INPOST GROUP
Management report on the activities
of InPost Group
for the period of 6 months ended 30 3une, 2025
- Luxembourg, 1 September, 2025 -
General information about the InPost Group and its Parent
InPost S.A., (hereinafter referred to as the "Com pany") was incorporated on 6 Novem ber, 2020 and is organised under the laws of Luxem bourp as a "société anonyme" for an unlimited period and is registered with the Luxem bourp Register of Commerce and Companies under n° B 248669. The address of InPost S.A registered office is 70 route d'Esch, L-1470 Luxem bourg.
InPost S.A. is the parent company in the InPost Group (hereinafter referred to as the "Group"). The functional currency of InPost S.A. is the euro (EUR). Polish zloty (PLN) has been used as the presentation currency of the interim condensed consolidated financial statements and is the functional currency for most of the Group's subsiaiaries.
Since 27 January, 2021, InPost S.A. shares are traded on Euronext Amsterdam, where the Com pany is part of the AEX Index and has a credit ratinp of Ba2/BB+.
Composition of the Management Board
Rafal Brzoska - President of the Management Board Michael Rouse - Vice President of the Management Board
Francisco 3avier van Enpelen Sousa - Vice President of the Management Board
Composition of the Supervisory Board
Hein Pretorius - Chairperson of the Supervisory Board Ranjan Sen - Member of the Supervisory Board
Ralf Huep - Mem ber of the So pervisory Boa rd
Marieke Bax - Member of the Supervisory Boa rd
Cristina Berta 3ones - Mem ber of the Supervisory Board (until l5 May, 2025) Mapdalena Dziewpuc - Mem ber of the So pervisory Board
Didier Stoessel - Mem ber of the So pervisory Board
Description of the organisational structure of the Group in which InPost S.A. is the parent company
The Group offers complex logistic solutions mostly for customers from the e-commerce industry. The core business of the Group includes the following operating activities: automated parcel machines services, courier services, fulfilment services, production and sale of automated parcel machines, research and development works, internet portals, data processing, website management (hosting) and holding activities including management of the Group.
For management purposes, the Group presents results in four reportable sep ments:
Eurozone -- which includes delivery of parcels in France, Spain, Belgium, Netherlands, Italy, Luxembourg and Portugal;
1
UK + Ireland - which includes delivery of parcels and newspapers in UK and Ireland;
Poland - which includes delivery of parcels in Poland;
Group Costs - which represents General and administration costs related with proup functions which doesn't benefit particular market and can't be allocated to above mentioned segments.
Selected data regarding the profit and loss statement broken down by operating segments:
Revenue'
1,756.8
1,383.3
3,346.1
(0.9)
6,485.3
External
1,755.9
1,3833
3,346.1
6,485.3
Inter-seg ment
09
(0.9)
Direct costs
(12403)
(1,O64.B)
(1,3B62)
17.7
(3,671.6)
Log istic costs
(1,070.7)
(1,0140)
(1,2635)
0.9
(3,347.3)
Inter-seg ment costs
(0.9)
0.9
APM network
(45.6)
(235)
(539)
168
(106.2)
Inter-seg ment costs
(10.6)
(6.2)
168
PUDO points*
(122.7)
(27.Z)
(12.7)
(162.7)
Other direct costs
(13)
(54 l)
(55.4)
Indirect costs
(66.8)
(37.9)
(43.2)
(147.9)
Gross Profit less D&A
449.Y
2BO.6
1,935.5
2,665.8
(142.5)
J84.4)
(233.4)
(11.2)
(674.2)
(50.1)
(34.2)
(77.B)
(162.1)
General & Administrative Costs
Selling & marketing
expenses
Impairment
gain/(loss) on trade and other receivables
(o.9)
4. 4)
(9.8)
(12.1)
Operating EBITDA
256.2
60.9
1,614.5
(11.2)
J,8JT.4
Depreciation
(317.4)
(160.5)
(496.1)
(974.O)
Operating Profit
(61.2)
(99.6)
J,TI8.4
(11.2)
843.4
Current and projected financial situation
Operational activity in Poland
As at 30 3une, 2025, the Group had 26,807 automatic pa rcel machines in Poland, which means an increase of 3,337 or 14.2% com pa red to the analogous period last year. The Group believes that increasing the scale and density of its network is a key element of its strategy of continuously innproving user experience for both merchants and consumers.
For the half yea r ended 30 3une, 2025, the Group's total pa rcel volume in Poland reached 355.l million, which is an increase of 2'5.8 m illion or 7.8% com pared to the analogous period last year. The increase in pa rcel volume was driven primarily by a strong 17% increase in the non-ma r ketplace seqment.
The G rou p's reven ue is recognised at t he indicated point in tim e. Com m ission s for h and ling pa rceIs at colIection and delivery points.
Operating activity in UK + Ireland
In the United Kingdom, the num ber of APMs at the end of 3une 2025 reached 11,088 units, up 47.8% compared to the analogous period last year, a record-hig h year-over-year increase in deployment.
The first half of 2025 saw strong volume growth in the UK -total volumes reached 89.4 million pa rcels, up by 118.7% compared to the analogous period last year. The consolidation of Yodel volumes since l" of May, significantly boosted overall volumes. Organic prowth was supported by Locker-to-Locker prowth, hipher returns, and a stronger B2C contribution.
Operating activity in Eurozone
The num ber of APMs in Eurozone ma rkets reached 15,392, which means 58.7% more than in the middIe of the previous year, illustrating the company's continued prowth and strengthening position in the Eurozone logistics market.
In Eurozone countries in the first half of 2025, volume reached 151.2 million, up by lO.5% year-over-yea r, driven by another qua rter of double-digit growth in the strategically innportant B2C segment.
Revenue
Revenues increased to PLN 6,48d.3 million for the half year ended 30 3une, 2025, up by 28.5% compa red to the analogous period last year. This amount includes the reven ues of 3udpe Logistics Limited and its subsidiaries. Excluding Yodel and Menzies innpact, Group's revenues would increase in line with volume prowth increased by contribution of pricing increase.
Direct costs
Direct costs increased by PLN 899.4 million, or 32.4%, to PLN 3,671.6 million for the period of 6 months ended on 30 3une, 2025, from PLN 2,772.2 million for the period of 6 months ended on 30 3une, 2024. This fipure includes direct costs of Yodel. Excluding Yodel and Menzies, the Group's direct costs would increase in line with parcel volume softened by operational leverage of Group business model.
Indirect costs
Indirect costs increased by PLN 54.9 million, or 59.0%, to PLN 147.9 million for the period of 6 months ended on 30 3une, 2025, from PLN 93.0 million for the period of 6 months ended on 30 3une, 2024. This prowth represents increase not capitalized costs of APM deployment caused by higher deployment rate at the markets in Eurozone and UK.
Gross profit less D&A
Gross profit increased by PLN 482.3 million, or 22.1%, to PLN 2,66d.8 million for the period of 6 months ended on 30 3une, 2025, from PLN 2,183.5 million for the period of 6 months ended on 30 3une, 2024. This was a result of all the above-mentioned factors.
3
General & administrative expenses
G&A expenses increased by PLN 195.2 million, or 40.8%, to PLN 674.2 million for the period of 6 months ended on 30 3une, 2025, from PLN 479.0 million for the period of 6 months ended on 30 3une, 2024. Excluding Vodel and Menzies costs, the Group's G&A would increase by singIe digit percentage points representing stable Overheads innpacted by payroll and CPI increases on markets proup operates on.
Selling & marketing expenses
Selling & Mar keting expenses increased by PLN 45.l m illion, or 38.'5%, to PLN 162.1 m illion for the period of 6 months ended on 30 3 une, 2025, from PLN 117.0 m illion for the period of 6 months ended on 30 3 une, 2024. The increase was ca used by acq uisition of Vodel and increase of marketing activities on every market where Group operates.
Impairment gain/(loss) on trade and other receivables
Impairment loss on trade and other receivables increased to PLN 12.1 million for the half yea r ended on 30 3une, 2025, up by 24.7% com pa red to the analogous period last yea r, in line with developments in the Group's credit risk assessment.
Depreciation
Total depreciation value increased to PLN 974.0 million for the half year ended on 30 3une, 2025, up by 46.3% com pared to the analogous period last yea r. Depreciation increase was caused increase of deployment of APM's which resulted in depreciation of the machines as well as pround leased for purpose of deployment. With growinp volumes Group also opens new logistic hubs, which increase warehouse lease depreciation.
Operating profit
Operating profit decreased by PLN 68.8 million, or 7.5%, to PLN 843.4 million for the period of 6 months ended on 30 3une, 2025, from PLN 912.2 million for the period of 6 months ended on 30 3une, 2024. This value contains operating loss of Yodel, which amounted PLN l42.0 million. Excluding Yodel, operating profit would be hipher year-over-year.
Financial costs/Financial income
Net financial expenses increases from PLN 141.5 million in first half of year 2024 to PLN 346.8 million in the com pa ra ble period of 2025. Finance costs increased by ll5.4% (PLN 206.4 million). This increase was the effect of, amonp others, PLN 121.6 million FX losses (in the analogous period of the previous yea r, there were FX gains which amounted to PLN 8.l million). The increase in financial costs was also influenced by the occurrence of a loss from revaluation of financial instruments to fair value, which a mounted to PLN 47.2 m illion. Finance income increased by 2.9% (P LN l.l m illion), which was
influenced by the occurrence of profit from the valuation of the investment, which amounted to PLN
30.5 million.
Profit before tax
Profit before tax decreased by PLN 278.8 million to PLN 498.0 million for the period of 6 months ended on 30 3une, 2025, from PLN 776.8 million for the period of 6 months ended on 30 3une, 2024. This was a result of all the above-mentioned factors.
Income tax
Incom e tax decreased by PLN 3.l m illion, or 1.7% to PLN 181.0 m illion for the period of 6 months ended on 30 3une, 2025 from PLN l84.l million for the period of 6 months ended on 30 3une, 2024. Income tax decreased as resuIt of decrease in operating profit - most of the financial costs are non-taxable and as a result they do not innpact income tax for the Group.
Net profit attributable to shareholders
Net profit decreased by PLN 267.8 million, or 45.3%, to PLN 323.4 million for the period of 6 months ended on 30 3une, 2025, from PLN 591.2 million for the period of 6 months ended on 30 3une, 2024. This was a result of all the factors described hereinabove.
5
The list of the Group entities is presented in the table hereunder:
Direct subsidiaries
Integer.pI S.A. Poland
In Post Technology S.a r.I. Luxembourg
Integer France SAS France
In Post Spain (previously TERRO ALM, S L.) Spain
PLN EUR EUR EUR
In Post S.A. In Post S.A. In Post S.A. In Post S.A.
Indirect subsidiaries
lOO% lOO% lOO% lOO%
lOO% lOO% lOO%
Mondial Relay SAS
In Post Sp. z o.o.
Locker In Post Italia Srl
In Post UK Limited
In Post Paczkomaty Sp. z o.o.
France EUR
Poland PLN
Italy EUR
United Kingdom GBP Poland PLN
Integer France SAS
Integer Group Services Sp. z o.o. In Post Paczkomaty Sp. z o.o.
In Post Paczkomaty Sp. z o.o. Integer.pI S A.
Integer.pI S A.
lOO% lOO% lOO% lOO% lOO%
38.35%
lOO% lOO% lOO% lOO% lOO%
38.35%
lO Integer Group Services Sp. z o.o.
Poland
PLN
In Post Paczkomaty Sp. z o.o.
61 65%
61.65%
11
M.P.S.L. Modern Postal Services Ltd, in
liquidation
Cyprus
EUR
Inteper.pI S A.
lOO%
lOO%
12
M HOLDCO l Limited
United Kingdom
GBP
In Post UK Limited
IOO%
lOO%
13
Menzies Distribution Group Limited
United Kingdom
GBP
M HOLDCO l Limited
IOO%
lOO%
l4
Menzies Distribution Holdings Limited
United Kingdom
GBP
Menzies Distribution Group Limited
IOO%
lOO%
lS In Post Distribution Limited (previously Menzies Distribution Limited)
United Kingdom GBP
Menzies Distribution Holdings Limited IOO%
lOO%
In Post Ireland Limited (previously EM
NEWS DISTRIBUTION (IRELAND) Limited)
In Post Northern Ireland Limited
Ireland EU R
In Post Distribution Limited (previously Menzies Distribution Limited)
In Post Distribution Limited (previously
lOO%
lOO%
(previously EM NEWS DISTRIBUTION (NI) United Kingdom GBP
Limited)
Menzies Distribution Limited)
lOO%
lOO%
Management report on the activities of InPost Group for the period of 6 months ended 30 3 une, 2025 (in millions PLN)
Indirect subsidiaries
Menzies Parcel Limited
InPost Response Limited (previously
Menzies Response Limited)
3ones, Va rrell & CO Limited
TAKE ONE MEDIA Limited
3 udge Logistics Limited
Vodel Delivery Network Limited
Drop & Collect Limited
Pa reelpoint Limited
Menzies Distribution Solutions Group
Limited (before: M HOLDCO 2 Limited)
United Kingdom GBP United Kingdom GBP United Kingdom GBP
United Kingdom GBP
United Kingdom GBP United Kingdom GBP United Kingdom GBP United Kingdom GBP
United Kingdom GBP
InPost Distribution Limited (previously Menzies Distribution Limited)
InPost Distribution Limited (previously Menzies Distribution Limited)
InPost Distribution Limited (previously Menzies Distribution Limited)
InPost Response Limited (previously Menzies Response Limited)
InPost UK Limited
3 udge Logistics Limited
Yodel Delivery Network Limited Yodel Delivery Network Limited
Associates
InPost UK Limited
lOO% lOO% lOO%
lOO%
9SSO% lOO% lOO% lOO%
30%
lOO% lOO% lOO%
lOO%
Not applicable Not applicable Not applicable Not applicable
30%
1
The most important events affecting the Group's operations in 2025 and until the approval of the financial statement
Acquisition of 3udge Logistics Limited
On l7 April, 2025 the Group acquired 95.5% of the share capital of 3udge Logistics Limited (hereinafter referred to as the "Yodel"), the sole shareholder of Yodel Delivery Network Limited. The acquisition was executed throug h the conversion of loans granted to Vodel (GBP 106 million in loans converted into 990,004 ordinary shares). Additionally, using a call option, the Group acquired 60,000 ordina ry sha res from existing shareholders of the com pany. This acquisition complements the existing Out of Home delivery services offered in the UK + Ireland (to APMs and PUDO points) with to door courier deliveries offered by Vodel. PayPoint Plc remains a shareholder, retaining a 4.5% sta ke of ordinary shares in Yodel.
Debt refinancing
On 3 Ma rch, 2025, InPost S.A. successfully refinanced its existing facility loans. The total financing increased from PLN 2.75 bn to PLN 4.20 bn. The structure of the debt includes a PLN 2.70 bn Revolving Credit Facility ("RCF"), up from PLN 0.80 bn previously, and a PLN 1.50 bn Term Loan, replacing the previous term loan of PLN 1.95 bn. The financing is for a 5-yea r term with two optional l-yea r extensions for the RCF. The margin depends on Group leverage and is currently l.5% plus a floating interest rate based on WIBOR and SONIA rates.
Strategy and development prospects as well as information on risk factors
Development prospects and the factors influencing it
The Group's development prospects are driven by expanding its pa rcel locker network, enhancing customer experience throug h technology and capitalising on e-commerce prowth in European ma rkets where InPost operates. The key factors influencing prowth include consumer demand for convenient delivery options, strategic partnerships with major e-commerce marketplaces and merchants as well as ongoing innovation in logistics solutions.
Information about the development strategy
The Group is focused on consistently enhancing delivery services for both consumers and merchants while ensuring sustain able, profitable growth. Our poal is to become Europe's leading provider of automated out-of-home delivery, building on our success in Poland and expanding cross-border services. By leveraging technology, data analysis and our experience, we are revolutionising last-mile
e-commerce delivery. We're also strengthening governance and implementinp global financial and ESG standards to adapt to evolving market needs and regulations.
Description of the main threats and risks
The activities carried out by companies from the Group are exposed to the following financial risks:
market risk: it entails such a risk for the com pany where the fair value of a financial instrument or the related future cash flows will chanpe due to changes in market prices. It is further divided into three types of risk: currency risk, interest rate risk and other price risk;
risk of changes in interest rates: it was assumed that it relates to the innpact of changes in the interest rate on the Group's financial liabilities;
currency risk: it was assumed that it concerns onIy unsettled moneta ry items denominated in foreig n currencies, adjusted for currency translation at the end of the accounting period by a lO% change in exchange rates.
credit risk: it was assumed that it is a risk related to a financial instrument when one of the parties fails to meet its obligations towards the other;
liquidity risk: it was assumed that it concerns the company's difficulties in meeting its financial obligations.
We treat risk management as an integ ral part of our long-term value creation. Therefore, in the first half of 2025, we continued to innprove the Risk Management System (ERM). The ERM is connected to the Inteprated Management System of the Group, and the ERM is where all the areas related to risk management at In Post are brought together. This allows us to effectively manape the risks identified in areas that are the most exposed and which hold key significance to In Post's strategic activities, including the continuity of strategic projects, ESG and IT. The Enterprise Risk Management framework is also populated by risks identified throug h the Group's audits and internal controls (which also applies to fraud risks). More information in IAR 2024 (Chapter 4. Corporate Governance Risk Management).
The Group actively seeks to mitigate any potential unfavourable im pact of these risks on the financial results. Risk is managed airectly by the Management Board of the Com pany, analysing the scale of the risk on an ongoing basis and makinp appropriate decisions.
1
Key personnel remuneration
Period of 6 months Period of 6 months
ended on 30-06-2025 ended on 3O-06-2024
Management Board, of which: Short-term employee Benefits Share-loosed compensation
Supervisory Board, of which:
Short-term employee Benefits
Share-loosed compensation
Total key personnel remuneration
512
6S
.7
.
T4 52.6
15.0
9.7
1.s
T5
16.5
Research and development
While our research and development efforts encompass a broaa spectru m, our prima ry focus naturally gravitates towards further development of parcel lockers. InPost proprietary R&D facility is responsible for the desig n of Automated Parcel Machines (APMs).
Currently the main strategic project of Grou p R&D department is creation of new generation of APMs. The main poal of next generation is to create machine that can be used outdoors and indoors, will be easier and faster to deploy - those factors should result in elimination of location sourcing limitations.
Own shares
Share Capital
Series
Face value
Number of shares as at 3o-06-2025
Number of shares as at 31-12-2024
Ordinary shares
Treasury Shares
EU R 0.01 each
SOO,OOO,OOO
500,000,000
SOO,OOO,OOO
500,000,000
Weighted Number of shares Number of shares
Series Average Cost as at 3o-O6-2O25 as at 31-12-2024
of purchase
Treasury shares owned by the Grou p
EU R 12.81 each
SO9,I2Z
2,313,318
509,123
2,313,318
Branches
For the period of 6 months ended 30 3une, 2025, the Group did not have any branches.
Financial instruments
The book value of the financial instruments held reflects the maximum exposure to credit risk. The instruments held are not covered by any collateral that woula innprove the credit conditions. Information on the financial instruments held by the Group and the risks related to them was disclosed in Note 30 to the Interim Condensed Consolidated Financial Statements.
Events after the balance sheet date
InPost Sp. z o.o. - Proceedings Regarding Contractual Penalty Dispute with Allegro Sp. z o.o.
On 24 3uly, InPost sp. z o.o. sent to The Court of Arbitration at the Polish Chamber of Commerce (Warsaw) the submission of the notice of arbitration. Dispute arising out of a claim by InPost sp. z o.o., with its registered office in Krakow, against Alleg ro sp. z o.o., with its registered office in Poznan, for payment of a contractual penalty for breach of the agreement binding the parties. Amount in controversy (at least): PLN 98.7 million. The case was assigned the "SA 55/25" reference number. The arbitration application fee totalled PLN 1.6 million. Expected conclusion of proceedings is in the third or fourth quarter of 2026. The award will be final (no appeal procedure is provided for).
InPost Sp. z o.o. - Proceedings Regarding Alleged Greenwashing
On 25 3uly, InPost sp. z o.o. received notification from the Office of Competition and Consumer Protection ("UOKiK") of proceedings initiated by UOKiK decision No. RBG-47/2O2'5, dated 3uly 23, 2025. The proceedings concern potential violations of consumer collective interests related to InPost's marketing of the ecological characteristics of its Paczkomat% devices and related carbon footprint information. In Post has been maintaining a constructive dialogue with the UOKiK, adjusted communication in line with UOKiK guidelines and made attempts to agree on further steps, including the interpretation of relevant regulations. The Company is currently preparing a substantive response to the proceedings.
The Group takes environmental issues very seriously. In 2025, the first integ rated annual report aligned with the EU's Corporate Sustainability Reporting Directive ("CSRD") was published. The report included an ESG section audited independently by PwC. The com pany strives to operate transparently and responsibly. The management of the proup cannot currently assess the potential financial innpact of these proceedings.
The acquisition of Sending Transporte Urgente y Logfstica
On 9 3uly, 2025, the Group acquired I 00% of sha re capital ana voting rig hts in Sending a family-owned parcel delivery and order fulfillment com pany in Spain. The acquisition aims to strengthen Group logistics capabilities in the Iberian market. The purchase price amom nted to EUR 22.0 m all paia in cash.
3
Latest financial Information available for the Sending Transporte Urpente y Logistica prepared in
accordance with Spanish GAAP is presented below:
Assets (mEUR)
Intang ible assets
Property, plant, and equipment Financial Assets
Trade and other receivables Cash and cash equivalents Total Assets
Liabilities (mEUR) Loans and borrowings
Trade and other liabilities Short term other liabilities Total Liabilities
The acquisition of minority stake in Bloq.it
December 31, 2024
2.2
51
06
17.0
09
25.8
13
103
0.1
11.7
In August, Group acquired a minority stake in Blog.it a com pany specializing in battery-powered APMs - which will help accelerate the scalability of Group network. Group acquired lO% minority stake for EU R II.0 m. Investment will allow deployment of the new APM units which require no infrastructure or solar panels, enabling deployment in previously inaccessible urban locations. The plan includes deploying approximately 2,000 new type lockers by the end of 2025 and 20,000 within the next five years.
Luxembourg, l Septem ber, 2025
Rafał Brzoska
Elektronicznie podpisany przez Rafał Brzoska
Francisco Javier
Elektronicznie podpisany przez Francisco Javier van Engelen Sousa
Michael Brian
Elektronicznie podpisany przez Michael Brian Rouse
Data: 2025.09.01 16:25:43 +02'00'
van Engelen Sousa Data: 2025.09.01 16:26:50 +02'00'
Rouse
Data: 2025.09.01 16:30:47
+02'00'
Rafal Brzoska Francisco 3avier
van Engelen Sousa
Michael Rouse
President /ice President /ice President
of the Management Board of the Management Board of the Management Board
Attachments
- Original document
- Permalink
Disclaimer
InPost SA published this content on September 01, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on September 01, 2025 at 22:09 UTC.
