Inpost S.A.

Audit Report / Information • Mar 31, 2023

DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 Audit report To the Shareholders of InPost S.A. Report on the audit of the annual accounts Our opinion In our opinion, the accompanying annual accounts give a true and fair view of the financial position of InPost S.A. (the “Company”) as at 31 December 2022, and of the results of its operations for the year then ended in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts. Our opinion is consistent with our additional report to the Audit Committee or equivalent. What we have audited The Company’s annual accounts comprise: • the balance sheet as at 31 December 2022; • the profit and loss account for the year then ended; and • the notes to the annual accounts, which include a summary of significant accounting policies. Basis for opinion We conducted our audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 on the audit profession (Law of 23 July 2016) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the “Commission de Surveillance du Secteur Financier” (CSSF). Our responsibilities under the EU Regulation No 537/2014, the Law of 23 July 2016 and ISAs as adopted for Luxembourg by the CSSF are further described in the “Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the annual accounts” section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Company in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Code) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the annual accounts. We have fulfilled our other ethical responsibilities under those ethical requirements. To the best of our knowledge and belief, we declare that we have not provided non-audit services that are prohibited under Article 5(1) of the EU Regulation No 537/2014. DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual accounts of the current period. These matters were addressed in the context of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Key audit matter How our audit addressed the key audit matter Impairment of Investments in shares and loans to affiliated undertakings Refer to Note 2.4 to the annual accounts. Investments in shares and loans to affiliated undertakings (financial fixed assets) amount to 8,392 million EUR or approximately 99.5% of the total assets of the Company at year-end. The most significant investment is the holding of 100% in Integer.pl S.A. (carrying amount of 7,995 million EUR), Integer France SAS (carrying amount of 215 million EUR) and the most significant loans being with Integer.pl S.A. (carrying amount of 175 million EUR, including accrued interests), and Integer France SAS (carrying amount of 318 million EUR, including accrued interests), representing separately 94% and 5.5% and in total 99.5% of the total assets of the Company at year-end. Management performed an annual impairment test to assess whether the recoverable amount of each of those financial assets is at least equal to their respective carrying value. As result an impairment of 316 million EUR was recorded in value adjustments in respect of financial assets and investments held as current assets. The recoverable amount can be determined through different valuation techniques; the most regularly used by Management being the discounted cash flow (DCF) model. This matter was of particular significance to our audit as Management's assessment of the recoverable amount required estimation and judgment, such as future expected cash flows generated by the Our procedures over the impairment of financial fixed assets include, but are not limited to: • Gaining an understanding of the Management's process and controls related to the identification of the impairment indicators and the impairment test of the investments and loans to affiliated undertakings (financial fixed assets); • Assessing the Company's ability to reliably determine the recoverable amount of its financial fixed assets, notably the method for determining the future discounted cash flows; • Assessing key assumptions used by the Management in the impairment tests by reference to the budgets approved by the Board of Directors , data external to the Group, our understanding as well as to the historical data and performance; • Involving valuation specialists to test discount rates and long term growth rate retained by Management; • Verification of the mathematical accuracy of the model; • Evaluating the adequacy of the related disclosure. DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB financial assets, the discounting factor and other key assumptions of the DCF model. Other information The Board of Directors is responsible for the other information. The other information comprises the information stated in the management report and the Corporate Governance Statement but does not include the annual accounts and our audit report thereon. Our opinion on the annual accounts does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the annual accounts, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the annual accounts or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the Board of Directors and those charged with governance for the annual accounts The Board of Directors is responsible for the preparation and fair presentation of the annual accounts in accordance with Luxembourg legal and regulatory requirements relating to the preparation and presentation of the annual accounts, and for such internal control as the Board of Directors determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company’s financial reporting process. The Board of Directors is responsible for presenting and marking up the annual accounts in compliance with the requirements set out in the Delegated Regulation 2019/815 on European Single Electronic Format (“ESEF Regulation”). Responsibilities of the “Réviseur d’entreprises agréé” for the audit of the annual accounts The objectives of our audit are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts. DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB As part of an audit in accordance with the EU Regulation No 537/2014, the Law of 23 July 2016 and with ISAs as adopted for Luxembourg by the CSSF, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control; • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors; • conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our audit report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our audit report. However, future events or conditions may cause the Company to cease to continue as a going concern; • evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate to them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our audit report unless law or regulation precludes public disclosure about the matter. We assess whether the annual accounts have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation. DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB Report on other legal and regulatory requirements The management report is consistent with the annual accounts and has been prepared in accordance with applicable legal requirements. The Corporate Governance Statement is included in the management report. The information required by Article 68ter Paragraph (1) Letters c) and d) of the Law of 19 December 2002 on the commercial and companies register and on the accounting records and annual accounts of undertakings, as amended, is consistent with the annual accounts and has been prepared in accordance with applicable legal requirements. We have been appointed as “Réviseur d’Entreprises Agréé” by the General Meeting of the Shareholders on 19 May 2022 and the duration of our uninterrupted engagement, including previous renewals and reappointments, is 2 years. We have checked the compliance of the annual accounts of the Company as at 31 December 2022 with relevant statutory requirements set out in the ESEF Regulation that are applicable to annual accounts. For the Company it relates to the requirement that: • the annual accounts are prepared in a valid XHTML format; • the XBRL markup of the annual accounts uses the core taxonomy and the common rules on markups specified in the ESEF Regulation. In our opinion, the annual accounts of the Company as at 31 December 2022, identified as Standalone_Financial_Statements_of_InPost_SA.xhtml, have been prepared, in all material respects, in compliance with the requirements laid down in the ESEF Regulation. PricewaterhouseCoopers, Société coopérative Represented by @esig @esig Brieuc Malherbe Luxembourg, 30 March 2023 DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB • • • • • DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB • • • • DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB • • • • • • • • DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB DocuSign Envelope ID: DF943C10-1F0F-42D3-90F1-FA34BC2D84CB Signed by / Podpisano przez: Rafał Brzoska Date / Data: 2023-03-29 21:17 Signed by / Podpisano przez: Adam Aleksandrowicz Date / Data: 2023-03-29 21:19