It appears there are currently no further questions in the phone queue. With this, I will hand over to Rouse for any webcast questions. Over to you, Rouse.

Thank you. We have a number of webcast questions. Our first question is, in the U.K., how would InPost deal with losing the Collect+ network if IDS acquires 100% and forces InPost out?

I can take that one. I think the first thing clearly is there is no risk even with that investment from IDS because of our current contract protections. And just to reinforce, PairPoint is still a shareholder in the Yodel entity, even though there's consolidation from the legal entity. So there are certain protections that we have. But obviously, our long-term ambition is APM first. And clearly, as we look at the near term across '26, we'll continue to develop the network and from that construct. So really no risk, no concerns. I can understand why the question is read with the publicity that was put out there.

Thank you. Our second question, how is InPost differentiating itself from its competitors in its main markets? Is competitive pressure increasing, particularly in the U.K.? Any impact on operating margins?

No. I mean, look, our competitive differentiation and our flywheel leads with our consumer centricity. We've learned that from our Polish North Star, and that remains at the heart of what we're building and how we're developing our proposition. And clearly, when you look across all our markets and how we have really started to position InPost, we taking those Polish learnings, they continue to repeat in every single market.

The French data reinforces that in terms of what we've just seen on the NPS study. A market like the U.K. from a publicity point of view is competitive. But clearly now at 12,000 lockers, we're nearly, as I said, 4x larger than the nearest competitor outside of Amazon. And our pace of deployment continues to collectively outpace everyone else's combined. So we continue to reinforce our network, our coverage, our consumer centricity and really quality at the core of what we're doing, again, with these decisions around the U.K., we will not compromise on it. And while others will chase volume and take that across peak, we will not, and we will make sure we deliver on the promises we set out to build the confidence and trust, both firstly on the merchant and then ultimately with the consumer.

So those points of differentiation in our flywheel continue to be the same, albeit the order in some markets may be slightly different because of sequencing and where we're coming from as a starting point, either organically or inorganically. But those key pillars remain consistent across all markets and clearly demonstrate why we're winning.

Turning to France. As you reach 50%, 60%, 70%, 80% APM flow rate, how will this impact margins? What do you see as a likely pathway in flow rate over the next 3 and 5 years?

Yes. I'm happy to take that, Javier, feel free to add if you think there's anything else. Look, flow rate is important, and I think a simple way to really for everyone on the call to understand it, albeit it is more complicated, and I'll add some points to that. But the simple way to think is if we are having to pay a PUDO somewhere between $0.30 and $0.40 per parcel, every time we convert a PUDO to an APM, we make that saving on our structural cost.

So that clearly contributes. And clearly, the more we drive APM first, clearly, the more savings we make in the margin. However, there's more elements to that, that clearly need to play through around density, stop efficiency and courier behavior, the clearly benefit that we see the more we -- the consumer drives and usages to APM, the more impact that has in our last mile cost and efficiency also. That also feeds through to other elements, which is customer service contact rate and other elements in terms of quality where customer delivery is superior to PUDO in that component. So all things combined, it's not that I can sit here and tell you what the margins will be when it goes to 50, 60, 70 because it's not as binary as that calculation, but to probably help, you're basically saving $0.30 or $0.40. But clearly, there's further benefits, the more density and scale we build.

Yes. And to build on that on the profitability, as I mentioned also during the call, is that if you look at the France business, it's been growing significantly in Q3, revenue more than double digit, and we've also seen about a 200 basis points improvement in profitability. So this is, again, where we say the flywheel is starting to work. You get more B2C more into APMs and you see those profit margins basically taking the benefit of that. As I said, it's a bit hidden in the Eurozone numbers because of the mix effect between the country, but France itself has clearly over the last 12, 18 months shown a significant margin recovery as we basically increase flow rate and get APMs and B2C stronger.

Can we expect that you won't undertake another M&A until Yodel is cleaned up?

Happy to answer that strategic question. So yes, that's the main assumption that it's like with Mondial Relay nothing new, always something that may pop up unexpectedly.

But in 90%, everything what we've learned before the transaction is materializing now. Although really the surprising element was the capacity constraint with much higher demand, which purely came by surprise. So the answer is yes. First of all, we want to strengthen U.K. presence, the most important market for us, the biggest market in Europe. We are #3 operator right now with a lot of potential. So this is like 80% focus of the M&A and transformation team.

What are your thoughts on the missing country in the network map of yours, Germany?

I think it resonates with what I said literally before. Germany is a very important market in terms of European e-commerce economy, but no plans at this stage. But clearly, if we may find a way to team up with partners across Europe, already present on different markets. We are teaming up with them. And already, maybe you haven't noticed that, but we are delivering parcels in Germany; cross-network parcels in Germany are delivered with third-party providers in Germany, and the flow is on a monthly basis, increasing month by month. So this is not a pure white spot. This is a market where we don't have physical InPost presence, but for our cross-network operations, we are very active there already.

What is the current utilization rate of APMs in the U.K. average utilization over the first 9 months of 2025?

I can take that. It's very simple, 80% -- so continues to be very strong, continues to run actually at utilization rates actually higher than Poland at peak to give you an example. So it really demonstrates the demand, but also demonstrates why we continue to accelerate our U.K. deployment and our European deployment because we continue to see very strong utilization rates across the board as people really start to adopt the APMs as part of their e-commerce journey in these markets.

What level of EBITDA margin in the U.K. and Ireland segment should we anticipate for 2026? Please refer specifically to EBITDA profitability rather than adjusted EBITDA.

So I'll take that one. Look, it might sound a little odd being the CFO, but at this point in time, our focus is not yet on that. Our focus is on quality in peak because we know that will be absolutely essential to basically continue building volume and taking market share in the U.K. onto the door segment. Therefore, we first need to really understand what's going on, on peak, and then we'll start looking into the guidance for 2026, and that guidance would normally come early 2026. We're going to give guidance on that. It's too early apart from the comments we made before on margin, margin progress, it's too early to comment on that.

How are efforts going on reaching partners to create a pan-European cross-border delivery offer to merchants?

Happy to answer that question. A little bit already topped that a few minutes ago. So we are very efficient on that. We are under a few processes where we integrate third-party providers. And you may expect pretty soon first announcement live with a reputable partner responsible for across network deliveries in a few countries. So our presence will definitely increase geographically.

Thank you. What level of interest cost per quarter should we expect since Q4 2025 onwards, taking into account recent refinancing of bonds?

I'll take that one. So we have successfully refinanced in 2025. If you take the total year, we have both refinanced our normal loans, and we have now refinanced the bonds successfully in the market at 4%. So you expect interest expenses around 4%. It depends on how much of the revolving credit facility we use because that's at 6%. So it's going to be a mix between that 4% and 6% depending on the utilization of the revolving credit facility.

Thank you. We have a final question. Do you feel comfortable at current net leverage levels? Would you be able to provide a through the cycle target?

Yes. We've mentioned that before a number of times. We feel comfortable at 2 because it allows us to move in 2 directions. It allows us to move higher in case we would need to basically or we would like to go into any further transactions. As Rafal said, nothing planned at this point in time with a focus on the U.K. market, combining high profitability, but also with exceptional customer loyalty. Eurozone, our B2C volumes and locker network are expanding rapidly while we continuously optimize our cost base and execution. And as for the U.K., many questions today, despite some temporary short-term operational headwinds, guys, which we've been transparent about, we are 200% convinced that we are on the right path.

The integration of Yodel is a strategically pivotal move. And let me be very clear here. InPost won the Polish market, not because of thousands of metal boxes. InPost won the Polish market because quality was always the top priority. And there was never any compromise on that. And that will not change in the U.K. That will not change on any market ever, as long as I'm the CEO. We already see the benefits, accelerating volumes, new customer onboarding, strengthening presence of our brand. And we have laid down the operational foundations needed to build One network at scale and with confidence. jointly, 3 brands, InPost, Menzies, Yodel, we firmly believe that what we are building in the U.K. today will secure a strong long-term market position for InPost on the most important market in Europe. We make decisions with a medium- and long-term view, not for the sake of short-term optics quarter-by-quarter. And we are maintaining investment discipline, healthy balance sheet, strong free cash flow in our mature markets, reinvesting it where we are building scale like in the U.K.

There is no change in our strategy. We remain fully committed to executing on our long-term vision and our ambition is unchanged to be the #1 e-commerce logistics provider in Europe, also in the new era of AI.

That more than half of our revenues now come from outside Poland is no coincidence. It is the result of deliberate strategic execution. So we have the infrastructure, we have technology, and we have people to continue on growing the market, and we intend to keep doing so. So, as we enter Q4, we are fully prepared for peak season and confident as well in the operational maturity of our model.

So thank you very much for your continued trust and partnership. And yes, we look forward to speaking with you again in February. See you guys.

Good morning. My name is Gabriela Burdach, and I'm the Investor Relations Director at InPost. Welcome to InPost's Second Quarter 2025 Earnings Call.

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 of International; and Javier van Engelen, CFO of InPost Group.

I'm 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 marked a strong step forward for InPost. We are not just maintaining momentum, we are accelerating across Europe, and that's the fact. Our group volume in Q2 increased by 23% year-on-year with a quarterly volume of 324 million parcels. Group revenue was up 35%, reaching PLN 3.5 billion. Importantly, for the first time, more than half of our revenue, 52% is coming from our international business, with the U.K. accounting for 27% of group revenue. This showcases the successful diversification strategy that we have mentioned in previous quarters.

Group adjusted EBITDA reached PLN 1 billion, translating into a margin of 28.3%. If we exclude the expected impact of Yodel, our group margin hit a record high of 35%. I would highlight 3 key drivers that allow us to hit these new milestones. First, merchant diversification in Poland is allowing us to continue outpacing market growth by boosting profitability. Second, B2C and APM volume continues to accelerate across the Eurozone. And third, a number of recent strategic initiatives are helping us to strengthen our pan-European footprint. The Yodel acquisition is giving us a large step-up in scale and access to to-door volume in the U.K.

The Sending acquisition is strengthening our footprint in Iberia and again, completes our offering by including to-door delivery. And our strategic partnership with Bloq.it will enable a faster network expansion across all markets. Michael will tell you more about our recent M&As in this part of the presentation.

In summary, Q2 was yet another step in building a truly pan-European leadership position.

Let me now share some updates on our network development. Our network is going from strength to strength. In Q2, we deployed a record high, almost 3,500 APMs, ending the quarter with over 53,000 APMs across Europe. Poland remains our backbone with nearly 27,000 APM, but the real story is Europe with now over 15,000 APMs in the Eurozone and over 11,000 APMs in the U.K. By accelerating our scale, we are providing increased convenience for millions of customers. And our total out-of-home network, including pickup points, now exceeds 88,000 locations. Within that large footprint, we are optimizing PUDO points in some markets as part of our strategic focus on convenience, quality and efficiency, not just quantity. The bottom line, InPost is the APM and leader across our European markets, and we are continuously widening the gap versus competition every quarter.

Let's move to the next slide, which covers market trends. When we talk about outperforming the market, this slide says it all. Across Europe, InPost continues to deliver growth ahead of industry trends.

Let's start with Poland. Despite quarter-to-quarter volatility, we are growing ahead of the market, maintaining a stable share in a dynamic environment. Looking ahead, we expect the market to bounce back in Q3. We expect InPost to outpace the market, bringing volume growth back to high single digits. In the Eurozone, the momentum is clear. The market grew 5% with InPost growing 10%, which is double the market pace. In Q3, we expect to further accelerate. And the U.K. is the standout in Q2. On a reported basis, volumes soared 177%. Even on a like-for-like basis, adjusting for Yodel in last year's base, growth was still an impressive 24%. This compares more than favorably versus a market that's slightly down overall.

With that, let's now focus on Poland on the next page, our core market, where we are driving further diversification with above-market growth, while expanding profit margins. Last quarter, we expanded our APM network to nearly 27,000 machines, which is up 14% year-on-year. When it comes to locker capacity, the picture is clear. While we have roughly 50% of all APMs in Poland, our locker count is higher, representing around 70% of total capacity. This scale advantage enables us to deliver better service, faster delivery and unmatched convenience. What's even more important, despite network expansion, utilization remains at a very high level. This underscores the strength of our model and the efficiency of our operations.

Let's move to the next slide, which highlights how diversification in Poland is boosting profitability. We delivered solid volume growth with a total volume of 181 million parcels, and this is on a high base and in a dynamic market environment. What's more important is the composition of this growth. Non-marketplace channels grew 17% year-on-year, proving our diversification strategy is working. We are becoming less dependent on top marketplaces, and we continue to build a healthier, more balanced merchants portfolio. This is translating directly into profitability. While revenue per parcel grew 1%, adjusted EBITDA per parcel increased 6%, even as we continue to expand the network ahead of volumes.

This is a testimony of our operational discipline. We are not just growing. We are growing smarter with a focus on diversification, new channels and margin expansion.

To zoom in a bit further, let me discuss the dynamics of non-marketplaces and marketplaces in the next 2 slides. Let's first talk about the strength and the accelerated growth of our non-marketplace strategy. In Q2, while the Polish e-commerce grew about 5%, our non-marketplace volume increased 17% or at more than 3x the pace of the market. This acceleration is driving by both existing and new merchants. We added around 2,500 SME merchants year-on-year, and they accounted for more than half of this growth. We are also increasing our share of checkout in the non-marketplace channels, proving that InPost continues to be the preferred delivery option for the Polish consumers. We are building a stronger, more diversified and more profitable business, one that's less dependent on any single platform and better positioned for sustainable growth.

Now let's turn to the marketplace, where in Q2, we saw volumes take a bit of a breather. As you know, our main partner in Poland has recently decided to broaden their logistics options. We completely respect the fact that the large platforms want to diversify. We understand the approach. We just don't love the style. They announced it openly at the beginning of the year and started pushing to change consumer habits, tricking users to choose other delivery companies against stated user preferences. In fact, last quarter, Allegro really stepped up their efforts trying to redirect parcels from InPost to their own Allegro OneBox.

Not a huge surprise. But if you look at the social media in Poland, you saw plenty of frustrated customers. At one point, we estimate that even 30% of our Allegro parcels came with a suggestion to change the delivery option even when customers had clearly chosen InPost. First of all, we believe this practice doesn't just bend the rules of our contract with Allegro, but is against the very basic consumer right to have a parcel delivered to the APM of their choice. That's why we have started legal action to stop it.

Second, the real effect on our business was small, only less than 2% of volume was shifted. Interestingly, out of this 2% parcel, more than 80% went to Allegro's OneBox, while other Allegro partners were barely promoted despite having larger out-of-home networks. What's more interesting, these redirections into OneBox hit all delivery companies, not just InPost, including Allegro's own delivery partners.

It is important and very encouraging to see that our loyal user base is increasing year-on-year and that the majority of the users who switched delivery methods are lower frequency shoppers, so-called soft users. This means our business is very resilient, and it proves once again that our strategy, building a wide and loyal customer base, delivering top quality service and obsessing over user experience is not only sound, it's paying off.

To build on the previous point on strong brand loyalty and consumer engagement, let's turn to Slide 12. In Q2, APM volumes grew by 6%, reaching nearly 146 million parcels. But the real story here is that 70% of this volume came from our most engaged users, those who regularly use lockers. Notably, this group of users is growing faster than any other. So what I want to convey to you with this slide is that most of our APM volume is made by users who are in single platform shoppers. 90% of them order from more than 10 different stores and 60% from more than 20 stores. What is more is that their parcels per user ratio remained stable. That means our customers are deeply integrated into the broader e-commerce ecosystem. And within that ecosystem, InPost is their delivery partner of choice.

Next slide, please. To wrap up the discussion on user loyalty and being the partner of choice, let's once more look at our NPS. We are ranked #1 by merchants, trusted by a network of over 50,000 partners. Our Net Promoter Score among merchants stands at 50, the highest in the industry. On the user side, loyalty is even stronger. Our APM NPS is 77, far ahead of competitors. And our internal NPS reaches an impressive 96. This reflects the trust and satisfaction customers place in our service. Our app is a key driver of this engagement. We now have 14.6 million loyal app users, representing more than 70% of APM customers, and these users generate about 80% of our total volume by ordering more than non-app users. InPost Mobile app is ranked #1 in its category, reinforcing our leadership in digital experience.

On Slide 14, you can see a summary of InPost Pay and our loyalty program. InPost Pay, with its one-click checkout, is driving conversion rates above 50%. We are seeing both the number of users and transactions grow every quarter. Today, we already have over 9 million registered users and 2,400 merchants integrated, making this a powerful lever for growth. In the first half of 2025, there were 6x as many InPost Pay transactions as in the same period last year. Our loyalty program with 12.4 million users is driving engagement and adding incremental volumes.

And one of recent example is our AED initiative. We've started deploying defibrillators next to our lockers and users can donate their loyalty points to help fund that. In just 1 month, users contributed over 100 million InCoins to support this life-saving effort. Innovations like this strengthens our ecosystem, deepens customer loyalty and captures more parcel growth. And this is just the beginning. You will hear more about new products and innovation from InPost soon.

I will now hand it over to Michael for an update on our international business. Thank you.

Thanks, Rafal. Good morning, everyone. Across our international business, the pieces of our strategic puzzle are nicely coming together. Network density, growing B2C adoption and our broader product suite are driving strong momentum. Q2 2025 was a solid quarter for all markets within our International segment. So let's start with the Eurozone, where we're expanding well ahead of the market and delivering robust profitability.

Our Eurozone strategy is working with all key elements of our proven flywheel in motion. We continue to focus on scaling operations, enhancing logistics quality and expanding network density. In Q2, we expanded our Eurozone network by nearly 6,000 APMs year-over-year. While we continue to add new PUDO points, we're also closing those located too close to our APMs as part of our network optimization strategy with already over 2,500 closed year-to-date. Across the Eurozone, we are the #1 locker network.

Parcel growth in the Eurozone is significantly outpacing the market with total volumes up 10%. APM volume rose by 59%, significantly faster than the rate of compartment deployment and hence, indicating higher machine utilization. Thanks to greater APM adoption, over 40% of all out-of-home volume was delivered to lockers, up from 28% last year. We also continue to see strong growth in strategically important B2C segment, which increased 27% in Q2, driven by both international and domestic marketplaces. And we're improving logistics quality. 67% of Eurozone B2C parcels were delivered in D+1.

On to the next slide, please. So as you know, organic growth is key for us, but we also expand through opportunistic M&A. In July, we acquired Sending, a logistics delivery provider in Iberia, specializing in fast door-to-door D+1 parcel delivery across Spain and Portugal. This acquisition has brought today Iberia and InPost offering full nationwide coverage, including the Canary and Balearic Islands, expanded logistics capabilities with 16 own depots and over 130 rented ones, plus access to a full last-mile courier fleet of over 1,400 drivers.

Moreover, it brings also strong relationships with both large and small merchants in the region, position us to accelerate our expansion in Iberia, one of the fastest-growing markets, supported by a promising macroeconomic outlook. And really, we're excited by the opportunity provides us within that region.

This next slide is extremely important, and I'm proud to share with you today. Yesterday, we closed a minority investment in Bloq.it, signaling our commitment to the future of battery-powered APM technology. Together with Bloq.it, we're now ready to roll out a new type of AI-led APM that we've been working on together for over the last 12 months. These units operate without the need for an infrastructure or solar panels, allowing us to deploy them in highly attractive yet previously inaccessible locations, particularly in city centers in the Eurozone and U.K. areas. This not only extends our reach, but also significantly reduces the deployment costs.

So let me give you a sense of its importance. In the U.K. cities, we've had to reject over 10,000 locations in the past 2 years because they weren't suitable for deployment, often with issues like lack of power, connectivity or expensive deployment costs. Now we've been able, with this investment and partnership with Bloq.it, to overcome these challenges. So although this slide sits in the Eurozone section, we'll also deploy these new APMs in the U.K., as I've already mentioned. In fact, we plan to add 20,000 battery-powered machines on top of our existing plans for standard APMs across the next 5 years, with already 2,000 of these units to be added already this year.

Now let's turn to the U.K., where together with Menzies, Yodel and our nationwide coverage, our market disruption accelerates. We deployed over 3,500 APMs year-over-year in the U.K., setting another deployment record. This growth was driven by both independent APM deployment and continued progress with key chain partners. In terms of network, we're still outpacing competitors by a wide margin, and we continue building on our first-mover advantage. In Q2, we deployed 85 APMs per week in the U.K., while key competitors averaged around 11. This acceleration in locker deployment has helped ease network saturation that has been above a non-sustainable 100%, giving us the capacity for future volume growth and improved consumer experience. It's clear our flywheel is working in the U.K. with unit economics supporting margin improvement. However, more on that in the financial section presented by Javier to follow.

And so the next slide and to one of the most frequently asked questions I get, how is the Yodel integration going? On that, we're focused on 5 key pillars of Yodel's transformation, and you can see the progress now laid out on this slide. The first is what we call one network. This is about fully consolidating the InPost and Yodel logistics networks to unlock efficiency, primarily in the last mile. We're on track with the consolidation to complete mid-September and the opening of a brand-new sortation location in the Midlands and over 5,000 routes being removed and optimized to drive down a better cost per parcel.

The second is standards. This is about transforming operational discipline and governance in a business that has been well underinvested in for years. We've established a strong operating rhythm already to emulate the InPost standards that we have across the group. And our group operations center of excellence is supporting and rolling out the critical standards ahead of peak '25, and this will continue throughout '26 as we deploy mechanization and process adherence across all the legacy locations.

The third is sites and overheads. And already, as part of this program of transformation since we took ownership in the middle of Q2, we've consolidated or closed 16 depots so far.

The fourth is volume and brand. Our goal is to be the unique one-stop shop for U.K. merchants and drive that out-of-home unlocker adoption. We've secured exclusivity and co-branding deals already with some of the leading U.K. merchants. And this month, we'll start the rebranding of Yodel with full brand conversion in early '26. Plus, we've already launched a redirections pilot, as you can see directly on the Yodel app. We have strong conviction in Yodel's transformation and margin improvement in the medium term for the total U.K. business.

And this final pillar of out-of-home conversion, and one that I'll cover in more detail in the following slides, but it is an important first step to build on the app redirection. But also we've been focused on restructuring and aligning the cost of the PUDO points to be more in sync with the InPost terms.

So on the next slide, I'd like to point out 2 things. First, our volume growth in the U.K. is far outpacing e-commerce market. Reported volume rose by 177%, thanks to the consolidation of Yodel since May. But even on a pro forma basis, our apples-to-apples, we saw a 24% increase in volume. That's an outstanding result, especially considering the market has been flat or even slightly declining based on different reports.

Second, we're capturing more to-door and B2C volume, which creates an opportunity to convert those deliveries to out-of-home. Our goal is clear. We're shifting towards out-of-home with a greater addressable market to target with the acquisition of Yodel. I must stress, InPost U.K. is not building a traditional to-door business. Instead, we are developing an out-of-home model focused on parcel lockers and pickup points and working with merchants to convert existing to-door volume to out-of-home due to higher NPS and cost benefits as demonstrated on the following slides.

So let me highlight 2 more things here. Since acquiring Yodel, we haven't lost a single merchant, quite the opposite, in fact. New merchant wins have accelerated. We've secured major new wins for both outbound and returns volume, including ASOS, ARKET, COS and Cycling Revolution. We're making solid progress on checkout visibility, which is a key part of the disruption. You can see a great example on this slide of how we've presented in one of our partner shops. With a slogan like that, it's hard not to choose us. And in that example, we're launching a case study to the market as we've exceeded 45% share of checkout, demonstrating with the right merchant placement and execution, locker usage is winning with the U.K. consumer.

On the next slide, it really shows our focus on the user experience is paying off and will continue to be our overriding North Star as what we've seen and built previously in Poland. According to the latest Kantar survey, we're now #1 in terms of NPS and #2 as the top choice for parcel delivery. That's a huge achievement, especially considering our customer base is growing fast with APM users up over 40% year-over-year. However, together with Yodel, we've now surpassed 10 million mobile app downloads. That's a huge large user base for us now to build upon, and we're in a strong position to keep disrupting the market and to develop our out-of-home business model. The acquisition of Menzies and Yodel in the past 12 months have now firmly cemented our U.K. market position and accelerating the journey of converting Europe's largest e-commerce market on a locker revolution.

I'll now hand over to Javier for a financial update, and thank you.

Thank you, Rafal and Michael, and good morning, everyone. Let's now see how all of this translates into the company's key figures for quarter 2 2025, where we delivered a record profit margin on our base business.

In the table, on Slide 27, you see that in Q2, we delivered very strong results across our business. Without getting into every number here, let me highlight a few things. Q2 volume at plus 23% and revenue at plus 35% reflect the positive contribution of Menzies in revenues and Yodel in volume and revenue. Still, they are a true reflection of our increasing weight as a pan-European e-commerce player. And even on an apples-to-apples basis, we are achieving significant market growth and market share gains. Q2 adjusted margin came in at a healthy 28.3% and is the combination of a record 35% margin on the base business with the negative impact of the anticipated early losses on the Yodel business. Given the significant M&A impact and incentive programs, we added adjusted EBIT and adjusted profit to this section as we believe these 2 metrics provide you better insight into business dynamics. I'll walk through the bridge of adjusted EBITDA to net profit in a couple of slides.

Turning to capital expenditures. In Q2, we invested PLN 471 million, up 38% year-over-year with a stable year-over-year CapEx to revenue ratio of 13%. Our CapEx is primarily geared towards strategic investments in our APM network, representing over 70% of Q2 CapEx. Group free cash flow was slightly negative in Q2, yet still positive over the full first half, mainly due to high investments and continued expansion in international markets. On an important note, in May, Fitch Ratings upgraded InPost S.A.'s long-term foreign and local currency issuer default ratings from BB to BB positive.

Next slide, please. Here's another table with lots of detail. So let me again call out the key numbers. Rafal and Michael already discussed the strong volume, revenue and market share progress across all segments. You also see the significant profit margin progress in Poland, the healthy margin in Eurozone and the higher absolute EBITDA, yet lower EBITDA margin in the U.K. as a combination of record profit margins on the base U.K. business and early losses on Yodel.

Let's review this in more detail, starting with Poland on the next slide. As already discussed, in Poland, we saw a 6% increase in parcel volume, reaching 180.9 million parcels. This is especially encouraging given the high base from Q2 2024 and recent market dynamics. Revenue in Poland grew by 7% to almost PLN 1.7 billion. APM revenue outpaced volume by 4 percentage points, driven by repricing and a favorable volume mix, while in the to-door segment, volume and revenue were broadly in line. Adjusted EBITDA in Poland grew 12% year-over-year to PLN 834.4 million, boosting our margin to 49.3% compared to 47% last year. This improvement reflects solid volume growth, strong cost management, a decrease in cost per parcel and the shift in volume structure towards faster-growing SMEs. As Rafal showed earlier, an important highlight is that while our network in Poland has been growing faster than volume, we have grown smart, and we have improved profitability as a result of it.

Let's now look at Eurozone results. We delivered 10% growth, reaching 77.7 million parcels in Q2, significantly outperforming e-commerce market growth. Revenue in Eurozone increased slightly ahead of volume, up 11% in local currency and 10% in Polish zloty. This difference was driven by a favorable volume mix with higher cross-border and to-door volumes, partially offset by returns. Adjusted EBITDA margin remained broadly stable year-over-year at 16.4% in Q2 2025. Underlying profit margin slightly increased as tight cost control and a decline in cost per parcel was partially offset by higher sales expenses. There was also a higher allocation of central IT costs in order to support future volume growth and network expansion.

In summary, Q2 2025 was a successful quarter for the Eurozone, demonstrating the effectiveness of our strategic initiatives, while slightly increasing underlying profit margins.

Moving on to the U.K., which is the most difficult to dissect. In Q2, volume increased by 177% driven by consolidation of Yodel in May and June. Organic U.K. growth was supported by locker-to-locker deliveries and returns with a stronger B2C contribution. Reported revenue increased 303% year-over-year, impacted by the consolidations of Menzies and Yodel, yet clearly signaling our increased market share in and impact on the U.K. market. Parcel revenue growth outpaced volume growth due to Yodel's to-door volume contribution.

The important callout on the adjusted EBITDA margin evolution is that in Q 2025, we achieved a record high core business adjusted EBITDA margin of over 20%. While this was offset by Yodel's consolidation in Q2, the result clearly shows that our core business unit economics are trending towards our medium-term goals. This keeps us encouraged, especially as we continue transforming the Yodel business.

Next slide, please. On the next slide, you can see the promised bridge between adjusted EBITDA and adjusted net profit for the first half of 2025. Year-over-year, adjusted EBITDA for half 1 2025 was up 17.7%. The corresponding 29.9% adjusted EBITDA margin translates into a 16.5% adjusted EBIT margin after taking into account the increase in depreciation and amortization charges, mainly as a result of both the Yodel integration and the acceleration of our APM rollouts. Adjusted EBIT in absolute is still up by 4.2% year-on-year despite the before-mentioned effects. Between adjusted EBIT and adjusted net profit, you can see the usual interest expenses related to debt as well as unrealized FX losses on intercompany loans driven by the strengthening of the Polish zloty versus the euro. The effective tax rate temporarily increased due to the fact that we did not create a tax asset behind the initial Yodel losses.

Now let's take a look at our free cash flow on Slide 33. We continue to generate healthy and strong free cash flow in Poland. In the first half of 2025, Poland delivered PLN 650.8 million, reflecting a robust free cash flow conversion rate of 40%. In line with our strategy of accelerated expansion, the strong domestic cash flow was largely reinvested into our international business. Higher CapEx on the international part of the business relates to accelerated APM deployment, investment in operations and the purchase of battery-powered APMs produced by Bloq.it.

To conclude the financial highlights section, let me briefly address net debt and leverage, as shown on this slide. In the second half of 2025, gross debt increased to PLN 9.3 billion, primarily driven by 2 factors: strategic investments in Yodel and higher lease liabilities related to our ongoing network expansion and the opening of new depots. As a result, net debt rose to PLN 8.4 billion. However, thanks to EBITDA growth, we only saw a slight increase in net leverage to 2.1x, and we expect this to decline towards 2.0 by the end of 2025.

Now let me walk you through our updated outlook for the full year and share a quick update on quarter 3 trading. We have made some slight adjustments to the breakdown of our volume guidance. In Poland, we're now expecting high single-digit growth still ahead of the market despite a softer e-commerce environment. In the Eurozone, we have slightly increased our growth outlook to mid-double digits, reflecting strong growth in Iberia and the Sending acquisition effect. In the U.K., we still expect volumes to almost triple, driven by Yodel and our accelerated APM rollout.

Revenue guidance remains unchanged. As for adjusted EBITDA, our outlook at the group level is also unchanged, still expecting a low to mid-20% growth year-on-year. Margins will be slightly stronger in Poland at high 40s level. They improve in the Eurozone and temporarily decrease in the U.K. due to Yodel consolidation. On investments, we are accelerating our APM deployment plans a bit, now aiming to roll out more than 15,000 new machines across all markets with slightly higher CapEx of around PLN 1.9 billion.

To close, let's have a quick look at quarter 3. We expect group volumes to grow in the high 20s range. In Poland, growth should be back in the high single digits, while internationally, we're expecting around 70% growth, which includes the consolidation of Europe. So overall, we remain confident in delivering strong growth while staying disciplined on investments and leverage.

And with that, let me hand it back to the operator for Q&A.

[Operator Instructions] We'll now take our first question from Alexia Dogani of JPMorgan.

Yes. Just if we discuss a little bit about kind of the Polish business. Obviously, you've talked about volume growth being slightly slower because of the divergence of the checkout with the Allegro, but the margin is really high at 49%. How should we think about kind of the go-forward for this division? I mean is there a school of thought to say here that you are earning quite a high margin, which you can potentially self-dilute to derisk the business further out? And yes, if you can kind of help us understand that a bit better in terms of what you want to achieve medium term? And obviously, Rafal just talked about that you started legal proceedings against Allegro. How should we think this relative to the framework agreement that ends in 2027? Any color around that, that would be very useful.

And then my second question is on unit costs. Can you discuss a little bit your very strong unit cost advantage versus to-door? We can do the analysis in Poland because you disclosed it. But can you discuss the relative position in other international markets and why that gives you confidence to accelerate the rollout?

And then finally, if I can squeeze another one. The Bloq.it acquisition or kind of minority stake investment, how should we think about it? Is there kind of -- what are the other ownerships composition in there? Should we see it as a defensive or an offensive move? Yes, if you can elaborate the rationale there, that would be great.

Thank you for the question. Maybe I will start with the first one, Alexia. So I think it's a pretty obvious thing that we, as the Management Board, we have to protect the company and the shareholders' value. So if -- it doesn't matter who is on the other side, if there is a breach in the contract and what was agreed, we have to react, and that was why we've reacted in the light of obvious contract breach that was noticed not only by our end consumers, but also by us. So this is simply a normal action that every company and every management has to undertake.

If we dissect that element from the broader picture, it's good for us to diversify away. And if you look at the recent evolution of our volume and the acceleration in non-marketplace, part of that volume seems that the strategy works very well, which is not, of course, closing us opportunities to continue our strategic and for a very long time, a friendly relationship with the main client. But for that particular topic, there has to be a will on both ends. It's not us pushing someone for a proper behavior or creating a win-win solutions.

Our willingness on that end was several times explicitly highlighted. And on many occasions, we've proven already that we are a proven partner and a loyal partner and a partner really delivering the best-in-class solution and best-in-class consumer satisfaction. It's not us taking actions against the end consumers. It's not us diverting away from consumer choices. So please don't blame us for something what we are not responsible for. But still the willingness of a proper setup, proper continuation of that setup linked to win-win relationship is on the table, but the call is not on our end. The call is in the hands of the new leadership team at Allegro, specifically that the landscape is changing very rapidly. And there are more and more signs that really the real challenge comes not from the logistics operators. The real challenge comes from the AI and agentic shopping, which becomes more and more visible on many markets already. So that, I think, in terms of our mid-term visibility.

And handing over to Michael in terms of our 2 other points, cost efficiency and Bloq.it.

Thank you, Rafal. Look, I think the question, firstly, if I'm clear, Alexia, was around the unit cost advantage as we look at that across the international markets. I think, firstly, clearly, the major strategic advantage of us and what we're building is the consumer preference of how we want to build that consumer experience and then how that translates into the unit economics is very similar to Poland, albeit in the international markets, we have a different starting point, either through the mix of business and the geographic coverage of what we're building.

But ultimately, the density and the last mile coverage is what drives that unit economic advantage in all markets. And clearly, that is a journey we're well on with locker deployment. But clearly, we are working today in all those international markets with a legacy mixture PUDO business through sort of asset-light strategy and acquisition. And clearly, there's also a unit economic advantage of converting from a legacy PUDO parcel rate to an APM rate where we don't have that cost apart from, obviously, the CapEx and then we sweat that asset.

I think the third element that we have communicated consistently is probably the cost of labor, and that's the unit economic element where Poland probably has a better unit economic advantage than the international markets. But on the other core building blocks, those are the key drivers. And clearly, then as business mix evolves as we're seeing now in France and the Eurozone as we drive more B2C into that business. And also, as you see now in the U.K., where Javier highlighted, if you look at our core business now where density is super high in the key cities in the U.K. and really the coverage and density and effectively utilization of the lockers is super high, we're seeing margins well north of the 20% number that we targeted initially in our provisional case to launch the U.K. and what we wanted to get to medium term.

So clearly, in all those Eurozone markets, the building blocks are similar, some structural differences, mainly around labor cost and starting blocks on business mix. But as we evolve, those same building blocks all lead to the same unit economic picture, albeit labor will be the differentiator in the markets.

On Bloq.it, I think the question you asked, Bloq.it is very much an offensive play. Clearly, what we've seen as we've expanded our locker network in Eurozone and the U.K. is different challenges than maybe we have faced in Poland in the past, particularly in the inner cities where space and legacy, if you want to call it, infrastructure, has a different constraints, either through public or building compliance or availability of space in the same way. And clearly, working with Bloq.it in the last 12 months, and looking at the challenges we faced around deployment in those cities, the battery technology that they have developed and we have developed with them in the last 12 months, clearly, I feel gives us an advantage to accelerate offensively against the challenges we faced in the past, where our traditional APM may not solve the near-term situation, such as the transport for London locations that we have as an example.

So really, the acquisition itself was really twofold. One, to help Bloq.it accelerate, right? They're still a developing company, and we're sharing technology to help them do that. So clearly, the capital investment really allows them to accelerate their production capacity and to secure that deployment that we want around the 20,000 machines in the next 5 years. And really, that's the basis of why we've taken that on board. Clearly, we are developing still our own locker technology. But clearly, the battery element that Bloq.it has developed from a speed to market is an advantage that we want to accelerate now and not wait another 12 to 18 months. So hence, the investment also allows us to control that deployment more effectively in working with Bloq.it and to achieve our overall goals.

Michael, can I just clarify something on the unit cost differential? Obviously, you talk about the labor cost when we talk about relative to the Poland unit economics. But I'm also referring to the relative cost advantage with your local competition. Because if I look at Poland, I can see the comparison of your cost per parcel for your own to-door versus your own APM delivery network. I would imagine the unit cost differential in some of these more established legacy markets where you're competing with the incumbent postal operator, your unit cost advantage is more material. And is that -- am I right in thinking that basically you can see a structurally lower cost position in some of these international markets that give you confidence, that not only you can benefit from kind of e-commerce growth, but also the shift towards out-of-home because of lower cost. Is that right?

Very much so. Certainly, as the network has developed both in Eurozone and in the U.K., we now clearly see that economic advantage and price differential. Albeit in -- I would say the U.K. is a super competitive market and to-door pricing is probably lower than you see in the Eurozone relative to the market, we do see clear economic advantages. In Poland, we look approximately around about a 30% differential. We probably see somewhere around 25% to 20% in the U.K. Whether that margin will increase over time, I would expect it would, both with existing to-door incumbents increasing, but also our scale giving even more operating leverage. And similar in the Eurozone segment, we have a similar picture that's also developing. So going forward, that just gives us more strength and sort of our robustness around our conviction to continue to deploy.

And we will now take our next question from Henk Slotboom of The IDEA.

I've got 2. First of all, with regard to Yodel. Am I right to assume that the loss in the second quarter was around PLN 80 million? And how is it going to progress going forward? It was included for 2 months in the second quarter, in May and in June. And are the costs, the integration costs, are these front-end loaded or more back-end loaded in the year?

And connected to Yodel, also the question, how do you manage or should I say, how do you avoid a situation like Yodel went into last year when they had capacity problems in the fourth quarter? How do you look at it? Can you recruit enough personnel? Or is it an opportunity to stimulate the migration from to-door to APM? Obviously, you have more capacity around over there.

The second question is with regard to Bloq.it. Michael, you mentioned, we're sharing technology with Bloq.it. And I can surely understand that. But Bloq.it has clients that are directly in competition with you as well. For example, DHL is one of your most serious rivals. How do you prevent your ideas and your knowledge to fall into the hands of, let's say, the enemy in this case?

Good. Thank you, Henk. Maybe if I start with that one in reverse. Obviously, I don't go into the details of our contractual agreement, but I'm well aware of the sensitivities of their existing relationships. I think in terms of technology, it's more leveraging theirs and really how we build that into our network. But clearly, what we're not doing with Bloq.it, just to be super clear, is going into software development. This is really about the actual machine development itself. But obviously, we will continue to retain our existing APM development, and that will continue to be proprietary.

So there's very clear, if you want to call it, firewalls that are being built around the structure. But it's not to say that we are giving away the secrets, and I think it's quite important. It's really about how we use their AI and battery technology, which will be open to the market. But clearly, what we are focused on is the speed of that execution and really taking first-mover advantage continuously and hence, the scale of the development we're going after. And clearly, Henk, with that is still working with our own deployment capability, which allows us to operate at speed as we have done across all of Q2.

On the Yodel question around capacity, I think you raised a very valid point, and it's been very much front and center with us in our actions since taking over in May. I think one of the key reasons for taking over in May was taking ownership and control coming into the peak period because we realized the sensitivities of that from last year and making sure that the right capacity is built right throughout the network. I think there's a number of clear immediate actions that we're doing. First is actually opening a new sortation center, which will open in the next week in the Midlands, in Lutterworth because clearly, Yodel's infrastructure from the sortation capacity last year was a bottleneck.

So that's step one, and that clearly will unlock bottlenecks and two, ensure the merchants and the network itself has the -- if you want to call it, the capacity to serve the volume that's planned. Two is clearly robust planning with our merchants. But I think at the operational level, in particular last mile, this is also the benefit of merging all the depot locations directly with Menzies to ensure we have a right size, right fit operation and have the last mile coverage to do that.

Clearly, locker development is ongoing, and that helps on the capacity, but we also are cognitive that to-door conversion going into peak, it's not going to be transformational as it's not going to be like a 40% switch overnight. So we have to manage the existing business carefully. And that's obviously built into how we think about the depot network, merging Menzies as part of the one network going live in mid-September also. So those things are clearly well underway and actually in go-live phase right now with the closures and merging already underway with the merchant dialogues happening right now from a planning perspective.

You asked about the integration costs and the losses. I mean, Javier may want to comment on that.

Yes. Henk, on the losses, look, the numbers are pretty transparent in some of our reports issued. In the quarter 2, our losses are about PLN 50 million to PLN 55 million at adjusted EBITDA level. And then below that, there's a couple of onetime costs that we have already taken into account. So if you go back to your question is we've always said at the beginning and when we disclosed the acquisition of Yodel, we said we start with losses, we'll then gradually recover that and we'll get to profitability in 2026, which is still the plan, and we haven't changed at this point in time that provision towards the future. And the onetime costs are indeed front-loaded cost that we have included so far is rebranding, some operational costs we're rationalizing the network, some pay risk associated with outsourcing linehaul and some redundancies. So that is more front-loaded.

Now as we go forward, and that's an important caveat and linking back to what Michael said, important so far is the top line. As Michael said, we haven't lost any customers on an apples-to-apples basis, we're growing. We're growing significantly year-on-year, and we're getting into peak. So our short-term focus, we have to admit is top line, safeguarding peak, making sure the volume is there, making sure the quality is there and avoiding the issues that Yodel has faced in the past. And then basically on the back of that, with that volume increase, with the one network, we should be able to indeed decrease those losses as we get into -- decrease the losses in Q3, Q4, heading towards profitability in 2026. So that is basically the plan that we have. But as we said, volume peak is for now absolutely the focus.

Okay. That's very clear. Can I squeeze in a brief third question on Bloq.it. You haven't disclosed the stake you're taking. You haven't disclosed the amount you're investing in Bloq.it. But will there be a Board representation or anything like it in Bloq.it?

Yes. There's a Board observer, not a representation.

And we will now take our next question from Stefano Toffano of ABM AMRO.

A few questions from my side. I kind of missed it, I believe, but I was wondering about the margins in Eurozone that we have seen. I was a little bit -- let me put it this way, disappointed to see the Q2 margins. You mentioned offset an increase in SG&A, particularly in sales and IT. But obviously, you have been having quite good progress, both on the mix effect overall also on the top line. Not saying that I was expecting the same difference in Q1 versus last year. But maybe if you can just shed some light on this. Is this a onetime investment? Did you accelerate maybe a little bit more? Did you pull forward some costs? And also how should we see this going forward?

Then another question, I still have a question on the U.K. and the margins. I mean, obviously, very good progress on the top line, which at some point should definitely pay out. Do you think it's reasonable to assume that the margins in the U.K. by this time next year, let's say, Q2 '26, will be again at the level that they were before Yodel, so let's say, Q1 of this year. Is that a reasonable assumption? And the last one, I do have to ask a question about Allegro. I know it's annoying, but -- it's -- I perfectly understand what you're doing. I perfectly understand your situation, but this is starting to look a little bit like a mud fight, if I have to say. I know it's not your fault. I know they chose a certain strategy, could have done it with a little bit more tact in my opinion. But I'm a little bit worried going into next year, and you will be probably talking with each other about the contract, et cetera. How does this not make the negotiations much tougher?

I'll suggest I take the first 2 questions and refer it back to Rafal on Allegro.

So first question, margin erosion on Eurozone. I understand where you're coming from, Stefano. Now if you look at the numbers, we've made a step change in margin in the last 12 months. As you correctly said, in Q1, we had indeed a 350 basis points improvement year-on-year to 16%. We are still now in Q2 at 16%. So we at least maintain that high margin, which is a combination of, I would say, still a bit more investments in Iberia, Italy and France continuing a good recovery path on margins. So in the end, you might have expected slightly more. I think the opportunity in the market is still to grow and at a 16% margin. We're still on track. Again, to what we always said, those markets, they will, going forward, have to grow into the range of 20%, 25% and then later on to 30%. So there's no change in there, and we'll keep on building those markets, and you should see still a continuous progress quarter-by-quarter. But again, a stabilization in Q2 at 16%, which was a significant jump year-on-year. I think we're still happy with that.

On U.K. margin, when we announced the Yodel acquisition, we talked exactly about the fact that we would rebuild our profit margin by Q2 2026 to the pre-acquisition level. That's what I've talked about that we haven't changed that guidance. Admittedly, we're waiting for peak and one network to see how that really develops. That could be a game changer. And that is now the focus. So we will update -- likely update after peak if we see what happened in the business, and we'll give you more perspective on that guidance for 2026. That's always been the ambition, and we're going to have to look at the total business. It's going to be very difficult to separate Yodel from the rest because it's going to be an integrated network, but we will know more once we hopefully pass this successful peak.

And on Allegro, I pass on to Rafal.

Yes, happy to continue, guys. Not much to say, just as you rightly noticed, the way our long-lasting partner behaves is hard to comment. Is that helping or not helping? I think so it may be difficult, but I still continuously strongly believe that the new CEO will be the guy who I know very well and Marcin is a smart manager and smart leader. So I strongly believe he understands very well where the real challenge comes from, which I strongly believe that will help us jointly hand-in-hand, find a good way out because it's very important and a very valid point, that the whole redirection or forced redirection methodology was implemented not under his leadership. So he stepped in later on. And also, we observed that there are some positive signals coming from Marcin. And I believe both of us and both teams should understand that this fruitful collaboration was a milestone not only for InPost, was also a milestone for Allegro's development, and it's very hard to neglect. So I'm positive, if you ask me about our future -- our common future.

And we'll take our next question from David Kerstens of Jefferies.

I also have first some questions on Poland for Rafal. Rafal, you talked about a dynamic market environment with quarter-to-quarter market volatility and now a recovery expected for the third quarter. What is driving that volatility in the Polish consumer? Does it also have to do with the Chinese-based web shops?

And then secondly, on that -- yes, that diversion strategy of Allegro, 30% diverted? Why does it only have a 2% impact on your volume in the second quarter? As a consumer, can you not just set the preferences back to InPost? You highlighted the very high NPS score for InPost, the very low NPS score for Allegro. Is it just a temporary effect and that can consumers not sell it back directly themselves after it has been changed?

And then maybe finally, on the Yodel profitability, you changed your EBITDA guidance somewhat based on the focus on the peak. I think when you announced the acquisition, you were guiding for an EBITDA margin of around 12%. Where do you expect that to land now that you have some more visibility on the integration process?

David. Maybe I will answer the first 2 questions, and then I will hand over to Javier.

So the volatility, it came by surprise, I must say, because when you look back to the Polish press and stats, that was really a surprise. But for instance, April was extremely negatively impacting the consumer sentiment and the retail spend and also that translated into e-commerce volume generation. So partially, it was about the political situation in Poland. So literally, we've been in front of -- that's a hypothesis, yes. It's not a strong statement, but many comments were around political situation, presidential election, tensions in terms of what will happen with Ukraine, strong statements on the U.S. administration trying to force Ukraine to literally agree whatever is on the table and so on and so forth. We are very close to it. And our society is super sensitive on that matter. We see that this literally, when you look at July, specifically August, you see that the trend reversed because as well, the election is over. The clarity around Ukraine seems to be slightly different than it was in Q2.

So a combination of factors, some impact of the weather as well, which was very visible on the fashion retailers and also their results. So it's a still continuously very volatile market situation. And literally, this impacted as well other merchants. So there was no single group of merchants resistant or gaining much more than the others. So it went across the board, which linked in my opinion, to the previous statement that this was mainly driven by the consumer sentiment that was worse.

In terms of the diversion, it's right what you said. So the attempt was on 30% and the real impact was around 2%. So that gives us a very strong confidence that the loyalization to the brand, loyalization of the consumers towards InPost is really profound. And that gives us confidence as well that going forward, this is something what the other parties cannot ignore. And simply, we will do more to loyalize them. We'll do more to accelerate their adoption among other opportunities where to buy. And everyone who is smart should understand that, that teaming up with InPost will translate or not on your own top line and the transactions. So we are more than happy to support each and every player who is willing to win based on the consumer base we've created and the loyalization of our consumer base. So I hope that addresses your question, David.

Handing over to Javier.

Thanks, Rafal. David, just to clarify, on the outlook on the EBITDA margin, we have slightly increased Poland based on what Rafal said about the Polish market. So we are a little bit more positive on the profit margin for Poland that we now put at high 40s instead of mid-40s. So at least that was a positive there. And we've kept Eurozone profitability margin as we're improving also gross margin, and there's some SG&A investment.

Now on the U.K., let's go back to what we guided for also with the acquisition. When we did the acquisition, we said it's going to be very difficult over time to separate profit margins between Yodel and the rest of the business. Indeed, it's going to be an InPost to-door InPost APM business. And we said we will basically build that business back to be accredited by 12 months after the acquisition we said in Q2. So that's where we basically started from.

Now the dynamics here, if I go back and that goes back to the question before of Alexia is that, obviously, they're going to have higher profitability on the APM. And there, the positive news is, as Mike already mentioned, is we have seen in Q2 that the flywheel is accelerating, and we have increased margin to above 20%, which is one part of the equation on how we will get the total U.K. business being accretive even with the acquisition of Yodel. So the question is, number one, yes, we need to decrease the losses which we currently have on the to-door business, which is Yodel. At the same time, we need to keep on driving efficiency and footprint and margin on the base business. That combination will then result in the U.K. margin going back up from where we are now with the losses, but both with the contribution of the base business on the locker side and lower losses on Yodel.

At this point in time, we have not changed our guidance, as I said, on this one. We're going to have to see how we go through peak. First of all, to see that we can maintain the positive volume momentum that we've had. Number two, making sure that the integration efforts that Michael was talking about are successful as we go through peak. And then we'll also have to learn how we can move volume from to-door to APM, which is what we talked with Alexia is that over time, how you drive profitability in all the markets to the 20%, 25%, 30% over time because of the profitability of the APMs.

So in summary, very strong base business in the U.K. from a margin point of view. Yodel, we have to go through peak. Once we combine those and we understand the mix dynamics on the business, we'll have more clarity where 2026 will go, but it's too early now to change anything we've said.

And we'll now take our next question from Marco Limite of Barclays.

I have a question still on Allegro and InPost. So you have quantified at 2%, the headwind to your Polish volumes. Now this 2% is on, let's say, overall Polish volumes, but we know that Allegro is about 40% of Polish volumes. So my math is basically taking me at assuming that InPost volume -- sorry, Allegro volumes have not grown year-over-year. So my question to you, is that a fair assumption that the 2% is implying that Allegro volumes are simply not growing year-over-year? And do you think that's a fair assumption going forward? Just to trying to understand what should be the trend of Allegro volumes into your network?

And my second question is on your Spanish acquisition, whether you could provide some colors on the main financials, acquisition price or volumes? And related to that, if I look at one of your first slides, you're guiding for 15% volume growth in Eurozone, which is a bit faster than Q1. Is that driven by Spain or the 15% volume growth is simply driven by a stronger market or more market shares. So it's the 15% is organic.

Start with Allegro?

Yes. I think it's -- as you may know, it's very hard to go into details or translate the GMV versus the volume. So this -- you are right, the 2% versus the big chunk of the volume that is coming from Allegro translates into numbers that you mentioned. But we are more interested right now in how much of the GMV -- overall Polish GMV translates into non-Allegro channel. As you saw, here, the volume is really increasing rapidly. I think in 2 weeks, we will see the exact numbers that Allegro presents. So we may triangulate later on. But I think it's very visible that Allegro volume is growing on a lower rate versus the market.

So that may draw a conclusion that the market share of Allegro is decreasing, which is not new because I think gradually quarter-by-quarter, you may again recalculate that this is becoming a fact as the Chinese competitors are more and more fierce and they literally are taking share. So that's another symptom for me that this is not the main challenge to take care of the logistics or the delivery. The challenge is how to build or maintain the market share that Allegro has created for many years. And again, InPost is the perfect partner to help with that task. So -- but again, it's not me deciding about this, like I said before.

I'll take the Sending question. So on Sending, we don't disclose the details again from a competitive advantage from a competitive point of view.

Back to your question on Eurozone, if you look at the guidance, first of all, important is that we are growing volume across all the markets within that segment, and we're growing double digit -- significant double digit in the smaller markets, and France is still also outgrowing the e-commerce market. So across all markets, it's building market share. It's making sure that we get the right efficiencies through the network, but we're basically growing across. As you look at the speed and acceleration, you can imagine that Italy and Iberia are countries which grow at massive double-digit numbers at a lower base and also they're taking significant market share. But as I said, one of the key performance was also France, which is clearly still building there. So that's on the positive side there.

As to Sending, Sending has a minor impact, I would say, on the full year across Eurozone. It is an acquisition which is, again, important to get access -- broad access to the Iberian market. It will be slightly dilutive from a profit point of view at the start. But again, it's a small number, so therefore, should not have any significant impact. But again, here, the key thing is, as you said, organically, this region is performing very well in the first half of the year and clearly outpacing the market growth significantly.

So sorry to follow up, the Q2 acceleration in the Eurozone, is that driven by an improvement of the market? Or you guys think that you are growing -- you're gaining even more market share...

It's market share.

Market share for sure. Because remember, Q2 does not have any Sending in there. And this is clear market share gains. We're outgrowing the market significantly in all the countries.

We have no further questions in the queue, handing it over to Daniel for webcast questions.

Thank you. We have time for a few questions from the webcast. So firstly, what do you think people miss or don't fully appreciate, which gives you confidence that will enable you to retain customers in the face of competition despite charging higher prices?

Yes. This is this kind of question that is always very hard to answer if you are not a loyal consumer of InPost using consumer -- using service of InPost. So I think continuously, we are in a kind of bucket of logistics traditional legacy players where no one knows what is the consumer's preference, no one knows who is the consumer and no one knows how to retain that consumer and you rely only on the B2B relationship, which is wrong. I think this is the main challenge that people are not getting there that we have the control over the whole process, and we've created the loyalization of the consumer base, which is really profound and which is impacting the top line of the merchants. The merchants who already were able to understand that are benefiting from that.

Why so many merchants in Poland decided to have exclusivity with InPost on both ends, on APM and door-to-door because they understood and it was proven by them that, that translates into much better market position and outpacing the growth of the market, who is not understanding that is missing the chance to grow faster versus the others. So we will continue on building that consumer relationship. We will embed everything what's feasible around this, including data, AI and bringing even more compelling services together to really make our end consumers happy and then have that ability to steer that traffic into the directions where we feel people are benefiting from that and are willing to benefit from that.

And our recent actions and activities we've undertaken, for instance, with Amazon in Poland, has shown us clearly and has shown as well to Amazon that this is a win-win relationship that they want to continuously develop. And it comes alongside with more and more brands like this, look at ASOS in the U.K., look at Vinted in several markets, look at Inditex on many markets. Where -- whenever we can offer best-in-class service at great convenience and price, this translates positively into much higher top line growth of our partners. So maybe it needs more time for the market and the investors to understand that, but it's not my role, it's not our management role to comment what market does with the set of data we try to transparently put together and present to the external world.

The only thing I want to be very explicit is we want to continuously be growing faster than the market growth and outpace our competitors in terms of providing best-in-class services for our end consumer base and end of the story because we understand this is absolutely the DNA of our flywheel. So no change in the strategy here.

Thanks, Rafal. The next question from the webcast. What are the expectations regarding organic sales growth in 2025?

I'll take this one because it builds nicely on what Rafal has just said because what Rafal just said is the basis of what we want to do. So a winning proposition, more convenient, cheaper than to-door and let's not forget more sustainable, right? That always comes in there. And then as specific to the outlook for the year, it's in the outlook basically. In Poland, we'll talk about organic growth on high single digit. If you look at the first half, we are basically above 8%. And as we said in the outlook, we expect Q3 to again be high single digit. And then we get into peak season where we typically perform because of our quality and reliability, we perform very strongly in the market. So that is basically the confidence we have there.

On the Eurozone, we mentioned that outlook of mid-double digit. This is even without Sending, it will be mid-double digit because Sending does not have such a massive impact on the total Eurozone. And with that mid-double-digit organic growth, again, we keep on outpacing the market significantly. And on the U.K., it's going to be difficult to disaggregate the business once you create one network. But if you look again at apples-to-apples today, if you would look at pro forma apples-to-apples, the U.K. is growing at 24%. Now again, going forward, this will be very key in peak, especially with Yodel. But again, at this point in time, we have all the reasons for optimism that we can manage that peak much better than what was done in the previous year. So from an organic point of view, as Rafal just said, this is about beating the market, winning versus competition and building significant market share as an organic growth strategy.

Thank you, Javier. And we have time for one more. So what is the runway for the investments in the European region? After the U.K., are there any regions you are looking to extend to?

Michael, perhaps take that?

I'll take that. I think very much our focus now, as I mentioned during the commentary earlier today, we're very much concentrating on our existing markets. We have plenty of headroom to grow in all of those markets. If you look at our market share today, despite our significant progress and even acquisitions, the B2C headroom for growth is significant, and we continue to focus on that. And really, our efforts will go into Eurozone and go into the U.K. in the near term, and that's where we're focused.

Thank you, Michael. And I'd like to hand it back to Rafal for closing remarks.

Thank you. So just really a closing summary. First of all, ladies and gentlemen, we delivered another quarter of very strong results with a decent parcel volume growth year-on-year and also record high revenues of PLN 3.5 billion. This performance was really driven by merchant diversification in Poland, accelerating that B2C adoption also across the Eurozone, but more importantly, a strategic initiatives such as the acquisition of Yodel fast tracking us 5 years, most probably in the U.K. expansion, but also strengthening our footprint in Iberia by acquiring Sending and our newly announced partnership with Bloq.it. When you look at the deployment rate, now we are more than 50,000 lockers and close to 100,000 out-of-home points. Moreover, we are planning to accelerate that for the next few quarters further.

And what's really crucial, what sets InPost apart is the loyalization of consumers. What I said minutes ago, 70% of APM volumes now come from our most engaged repeat users. And the app customers are massively contributing to that generating about 80% of the volumes. And what's important to understand those consumers are not tied to a single website, single marketplace. 90% shop really across the market, more than 10%, sometimes 60% more than 20 shops. And that's very important to understand the market dynamics.

And when you look at the Net Promoter Score, really, it's most important factor for us to keep it and provide best-in-class quality service, also surprising our end consumer base with new initiatives like -- and engage them deeply, like when you look at our loyalty program and our new AED life-saving initiative, this is really powerful flywheel. And we really remain confident. Poland will grow high single digits. Eurozone mid-double digits when you look at U.K., of course, based on the acquisition of Yodel even faster.

And it's not only about expanding the network. Several quarters, we continuously stay the same. It's not about machines. It's not about physical footprint only. It's how to build loyalty at scale, turning millions of consumers into recurring multi-platform users who choose InPost as their default delivery partner. And this is their choice. They vote by choosing InPost. And this loyalization is the real asset. This is the foundation of our growth, profitability, but also strategically long-term leadership in European e-commerce logistics. And you will see that. You will notice that who was right, who was wrong in that approach.

Thank you very much for your time, guys, and hope to see you soon in person during conferences.