Earnings Release • Nov 17, 2021
Earnings Release
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PRESS RELEASE 17 November 2021
Strong year-on-year growth, significant market share gains and margin expansion with accelerated APM deployments to support long-term growth
Note that the results for the three and nine months to 30 September 2021 include the contribution of Mondial Relay for the three months to September 2021
In O3 we delivered another quarter of strong year-on-year growth and margin expansion, with significant growth over market in all of our key geographies. Despite ongoing uncertainties related to supply chain and consumer purchasing trends, impacting near-term e-commerce market growth, we remain focused on capturing the significant long-term opportunity ahead of us, extending our leadership position in Poland, delivering on our pan-European growth strategy, offering the most sustainable form of last mile delivery service, and creating shareholder value.
Central to this is how we are re-defining the consumer experience for last mile deliveries to accelerate our flywheel. This is what differentiates InPost.
Through our investments in technology and our APM network, we are bringing new levels of convenience, driving usage and demand for our service. Together with the structural cost advantages of our model, this attracts new and existing merchants to promote our services, which expands the scale of our ecosystem and drives further improvements to our unit economics.
In Poland, we continued to accelerate the flywheel and have extended our leadership position, deploying a record number of lockers in a single quarter and recently surpassed our 15,000th Automated Parcel Machine. We have seen our industry-leading net promoter score reach new record levels, and ended the quarter with more than 7.4 million active users of the InPost mobile app. This demonstrates that InPost APMs are the most preferred delivery option for Polish consumers. In Q3 we also added a further five thousand merchants, bringing our total to almost 40,000. With major new merchants entering the Polish market, we look forward to servicing the incremental volumes they will likely create over the coming years.
At the beginning of Q3, we completed the acquisition of Mondial Relay, where we see a tremendous opportunity to expand and automate one of the largest out-of-home delivery markets in Europe. Combined with Mondial Relay's performance to date, this leaves us highly confident in the long-term growth potential.
Finally, our UK operations continue to grow at pace and we see increasing consumer demand and merchant adoption of our APMs. Over the course of the quarter, we significantly accelerated our APM deployments, added more than 30 merchants to our instant returns service and announced a major landlord agreement with Tesco.
Since our IPO, we have made tremendous progress in executing our strategy of becoming Europe's leading out-of-home automated solution for e-commerce. We are seeing strong secular growth tailwinds for our services in all of our markets and believe we are well placed to continue to outgrow the market, enhance our value proposition to consumers, merchants and our planet. $\blacksquare$
| PLN million unless otherwise specified | Q3 2021 (reported) |
Q3 2020 (reported) |
YOY growth |
03 2020 $(pro-$ forma) |
YOY growth |
|---|---|---|---|---|---|
| Revenue and other operating income | 1,274.5 | 604.6 | $+111%$ | 1,080.3 | $+18%$ |
| Poland | 801.7 | 600.7 | +33% | 600.7 | +33% |
| International | 472.8 | 3.9 | nm | 479.6 | (1%) |
| Of which Mondial Relay | 457.9 | $\overline{\phantom{a}}$ | nm | 475.7 | (4%) |
| Of which UK + Italy | 14.9 | 3.9 | +280% | 3.9 | +280% |
| Adjusted EBITDA' | 408.7 | 235.8 | $+73%$ | 318.8 | $+28%$ |
| Poland | 384.9 | 248.1 | +55% | 248.1 | +55% |
| International | 23.8 | (12.3) | nm | 70.7 | (66%) |
| Of which Mondial Relay | 53.0 | $\overline{\phantom{0}}$ | nm | 83.0 | (36%) |
| Of which UK + Italy | (29.2) | (12.3) | nm | (12.3) | nm |
| Adjusted EBITDA Margin | 32.1% | 39.0% | (690bps) | 29.5% | 260bps |
| Poland | 48.0% | 41.3% | $+670bps$ | 41.3% | 670bps |
| International | 5.0% | ٠ | nm | 14.7% | (970bps) |
| Of which Mondial Relay | 11.6% | nm | 17.4% | (580bps) |
| Q3 2021 (reported) |
03 2020 (reported) |
YOY growth |
03 2020 (pro- forma) |
YOY growth |
|
|---|---|---|---|---|---|
| No. of APMs (#) | 17,968 | 11.071 | $+62%$ | 11,071 | $+62%$ |
| Poland | 14,952 | 9,783 | +53% | 9,783 | +53% |
| International | 3,016 | 1,288 | $+134%$ | 1,288 | $+134%$ |
| Of which Mondial Relay | 105 | $\overline{\phantom{a}}$ | nm | $\overline{\phantom{a}}$ | nm |
| Of which UK + Italy | 2,911 | 1,288 | $+126%$ | 1.288 | $+126%$ |
| No. of lockers (000s) | 2,339 | 1.330 | $+76%$ | 1.330 | $+76%$ |
| Poland | 2,173 | 1,265 | $+72%$ | 1,265 | $+72%$ |
| International | 162.3 | 65.3 | $+149%$ | 65.3 | $+149%$ |
| Of which Mondial Relay | 77.6 | $\overline{\phantom{a}}$ | nm | $\overline{\phantom{a}}$ | nm |
| Of which UK + Italy | 150.7 | 65.3 | $+131%$ | 65.3 | $+131%$ |
| No. of PUDOs (Mondial Relay) | 16,907 | $\overline{\phantom{a}}$ | nm | 13,285 | $+27%$ |
| Poland parcel volumes (million) | 98.6 | 73.2 | $+35%$ | 73.2 | $+25%$ |
| APM | 82.7 | 58.7 | $+41%$ | 58.7 | $+41%$ |
| to-door | 15.9 | 14.5 | $+10%$ | 14.5 | $+10%$ |
| International parcel volumes (million) | 34.9 | 0.5 | 70x | 34.4 | $+1%$ |
| Of which Mondial Relay | 33.0 | $\overline{\phantom{a}}$ | nm | 33.9 | (3%) |
| Of which UK + Italy | 7.9 | 0.5 | +280% | O.5 | +280% |
1 Defined as Operating EBITDA adjusted for share based compensation, IPO transaction costs and non-recurring costs related to the acquisition of
Mondial Relay
| PLN million unless otherwise specified |
YTD 2021 (reported) |
YTD 2020 (reported) |
YOY growth | YTD 2021 (pro-forma) |
YTD 2020 (pro-forma) |
YOY growth |
|---|---|---|---|---|---|---|
| Revenue and other operating income | 2,925.2 | 1,676.5 | $+74%$ | 4,120.7 | 2,815.3 | $+46%$ |
| Poland | 2.430.1 | 1.666.9 | $+46%$ | 2,430.1 | 1.666.9 | $+46%$ |
| International | 495.1 | 9.6 | nm | 1,690.6 | 1.148.4 | $+47%$ |
| Of which Mondial Relay | 457.9 | $\overline{\phantom{a}}$ | nm | 1,653.4 | 1,138.8 | $+45%$ |
| Of which UK + Italy | 37.2 | 9.6 | +288% | 37.2 | 9.6 | +288% |
| Adjusted EBITDA2 | 1,103.3 | 637.2 | $+73%$ | 1,352.1 | 812.5 | $+66%$ |
| Poland | 1,127.0 | 666.9 | $+69%$ | 1,127.0 | 666.9 | +69% |
| International | (23.7) | (29.7) | nm | 225.1 | 145.6 | +55% |
| Of which Mondial Relay | 51.3 | $\overline{\phantom{a}}$ | nm | 300.1 | 175.3 | $+71%$ |
| Of which UK + Italy | (75.0) | (29.7) | nm | (75.0) | (29.7) | nm |
| Adjusted EBITDA Margin | 37.7% | 38.0% | (30bps) | 32.8% | 28.9% | $+390bps$ |
| Poland | 46.4% | 40.0% | $+640bps$ | 46.4% | 40.0% | $+640bps$ |
| International | (4.7%) | ٠ | nm | 13.3% | 12.7% | +60bps |
| Of which Mondial Relay | 11.2% | nm | 18.6% | 15.4% | $+320bps$ |
| YTD 2021 (reported) |
YTD 2020 (reported) |
YOY growth | YTD 2021 (pro-forma) |
YTD 2020 (pro-forma) |
YOY growth | |
|---|---|---|---|---|---|---|
| Poland parcel volumes (million) | 297.7 | 203.4 | $+46%$ | 297.7 | 203.4 | $+46%$ |
| APM | 247.5 | 161.3 | $+53%$ | 247.5 | 161.3 | +53% |
| to-door | 50.2 | 42.1 | $+19%$ | 50.2 | 42.1 | $+19%$ |
| International parcel volumes (million) |
37.8 | 1.3 | nm | 125.3 | 85.1 | $+47%$ |
| Of which Mondial Relay | 33.0 | $\sim$ | nm | 120.5 | 83.8 | $+44%$ |
| Of which UK + Italy | 4.8 | 7.3 | +269% | 4.8 | 7.3 | +269% |
For the three months ended 30 September 2021, total revenue and other operating income reached PLN 1,274.5 million, an increase of PLN 669.9 million, or 111%, versus the three months ended 30 September 2020. The increase was primarily due to the acquisition of Mondial Relay, as well as growth in Poland.
Excluding Mondial Relay, total revenue and other operating income reached PLN 816.6 million in Q3 2021, an increase of PLN 212.0 million, or 35%, versus Q3 2020. The increase was primarily due to growth in Poland and, to a lesser extent, growth in the International segment.
For the nine months ended 30 September 2021, total revenue and other operating income reached PLN 2,925.2 million, an increase of PLN 1,248.7 million, or 74%, versus the nine months ended 30 September 2020. The increase was primarily due to the acquisition of Mondial Relay, as well as strong growth in Poland.
<sup>2 Defined as Operating EBITDA adjusted for share based compensation, IPO transaction costs and non-recurring costs related to the acquisition of Mondial Relay
Excluding Mondial Relay, total revenue and other operating income reached PLN 2,467.3 million in the nine months ended 30 September 2021, an increase of PLN 790.8 million, or 47%, versus the nine months ended 30 September 2020. The increase was due to strong growth in Poland and, to a lesser extent, growth in the International segment. In addition, the 47% year-on-year growth in the nine months ended 30 September 2021 is versus a comparable period in 2020 impacted by the unprecedented increase in demand related to initial period of COVID-19 restrictions, most notably in the second quarter of 2020.
As of 30 September 2021, the Company had 14,952 Automated Parcel Machines (APMs) in Poland, an increase of 5,169, or 53%, versus Q3 of the prior year. In addition, the Company had 2.17 million lockers in Poland as of 30 September 2021, an increase of 0.91 million, or 72%, versus Q3 of the prior year.
For the three months ended 30 September 2021, the Company's total parcel volume in Poland reached 98.6 million, an increase of 25.4 million, or 35% versus the three months ended 30 September 2020. Total APM parcel volumes in Poland reached 82.7 million in the third quarter of 2021, an increase of 24.0 million, or 41%, versus the third quarter of 2020.
For the nine months ended 30 September 2021, the Company's total parcel volume in Poland reached 297.7 million, an increase of 94.3 million, or 46% versus the nine months ended 30 September 2020. Total APM parcel volumes in Poland reached 247.5 million in the nine months ended 30 September 2021, an increase of 86.2 million, or 53%, versus the nine months ended 30 September 2020.
Both the three and nine months to 20 September 2021 increases were driven by the acceleration of ecommerce penetration in Poland as a result of the COVID-19 pandemic, the increase in APM network size and density, InPost's unique consumer experience, as well as the increasing popularity of APMs as the preferred delivery method for consumers.
Total to-door parcel volumes in Poland amounted to 15.9 million in the third quarter of 2021, an increase of 1.4 million, or 10%, versus the third quarter of 2020. For the nine months to 30 September 2021, to-door parcel volumes in Poland amounted to 50.2 million, an increase of 8.1 million, or 19%, versus the nine months ended 30 September 2020.
The lower growth in to-door parcel volumes in both the three and nine months to September 2021 was impacted by the increasing popularity of APMs as the preferred delivery method for consumers, accelerated by the easing of COVID-19 restrictions in Poland, as well as the increasing cost advantages of APM versus to-door deliveries.
In the third quarter of 2021, revenue and other operating income of PLN 801.7 million in Poland increased by PLN 201.0 million, or 33%, versus the third quarter of 2020, driven by strong growth in the APM segment and, to a lesser extent, growth in the to-door segment. APM revenue of PLN 612.8 million increased by PLN 179.2 million, or 41%, versus the third quarter of 2020. The year-on-year increase in APM revenue was driven by APM parcel volume growth, with stable average price per parcel.
To-door revenue of PLN 168.8 million increased by PLN 15.2 million, or 10%, versus the third quarter of 2020. The year-on-year increase in to-door revenue in Poland was driven by to-door parcel volume growth, with stable average price per parcel.
For the nine months ended 30 September 2021, revenue and other operating income of PLN 2,430.1 million in Poland increased by PLN 763.2 million, or 46%, versus the third quarter of 2020, driven by strong growth in the APM segment and, to a lesser extent, growth in the to-door segment. APM revenue of PLN 1,828.9 million increased by PLN 645.7 million, or 55%, versus the nine months ended 30 September 2020. The year-on-year increase in APM revenue was driven by APM parcel volume growth, as well as a moderately higher average price per parcel.
To-door revenue of PLN 528.8 million increased by PLN 82.9 million, or 19%, versus the nine months ended 30 September 2020. The year-on-year increase in to-door revenue in Poland was driven by to-door parcel volume growth, with stable average price per parcel.
As of 30 September 2021, the Company had a network of 3,016 APMs outside of Poland. The number of APMs outside of Poland increased by 1,728, or 134%, versus Q3 of the prior year. All new APMs outside of Poland were installed in the UK, France and Italy. In the UK, the number of APMs increased by 167%.
For the three months ended 30 September 2021, the Company's international parcel volumes reached 34.9 million, an increase of 34.4 million. For the nine months ended 30 September 2021, the Company's international parcel volumes reached 37.8 million, an increase of 36.5 million
Both the three and nine months to 30 September 2021 increases were primarily driven by the addition of parcel volumes from Mondial Relay, which amounted to 33 million. Excluding the contribution from Mondial Relay, international parcel volumes amounted to 1.9 million in the third quarter of 2021 and 4.8 million in the nine months to 30 September 2021. The year-on-year increases were driven by growth in UK parcel volumes, supported by the ongoing expansion of the Company's merchant base and new services such as "instant returns", as well as the significant increase in APM network coverage.
In the third quarter of 2021, international revenue and other operating income of PLN 472.8 million increased by PLN 468.9 million versus the third quarter of 2020. For the nine months ended 30 September 2021, international revenue and other operating income of PLN 495.1 million increased by PLN 485.5 million. Both the three and nine months to 30 September 2021 increases were primarily driven by the revenue contribution of Mondial Relay, which amounted to PLN 457.9 million.
Excluding Mondial Relay, international revenues totaled PLN 14.9 million and 37.2 million in the three and nine months to September 2021 respectively.
For the three months ended 30 September 2021, Adjusted EBITDA reached PLN 408.7 million, an increase of PLN 172.9 million, or 73%, versus the three months ended 30 September 2020. The increase was primarily due to strong year-on-year Adjusted EBITDA growth in Poland and, to a lesser degree, by the acquisition of Mondial Relay.
Excluding Mondial Relay, Adjusted EBITDA totaled PLN 355.7 million, an increase of PLN 119.9 million, or 51%, versus Q3 2020. The increase was driven by strong Adjusted EBITDA growth in Poland, partially offset by lower Adjusted EBITDA in the International segment. This resulted in an Adjusted EBITDA margin of
43.6% in the third quarter of 2021 increased by 460 basis points year-on-year.
For the nine months ended 30 September 2021, Adjusted EBITDA reached PLN 1,103.3 million, an increase of PLN 466.1 million, or 73% versus the nine months ended 30 September 2020. The increase was primarily due to strong year-on-year Adjusted EBITDA growth in Poland and, to a lesser degree, by the acquisition of Mondial Relay.
Excluding Mondial Relay, Adjusted EBITDA in the nine months to September 2021 amounted to PLN 1,052.0 million, an increase of PLN 414.8 million, or 65%, versus the nine months ended 30 September 2020. The increase was driven by strong Adjusted EBITDA growth in Poland, partially offset by lower Adjusted EBITDA in the International segment. This resulted in an Adjusted EBITDA margin of 42.6% in the nine months to 30 September 2021 increased by 460 basis points year-on-year.
In the third quarter of 2021, Adjusted EBITDA in Poland reached PLN 384.9 million, an increase of PLN 136.8 million, or 55%, versus the third quarter of 2020. This resulted in an Adjusted EBITDA margin of 48.0%, an increase of 670 basis points versus the third quarter of 2020. This increase was primarily driven by a higher proportion of APM segment revenue, which has a higher gross margin compared to the todoor segment, as well as overall productivity gains driven by the Company's enhanced scale. In addition, Adjusted EBITDA margin benefitted from operating leverage as general costs decreased as a percentage of revenue.
For the nine months ended 30 September 2021, Adjusted EBITDA in Poland totaled PLN 1,127.0 million, an increase of PLN 460.1 million, or 69%, versus the nine months to September 2020. This results in an Adjusted EBITDA margin of 46.4%, an increase of 640 basis points versus the nine months to September 2020. This increase was primarily driven by a higher proportion of APM segment revenue, which has a higher gross margin compared to the to-door segment, as well as overall productivity gains driven by the Company's enhanced scale. To a lesser degree, Adjusted EBITDA margin also benefitted from operating leverage as general costs decreased as a percentage of revenue.
In the third quarter of 2021, Adjusted EBITDA for the international segment totaled PLN 23.8 million, an increase of PLN 36.1 million. The increase was driven by the Adjusted EBITDA of Mondial Relay, which more than offset higher Adjusted EBITDA losses in other international markets. Excluding Mondial Relay, Adjusted EBITDA for the international segment amounted to a loss PLN 29.2 million, an increase in loss of PLN 16.9 million versus Q3 2020, as the Company continued to invest in headcount and marketing initiatives to support its longer term growth
For the nine months ended September 2021, Adjusted EBITDA for the international segment was a loss of PLN 23.7 million, an increase in adjusted EBITDA of PLN 6.0 million. The reduction in adjusted EBITDA loss was driven by the Adjusted EBITDA of Mondial Relay, which more than offset higher Adjusted EBITDA losses in other international markets. Excluding Mondial Relay, Adjusted EBITDA for the international segment amounted to a loss of PLN 75.0 million, an increase in loss of PLN 45.3 million versus the nine months ended September 2020, as the Company continued to invest in headcount and marketing initiatives to support its longer term growth.
The Company has revised its full year outlook for 2021. This is primarily due to slower-than-expected ecommerce market growth in Poland, and other markets, in the second half of 2021. The Company continues to expect its volume and revenue growth in the fourth quarter to exceed the overall ecommerce growth, particularly for the APM segment in Poland. Despite the lower-than-expected ecommerce market growth in Poland and related impact on its parcel volumes, the Company expects to continue to benefit from its competitive positioning and operational efficiencies.
For the full year 2021 the adjusted EBITDA margin for Poland is now expected to be at the higher end of its previous outlook range. On a pro-forma basis, the Company's revised outlook also reflects an updated outlook for the International Segment, primarily driven by moderately lower volumes from Mondial Relay and moderately higher adjusted losses in the UK and Italy as the Company continues to accelerate its investments to support long-term growth.
| PLN million unless otherwise specified |
FY 2021E (updated) |
FY 2021E (prior) |
FY 2021E pro-forma 3 (updated) |
FY 2021E pro-forma 4 (prior) |
|---|---|---|---|---|
| Number of APMs (#) | 19,100-19,600 | 18,250-19,000 | 19,350-19,900 | 18,250-19,000 |
| Parcel volumes (million) |
435-440 | 455-485 | 595-615 | 625-665 |
| Revenue | 3,460-3,560 | 3,700-3,850 | 5,600-5,800 | 5,900-6,150 |
| Adjusted EBITDA margin $(%)$ |
42-43% | 41-43% | 32-33% | 32-34% |
| Total Capex | 845-900 | 865-920 | 995-1.080 | 1,015-1,120 |
| Cash Conversion % | High 30s | Low 40s | High 30s | High 40s |
3 Assumes expected full year contribution of Mondial Relay for 2021 4 Assumes expected full year contribution of Mondial Relay for 2021
5 Defined as Adjusted EBITDA-Change in Net Working Capital-Maintenance and Expansion Capex, before IFRS-16 lease payments/Adjusted EBITDA
| PLN million unless otherwise specified |
FY 2021E (updated) |
FY 2021E (prior) |
|---|---|---|
| Number of APMs (#) | 16,000-16,300 | 15,500-16,000 |
| APM parcel volume growth | 45-47% | 50-57% |
| To-Door parcel volume growth | 13-15% | 25-30% |
| APM revenue growth | 46-48% | 50-55% |
| To-Door revenue growth | 14-16% | 25-30% |
| Adjusted EBITDA margin (%) | 46.5-47% | 45-47% |
| Total Capex | 720-760 | 740-780 |
| PLN million unless otherwise specified |
FY 2021E (updated) |
FY 2021E (prior) |
FY 2021E pro-forma 6 (updated) |
FY 2021E pro-forma 7 (prior) |
|---|---|---|---|---|
| Number of APMs (#) | 3,100-3,300 | 2,750-3,000 | 3,350-3,600 | 2,750-3,000 |
| Parcel volumes (million) | 8 | $10-15$ | 170-180 | 180-195 |
| Total Revenue | 60-65 | $70-90$ | 2,200-2,300 | 2,270-2,390 |
| Adjusted EBITDA margin (%) |
Break-even in H 2 2022 8 |
Break-even by $mid-2022$ |
Low double digit |
_ow teens |
| Total Capex | 125-140 | $125 - 140$ | 275-320 | 275-340 |
6 Assumes expected full year contribution of Mondial Relay for 2021
7 Assumes expected full year contribution of Mondial Relay for 2021
8 On a run rate basis
Rafal Brzoska (Founder and CEO), Adam Aleksandrowicz (Group CFO) will host a conference call for analysts and institutional investors at 10am CET on Wednesday 17 November 2021 via the following links:
Audio webcast: https://webcasting.brrmedia.co.uk/broadcast/61851ab527b14a4f1781284d
Conference call details:
| Netherlands dial-in | +31 (0)20 703 8211 |
|---|---|
| Poland dial-in | +48 22 206 9996 |
| France dial-in | +33 (0)1 70 72 25 50 |
| UK dial-in: | +44 (0)330 336 9125 |
| Access code: | 7302853 |
InPost (Euronext Amsterdam: INPST) is the leading out-of-home e-commerce enablement platform in Europe. Founded in 1999 by Rafał Brzoska in Poland, InPost provides delivery services through our network of more than 17,980 Automated Parcel Machines ("APMs"), including over 2,900 in the UK, as well as to-door courier and fulfilment services to e-commerce merchants. Strategically positioned in the fast-growing ecommerce market, InPost's strategy is further enhanced by our investments in technology, as well as the benefits of the "flywheel" effect that provide consumers, merchants and our planet a best-in-class, lower cost, more convenient and sustainable form of last mile delivery. Through our delivery services, InPost is creating a greener solution for e-commerce, as APM deliveries reduce CO2 emissions by up to two-thirds compared to to-door deliveries in urban areas, and by up to 90% in rural areas, as well as significantly reducing traffic and noise pollution.
In the twelve months to 30 September 2021, InPost handled 441 million parcel deliveries through its networks in Poland, France, the U.K, Italy, Benelux and Iberia, generating PLN 3,777 million of revenue and other operating income and PLN 1,460 million of adjusted EBITDA.
In July 2021, InPost successfully completed acquisition of Mondial Relay to create Europe's leading out-of-home automated solution for e-commerce.
This press release contains inside information relating to the Company within the meaning of Article 7(1) of the EU Market Abuse Regulation.
This press release contains forward-looking statements. Other than reported financial results and historical information, all statements included in this press release, including, without limitation, those regarding our financial position, business strategy and management plans and objectives for future operations, are, or may be deemed to be, forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements are based on the Company's beliefs, assumptions and expectations regarding future events and trends that affect the Company's future performance, taking into account all information currently available to the Company, and are not guarantees of future performance. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future, and the Company cannot quarantee the accuracy and completeness of forward-looking statements. A number of important factors, not all of which are known to the Company or are within the Company's control, could cause actual results or outcomes to differ materially from those expressed in any forward-looking statement as a result of risks and uncertainties facing the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be traded, we have no intention or obligation to update forward-looking statements.
This press release contains an outlook for the full year 2021. The Company's ability to meet these objectives is based on various assumptions and it may be unable to achieve these objectives.
The reported financial results are presented in Polish Zloty (PLN) and all values are rounded to the nearest million unless otherwise stated. As a consequence, rounded amounts may not add up to the rounded total in all cases.
| InPost | Powerscourt |
|---|---|
| Sherief Bakr, Investor Relations | James White and Elly Williamson |
| [email protected] | [email protected] |
| +44 7756 205 027 | +44 7855 432 699 / +44 7970 246 725 |
Wojciech Kądziołka, Spokesman [email protected] +48 725 25 09 85
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