Inpost S.A. — Annual Report 2025

Mar 18, 2026

InPost Group Integrated Annual Report 2025

InPost Group Integrated Annual Report 2025 Relentless Acceleration

2 InPost Group Integrated Annual Report 2025
INTRODUCTION / CEO’S LETTER

Contents

Management Report
Introduction 4
Glossary 5
CEO’s Letter 7
Chairman’s Letter 9

Highlights
Our Strategy 12
Purpose, Vision, Pillars 13
Strategy pillars 18
Innovations 21
More than just a locker 23
Market trends 28
Future outlook 29
Key markets review 36

Financial Review
Corporate Governance 41
Introduction 42
Management Board 43
Supervisory Board report 51
Audit Committee report 57
Risk management 65
Basis of corporate governance 69
Integrated approach to data security 71
Tax strategy 75
Shareholder information 77
Remuneration report 104

Sustainability Strategy
Sustainability Strategy 105
Sustainability Strategy Pillars 106
Sustainability Statement 115
General disclosures 153
EU Taxonomy 162
Climate change 178
Pollution 180
Resource use and circular economy 185
Own workforce 196
Workers in the value chain 197
Affected communities 199
Consumers and end-users 201
Business conduct 209
Independent Practitioner’s Limited Assurance Report on InPost S.A. Sustainability Statement

Consolidated Financial Statements
Responsibility statement 214
Report on the audit of the consolidated financial statements 220
Consolidated statement of profit or loss and other comprehensive income 221
Consolidated statement of financial position 222
Consolidated statement of cash flows 223
Consolidated statement of changes in equity 224
Disclosures to Consolidated financial statements 231
Disclosures to Consolidated statement of profit or loss and other comprehensive income 246
Disclosures to Consolidated statement of financial position 283
Group’s capital and risks

3 InPost Group Integrated Annual Report 2025
INTRODUCTION / CEO’S LETTER

Special note regarding forward-looking statements

This Integrated Annual Report includes projections, business expectations, trend analyses, and other statements classified as “forward-looking”. Such statements can typically be identified by terms such as “may”, “will”, “could”, “should”, “project”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “potential”, “intend”, “continue”, and variations or synonyms of these words. These forward-looking statements are interspersed throughout the report and encompass anticipated trends, strategies, corporate priorities, goals, industry trends, market trends (including e-commerce growth), financial projections (including volume, profitability, capital expenditure), and the outlook for financial year 2025. Statements under sections like “Risk Management”, “Future Outlook”, and those related to trends, potential innovations, inflation impact, ESG strategy (including sustainability targets, goals and strategies, environmental, diversity and sustainability strategy, ambitions, goals and targets, including circularity goals, targeted greenhouse gas emissions reduction, recycling and refurbishment initiatives, investments and goals), and energy-saving strategies and targets (including statements on targeting zero carbon emissions and indirect emissions from energy use across operations and reducing intensity of all other emissions in the value chain and the goals for timing thereof), cash return and dividend policy, statements with respect to the expected impact of accounting standards and other non-historical statements, are all forward-looking in nature. It’s important to note that these forward-looking statements are not factual records but are based on current predictions, estimates, assumptions, and projections about the business and anticipated financial and non-financial results. Consequently, they should not be overly relied upon as they do not guarantee future performance, and actual outcomes may significantly vary from these projections due to various risks and uncertainties. These forward-looking statements are relevant only as of the date of this Integrated Annual Report. There is no commitment to update or revise the forward-looking statements, whether due to new information, future events, or any other reason. Additionally, actions will continue with respect to circularity and biodiversity resulting from analyses carried out on the impact of operations on these areas. This report also contains data on Scope 1, 2, and 3 emissions. Scope 1 and 2 emissions relate to emissions under operational control from own activities and supplied heat and electricity. Scope 3 emissions relate to indirect emissions from different organisations (suppliers, service providers, customers) and are therefore subject to a range of uncertainties, amongst others due to various methodologies applied. International standards and protocols governing emissions calculations and categorisations evolve, as do accepted norms regarding terminology such as ‘carbon neutral’ and ‘net zero’.

4 InPost Group Integrated Annual Report 2025
INTRODUCTION / CEO’S LETTER

Glossary

Business and operations
APM Automated Parcel Machine
B2C Business-to-customer
C2C Customer-to-customer
ETR Effective tax rate
Heavy user APM user who received 13–39 APM parcels within the last 12 months
ILS InPost Logistics Solution
KPI Key Performance Indicator
L2D Locker-to-door, delivery from an APM to the address
Merchant An entity that has a contract with InPost and has sent at least one parcel via InPost in the last six (6) months
Net leverage The Group monitors capital using a leverage ratio, which is a ratio of Net debt to Adjusted EBITDA for the last twelve months
NPS Net Promoter Score
OOH Out-of-home delivery
OTD On time delivery
PUDO Pick-Up Drop-Off points
SME Small and medium enterprise
Soft user APM user who received 1–12 APM parcels within the last 12 months
Super heavy user APM user who received at least 40 APM parcels within the last 12 months
To-door Delivery to the address
YoY Year-over-year

Alternative Performance Measures used in the Consolidated Financial Statements
For a comprehensive definitions and reconciliations of alternative performance measures with IFRS, please refer to Note 9.1, ‘Alternative Performance Measures’, on Page 231 within the Consolidated Financial Statements.

• Adjusted EBITDA
• Gross Profit less D&A
• Operating EBITDA
• Adjusted EBIT
• Adjusted Profit before Tax
• Adjusted Net Profit
• CAPEX
• Operating EBITDA Margin
• Adjusted EBITDA Margin
• Adjusted EBIT Margin
• Adjusted Net profit Margin
• Free Cash Flow (FCF)
• Net leverage

5 InPost Group Integrated Annual Report 2025
INTRODUCTION / CEO’S LETTER

CEO’s Letter

In the Oxford Dictionary, ‘relentless’ is defined as ‘increasingly intense’, while ‘acceleration’ is described as ‘the capacity to gain speed’. Placing these two words side by side, I believe they provide an accurate characterisation of InPost in 2025: a single-minded and continuous focus on accelerating the development and roll-out of best-in-class, consumer-centric eCommerce solutions that benefit our planet. Last year, as we celebrated 25 years of InPost’s success, I reflected on the considerable changes in the world, the industry, technology, and indeed the company itself since our beginnings in 1999. Yet, I also emphasised what has remained unchanged: our commitment to customer-centricity and sustainability, our constant drive for innovative solutions, our dedication to delivering best-in-class service quality every single day, our care for the planet, and our support for the communities in which we operate. These principles have been, are, and will always be the foundation of this company. In 2025, we have encapsulated this enduring DNA, carried with us since 1999, in our new Ethos Values: Champion the Customer, Dare to Disrupt, Make it Happen, Own it, and Win Together.

Dear Stakeholders,

The year 2025 has once again demonstrated that the world is spinning faster, the industry is becoming more complex, competition is growing fiercer, and technology is advancing at an exponential rate. Therefore, we must be even faster, more determined, and bolder, yet also more focused, ensuring we replicate our proven success stories. This is how we will continue to succeed – to the benefit of all our stakeholders, just as we have once again in 2025.

Relentless acceleration in 2025: new records and new milestones at group level

US elections, trade wars, ongoing conflicts, declining consumer confidence, continued digital disruption, and an industry that is in constant flux. In this context, I am very proud that 2025 has been another year of breaking records and reaching key milestones, yet again proving that our vision remains relevant and that our relentless obsession with customer centricity, innovation and quality remains the foundation of our continued success.

A year of relentless acceleration

In 2025, we delivered 1.4bn parcels, up 25% vs the previous 2024 record, and significantly outpacing an average Courier, Parcel and Express market growth of between ~1% and ~9% in our core markets, and translating into a consolidated market share increase from ~11% to ~13% $\textsuperscript{1}$. Across the Group, we again delivered a successful peak season, handling a record 418 million parcels in Q4 2025, representing a strong 30% year-on-year increase. On the busiest day of the season, the Group processed over 15 million parcels across Europe, setting a new benchmark for operational excellence. We expanded our out-of-home network to 94,500 locations, with lockers representing 65% of these points. In 2025, we deployed a record number of Automated Parcel Machines (APM), adding over 14,200 new machines and closing the year with 61,196 APM locations (+30% YoY). This achievement strengthens InPost’s leading position as the OOH delivery network in Europe, with the highest number of lockers.

$\textsuperscript{1}$ Company early estimates based on the publicly available data as of the date of the report.# 6 InPost Group Integrated Annual Report 2025

INTRODUCTION / CEO’S LETTER

We were aiming at driving consistent improvements in customer satisfaction, with Net Promoter Score (NPS) increasing across all major international markets. Brand awareness grew substantially in Spain, the UK, and Italy, remaining high in France. The Polish mobile app’s loyalty programme expanded to 13.5 million users. Digital adoption accelerated in France and the UK, with millions of app downloads indicating robust engagement. The launch of the InPost mobile app in Iberia improved access to digital services and fostered a unified user experience across the Group’s markets.

On the back of strong volume growth and pricing discipline, revenue also hit a new record of 14.7bn PLN And while we relentlessly accelerated topline, expanded our network and enhanced our logistics and tech capabilities we still set a new record Adjusted EBITDA at 4.1bn PLN, and increase of 0.5bn PLN vs 2024, and Free Cash flow remained positive. In 2025, we also reached important key milestones in expansion of the Group. In the UK, we acquired Yodel, the number 3 logistics player on this market, and in Spain, we acquired Sending. Both acquisitions are expected to further unlock significant synergies and strengthen our position in their respective market.

Poland: the North Star that is shining brighter than ever

Despite the high base set in previous years, Poland continues to thrive on the back on relentless focus on consumer centric innovation and quality. 2025 volume totalled 763 million parcels, up 8% YoY, driven primarily by international marketplaces, reflected in the strong growth of to-door deliveries (+19% YoY). Total number of APMs grew by 11% YoY to more than 28,000 machines, maintaining InPost as the most preferred delivery brand, with 87% of users selecting InPost lockers as their top choice. With revenue increase and strong cost control Poland Adjusted EBITDA Margin increased to 49.0% (200 bps YoY), while Free Cashflows remained stable and amounted to 1.7bn PLN.

InPost in Poland made major investments in logistics infrastructure, including opening new depots, expanding facilities, and implementing AI solutions, to make another step to achieve greater enhanced operational efficiency and resilience. Customer experience and brand recognition set InPost apart from competitors, with industry-leading awareness and NPS, and InPost Parcel Lockers being the most popular delivery method for online shopping. InPost Pay experienced rapid growth, reaching over 4,000 online shops and 10 million users, significantly boosting conversion rates and transaction volumes for merchants. The InPost Mobile app continued to drive customer engagement, achieving 3 million new registrations and maintaining a top rating of 4.9 from users in Poland.

International: relentless acceleration though both organic and selective inorganic growth

The Eurozone delivered 340 million parcels, marking a 17% YoY increase, fuelled by robust B2C sector growth and a significant 54% YoY growth in APM deliveries, reinforcing our leadership in out-of-home solutions. In the UK, volumes reached 262 million parcels, nearly tripling year-on-year, supported by the consolidation of Yodel operations from Q2, driving dynamic growth and strengthening our market position.

Across Eurozone markets, we expanded our OOH footprint to over 43,200 locations, adding 6,867 APMs and closing the year with 19,310 machines. In the UK, InPost ended 2025 with over 19,200 OOH points, including 13,721 lockers, making the Company a clear market leader in locker-based delivery. This network expansion helped optimize utilization, bringing it below 90% and ensuring capacity for continued growth.

Relentlessly contributing to our communities and beyond

Our commitment to the communities where we operate remains unchanged. In Poland, InPost continues to support local communities and remains one of the largest taxpayers, while across other markets, we have been proud to contribute to many initiatives such as the NewstrAid Benevolent Fund in the UK, the InPost x Hospital Sant Pau programme in Spain, and the “Little Hats, Good Deeds” campaign with Petits Frères des Pauvres in France.

In 2025, building on our response to the floods of the previous year, we launched the “Postcards from the Flood” campaign, which shared stories of affected communities - focusing on hope, solidarity, and resilience. As the logistics partner, InPost delivered 600,000 postcards across Poland to connect those in need with people willing to help. We also continued expanding access to life-saving AED devices across Poland, leveraging our nationwide locker network to improve public safety. Our employee volunteering programme, InPost InHelp, further strengthened our local impact, supporting environmental initiatives such as Operation Clean River and mobilising our teams across Poland.

Our social engagement goes beyond supporting communities in need. In Poland, we played an active role in ensuring consumer rights are protected and that their preferred delivery method cannot be changed without their consent. Also, a recent survey amongst 126 representatives of law enforcement agencies from across Poland showed that InPost is perceived as a leader in cooperation with those agencies and serves as a benchmark for the industry. In the same survey, 85% of respondents confirmed that cooperation with InPost clearly contributes to improving national security.

Relentlessly pursuing the success of InPost, all of our people, and all other stakeholders

As in previous years, InPost’s success lies in our relentless obsession with customer centricity, innovation and quality, resulting in unparalleled consumer and merchant adoption. None of this would be possible without the relentless commitment of all of our employees, who, in turn, get access to growth opportunities across the company and across multiple geographies.

As we turn to 2026, my commitment is to continue protecting the entrepreneurial spirit that has made us successful, to continue driving innovations that deliver a more consumer-centric eCommerce, aligned with the objectives of our 2026-2030 Sustainability Strategy, and to protect quality every day, everywhere. Moreover, we will continue accelerating APM expansion in order to maximise first mover advantage. Let me close by thanking our shareholders, employees and customers for their continued support.

Rafał Brzoska
Chief Executive Officer

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INTRODUCTION / CEO’S LETTER

Chairman’s Letter

Relentlessly Accelerating Sustainable Growth for All Stakeholders

As I complete my first full year as Chairman of the Supervisory Board, I look back at 2025 with the same sense of pride and honour that I felt upon my appointment in October 2024. My personal ambition - to build on the strong InPost foundation and employ my experience to ensure InPost continues its successful journey in the years ahead - remains unchanged. With the benefit of 12 more months of insight into the successful InPost business model, I am even more convinced that the Company must accelerate across all markets. This ensures that all stakeholders will benefit from the innovative and consumer-centric eCommerce solutions that InPost is bringing to the market.

Dear Stakeholders,

Our Markets and Operating Environment 2025

The InPost operating environment in 2025 has been characterized by many of the trends that were already visible in 2024. The eCommerce market has become increasingly competitive and experience-driven. End-to-end reliability, hyper- personalization, and instant flexibility require eCommerce players to elevate their capabilities. Economic pressure and shifting consumer spending require companies to sharpen their value propositions, while hybrid shopping demands strong omnichannel orchestration. Furthermore, as Agentic AI goes mainstream, eCommerce companies must rethink their end-to-end value chains.

Looking ahead, eCommerce growth will continue to significantly outpace GDP growth. Within this landscape, Agentic AI is poised to become the primary interface for shopping, while product discovery increasingly shifts to marketplaces and social platforms. Simultaneously, we anticipate an acceleration in regional fulfilment to mitigate costs, alongside a mainstream shift toward hyper- personalization. Unified commerce is set to become the default operating model, with ethical behaviour gaining importance in every consumer decision journey. While these developments will bring new challenges for all industry players, they also create opportunities for companies that rely on a strong foundation of operational excellence, consumer-centricity, trust, and authenticity. As I have experienced over the past 12 months, InPost is a company that will rise to the challenge, as it has done since its founding in 1999.

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INTRODUCTION / CEO’S LETTER

Operational Excellence and Expansion

In 2025, the InPost Group maintained its leadership position as Europe’s premier automated parcel locker network operator. Our strategic focus remains on the accelerated expansion of our out-of-home delivery infrastructure, with particular emphasis on high-growth markets that offer the strongest scaling opportunities. Poland remains our core market and the foundation of our innovation and experimentation, where the founder’s DNA is reflected in continued growth in volume, market share, network size, profit, and cash generation. We have made important acquisitions in both the UK and Spain to ensure access to a wider residential consumer base, allowing us to accelerate their conversion to APMs. Our strengthened presence across European markets enables us to leverage interconnected distribution networks.This creates significant competitive advantages, enabling us to offer merchants unmatched cross-border fulfilment capabilities that few competitors can replicate at scale. Sustainability remains at the heart of the InPost proposition: our automated locker network delivers demonstrable environmental benefits, achieving significantly lower carbon emissions compared to traditional door-to-door delivery services. This aligns with our dual commitment to environmental sustainability and customer satisfaction, as our lockers provide convenient, reliable, and cost-effective delivery solutions.

Governance

In 2025, we continued to strengthen and mature the overall organization. Both the Supervisory Board and the Audit Committee have successfully implemented an 18-month rolling calendar. Throughout the year, the Supervisory Board conducted strategic deep dives across all markets, gaining insights into both opportunities and challenges while engaging with the respective senior leadership teams. Risk Committees have been established in each market, and various full-day Risk Deep Dives allowed the Audit Committee to gain a deeper understanding of both risks and mitigation plans. As we continue to accelerate, talent management remains crucial as we develop more agile organisational structures to address our ever-changing environment. These initiatives position us well to navigate the complexities of the current business environment while continuing to deliver sustainable growth for our stakeholders.

On January 6, InPost announced that it had received an indicative proposal for all shares. As part of the strengthened governance structures within the company, the Supervisory and Management Boards formed a Special Committee of non-conflicted members to carefully evaluate the offer alongside external advisors. Beyond obtaining two fairness opinions, the assessment prioritized the long term value for all stakeholders, considering strategic advantages, deal certainty, financial terms, and operational- and social factors. The Boards concluded unanimously that the offer is in the best interests of the company and all stakeholders and have recommended the offer to our shareholders. We expect the process to conclude in the second half of 2026. Until such time, the Supervisory Board will continue with its strategic and governance roles within the company.

A Heartfelt Thanks to All Employees

In a year characterized by change and challenges, I want to wrap up by acknowledging the exceptional performance of all our employees across the InPost Group. Through your unwavering passion and commitment, you have made 2025 another record year. Ours is a demanding business. Moving over 1.4 billion parcels across 12 months with unwavering attention to consistent quality requires focus and dedication - 52 weeks a year, 7 days a week, 24 hours a day. It takes an exceptional team to achieve this. You, all our employees, have accomplished this remarkable feat - congratulations and thank you!

Hein Pretorius
Chairman, Supervisory Board

9 InPost Group Integrated Annual Report 2025
INTRODUCTION / HIGHLIGHTS

Highlights

Volume and Financials

Metric	Value	Change
Parcel volumes	1,364.8 m	+25% YoY
Revenue	PLN 14,711.2 m	+34% YoY
CAPEX	PLN 1,833.5 m	+31% YoY
Adjusted EBITDA	PLN 4,098.6 m	+12% YoY
margin	28%	YoY
Scope 1 and 2 absolute GHG emission	-56%	vs previous 2021 base year ¹
Target:	-23%

¹ Please see the details about the base year change on Pages 168, 170

Non-financials

Metric	Value	Change
Women in Senior Management	41%	Target: 30%
Turnover of environmentally sustainable activities	PLN 5,930.4 m	+36% YoY
Share of renewable electricity in total electricity consumption	91%	+46 p.p. YoY

10 InPost Group Integrated Annual Report 2025
INTRODUCTION / HIGHLIGHTS

Network size

In 2025, the out-of-home (OOH) network saw continued advancement, with InPost Group expanding to over 94,500 pick-up points throughout Europe, representing a 17% year-on-year increase. This growth included the addition of more than 14,000 additional automated parcel machines (APMs), equating to a 30% rise compared to the previous year. Furthermore, in line with a strategic emphasis on operational efficiency, the number of pick-up and drop-off points (PUDO) was reduced, thereby channelling a greater volume towards lockers, which deliver enhanced cost-effectiveness and operational advantages.

Metric	Count	Change
OOH network	94,536 points	+17% YoY
APM network	61,196	+30% YoY
PUDO points	33,340	-2% YoY

	Number of APMs	Number of PUDO points
Poland	28,165	3,907
Italy	4,797	5,165
Iberia	4,003	9,066
France	10,045	7,878
United Kingdom	13,721	5,491
BeNeLux	465	1,833

11 InPost Group Integrated Annual Report 2025
BUSINESS REVIEW

Our Strategy

12 InPost Group Integrated Annual Report 2025
OUR STRATEGY / PURPOSE, VISION, FLYWHEEL

InPost Group Strategy

Our purpose
To amaze people by using the potential of technology for the good of the planet

Our vision
We aim to harness technology to create positive, sustainable change and contribute to the well-being of our planet making a meaningful difference for current and future generations. We aspire to lead the way across Europe by developing groundbreaking solutions that revolutionise the e-commerce consumer journey to make it more seamless, enjoyable, and efficient. Our long term plan is to increase our footprint in Europe and become the #1 e-commerce solutions provider offering much more than just best-in-class OOH delivery services. At the same time, we are deeply committed to ensuring our innovations contribute to a more sustainable world.

Our pillars

• Scale: We share the benefits of our scalable model with our stakeholders
• Merchants: We are the preferred partner for merchants
• Love brands: We create love brands through best-in-class customer experience
• Network: We operate the most efficient and dense OOH network
• People We empower people to create real impact

Our foundation
Our business is fuelled by a flywheel effect, based on convenience, customer experience, merchant adoption, and economies of scale.

To be the Pan-European Leader in providing pioneering solutions for a more customer-centric and planet-friendly e-commerce experience.
Innovation underpins everything we do

More than just a locker

13 InPost Group Integrated Annual Report 2025
OUR STRATEGY / STRATEGY PILLARS

We focus on building strong brand loyalty through exceptional quality and memorable interactions. We prioritise understanding our customers' needs and exceeding their expectations at every touchpoint. By fostering loyalty and advocacy, we transform our brands into trusted icons that resonate deeply with our customer base.

Overview

• Driving consistent improvements in customer satisfaction, with NPS increasing across all key international markets, including a particularly strong uplift in Spain of 37 pp, from -32 in Q3 2024 to +5 in Q4 2025, illustrating the impact of service and experience enhancements across the network.
• Strengthening brand awareness across key international markets, with prompted awareness increasing in Spain from 55% in Q4 2024 to 69% in Q4 2025, in the UK from 32% to 44%, and in Italy from 75% to 84%, while remaining consistently high in France at 90%.
• Continuously expanding the loyalty programme in the Polish mobile app, reaching 13.5 m enrolled loyalty programme users in 2025.
• Accelerating digital adoption in France and the UK, reaching 8.3m and 4.5 m app downloads respectively, reflecting strong customer engagement and growing reliance on the digital ecosystem.
• Launching the InPost mobile app in Iberia, extending access to core digital functionalities for customers and supporting a more consistent, Group-wide user experience across markets.
• Expanding brand visibility through flagship sports sponsorships, including the Tour de France 2025 and partnerships with Newcastle United and Atlético Madrid, delivering strong pan-European exposure and tangible brand impact.

Planned actions in 2026

• Continuously improving consumer experience, driving satisfaction and NPS, and increasing InPost brand awareness, especially across Western Europe.
• Launching the mobile app in Italy and improving the digital user experience in line with Group standards.
• Expanding network accessibility initiatives, by advancing the NaviWay solution on a wider network, introducing friendly access labelling in APMs, and extending easy access zones.
• Strengthening charity support in 2026, by promoting awareness of bone marrow donation in cooperation with Polish DKMS Charity and enabling donor registration via InPost APMs in Poland.
• Advancing consumer education, through initiatives that build digital, media, and cyber-security competencies among children and youth, as well as programmes such as Climate Academy and the Green Film Festival, promoting climate awareness and responsible consumption.
• Entering the live entertainment space, through a partnership with Warner Music Group’s WMX to deliver a scalable, locker-enabled merchandise solution for the Oasis Live ’25 tour, enhancing fan convenience and expanding the Group’s commercial reach.
• Improving service accessibility, by launching APM user manual courses for senior citizens and testing the NaviWay solution, which supports safe and independent use of InPost APMs by people with impaired vision.
• Launching a pilot sale of eco-designed packaging across selected PUDO points in Paris to improve customer experience by offering environment-friendly, ready- to-use packaging at the point of parcel drop-off, with the results guiding potential future scale-up.

Actions completed in 2025	Planned actions in 2026
Driving consistent improvements in customer satisfaction, with NPS increasing across all key international markets, including a particularly strong uplift in Spain of 37 pp, from -32 in Q3 2024 to +5 in Q4 2025, illustrating the impact of service and experience enhancements across the network.	Continuously improving consumer experience, driving satisfaction and NPS, and increasing InPost brand awareness, especially across Western Europe.
Strengthening brand awareness across key international markets, with prompted awareness increasing in Spain from 55% in Q4 2024 to 69% in Q4 2025, in the UK from 32% to 44%, and in Italy from 75% to 84%, while remaining consistently high in France at 90%.	Launching the mobile app in Italy and improving the digital user experience in line with Group standards.
Continuously expanding the loyalty programme in the Polish mobile app, reaching 13.5 m enrolled loyalty programme users in 2025.	Expanding network accessibility initiatives, by advancing the NaviWay solution on a wider network, introducing friendly access labelling in APMs, and extending easy access zones.
Accelerating digital adoption in France and the UK, reaching 8.3m and 4.5 m app downloads respectively, reflecting strong customer engagement and growing reliance on the digital ecosystem.	Strengthening charity support in 2026, by promoting awareness of bone marrow donation in cooperation with Polish DKMS Charity and enabling donor registration via InPost APMs in Poland.
Launching the InPost mobile app in Iberia, extending access to core digital functionalities for customers and supporting a more consistent, Group-wide user experience across markets.	Advancing consumer education, through initiatives that build digital, media, and cyber-security competencies among children and youth, as well as programmes such as Climate Academy and the Green Film Festival, promoting climate awareness and responsible consumption.
Expanding brand visibility through flagship sports sponsorships, including the Tour de France 2025 and partnerships with Newcastle United and Atlético Madrid, delivering strong pan-European exposure and tangible brand impact.	Entering the live entertainment space, through a partnership with Warner Music Group’s WMX to deliver a scalable, locker-enabled merchandise solution for the Oasis Live ’25 tour, enhancing fan convenience and expanding the Group’s commercial reach.
	Improving service accessibility, by launching APM user manual courses for senior citizens and testing the NaviWay solution, which supports safe and independent use of InPost APMs by people with impaired vision.
	Launching a pilot sale of eco-designed packaging across selected PUDO points in Paris to improve customer experience by offering environment-friendly, ready- to-use packaging at the point of parcel drop-off, with the results guiding potential future scale-up.

We create love brands through best-in-class customer experience

14 InPost Group Integrated Annual Report 2025
OUR STRATEGY / STRATEGY PILLARS

We aim to be the first choice for merchants, both locally and internationally, by integrating them into our network and enhancing their experience.By introducing new products and enhancing and standardising existing solutions, supported by best-in-class SLAs, we strengthen our value proposition in the OOH (out-of-home) market.

Overview

• Expanding the merchant base across Europe, by onboarding leading B2C brands such as ASOS and The Hut Group in the UK, securing 10 of the top 50 e-commerce players in Italy, including the AliExpress tender, and accelerating new B2C merchant acquisition in France across all segments from SME to Large accounts.
• Strengthening partnerships with leading e-commerce platforms in the UK, by signing a strategic agreement with eBay UK to enable Simple Delivery via InPost APMs and OOH points, and securing a meaningful 2Door volume win through a partnership with TikTok Shop, reinforcing exposure to fast-growing social commerce channels.
• Solidifying leadership in the Polish e-commerce segment, while expanding into new products and market segments by launching solutions in previously unaddressed areas such as press delivery, diet box logistics, non-standard parcels, and to-store deliveries.
• Strengthening strategic alliances and international reach, by expanding the InPost International offering to Austria and Hungary in partnership with Austrian Post and introducing new delivery options, including OOH and 2Door courier delivery under the InPost International Courier service.
• Accelerating client acquisition and offer development across key market segments (e.g. segment-specific products, innovations, integration support, etc.), mainly in the strategic B2C segment in the UK and Eurozone
• Strengthening our existing merchant relationships to increase our share of checkout (e.g. checkout positioning, cross-sell, up-sell, etc.)
• Improving our salesforce effectiveness by leveraging consistently across countries our Group best practices and standardizing org designs, key processes, systems, tools and levelling up sales team capabilities by unifying training systems and dedicated upskilling programs
• Leveraging AI to enhance commercial effectiveness, by streamlining internal operations and reporting, supporting sales teams, improving new client acquisition, and enabling deeper analysis of client development needs
• Expanding merchant-focused 3PL partnerships in Southern Europe, by strengthening the third-party logistics (3PL) network in Italy and Spain through new collaborations that extend warehousing, fulfilment, and delivery capabilities.
• Driving sales innovation through AI, by deploying advanced tools across markets, including AI-driven sales support in France with up to a seven-fold reduction in lead acquisition costs, and a generative AI lead-qualification model in Iberia that shortened the lead-to-meeting cycle fivefold.
• Launching a dedicated Returns Boost programme in Iberia focused on customer experience and operational quality, driving a 2.5x year-on-year increase in returns volumes.
• Transferring proven commercial practices from Poland to other markets, by aligning merchants’ hunting and farming processes with the Polish standard.

Actions completed in 2025	Planned actions in 2026
	We are the preferred partner for merchants

Merchants: 15 InPost Group Integrated Annual Report 2025 OUR STRATEGY / STRATEGY PILLARS

We are expanding our out- of-home (OOH) network to enhance its efficiency and increase its usage by merchants and customers alike. By strategically positioning our network, we ensure maximum reach, timely, and reliable service. Leveraging advanced technology and data analytics, we optimise our operations to meet the diverse needs of our clients and replicate our success across selected European markets. This approach enables us to provide unparalleled value, ensuring goods reach their destinations promptly and effectively, with conveniently located APM or PUDO points in local neighbourhoods.

Overview

• Expanding the APM network across all markets, adding ~14,000 new machines to reach a total of over 60,000 units globally.
• Increasing the total number of compartments from 5.5 m to 6.7 m, by adding new locations and upgrading existing modular APMs to ensure optimal capacity.
• Continuously improving OOH network efficiency and availability by increasing APM coverage and optimising the PUDO footprint, with the strongest year-on-year growth in seven-minute walk radius population APM coverage recorded in Spain (+10 pp to 29%, resulting in 49% total OOH coverage) and the UK (+9 pp to 42%, resulting in 52% total OOH coverage).
• Securing a commercial agreement with Bloq.it, a battery-powered locker technology provider, and deploying ~1,000 such APMs in the UK, enabling access to high-value locations without traditional power infrastructure and supporting network expansion in previously unavailable sites.
• Further expanding the APM network across markets by deploying at least 20,000 additional machines, enhancing last-mile capacity and bringing the total network size to over 80,000 units.
• Increasing the number of compartments to between 7.5m and 8.0m by deploying new machines in additional locations and upgrading existing APMs with modular extensions, addressing the limited capacity available within the PUDO network.
• Capitalising on the investment in Bloq.it by enabling the widespread deployment of battery-powered lockers, unlocking new locations and supporting higher network density.
• Further expanding AI-driven network planning and optimisation capabilities, by rolling out the solution to France and the UK from Q1 2026 and extending its capabilities to incorporate cannibalisation effects, dynamic capacity management, and APM relocations, enabling continuous optimisation of network scale and efficiency.
• Increasing the share of APMs within OOH deliveries across markets, with ~50% of OOH parcels in the BeFraLux region delivered to APMs in H2 2025.
• Rolling out the AI-driven network planning tool to Iberia, Italy, and the Netherlands, building on a solution already live in Poland, based on a geospatial regression model that supports selecting optimal APM locations and layouts optimising footprint and cost efficiency.

Actions completed in 2025	Planned actions in 2026
	We operate the densest and most efficient OOH network

Network: 16 InPost Group Integrated Annual Report 2025

• Establishing 2Door delivery capabilities in the UK, through the acquisition of Yodel and the creation of One Network by integrating the logistics networks of InPost, Menzies Distribution, and Yodel, enabling a fully integrated out-of-home and home delivery offering at scale.
• Expanding the service portfolio in Iberia, through the acquisition and integration of Sending, adding 2Door and fulfilment capabilities to create a one-stop-shop solution for merchants and enable the conversion of 2Door volumes to out-of- home (OOH).
• Completing the full-service delivery suite in Italy, extending the offering to include 2Door deliveries alongside OOH solutions and strengthening the Group’s end-to-end market proposition.
• Opening new strategic logistics hubs, with the launch of the Lutterworth Hub in the UK, a 24,000 m² facility with 131 docking spaces connecting all UK depots, and the San Fernando Hub near Madrid, equipped with two fully automatic sorters, strengthening delivery speed, quality, and scalable growth from Peak 2025 onwards.
• Implementing the InPost Logistics Solution (ILS) system for first- and last- mile operations in Iberia and France, as a Group-standardised platform that enables consistent application of InPost standards, long term scaling, and the rollout of innovative solutions from other markets.
• Opening of the Lyon Hub with 131 docks and a fit-for-purpose loop sorter, optimised for both domestic and cross- border upscaling needs, and covering several key routes, including the corridor between Italy and Spain.
• Opening 12 new depots in Iberia, all implemented uniformly in line with InPost standards, elevating delivery service quality across the region and ensuring readiness for high-scale demand.
• Bringing Multiparcel to the UK and Iberia, responding to advanced consumer demand and heavily loaded APMs by implementing a highly effective solution that places all parcels for the same user in one compartment, proven to be a game- changer in Poland.
• Expanding AI coverage across all process stages, scaling existing solutions internationally and extending traditional and generative AI to deliver comprehensive optimisation of operational processes, ranging from courier routing to optical recognition of damaged parcel labels and contents.
• Completing the design and go-live of a new end-to-end commercial and billing platform, replacing legacy systems to enable scalable sales of logistics services, improve data and pricing quality, enhance commercial efficiency, and ensure compliance.
• Advancing the D+1 Boost Programme, delivering significant progress towards reliable D+1 delivery across a wider territory in Italy, Iberia, and the UK through route and cut-off time optimisation, streamlined pre-sorting, and improved shift management.
• Deploying AI-powered solutions to support logistics operations through on-site meeting translation, automated intervention handling, and process-based knowledge access chatbot, improving operational efficiency with scalability planned into 2026.
• Implementing SAP S/4HANA in Poland and rolling out to Italy, based on a unified Group Template that standardises and automates processes, ensuring regulatory compliance and operational efficiency.

Actions completed in 2025	Planned actions in 2026
	We share the benefits of our scalable model with our stakeholders

Scale: OUR STRATEGY / STRATEGY PILLARS

We operate with continuous improvement principles at the core, maintaining efficient and effective logistics operations. By leveraging advanced technology and data-driven insights, we consistently provide high-quality parcel delivery services across our value chain.This scalable approach enhances service reliability for merchants and customers while aiming to create space for sharing the benefits of our model with merchants, consumers, employees, and shareholders. Through strategic partnerships and innovations, we strive to replicate our success in new markets, delivering value to all key stakeholders.

Overview

17 InPost Group Integrated Annual Report 2025 OUR STRATEGY / STRATEGY PILLARS

The InPost team operates under the guiding principle of ‚One company – Many experiences’. We leverage the diverse skills and backgrounds within our team to benefit consumers and merchants. We foster a culture that encourages innovation, entrepreneurship, and change, all of which are grounded in a clear, shared vision that inspires creativity. We place a strong emphasis on synergy, offering stimulating opportunities to work on international projects. Our commitment to employee growth is evident in our efforts to bolster loyalty through nurturing professional development and satisfaction. We achieve this by implementing leadership and wellness programmes, ensuring our employees feel valued and fulfilled in their roles.

Overview

Establishing the Group People & Culture function and Target Operating Model, including dedicated People Business Partnering, ensuring alignment with the business strategy and improving efficiency in managing talent and key initiatives across the Group.

Building post-M&A integration and transformation capabilities, standardising the Group integration approach and delivering the integrations of Yodel and Menzies in the UK&I region and Sending in Spain.

Expanding the Operations Academy from Poland to the Group, scaling structured capability building and operational excellence programmes internationally.

Delivering the „SheDelivers” Programme pilot in Poland, contributing to an increase in female senior leadership representation from 37% in 2024 to 41% in 2025, with further roll-out planned at Group level.

Achieving measurable improvements in employee engagement, with Poland maintaining its engagement score from 2024 and other countries increasing year-on- year across multiple markets and functions, including BeFraLux (+5 pp, Mondial Relay), Iberia (+8 pp), UK&I (+4 pp, including Menzies), and Group Technology (+19 pp).

Refreshing the Group Talent Review through the People Out of The Box approach, strengthening talent identification and development.

Kicking off a Group-wide HRIS system implementation, laying the foundation for standardised people data, processes, and reporting across markets.

Actions completed in 2025	Planned actions in 2026

We empower people to create real impact

People Experience & Engagement [ESRS S1 S1-4]

We create a workplace where employees feel engaged, recognized, and heard. Our culture and values are designed to support business growth as well as engagement, wellbeing, diversity, and inclusion of our people.
* Attract Top Talent
* Retention of Existing Talent
* Mobility Based on the Existing Talent Pool

Driving Efficiency

We aim to constantly improving organizational effectiveness: From AI-enabled systems to improved company Intranet. Our employer brand attracts top talent, while our culture and development opportunities help us retain them. We also ensure a solid succession plan to safeguard the company’s future
* Strong Group Integration
* Focus on Global Efficiency and Productivity
* Advanced Tool Implementation and AI Solutions Augmentation
* Common Talent Pool

InPost Group Standard

We’re building One InPost Group focusing on elements that make it stronger: a coherent organizational culture and a Group Target Operating Model. Our goal is to ensure a future-proof business with People Standards ready for upcoming opportunities and challenges.
* High Performing Culture Framework
* Reward Systems Supporting and Rewarding High Performance
* Clear Universal InPost Values and Behaviours
* Single Internal Platform – One InPost
* Standardized People Processes

18 InPost Group Integrated Annual Report 2025 OUR STRATEGY / INNOVATIONS

Innovation is Our DNA and the Foundation of Everything We Do

I. AI-Driven Safety and Efficiency at Logistics Sites

At the core of our organisation lies an unwavering commitment to innovation. It is not merely a goal; it is intrinsic to our identity and underpins every decision we make. Innovation shapes our products, services, and processes, enabling us to consistently create substantial value for our customers and contribute positively to society. Below are selected examples of innovations introduced at InPost in 2025.

InPost continues to deploy AI- powered solutions across logistics sites to improve operational safety, efficiency, and process consistency. In Poland, AI-based video analytics have been implemented to enhance safety monitoring and incident response by automatically analysing CCTV footage and detecting potentially dangerous events in real time. The solution replaces manual review of extensive video recordings by identifying incidents with precise timestamps, supported by automated alerts and structured reports that enable faster intervention and stronger accountability. In parallel, an AI assistant for unidentified parcels is being integrated with the InPost Logistics Solution (ILS) to streamline parcel identification processes at logistics sites. The tool combines tailored internal systems with proven external technologies (similar to Google Lens), enabling photos to be captured and stored directly in internal image galleries while automatically generating accurate parcel descriptions. This removes manual transfers and reduces process variability, significantly improving operational efficiency.

19 InPost Group Integrated Annual Report 2025 OUR STRATEGY / INNOVATIONS

II. Deployment Agility and Off-Grid Readiness

A set of integrated hardware, power-management, and connectivity innovations designed to remove infrastructure constraints and accelerate the deployment of APMs in locations without reliable access to fixed power or network connectivity. The solution combines upgraded energy-efficient APM components, multi-source power management, buffered power supply alternatives, and enhanced connectivity options to increase operational independence and resilience. Together, these innovations enable us to expand the APM network into high-value, non- standard environments that were previously unavailable, supporting scalable growth and faster roll-out.

• Faster deployment of APMs by reducing dependency on fixed power and connectivity infrastructure.
• Extended operating time and improved reliability of battery-powered, off-grid APMs through reduced energy consumption and intelligent power management.
• Improved communication stability for outdoor APMs, supporting consistent performance in challenging deployment conditions.

What do we gain?

Those new solutions complete large portfolio o AI tools built using machine learning methods. We believe that combining both maximize the value delivered.

• Increased operational safety and compliance at logistics sites through real-time incident detection, automated alerts, standardised reporting, and improved workforce communication across multiple languages.
• Faster, more consistent handling of unidentified parcels, supported by reduced task time, improved identification accuracy, and lower process variability.
• Quicker, better-informed operational decisions for depot managers, enabled by conversational access to real-time insights without reliance on dashboards or manual coordination.
• Scalable AI capabilities that can be extended to additional business units and markets, supporting process efficiency, service quality, and customer experience.
• Higher delivery velocity in digital products and tools, supported by AI-assisted coding and product workflows that accelerate prototyping and iteration.
• Reduced administrative workload in back-office operations, driven by RPA and agentic solutions (including internal tools) that streamline verification and closure activities and redirect capacity to higher-value tasks.

Beyond solutions deployed directly at logistics sites, InPost is accelerating delivery of new digital capabilities through AI- assisted software development and AI-enabled product management practices. Technologies such as Codex, Cursor, and Claude Code support faster prototyping, bug fixing, and feature delivery - helping the organisation move quickly in a highly competitive engineering market and in a business environment where operational needs evolve rapidly. At the same time, InPost is advancing automation across back-office processes using a combination of classical RPA, RPA enhanced with AI, and fully agentic AI solutions. These automations leverage vendor frameworks (e.g., Microsoft, UiPath, Google) alongside internally developed tools. An example of InPost’s in-house agentic approach is the Interventional Agent, which operates independently to verify and close interventions, reducing administrative workload and saving time for Depot Administration teams. To further strengthen operational decision-making, InPost built a new conversational analytics tool for depot managers providing a real-time data insights in a natural-language format. Depot managers can ask questions about current operational conditions and receive immediate, actionable answers - reducing the need to search through dashboards, call colleagues, or manually compile updates. This “in-pocket” AI assistant is part of the Talk2Data portfolio, designed to deliver business answers and insights directly from company data. InPost is also addressing the communication needs of a diverse workforce at depot locations, where teams often include employees of different origins and nationalities.To improve on-site coordination and safety, the Group has developed an internal speech-to-text translation solution that can translate spoken communication into multiple languages and display the output on large depot screens. This supports clearer instructions, faster alignment, and safer execution of critical tasks.

20 InPost Group Integrated Annual Report 2025

OUR STRATEGY / INNOVATIONS

V. Digital courier appreciation feature (“virtual coffee”)

A pilot digital feature launched in the Polish app to enable consumers to directly recognise and appreciate the work of our couriers through voluntary tips. Introduced on September 29, on Courier and Carrier Day, the solution was developed in collaboration with the BuyCoffee platform and allows users to reward couriers with a symbolic “virtual coffee” after rating a delivery positively. The feature is seamlessly embedded into the post-delivery experience and is available for all delivery methods, including couriers, APMs, and partner points. Donations are processed directly via BuyCoffee, ensuring that funds are transferred to the specific courier associated with a given parcel.

• Direct recognition and appreciation of couriers’ daily work, supporting motivation and job satisfaction, and reinforcing a culture of respect and appreciation for frontline roles.
• Positive feedback loop that highlights high-quality delivery, encourages pride in service standards, and improves the customer experience by giving users a simple way to express gratitude and acknowledge good service.

What do we gain?

IV. InPost mobile app integration with Apple CarPlay

An extension of our mobile app that enables drivers to access key parcel-related functionalities directly via Apple CarPlay, supporting safer and more convenient interactions while on the move. Apple CarPlay allows iPhone users to operate selected mobile applications through the vehicle’s display, reducing distraction and improving road safety. By integrating our mobile app into the Apple CarPlay ecosystem, the Group enhances the end-to-end user experience and adapts its services to real-life mobility patterns. Through the in-car interface, users can view parcels ready for collection, launch navigation to the selected pick-up point (InPost APM or partner point), and remotely open a locker or multi-locker, enabling parcel collection during daily commutes or errands. The solution also facilitates shared parcel collection, allowing one passenger to collect a parcel while the driver opens the locker from the car screen.

• Improved user convenience and safety by enabling hands-free access to key parcel functionalities via the vehicle’s display.
• A scalable innovation that strengthens the InPost omnichannel digital ecosystem and increases engagement with our mobile app.
• Strong early adoption, with 5,500 mobile app users accessing the app through Apple CarPlay and 16,000 locker openings initiated via CarPlay within one week of launch.

What do we gain?

III. Sudden cardiac arrest and other health emergency response programme

An innovative programme that integrates life-saving emergency support directly into the InPost APM network. The initiative directly addresses the reality that in Poland more than 40,000 cases of sudden cardiac arrest occur each year, most often in homes and public spaces where rapid access to specialised help is limited (European Resuscitation Council (ERC) Guidelines, 2021). The initiative provides 24/7 access to AED defibrillators and first-aid kits at selected APM locations and is supported by a digital, community- driven funding model that allows InPost app-based InCoin loyalty points to be converted into real public safety infrastructure. The programme was initially deployed at our Polish offices in Kraków and Warsaw to validate the solution and build awareness before wider roll-out. Within four months of launch, the community funded 54 additional AED units through the app-based loyalty points mechanism (with the goal of reaching 100 in total), demonstrating strong engagement and tangible social impact.

• Tangible improvement in public and community safety by expanding access to AED defibrillators and first-aid equipment in publicly accessible locations. While the average out-of-hospital sudden cardiac arrest survival rate in Europe remains at approximately 8% (ERC, 2021), rapid use of an AED device can increase survival chances to as much as 70% (ERC Guidelines, 2015).
• Boost of public awareness of correct cardiac arrest response and the use of an AED device, addressing the fact that 72% of people in Poland are not aware of what an AED defibrillator is (Lovebrand report by Kantar, commissioned by InPost, Warsaw, February 2025).
• Increased activation of new users within the loyalty programme, as InCoin points are linked to a clear and socially meaningful purpose, driving higher app usage.
• Reduction of unused loyalty points overhang, improving the effectiveness and perceived value of the InCoin ecosystem.

What do we gain?

21 InPost Group Integrated Annual Report 2025

OUR STRATEGY / MORE THAN JUST A LOCKER

More than just a locker

Our success is primarily driven by the “FLYWHEEL EFFECT”: a self- reinforcing growth mechanism that underpins the Group’s strategy and continues to power its expansion across Europe. Each element of the flywheel strengthens the next, creating a virtuous cycle that compounds scale, efficiency, and value creation over time.

The flywheel is set in motion through the continuous development of a dense, reliable OOH delivery network, anchored by APMs. Expanding network density increases convenience, shortens access times, and drives higher usage, which in turn fuels demand for further network expansion. InPost operates Europe’s largest APM network, comprising over 60,000 InPost APMs, with the number of APMs outside Poland growing by more than 50% in 2025. Accessibility continues to improve across markets, with ~65% of the population in Poland, ~50% in the UK and Iberia, ~40% in Italy, and ~35% in France living within a 7-minute walk of an InPost APM or PUDO point, with coverage consistently increasing, particularly for APMs.

22 InPost Group Integrated Annual Report 2025

1. Greater convenience	2. Improved customer experience	3. Wider merchant adoption	4. Scale economies

Greater convenience

Growing consumer usage strengthens our position as a preferred delivery partner for merchants across Europe. As InPost becomes the default delivery choice for a rising share of shoppers, merchants benefit from higher conversion rates at checkout, stronger consumer engagement, and lower failure rates. This supports long term partnerships, facilitates the acquisition of new merchants in attractive segments, and increases InPost’s share of checkout across categories. Our 24/7 APMs, combined with customer-controlled pick-up times and consistent service quality across Europe, provide a frictionless solution for merchants across both outbound delivery and label-less returns. This model reduces operational complexity while improving the end-to-end e-commerce journey for customers, strengthening InPost’s position as a preferred, scalable, full-service logistics partner for merchants across Europe.

Wider merchant adoption

Rising merchant adoption and thus parcel volumes enable us to boost our logistics capacity. We operate one of the most efficient and scalable European logistics networks, which supports our long term growth ambitions. Increasing scale allows continued investment in infrastructure, automation, and technology, including the 2025 addition of three logistics hubs in the UK following the acquisition of Menzies and Yodel, as well as the development of a new state-of-the-art fully automated hub in San Fernando, Spain.

Scale economies

These capacity investments strengthen network resilience and throughput while supporting competitive pricing and industry- leading margins. Operating under a continuous improvement mindset and applying best-in-class quality standards across the entire value chain, we equip courier partners with the right tools and incentive structures to deliver reliable, high- quality service. This reinforces convenience and service quality for consumers and merchants alike, closing the flywheel and supporting sustainable value creation and attractive returns for investors.

Enablers: Data, Technology and Sustainability

A strong and reliable physical network underpins a smooth, customer- centric experience and remains central to our strategy. The focus is placed on simplicity, reliability, and customer control over delivery and pick-up, reducing friction at every touchpoint and encouraging intuitive, repeat use of out-of-home solutions. This experience is further enhanced by the InPost mobile app, which provides customers with a seamless digital interface to manage deliveries and returns and is available across Poland, the UK, France, and Iberia, with a launch in Italy expected in 2026. Continuous service simplification and the roll-out of innovative, consumer-facing solutions further strengthen consistency and ease of use across markets. As a result, we achieve leading consumer satisfaction levels across key European markets. InPost records the highest trialist NPS among parcel carriers in Poland and Italy, while consistently ranking among the top three operators across other markets.

Improved customer experience

As consumer familiarity with the service increases, satisfaction continues to improve over time, translating into stronger consumer advocacy and loyalty, higher repeat usage, and the conversion of occasional users into regular users. Data, technology, and sustainability underpin every stage of InPost’s flywheel.Our technology capabilities, supported by ~1,000 technology employees, combine advanced analytics with AI-driven process optimisation across network planning, routing, and utilisation, supporting efficient growth across diverse European markets. At the same time, sustainability remains a priority. By promoting OOH delivery, we aim to support the reduction of selected environmental impacts related to e-commerce and logistics. Our ambition is reflected in the objectives of our 2026–2030 Sustainability Strategy, which is being published alongside this annual integrated report.

23 InPost Group Integrated Annual Report 2025

OUR STRATEGY / MARKET TRENDS

Market trends

I. Rise of online shopping

The European e-commerce market continues to expand, underpinned by rising digital adoption, improved payment and mobile technologies, and broader merchant investment in online channels. Higher smartphone penetration, faster connectivity, and intuitive shopping apps have made online purchasing more accessible, while enhanced delivery standards further strengthen consumer preference for digital shopping. These factors have driven sustained growth across traditional categories (such as Fashion and Electronics) and emerging verticals (including Health and Grocery), increasing small-parcel volumes and heightening the need for responsive last-mile operations.

As e-commerce matures, high return rates have become its structural feature. However, some retailers are now refining returns to balance operational efficiency with consumer expectations. In parallel, consumer-to-consumer (C2C) activity is expanding rapidly, supported by growing interest in resale, reuse, and the wider circular economy. Re-commerce platforms such as Vinted, eBay, and OLX continue to attract strong engagement, particularly among younger demographics. This decentralised segment reinforces the need for localised, adaptable logistics infrastructure, fuelling the growth of OOH.

With the rise of social media popularity, social commerce is also rising, with peer-driven and influencer-led sales channels reshaping how consumers discover and purchase products. Together, these trends illustrate a more diverse and interconnected online shopping ecosystem, underlining the importance of delivery and return solutions aligned with evolving consumer behaviours.

24 InPost Group Integrated Annual Report 2025

OUR STRATEGY / MARKET TRENDS

II. Growing consumer service quality expectations

Consumers increasingly expect delivery services that combine dependable performance with seamless convenience in parcel access. They look for solutions that integrate smoothly into their daily routines, enabling them to collect or return items at moments and locations that suit them. Flexibility has become a defining element of high-quality delivery, with customers valuing the autonomy to decide how, when, and where they interact with their parcels. Transparency also plays a central role. Unified tracking, real-time notifications, and clear status updates allow customers to remain informed throughout the delivery journey with minimal effort.

At the same time, demand for straightforward return processes continues to rise, with simple digital initiation, no-label solutions, and accessible drop-off locations becoming essential components of a positive post-purchase experience. For merchants, meeting these elevated expectations requires deeper integration with logistics partners. Fast-growing e-commerce brands increasingly depend on robust APIs, delivery orchestration platforms, and automated fulfilment systems to ensure consistent service levels and seamless interactions for consumers. As competition intensifies, high- quality delivery is emerging as a critical driver of customer satisfaction, loyalty, and long term brand strength.

III. Shift to OOH

According to industry analyses and market observations, including Out-of-Home Delivery Europe (June 2025) by Last Mile Experts, out- of-home (OOH) deliveries across Europe are undergoing a structural shift, moving beyond a purely supplementary role and becoming an increasingly established element of last-mile delivery. Rising demand for convenience, secure parcel access, and greater user autonomy is accelerating the adoption of parcel lockers and Pick-Up Drop-Off (PUDO) locations.

Retailers and logistics providers are actively reinforcing this shift. Industry analyses indicate that OOH delivery models reduce failed delivery attempts and enable parcel consolidation, improving route efficiency and contributing to lower last-mile costs. In line with assessments cited by Last Mile Experts (Out-of-Home Delivery Europe, June 2025), these delivery models are also positioned as supportive of sustainability objectives, as higher consolidation levels can lead to lower emissions per parcel. As locker networks expand and consumer expectations evolve, OOH delivery is increasingly positioned as a reliable and scalable alternative to home delivery. This transformation is reshaping the European last-mile landscape and reinforcing OOH channels as a core component of modern e-commerce logistics.

IV. Expansion of cross-border flows

Cross-border parcel flows in Europe continue to grow as consumers seek access to global marketplaces for broader product choice and competitive pricing. International platforms continue to support this trend through extensive assortments and competitive delivery propositions. In addition, the increasing use of regional European warehousing to support cross-border sales is contributing to shorter delivery times and more complex parcel injection patterns, resulting in variable and fragmented demand for delivery providers to absorb.

Regulatory developments are further shaping the evolution of cross-border e-commerce. At EU level, the European Commission and Member States are advancing the VAT in the Digital Age programme, which will require businesses and online marketplaces to adopt more standardised digital reporting for cross-border transactions. In parallel, national tax and customs authorities are deploying interoperable IT systems to improve visibility and control of cross-border flows. Parcel carriers are required to integrate with these systems, provide accurate electronic shipment data, and adapt operational processes to an increasingly digital customs and VAT environment.

Together, these commercial and regulatory dynamics reinforce the need for scalable, cost-efficient last-mile infrastructure that can accommodate volatile cross-border volumes. As cross-border flows increasingly combine direct imports with regionally warehoused inventory, delivery providers are adapting their networks to support higher throughput, enhanced data visibility, and consistent service performance across borders.

25 InPost Group Integrated Annual Report 2025

OUR STRATEGY / MARKET TRENDS

V. Increasing role of technology and AI

Technology and AI are becoming central to the evolution of parcel logistics, driven by rising service expectations and the operational complexity of high-volume delivery networks. Digitalisation and automation are critical to achieving scale efficiencies. AI-driven route optimisation, automated sortation, and real-time visibility tools are essential components of modern logistics infrastructure. These technologies support consistent service levels while helping to contain operating costs and manage unexpected events as parcel volumes grow and delivery networks become more dispersed and dynamic.

At the same time, predictive capabilities are transforming how parcel carriers plan and manage their operations. Machine learning and advanced analytics are enabling a shift from reactive to anticipatory logistics, allowing carriers to forecast demand patterns, balance network loads, and optimise asset allocation. Accurate forecasting improves resilience by helping operators prepare for labour constraints, weather disruptions, and event-driven volume spikes. It also supports informed decisions on pricing, capacity planning, and network design, strengthening both operational performance and commercial outcomes. Together, these developments signal a broader transition towards intelligent, data-led logistics.

VI. Urbanisation and regulation reshaping city logistics

According to Eurostat projections, the share of Europe’s population living in cities, towns and suburbs is expected to rise to just over 80% by 2050 $^1$. This concentration of people and economic activity intensifies pressure on logistics operations in dense urban areas, where congestion, limited kerbside access, and competing land-use priorities already constrain traditional delivery models. At the same time, municipalities are introducing Low and Zero Emission Zones, alongside stricter vehicle and access regulations, which progressively limit the use of conventional fleets in city centres.

To remain compliant and efficient, delivery networks are evolving towards electrification, decentralisation, and higher drop density. Carriers are deploying electric vans and other zero-emission vehicles to preserve access to regulated zones, while reconfiguring

$^1$ \text{Eurostat} (2025), \text{Sustainable development in the European Union: Monitoring report on progress towards the SDGs in an EU context – 2025 edition, European Commission, Luxembourg}

their networks around urban micro- hubs. These smaller, strategically located facilities act as transfer points where goods arriving from larger vehicles are consolidated and handed over to lighter, low-emission modes for the final leg. From these micro-hubs, operators increasingly rely on cargo bikes, e-cargo bikes, and other compact electric vehicles that can navigate congested streets, access restricted areas, and perform frequent stops with limited environmental impact. Out-of-home solutions, such as parcel lockers and Pick-Up Drop-Off (PUDO) locations, further increase drop density by aggregating multiple deliveries into a single site.As these models scale, city logistics is gradually shifting away from fragmented door-to-door rounds towards more consolidated, low-emission delivery networks aligned with urban planning and sustainability objectives.

VII. Sustainability agenda

According to market studies, sustainability is increasingly a core expectation for both consumers and merchants$^1$. Industry surveys indicate that a clear majority of European online shoppers prefer lower-carbon delivery options when these are clearly presented, particularly where cost and delivery time remain acceptable. In parallel, corporate customers are embedding environmental criteria into procurement and supplier selection, requiring logistics partners to demonstrate credible decarbonisation pathways, minimise packaging waste, and provide robust emissions data for their own reporting. These expectations are reinforced by the evolving EU regulatory framework, including the European Green Deal, the Fit for 55 legislative package, the Corporate Sustainability Reporting Directive, EmpCo Directive, and the proposed 1$^1$ Deloitte (2023), Consumer Sustainability Report, Deloitte Insights; McKinsey & Company (2021), How companies capture the value of sustainability, McKinsey Global Survey Packaging and Packaging Waste Regulation. Together, these measures are tightening requirements on emissions reduction, transparency, and packaging circularity across value chains, including transport and logistics.

According to industry analyses, parcel carriers across Europe are responding to rising sustainability expectations by investing in electrified vehicle fleets, increasing drop density through out-of-home (OOH) delivery solutions, optimising network design, and deploying carbon-accounting tools that allow merchants to track delivery-related emissions. Operators are also increasingly experimenting with packaging-light and no-package return solutions in order to reduce waste. As a result, sustainability is increasingly described in industry and policy analyses as having shifted from a marketing differentiator to a core selection criterion in logistics tenders, with growing influence on network investment decisions and long term commercial relationships in the European e-commerce market.

26 InPost Group Integrated Annual Report 2025 OUR STRATEGY / MARKET TRENDS

VIII. Emergence of new business models

The expansion of omnichannel strategies is reshaping parcel logistics across Europe, as retailers increasingly integrate physical store networks into e-commerce fulfilment. This shift is driving demand for faster, more flexible delivery models and more decentralised parcel flows. The growth of quick commerce has further raised service expectations, prompting parcel carriers to develop same-day and express capabilities through micro-fulfilment solutions, targeted acquisitions, and partnerships that enable rapid, localised delivery. At the same time, click & collect and ship-from-store fulfilment models require parcel carriers to manage more fragmented first-mile operations, support in-store dispatch processes, and efficiently handle increased volumes of returns.

In parallel, food delivery platforms are increasingly extending their capabilities beyond meals into rapid delivery of non-food categories, including convenience goods, health and beauty, and selected retail items. Players such as Deliveroo and Wolt leverage dense courier networks, real-time dispatch technology, and high customer engagement to offer ultra-fast delivery within urban areas. This development represents a potential source of competitive pressure for parcel carriers in specific, time-critical use cases, while also creating partnership opportunities where ultra-fast local delivery can be combined with the scale, geographic reach, and reverse logistics capabilities of established parcel networks.

Parcel carriers are responding by investing in deeper merchant API integration, high-density drop networks, and retail-aligned out-of-home and pickup infrastructure. As omnichannel fulfilment becomes standard, parcel carriers are increasingly positioned as end-to-end logistics partners, enabling retailers to balance speed, reach, and cost efficiency across multiple delivery models while managing operational complexity at scale.

IX. Persistent labour shortages

Labour-market conditions in Europe remain structurally tight, with vacancy rates above pre-2020 levels and unemployment near historic lows. These pressures are especially pronounced in transport and storage, where drivers, couriers, and warehouse staff are in persistent short supply. At the same time, rising wages, statutory minimums, and multi-year collective agreements have embedded higher labour costs across the region. For parcel carriers, this translates into sustained pressure on unit economics. Last-mile operations are labour-intensive, and the need to secure staff, particularly during peak periods, has driven up personnel costs. Regulatory scrutiny is also increasing, with markets such as Germany and France enforcing stronger labour protections and others reassessing gig and subcontracting models. To maintain efficiency, parcel carriers are shifting more volume to less labour-intensive out-of-home delivery, increasing route density, and investing in automation and AI- driven optimisation. As oversight of employment practices grows, reliable, compliant, and transparent workforce models are becoming essential to operational resilience.

X. Marketplace consolidation and logistics verticalisation

The European parcel market is increasingly influenced by the consolidation of e-commerce volumes within a limited number of large marketplaces, alongside their progressive expansion into logistics activities. Leading platforms are extending their control beyond the customer interface into upstream and downstream logistics, including warehousing, fulfilment, line-haul, and last-mile delivery. This verticalisation enables tighter control over service quality, delivery speed, and cost structures, while increasing volume concentration and reshaping competitive dynamics across the sector.

This trend is particularly evident among large non-European marketplaces, especially Chinese- origin platforms, which are rapidly expanding European warehousing and fulfilment capacity to support local delivery models. By establishing regional distribution centres and shifting a growing share of volumes from long-haul cross-border shipments to intra-European flows, these players are materially changing parcel injection patterns, delivery lead times, and network utilisation.

In parallel, established global marketplaces continue to deepen proprietary logistics capabilities. Amazon has progressively expanded its European logistics footprint through investments in fulfilment centres, sortation facilities, line-haul capacity, and last-mile delivery infrastructure, increasingly positioning logistics as a core component of its value proposition rather than a purely outsourced service. Re- commerce platforms are following a similar trajectory. Vinted has moved beyond a pure marketplace model by developing dedicated delivery propositions through Vinted Go, including proprietary locker and pick-up networks supported by technology platforms and operational hubs. For parcel carriers, these developments reinforce the need to compete on scale, network density, and operational integration, ensuring their networks remain essential enablers of platform growth rather than interchangeable delivery capacity.

27 InPost Group Integrated Annual Report 2025 BUSINESS REVIEW

28 InPost Group Integrated Annual Report 2025 BUSINESS REVIEW / FUTURE OUTLOOK

Future outlook

Network

In 2026 we plan to focus on expanding our APM network across all markets. Our goal is to surpass last year’s record by deploying over 20,000 machines, thereby exceeding 80,000 units across Europe and solidifying our market position. A significant portion of this deployment will occur outside of Poland, with at least 12,000 new machines being added in Eurozone and 5,000 in the UK.

As we look ahead to 2026, InPost is positioned for continued growth and innovation across all our key markets. Our strategic priorities will focus on expanding our network, enhancing operational efficiency, and accelerating digital transformation to deliver exceptional value and superior quality to our customers and stakeholders. Each region presents distinct opportunities and challenges, and we remain committed to leveraging these dynamics to further strengthen our market leadership.

Volume

In 2026 we expect volume growth of mid to high low-teens for the Group coming from a mix of low mid-single-digit volume growth in Poland, high 20s in Eurozone markets while in the UK, InPost volumes are expected to increase at low 30s, capitalizing on enhanced logistics capacity and gaining market share.

Revenue

In 2026, we expect year on year Group revenue to grow in the mid teens, with revenue growth in each segment anticipated to track slightly below volume growth.

EBITDA margin

For 2026, we expect Group Adjusted EBITDA to remain broadly flat year on year, with the Group Adjusted EBITDA margin holding in the mid 20s range. This performance reflects several dynamics across regions: in Poland, margins are expected to be at the mid 40s level, due to continued investments in new services as well as pricing and volume initiatives; in the Eurozone, we anticipate a further slight improvement, with higher out of home margins partly offset by the expansion of the to door offering; and in the UK + Ireland, the Adjusted EBITDA margin is expected to recover to the mid single digit range.

CAPEX and Cash Flow

For 2026, we expect capex to amount to approximately PLN 2.4 billion, with around 60% allocated to APM production and deployment.The higher investment level, combined with flat Adjusted EBITDA, is anticipated to result in negative free cash flow at year end and a slightly higher net debt to EBITDA ratio year on year.

29 InPost Group Integrated Annual Report 2025
BUSINESS REVIEW / KEY MARKETS REVIEW

Key markets review

Record Volumes and Operational Excellence

In 2025, InPost Group delivered record parcel volumes and strengthened its leadership in European out-of-home e-commerce delivery. Full-year volumes increased 25% year on year to a historic high of 1.4 billion parcels, driven by strong B2C growth, international marketplace momentum, and strategic acquisitions in the UK and Spain. The Group also delivered an exceptional peak season, handling a record 417.6 million parcels in Q4 2025, up 30% year on year. On the busiest day of the season, InPost processed over 15 million parcels across Europe, setting a new benchmark for operational performance.

	FY 2025	FY 2024	YoY growth
Parcel volumes (million)	1,364.8	1,091.6	25%
Poland	763.1	709.2	8%
Eurozone	339.5	289.2	17%
UK + Ireland	262.1	93.2	181%

In 2025 InPost Group partnered with over 110,000 merchants, both domestic and international. This performance highlights InPost’s ability to capture cross-border e-commerce growth while maintaining high service quality in its core domestic market. This strong execution was achieved across all nine markets. The business review below is presented by region: Poland, the Eurozone, and the UK.

Network Expansion and Market Leadership

31 Dec 2025 | 31 Dec 2024 | YoY growth
:--- | ---: | ---: | ---:
No. of APMs (#) | 61,196 | 46,955 | 30%
Poland | 28,165 | 25,269 | 11%
Benefralux | 10,510 | 7,210 | 46%
UK | 13,721 | 9,243 | 48%
Iberia | 4,003 | 2,004 | 100%
Italy | 4,797 | 3,229 | 49%
No. of PUDOs (#) | 33,340 | 34,157 | (2%)
Poland | 3,907 | 3,984 | (2%)
UK | 5,491 | 2,873 | 91%
Benefralux | 9,711 | 12,211 | (20%)
Iberia | 9,066 | 9,916 | (9%)
Italy | 5,165 | 5,173 | 0%
No. of OOH (APM + PUDO) | 94,536 | 81,112 | 17%
Poland | 32,072 | 29,253 | 10%
Benefralux | 20,221 | 19,421 | 4%
UK | 19,212 | 12,116 | 59%
Iberia | 13,069 | 11,920 | 10%
Italy | 9,962 | 8,402 | 19%

InPost Group continued to strengthen its out-of-home network, expanding to 94,500 locations, with lockers accounting for 65% of all points. In 2025, the Group added a record 14,200 APMs, ending the year with 61,196 locker locations, representing 30% year-on-year growth. This further reinforced InPost’s position as Europe’s leading OOH delivery network with the largest locker footprint.

30 InPost Group Integrated Annual Report 2025
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Volumes and Growth Drivers

In 2025, InPost delivered a solid performance in Poland, maintaining its market leadership while continuing to scale volumes, strengthen merchant relationships, and enhance operational efficiency. Parcel volumes totalled 763.1 million, representing an 8% year-on-year increase. Growth was driven primarily by domestic key e-commerce merchants and well as by international marketplaces, reflected in strong expansion of to-door deliveries, which rose by 19% year on year.

Merchant Adoption and Partnerships

Merchant adoption remained strong throughout the year. InPost expanded cooperation with international and local e-commerce players, including a new agreement with TEMU, as well as onboarding major brands such as Oponeo, About You, L’Oréal and Yves Rocher. InPost cooperates with the top 20 e-commerce merchants in Poland. Through direct and close relationships with over 55,000 merchants, InPost covers more than 90% of Polish GMV. These partnerships further strengthen InPost’s position as the preferred logistics partner for leading online retailers, supporting volume growth across both locker and home delivery channels.

Network Expansion and Service Quality

Wide network coverage remained a key priority. The number of APMs increased by 11% year on year to more than 28,000 units, maintaining InPost’s position as the most extensive locker network in Poland with over 4 million compartments. InPost continued to be the most preferred delivery brand, with 87% of users selecting InPost lockers as their top choice. Service quality remained outstanding, with on-time-delivery (OTD) to lockers at 98% and next-day delivery (D+1) available nationwide, underscoring our operational excellence and reliability at scale. Additionally, customer ratings for InPost couriers improved further, reaching an average score of 4.90 out of 5.00.

1 NPS

28,000+ lockers
763M parcels in 2025
16M app users
Poland among peers
31 InPost Group Integrated Annual Report 2025
BUSINESS REVIEW / KEY MARKETS REVIEW

Operational Excellence and Infrastructure Investments

In 2025 in Poland, InPost made significant investments in logistics infrastructure to support future growth. The Group opened five new, modern depots and expanded four existing facilities, while also installing four new automated sorters. These investments substantially improved throughput, resilience and efficiency across the network, particularly during peak periods. Furthermore, InPost advanced the practical implementation of AI- driven solutions. New AI agents were introduced to streamline day-to-day communication with employees and accelerate parcel identification processes for customers. In addition, a dedicated AI tool piloted in a Proof od Concept reduced manual handling time by up to 80%, demonstrating considerable potential for further operational efficiencies.

Brand Strength and Customer Experience

Customer experience and brand strength remained key differentiators. InPost continues to be the most recognized brand in the industry - both in terms of spontaneous awareness and Top-of-Mind awareness. It is still the only brand recognized by nearly all respondents (98%). This is also reflected in its NPS the highest among peers. InPost parcel lockers remain the primary choice for both delivery and sending, with an NPS the highest in the category. According to the Gemius “E-commerce in Poland 2025” report, InPost once again led both parcel locker and door-to-door deliveries, with 95% of respondents identifying InPost Parcel Lockers as the most motivating factor for online shopping.

InPost Pay – Driving Conversion and Merchant Growth

InPost Pay continued its strong growth trajectory in 2025, expanding to over 4,000 online stores. Merchants using InPost Pay achieved cart conversion rates of up to 70%, confirming the solution’s effectiveness in driving sales. By year-end, more than 10 million users had onboarded to InPost Pay, reinforcing its role as a key conversion and growth driver. In 2025, the number of transactions processed through InPost Pay increased threefold, illustrating rapidly growing user adoption and merchant trust in the platform. The service enables seamless checkout while allowing customers to select their preferred delivery option in one place, delivering value for both merchants and consumers.

Digital Engagement and Mobile App

The InPost Mobile app remained the cornerstone of customer engagement in Poland. In 2025, the app recorded 3 million new registrations, reaching a total of 16 million users. It maintained an industry-leading rating of 4.9 in both Google Play and the App Store, reflecting high customer satisfaction and strong daily usage.

32 InPost Group Integrated Annual Report 2025
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Volumes and Market Momentum

In 2025, InPost delivered a breakthrough year in the UK, with parcel volumes reaching 262.1 million, nearly tripling year on year. Growth was driven primarily by B2C volumes and supported by the consolidation of Yodel operations following its acquisition in Q2 2025. The integration significantly strengthened InPost’s market position and expanded its capabilities in to-door delivery, enabling the Group to scale volumes rapidly while broadening its service offering for online retailers.

Merchant Adoption and Retailer Wins

Merchant adoption accelerated sharply during the year as InPost strengthened its proposition for UK retailers and marketplaces. InPost signed a strategic partnership with eBay UK, one of the world’s largest e-commerce marketplaces, enabling parcels to be sent and collected via InPost lockers and OOH points under the Simple Delivery service. In 2025, InPost signed an agreement with the fast-growing TikTok Shop, securing a meaningful to-door volume win and reinforcing its exposure to social commerce trends. In addition, InPost onboarded a broad range of leading B2C brands, including ASOS, Debenhams Group, The Hut Group, N Brown, Superdry, Uniqlo, Pandora, Victoria Beckham and many others.

Network Expansion and Coverage

Network development remained a central growth pillar. InPost ended 2025 with over 19,200 out-of-home points in the UK, representing a 59% year-on-year increase. Lockers remained the core focus of expansion, reaching 13,721 units, nearly 50% higher than at the end of 2024, firmly establishing InPost as the leader in locker-based delivery. In 2025, InPost deployed its first battery-powered lockers in partnership with Bloq.it, a key enabler of rapid network growth. By year- end, 1,000 battery lockers had been installed, accelerating deployment in high-potential locations.

1 locker network in the UK

262M parcels
20,000 OOH points
50% country coverage
United Kingdom
almost almost 4.7 Trustpilot
33 InPost Group Integrated Annual Report 2025
BUSINESS REVIEW / KEY MARKETS REVIEW

Strategic Partnerships and Landlord Network

InPost significantly expanded its landlord partnerships to support nationwide coverage. A trial agreement was signed with the UK Post Office, covering over 300 initial locations and representing a potential opportunity of more than 1,500 sites. The partnership enables customers to send, receive and return parcels at their local Post Office, including outside opening hours.InPost also strengthened cooperation with major retail and hospitality partners, including Lidl, where the 700th locker location was installed, Mitchells & Butlers with over 500 pub locations signed, and Iceland, targeting deployment across more than 200 stores. From May 2025 InPost lockers are also available in Northern Ireland. As a result, three-quarters of the population in the UK’s three largest cities now live within a seven-minute walk of an InPost OOH point, while total network coverage exceeds 50% of the UK population.

Customer Experience and Digital Engagement
Customer satisfaction and digital engagement remained strong. The InPost mobile app continued to receive high ratings of 4.8 on both iOS and Android platforms, while Trustpilot scores reached 4.7 out of 5, based on approximately 1.7 million reviews, reflecting strong customer appreciation for convenience, reliability and 24/7 access. InPost UK mobile app user base expanded significantly, with downloads increasing up to 4.5 million by the end of 2025, (from 1.9 million at the end of previous year) to underscoring the growing adoption of our services and strengthening InPost’s digital ecosystem.

Marketing and Brand Partnerships
Brand visibility was further strengthened through high-profile cultural partnerships. InPost partnered with the Oasis live tour and supported the launch of Ed Sheeran’s new album through an official fan store, reinforcing brand relevance and emotional connection with UK consumers while supporting awareness in key urban markets.

InPost Newstrade Delivers Consistent High-Quality Service
In 2025 Menzies Newstrade continued to demonstrate strong operational performance as the UK’s leading distributor of print media, delivering newspapers and magazines to approximately 21,000 customers every day. The business distributed c.800 million units of print media across c.7.8 million deliveries, achieving outstanding service metrics, including 96.5% on time delivery performance and 98.8% on-sale compliance. InPost Newstrade also provides a broad range of value-added services, including national primary trunking, category management, B2B final mile solutions and print-and-mail capabilities, collectively supporting key partners such as Dmg Media, Tesco and News UK. In October, the iMenzies app was successfully rebranded as the InPost Newstrade Customer Portal, which now serves c.14k registered retail users, further enhancing customer engagement and digital service quality.

Yodel Acquisition and Integration
In April 2025, InPost completed the acquisition of Yodel, a leading UK parcel delivery company with strong to-door capabilities. The transaction positioned the combined business as the third-largest independent parcel carrier in the UK providing InPost with to-door capability in UK market. During the year, InPost advanced the integration process, operating through more than 50 shared depots handling to-door, APM and PUDO parcels. To strengthen service quality ahead of peak season, two new sorting hubs were opened earlier than planned. Integration efforts continue in 2026, with the full transformation into a single, unified network expected to unlock further efficiency gains and support long term growth.

34 InPost Group Integrated Annual Report 2025
BUSINESS REVIEW / KEY MARKETS REVIEW

Volumes and Market Dynamics
In 2025, the Eurozone segment delivered a strong performance, handling 339.5 million parcels, representing a 17% year-on-year increase. The segment includes France, Belgium, the Netherlands and Luxembourg, where the Group operates under the Mondial Relay brand, as well as Spain, Portugal and Italy, operating under the InPost brand. Growth was driven by robust B2C demand and a 54% year-on-year increase in APM deliveries, reinforcing InPost’s leadership in automated out-of-home solutions. By volume, the Benelux and France region remained the largest contributor. By growth dynamics, the fastest-growing markets were Iberia and Italy, where InPost offers a full portfolio of locker, PUDO and to-door delivery services. Performance was further supported by the acquisition of Sending, a Spanish to-door delivery operator.

Merchant Adoption and Commercial Momentum
Merchant acquisition remained strong across the region with, AI- driven sales agents supported SME onboarding. Notable commercial wins in France included Calzedonia, Pharma GDD, Snowleader and Bic. In Belgium new business was launched with Uniqlo and Pandora. In Iberia, InPost signed key new merchants such as Wallapop, Amphora, El Corte Inglés, Desigual and JD.com, while expanding cooperation with global platforms including Temu, Shein, Inditex and Vinted. In Italy, B2C growth accelerated with the onboarding of new clients including Feltrinelli, Zooplus, Calzedonia, Intimissimi, MediaWorld, Uniqlo and TikTok. The successful launch of the to-door delivery solution and the C2C InPost Direct service further strengthened the commercial proposition. As a result, the number of active merchants in the Eurozone increased from approximately 50,000 in 2024 to around 60,000 in 2025.

339M parcels	60K merchants on board	+54% YoY deliveries to lockers	43,200 OOH points
\multicolumn{4}{	c	}{Eurozone}

35 InPost Group Integrated Annual Report 2025
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Network Expansion and Optimization
Across Eurozone markets, the out-of- home network expanded to more than 43,200 locations, supported by a record year of locker deployment. At the same time, the Group continued to optimize its network by reducing the number of PUDO points and redirecting volumes toward lockers, which offer superior cost efficiency and scalability. In France, the APM network surpassed 10,000 machines, reinforcing Mondial Relay’s market leadership and leading position in Paris. Growth was driven by strategic partnerships with major retail chains such as Carrefour, Conforama, Lidl, Auchan and E.Leclerc, as well as a public-sector breakthrough through the Quartiers Métropolitains d’Innovation tender. Alongside expansion, a strong focus on Network service optimization enabled high availability levels and responsive maintenance. In Iberia, the OOH network exceeded 13,000 locations, with the number of lockers doubling to over 4,000. In Italy, the network expanded to nearly 10,000 touchpoints, including more than 5,000 lockers. In both markets, i.e. Iberia and Italy, InPost operates the second-largest APM network.

Operational Excellence and Capacity Build-Up
Operations delivered key milestones across the region. In France, multiple facilities were opened or relocated, including Liège, Lieusaint and Wissous, alongside the completion of a regional cross-dock hub in Le Mans and the deployment of robotics in Liège. Last-mile efficiency initiatives included same-day rerouting, right- size compartment optimization and the relaunch of to-door services. In Iberia, the opening of the San Fernando hub, covering 9,000 sqm, almost doubled daily processing capacity while maintaining high service quality. Currently, over 40% of the Italian population is within a 7-minute walk of an InPost out-of- home point, with this figure rising to over 60% within a 14-minute radius. In Italy, the to-door service was successfully scaled, supported by a logistics cost review and the launch of a proprietary linehaul monitoring system.

Brand, Marketing and Customer Experience
By the end of 2025, the Mondial Relay mobile app reached nearly 8 million accounts in France, doubling year on year, ranking first in the Utilities category and second among all free apps on both major app stores. Mobile application was also launched in Spain and Portugal. In France, the launch of labelless in APMs and multi- parcel feature improved customer convenience while the Easy Access Zone additionally enhanced customer inclusivity. Mondial Relay achieved record total brand awareness of 91% and its highest-ever top-of-mind awareness, supported by strong NPS performance, with a NPS score of 53 for lockers. Trustpilot scores remained high across the region, reaching 4.3 in France, 4.4 in Iberia and 4.6 in Italy.

Sending Acquisition and Integration
In July 2025, InPost completed the acquisition of Sending, a Spanish to- door logistics company, strengthening its position in Iberia. The acquisition expanded the Group’s service offering to include OOH, to- door delivery, fulfillment and cross-border solutions, while adding valuable merchant relationships. Integration is progressing well, with the business stabilized and service quality significantly improved, reflected in a Trustpilot score increase from 1.3 to 4.3 within six months. The operational merger is on track for completion in 2026.

36 InPost Group Integrated Annual Report 2025
BUSINESS REVIEW / FINANCIAL REVIEW

Financial Review
The following table presents key financial and operational metrics for InPost Group for the 12-month periods of 2025 and 2024. The data is segmented by geographical area and operational division, including Poland, Eurozone(covering France, Belgium, the Netherlands, Luxembourg, Spain, Italy and Portugal), UK + Ireland and Group Costs which can’t be allocated to any specific market. Key performance indicators include parcel volume, revenue and other operating income, Adjusted EBITDA, and capital expenditures (Capex), along with Free Cash Flow (FCF) for both the Group and its individual segments. The performance of each segment is assessed relative to the same periods in the prior year, with year-over- year (YoY) growth percentages for comparison. The table also provides insights into margin trends, net leverage, and the allocation of capital expenditures in relation to revenue.# BUSINESS REVIEW / FINANCIAL REVIEW

PLN million, unless otherwise specified

Metric	12M 2025	12M 2024	Difference YoY	% YoY
Parcel Volume (m)	1,364.8	1,091.6	273.2	25.0%
Poland	763.1	709.2	53.9	7.6%
Eurozone	339.5	289.2	50.3	17.4%
UK + Ireland	262.1	93.2	168.9	181.2%
Segment Revenue	14,711.2	10,945.2	3,766.0	34.4%
Poland	7,177.2	6,473.7	703.5	10.9%
Eurozone	3,970.7	3,311.6	659.1	19.9%
UK + Ireland	3,563.3	1,159.9	2,403.4	207.2%
Adjusted EBITDA	4,098.6	3,648.4	450.2	12.3%
Poland	3,515.3	3,043.6	471.7	15.5%
Eurozone	615.2	493.6	121.6	24.6%
UK + Ireland	98.8	196.2	(97.4)	(49.6%)
Group Costs	(130.7)	(85.0)	(45.7)	53.8%
Adjusted EBITDA Margin	27.9%	33.3%	(540) bps
Poland	49.0%	47.0%	200 bps
Eurozone	15.5%	14.9%	60 bps
UK + Ireland	2.8%	16.9%	(1,410) bps
Capex	1,833.5	1,399.8	433.7	31.0%
% of revenue and other operating income	12.5%	12.8%	(30) bps
Net Leverage	2.2	1.9	0.3
FCF Group	84.1	934.5	(850.4)	(91.0)%

37
InPost Group Integrated Annual Report 2025

Revenue in the UK + Ireland segment increased by 207.2% (PLN 2,403.4 m) from PLN 1,159.9 m in 2024 to PLN 3,563.3 m in 2025, supported by the enlarged scale of operations and full-year impact of acquisitions. Parcel volume increased to a record 262.1 million, a 181% increase YoY. This was driven primarily by the consolidation of Yodel and strong B2C growth.

Revenue UK + Ireland

2025	2024	YoY Change
3,563.3	1,159.9	207.2%

Adjusted EBITDA for Poland segment increased by 15.5% (PLN 471.7 m) from PLN 3,043.6 m in 2025 to PLN 3,515.3 m in 2025. Adjusted EBITDA margin improved by 200bps to 49.0%, from 47.0% in 2024. The increase was a result of revenue growth and effective logistics cost management, a favourable product structure, and disciplined SG&A control.

Adjusted EBITDA Poland

2025	2024	YoY Change
3,515.3	3,043.6	15.5%

Adjusted EBITDA for the Eurozone segment increased by 24.6% (PLN 121.6 m) from PLN 493.5 m in 2024 to PLN 615.2 m in 2025. After eliminating currency exchange effects, the increase was 26.6% compared to 2024. The growth was a consequence of significantly reducing linehaul and carrier costs, which lowered first- and last-mile costs; it was also thanks to product mix effects (more revenue from B2C and SME) and higher APM adoption (more volume delivered to APMs compared to 2024). Those positive margin effects were partially offset by the impact of acquisition of Sending’s to-door business. In 2025 Adjusted EBITDA margin improved in EUROZONE by 60bps to 15.5%, from 14.9% in 2024.

Adjusted EBITDA Eurozone

2025	2024	YoY Change
615.2	493.6	24.6%

Adjusted EBITDA for the UK + Ireland segment decreased by PLN 97.4 m from PLN 196.2 m in 2024 to PLN 98.8 m in 2025. This decline was primarily due to the acquisition of Yodel in Q2 2025, which operated with substantially higher costs per parcel. As a result Adjusted EBITDA Margin of UK + Ireland deacresed by 1,410bps from 16.9% in 2024 to 2.8% in 2025.

Revenue in Poland increased by 10.9% (PLN 703.5 m) from PLN 6,473.7 m in 2024 to PLN 7,177.2 m in 2025. The growth was mainly driven by increase in parcel volumes by 53.9 m packages, representing a 7.6% increase compared to 2024 across key merchants and international marketplaces.

Revenue Poland

2025	2024	YoY Change
7,177.2	6,473.7	10.9%

Revenue in Eurozone segment increased by 19.9% (PLN 659.1 m) from PLN 3,311.6 m in 2024 to PLN 3,970.7 m in 2025. After eliminating the impact of the EUR currency decline versus PLN during 2025, revenue increased by 21.8% year-over-year, above the growth in parcel volumes (17.4% YoY). Growth was primarily driven by the B2C sector and increase of APM volumes.

Revenue Eurozone

2025	2024	YoY Change
3,970.7	3,311.6	19.9%

CAPEX
The Group’s capital expenditures increased by PLN 433.7 m, representing a 31.0% increase, from PLN 1,399.8 m in 2024 to PLN 1,833.5 m in 2025. The increase was due to intensified deployments in EUROZONE markets and the UK, where the number of APM’s grew by 55% and 48% year-over-year respectively. In 2025, the Group we added a record number of machines – 14,241 APMs compared to 11,506 APMs in 2024, representing a 23.8% increase.

CAPEX

2025	2024	YoY Change
1,833.5	1,399.8	31.0%

Net Leverage
Net leverage increased from 1.9 in 2024 to 2.2 in 2025. Debt increase due to financing restructuring and strategic acquisition of Yodel. IFRS 16 lease liabilities increased also due to Yodel consolidation as well as network expansion. Those factors led to Net Debt increase from PLN 6,966.1 to 9,142.7 and higher net leverage.

38
InPost Group Integrated Annual Report 2025

The Group’s Free Cash Flow decreased by PLN 850.4 m (91.0%), from PLN 934.5 m in 2024 to PLN 84.1 m in 2025. The decrease was mainly driven by expansion CAPEX (433.7 m PLN) as well as restructuring costs of Yodel operations.

FCF (Free Cash Flow)

2025	2024	YoY Change
84.1	934.5	(91.0)%

The table below summarises InPost Group’s financial performance for the 12-month periods of 2025 and 2024, highlighting key metrics of the Group such as adjusted EBITDA, Operating EBITDA, and net profit. It also includes the bridge between IFRS and alternative performance measures (Adjusted EBITDA).

Adjustments to Operating EBITDA
PLN m, unless otherwise stated

Metric	12M 2025	12M 2024	Difference	%change
Adjusted EBITDA	4,098.6	3,648.4	450.2	12.3%
Incentive programmes set up by shareholders	(66.4)	(15.1)	(51.3)	339.7%
Incentive programmes set up by Group	(41.7)	(76.4)	34.7	(45.4%)
Restructuring costs	(187.9)	(71.7)	(116.2)	162.1%
M&A Costs	(14.3)	(35.0)	20.7	(59.1%)
Operating EBITDA	3,788.3	3,450.2	338.1	9.8%
Margin %	25.8%	31.5%	(580) bps
FRS16 RoU amortisation	(1,458.5)	(990.2)	(468.3)	47.3%
Other intangibles amortisation	(240.0)	(146.7)	(93.3)	63.6%
PPE depreciation	(480.7)	(353.3)	(127.4)	36.1%
EBIT	1,609.1	1,960.0	(350.9)	(17.9%)
Margin %	10.9%	17.9%	(700) bps
Net financial cost	(650.1)	(342.4)	(307.7)	(89.9%)
Share of result from associates	(2.5)	8.7	(11.2)	n/a
Gain on revaluation of previously owned shares in acquired entities	-	6.5	(6.5)	n/a
Income tax	(430.2)	(385.6)	(44.6)	11.6%
Net profit from continuing operations	526.3	1,247.2	(720.9)	(57.8%)
Margin %	3.6%	11.4%	(780) bps

Incentive Programmes: The valuation of share-based programmes set up by shareholders and the Group increased, resulting in the recognition of an additional PLN 16.5 million. This increase is due to the full year Earn-out recognition in comparison to 2 months in 2024 , which led to recognition of additional PLN 51.3 m additional expenses in 2025, in the same time LTIP costs decreased by PLN 51.3 m due to 2024 Adjusted EBITDA outperforming targets set up in 2022 and 2025 Adjusted EBITDA meeting the targets set up in 2023.

Restructuring Costs: The increase in restructuring costs is the result of the reorganisation costs of Yodel as well as integration costs of Menzies.

M&A Costs: The decrease in M&A costs in 2025 compared to 2024 resulted from lower acquisition costs incurred to acquire Yodel and Sending Group in 2025 compared to costs incurred to acquire Menzies in 2024.

Operating EBITDA increased by 9.8% (PLN 338.1 m), from PLN 3,450.2 m in 2024 to PLN 3,788.3 m in 2025. This growth was driven by the aforementioned increases in revenue and Adjusted EBITDA. Operating EBITDA margin decreased by 590bps to 25.6% mainly due to strategic investments in the UK + Ireland segment.

Operating EBITDA

2025	2024	YoY Change
3,788.3	3,450.2	9.8%

39
InPost Group Integrated Annual Report 2025

Depreciation and amortisation increased by 46.2% (PLN 689.0 m). After eliminating the effect of the Yodel acquisition and its consolidation since Q2 2025, the increase amounted to 35.7%. The increase in amortisation costs was mainly due to the rise in costs for the amortisation of right-of-use assets (a 44.3% year-over-year increase). This was driven by the expansion of the parcel locker network (leasing land for machines) and acquisition of Yodel in UK and Sending Group in Spain. Additionally, the Group continues to develop its own software and systematically deploys new APMs, which has also contributed to the increase in depreciation and amortisation costs of Fixed assets and Intangible assets.

Depreciation and Amortisation

2025	2024	YoY Change
2,179.2	1,490.2	46.2%

In 2025, EBIT decreased by 17.9% (PLN 350.9 m) compared to 2024, mainly due strategic investments in the UK + Ireland segment. Those were mainly related to integration of Yodel and further investment in Logistic and APM Network which increased depreciation costs.

Operating Profit (EBIT)

2025	2024	YoY Change
1,609.1	1,960.0	(17.9%)

Net financial costs increased by 89.9% (PLN 307.7 m), from PLN 342.4 m in 2024 to PLN 650.1 m in 2025. The increase was primarily due to the decrease of EUR and GBP rates in comparison to PLN which affected of debt valuation at the Parent Company level, InPost S.A., denominated in PLN and GBP but valued in its functional currency (EUR), with the positive effect of valuing investment liabilities denominated in EUR and USD. Additionally increase interest expenses from PLN 366.0 in 2024 to PLN 487.7 m in 2025 was mainly caused by new lease agreements to expand logistic operations and APM network (warehouse and land leases).

Net Financial Costs

2025	2024	YoY Change
(650.1)	(342.4)	(89.9)%

In 2025, income tax increased by 11.6% (PLN 44.6 m) from PLN 385.6 m in 2024 to PLN 430.2 m in 2025. This growth was driven mainly by growth of business and improved results in Poland. In terms of effective tax rate, it increased by 21.4 pp, from 23.6% to 45.0%; this change was caused mainly by tax losses in UK and Luxembourg where no Deferred Tax Assets were recognized which led to increase in effective tax rate in 2025.

Income Tax

2025	2024	YoY Change
(430.2)	(385.6)	11.6%

In 2025, net profit from continuing operations decreased by 57.8% (PLN 720.9 m), PLN 1,247.2 m in 2024 to PLN 526.3 m in 2025. This significant decrease was driven by higher depreciation costs and high costs of unrealised FX losses connected with depreciation of GBP and EUR against PLN.

Net Profit from Continuing Operations

2025	2024	YoY Change
526.3	1,247.2	(57.8)%