InPost S.A.

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

Welcome to InPost First Quarter 2026 Earnings Call. A usual disclaimer, today's call includes forward-looking statements that are subject to risks, and it is possible that the actual results may differ materially.

One very important highlight with respect to the proposal to acquire all shares in InPost, we will not answer any questions related to the tender offer. This call is strictly focused on financial results, trading performance and the outlook update.

This call is also being recorded, and the recording will be available on our IR website shortly after we wrap it up today. After the slides, we will have a Q&A session.

Today's presenters are Rafal Brzoska, CEO; Michael Rouse, CEO International; and Javier van Engelen, CFO of InPost Group. I'm now pleased to hand over to our CEO, Rafal, over to you.

Good morning, everyone. Thank you, Gabi, and thank you all for joining us.

Q1 2026 was yet another strong quarter for InPost Group with growth in both volumes and revenue driven primarily by our international expansion. In total, we handled almost 360 million parcels, up 32% year-on-year.

This reflects continued merchant adoption, strong customer loyalty, our focus on quality and the contribution from international acquisitions. At the top line, revenue reached PLN 3.9 billion, an increase of 31%.

As shown on the right, 53% of group revenue now comes from outside Poland, highlighting international diversification as a key structural driver for our business. Adjusted EBITDA came in at PLN 902 million, down slightly by 4%, reflecting still some transformation costs in the U.K.

CapEx totaled PLN 360 million, up 6% year-on-year as we continue to invest in network expansion and build capabilities for long-term European scale. With that, let me move on to network expansion.

At the end of Q1 '26, we operated nearly 95,000 out-of-home points. The APM network remains the backbone of our strategy, and we continue to expand rapidly.

Over the last 12 months, we added almost 15,000 new machines, including 3,500 in Q1 alone. Poland continues to grow steadily with around 3,000 APMs added over the last 12 months.

We are accelerating in the Eurozone with more than 7,000 additions, and we continue to scale quickly in the U.K. On PUDOs, you will see a slight decline in line with our network optimization strategy.

We are the #1 APM network in Poland, France and the U.K. and #2 in Italy and Iberia.

Importantly, we are closing the gap meaningfully in both these regions. With that, let's turn to Poland, where growth comes from deep brand loyalty and customer trust.

Poland delivered consistent volume trends in Q1 with growth led by international and domestic merchants. Total parcel volumes were up 8% to 188 million.

APM volumes were broadly stable, while to-door volume grew by 50%, primarily driven by demand from international marketplaces. Excluding marketplaces, our volume grew by 13% ahead of the broader e-commerce market.

Domestic merchants performed strongly, particularly in fashion and beauty, where convenience and reliability are key to conversion. Let me now move to network expansion and consumer engagement.

Poland continues to operate the largest APM network. And in Q1, the number of InPost machines grew by 12%, further strengthening this position.

This expansion improves accessibility. 90% of the urban population now lives within a 7-minute walk from InPost APM as well as 66% of the total population in Poland.

Customer engagement remains exceptionally strong. In Poland, 94% of consumers receive parcels via InPost lockers, while 89% use them to send parcels, reinforcing our #1 NPS position in the market.

This is what a true love brand looks like, defined by deep loyalty and high engagement. Beyond the network itself, our competitive advantage in Poland is built on a highly loyal and engaged user base.

Today, around 26 million people use InPost services, effectively covering the entire Polish e-commerce population. Of these, 21 million are regular APM users, including 17 million app users and 14 million loyalty program participants.

This strong engagement directly translates into activity. 90% of our volume is generated through mobile app users who order 40% more frequently than those not using the app.

Importantly, this scale and engagement create a unique platform for testing and scaling new services such as the one we launched in March. With that, I'll hand it over to Michael for an update on our International business.

Thank you.

Thanks, Rafal. Good morning, everyone.

Across our Eurozone business, Q1 was another strong quarter with broad-based growth and continued momentum on our strategic priorities. Volume increased by 28% to 94 million parcels.

Importantly, we saw strong growth across all Eurozone markets with France and Iberia leading the incremental volume growth. B2C parcels were up 34% and the APM out-of-home flow rate reached 46%, up from 36% a year ago and another great signal -- the sign of our accelerating consumer adoption of lockers.

We're also seeing increasing efficiency of our APMs as the density improves and utilization grows. Network-wise, we've continued to expand at speed.

APMs grew 53%, and we remain the #1 APM network across the Eurozone. So let's have a closer look at the Mondial Relay brand on the next slide, please.

We continue to make strong progress on building Mondial Relay into a trusted European loved brand. Cumulative app downloads have reached 9 million.

That's double growth year-over-year. Our brand awareness for Mondial Relay has reached 91% and again, was included in the top 50 most valuable French brands by Kantar in the recent study released in April '26.

Customer feedback continues to be very positive. We have 4.4 out of 5 rating on Avis Verifies alongside the #1 NPS and APM network awareness in our key markets.

We are clearly on the path to replicating our love brand success across Eurozone markets. And now let's turn our attention to the U.K.

In the U.K., Q1 '26 confirmed strong growth and the transformation is clearly working. Volumes more than tripled year-over-year, reaching 77 million parcels or 220% growth, reflecting the consolidation of Yodel.

The underlying mix continues to strengthen. B2C volumes are up 11.5x year-over-year, a meaningful step-up in the strategically important segment, where 61% of total U.K.

volume now comes from B2C. Our out-of-home volumes were up 53%, confirming an accelerating consumer shift to out-of-home delivery.

The Yodel transformation continues and last quarter is the proof point that the model is working. The volume growth speaks for itself, and we have delivered a huge improvement in results quarter-on-quarter since restarting the transformation in January.

We are on track on each of our priorities, our cost per parcel optimization, the logistics network consolidation and consistent improving middle-mile efficiency. In Q3 '26, we plan to move to one InPost platform, bringing Yodel and InPost together under a single brand.

And this is a major operational and commercial unlock that we're well underway in targeting. And as you remember, in Q4, our U.K.

business posted a PLN 100 (sic) [ 99 ] million loss, while we ended Q1 at a PLN 50 (sic) [ 49 ] million loss with March being a profitable month and an important trigger point as we work towards the goals of transformation and a clear signal that the trajectory is turning. We have a proven playbook.

Our operational and financial results show how we transformed Mondial Relay post-acquisition, and we're confident we are replicating that success with Yodel. So similarly to the Eurozone, we're growing in line with our strategic priorities, scaling B2C, accelerating out-of-home and building meaningful scale and presence in what is Europe's largest e-commerce market.

So now let me give you an update on the network. We continue to widen the gap to the second player in the U.K.

end market. Further extending our footprint, and we've grown our total network 45% year-over-year, taking us to over 18,600 points, including over 14,600 APMs.

In Q1, we deployed at a pace of around 70 new APMs per week. And in Q2, we have significantly accelerated deployment to roughly 100 APMs per week.

Density of our network is now translating directly into convenience for consumers. 75% of users in the top 3 U.K.

cities are within a 7-minute walking distance to an InPost APM. Now let's look at the impact that is having.

And actually, let's talk through our user experience and operational quality as we aim to turn the flywheel. The most exciting part is that consumers are starting to love the service, and we are delivering.

This is why we invested in quality in Q4 and an important decision point on that journey. Today, InPost stands out in the U.K., both on NPS and in Trustpilot score, well ahead of our competition.

Our operational quality metrics back this up with more than 70% of B2C parcels are delivered next day and more than 90% within 2 days. We are already better than the peers on the metrics that matter most to consumers, and this is exactly why we couldn't compromise on quality in Q4, albeit it was expensive, but an important and critical investment to really build the merchant confidence.

And yes, the cost of protecting service levels is through [ peak ] hit our short-term margins, but the trust and consumer user experience we're building is the asset that compounds. It is what wins long-term volumes from merchants and consumers alike.

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

Thank you, Rafal and Michael, and good morning, everyone. Let's now see how all of this translates into the company's key figures for Q1 2026.

Before getting into the segmental details, let me highlight the main points on Q1 2026 group performance. Starting with the good news on volume and revenue.

In Q1, we handled nearly 360 million parcels, up 32%, while revenue grew 31% to PLN 3.9 billion. As Rafal and Michael mentioned, this strong top line performance reflects continued organic momentum, broad-based volume growth and the contribution of our international expansion, including Yodel and Sending.

Turning to profitability. Q1 adjusted EBITDA came in at PLN 902 million, translating to a 23.4% margin.

While this represents a 4% decline year-on-year at a group level, the underlying picture is a strong delivery in Poland and Eurozone, offset by an improving but still loss-making U.K. business.

Adjusted EBIT and adjusted net profit are lower year-on-year, reflecting both the U.K. transformation and a higher depreciation and amortization base from our recent acquisitions.

I will walk you through the key drivers in a moment. On CapEx, in Q1, we invested PLN 360 million, up 6%, representing 9.3% of revenue.

As mentioned in previous quarters, our CapEx remains primarily geared towards our APM network, in line with our strategy of accelerated network expansion. Finally, group free cash flow in Q1 was negative at PLN 410 million.

Poland continued to deliver strong free cash flow generation of PLN 276 million, up 59% year-on-year. The negative international free cash flow reflects our continued commitment to invest in network expansion, integration and the U.K.

transformation. Net leverage stands at 2.4x higher year-on-year, reflecting M&A-related debt and the negative cash flow in the quarter.

I'll discuss some of these elements in more detail on the next slide. As to the results by segment, let me again call out some of the key numbers.

Rafal and Michael already covered the strong volume, revenue and growth progress across segments. What I want to add are 3 takeaways from the profitability lines.

First, Poland adjusted EBITDA increased 7% to PLN 849 million, with margin holding at a strong 47% despite continued investment in new services. Second, Eurozone adjusted EBITDA grew 28% to PLN 150 million, with margins stable at 13.5%.

And lastly, you can see the impact of the U.K. parcel transformation with adjusted EBITDA at minus PLN 49 million in Q1, reflecting the investment phase Michael discussed earlier.

On the next slides, let's review this in more detail, starting with Poland. In Poland, we saw an 8% volume increase in Q1, reaching 188 million parcels.

Revenue in Poland grew 9% to over PLN 1.8 billion, slightly outpacing volume due to the positive price effect on APMs, partially offset by volume mix. To-door volumes grew 50% with corresponding revenue up 35%, slower than volume given the merchant mix.

On profitability, Q1 adjusted EBITDA grew 7% to PLN 849 million, with margins slightly down by 80 bps to 47.1%, reflecting higher logistic costs and continued investments in new projects. Let's now look at the Eurozone results.

In our Eurozone markets, Q1 2026 was another quarter of strong volume momentum and stable margins. Q1 volumes increased by 28% to 94 million parcels, once again significantly outpacing the e-commerce market, fueled by another quarter of strong performance in the strategically important B2C segment, up 34% as well as C2C.

Revenue grew 28%, in line with volume, with limited FX impact on the year-on-year comparison. Q1 adjusted EBITDA increased by 28% year-on-year to PLN 150 million with flat margin year-on-year at 13.5% Scale benefits and disciplined SG&A management were partially offset by the dilutive impact of Sending's to-door operations.

In summary, Q1 2026 confirms the effectiveness of our strategic priorities in the Eurozone, outpacing e-commerce market growth, growing B2C and steadily improving APM density and efficiency. Let's now move to the U.K.

On the top line, the picture is exactly what you'd expect following the Yodel integration. Volumes tripled to 77 million parcels and parcel revenue followed suit, reflecting the step change in scale.

Including the Newstrade business, total revenue more than doubled to PLN 948 million. Volume growth was driven by strong C2C performance and B2C gains following the consolidation of Yodel.

Parcel revenue actually outpaced volume given the favorable mix. On adjusted EBITDA, the U.K.

segment recorded a loss of PLN 49 million. This reflects the ongoing U.K.

parcel transformation process in line with what we communicated at our Q4 2025 results. As Michael discussed, the operational picture is improving.

Quality is better. The network is expanding and the transformation program has restarted.

Next slide, please. On this page, you can see the bridge between adjusted EBITDA and adjusted net profit.

Year-over-year, adjusted EBITDA was down 4%. The corresponding 23.4% adjusted EBITDA margin translates into an adjusted EBIT margin of 7.5% after taking into account a higher D&A base, mainly driven by the Yodel consolidation, the integration of Newstrade and our continued investments in APMs, depots and automation.

IFRS-16 amortization alone is up 50% year-on-year, reflecting the network scale-up. The PLN 25 million in restructuring costs primarily reflect the ongoing Yodel transformation.

Between adjusted EBIT and adjusted net profit, you'll see the usual interest expense line, higher year-on-year driven by lease interest. This quarter, we recorded unrealized FX gains of PLN 92 million, driven by the strengthening of the euro and British pound against the Polish zloty.

As mentioned in previous periods, this is a noncash effect arising from translation differences on Polish denominated debt and intercompany loans held at the Luxembourg parent level. In total, adjusted net profit for Q1 2026 amounts to PLN 72 million with a margin of 1.9%.

Let's now look at our free cash flow on the next slide. For Q1 2026, Poland generated PLN 276 million of free cash flow, up 59% year-on-year, reflecting our disciplined approach to cash generation in Poland.

In line with our strategy of accelerated expansion, the strong domestic cash flow gets reinvested in our international operations, including spending on APM deployment, network scale-up, integration-related CapEx and expenses for Yodel. After incorporating international adjusted EBITDA, integration CapEx, working capital movements and group costs, we ended Q1 2026 with a group free cash flow of negative PLN 410 million.

This is fully in line with our 2026 outlook of negative full year free cash flow, reflecting our continued investment cycle ahead of the next phase of growth. To conclude the financial highlights section, let me briefly address net debt and leverage as shown on this slide.

At the end of Q1 2026, gross debt increased to PLN 10.5 billion, mainly driven by higher lease liabilities and additional financing of approximately PLN 270 million drawn during the quarter to support our investments. Cash position decreased to PLN 604 million, reflecting the negative free cash flow and interest payments.

As a result, net debt rose to PLN 9.9 billion, with adjusted EBITDA last 12 months broadly flat year-on-year, net leverage increased to 2.4x, up 0.2x versus year-end. This is fully in line with the trajectory we communicated as we accelerate investments in 2026.

Now let me walk you through our outlook for full year 2026 and our latest view on Q2 2026 trading. Our outlook for the year remains unchanged versus what we communicated at the full year 2025 results.

So I will not go into details here. Regarding trading update, looking at Q2 2026, as of today, we see group volume growth in the mid- to high teens percentage range.

Poland should deliver mid- to high single-digit growth, while international markets are expected to grow in the high 20s year-on-year. Please note that this includes Europe consolidation in the base since May 2025.

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

Michael, a question to you. I believe you already said that the U.K.

operation was profitable in March. Now March is the run-up towards Easter.

Is this the definitive turnaround in the trend in results in the U.K.? Or is it -- do we have to wait a little bit longer until the operations there turn positive?

Thank you. I think there's a number of factors driving.

One, the turnaround program is really well aggressively restarted. We have seen significant improvement in our cost to serve.

But obviously, there's some seasonal element in there from a volume point of view that is contributing to that. So I wouldn't say it's completed as in we still have a journey we're completing, and we're still working towards our projection for the second half of the year for what I call ongoing sustainability.

Okay. That's clear.

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

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

Yes, I can comment to Henk. The majority of the restructuring costs have come in last year.

So we'll reach back out to you for the detailed numbers if you want to, but it's a limited amount of number that we have. And going forward, also there, you see the number going down.

So majority has been taken all in the 2025 actuals.

Thank you. We have a few via the webcast this morning.

Firstly, what are the opportunities and challenges of Amazon announcement to offer supply chain capabilities to third parties?

Maybe I'll take that, a comment. I think, look, first thing to comment when you get into the specifics of Amazon's announcement, it really is directly firstly, to valid business addresses in the U.S.

and China or Hong Kong. So when we think, firstly, what does that mean from a global point of view, this is very much focused on what I would call U.S.-based consumer goods that are selling products that are either nonregulated or non-hazardous and probably mainly focused on domestic U.S.

and oversee China-U.S. trade flows.

So from, I call it a challenge, I really don't see anything immediate. Clearly, from a future point of view, there's no clear time line on Europe.

And from a focus point of view, clearly, there's ambition, but it doesn't give any clear time lines. So I think really, I look at this as sort of really focus around the threat to integrators and freight forwarders.

And actually, for a business like InPost, I think, it reinforces the importance of neutrality in our last mile and continuously doubling down on our density of our network to make sure we provide that continuous first-mover advantage. So that would be my succinct summary.

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

What is behind the strong increase?

I'll take that one. Thanks, [ Francois.

] Two things to look into here. If you look at the year-on-year, we see an increase of about 17%, which is slightly below the top line growth and also the cost base growth.

So there is a slight decrease in payables days if you compare year-on-year. But if you compare versus Q4, that's where you see a decrease of PLN 248 million which is due to significant restructuring that was taken also in the U.K., which has been paid in the first quarter of this year, including also some significant tax payments.

So I would expect my payables situation to roughly stabilize versus where we are today after some of the significant one-offs that we have basically in Q4 and in Q1.

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

Thank you for the question, guys. Happy to answer.

Yes, we did according to the contract.

Thank you. This is the second consecutive quarter in which APM volumes in Poland have slightly declined.

At the same time, you continue to expand the parcel locker network in Poland. Should we, therefore, expect a gradual decline in profitability of APM deliveries in the medium to long term?

What is the rationale behind opening new parcel lockers despite the lack of volume growth? Could you share your perspective on this?

Again, happy to answer that question. Obviously, we are building the network capacity not for today, but for future and for the volume that we expect to come, means the current product mix shift that we don't control because you may imagine that we don't control the checkout preferences of the merchants.

And if someone is putting more pressure on door-to-door promotions vis-a-vis out-of-home promotions that naturally drive a different product mix. Just a reminder, we are sitting on both ends, means irrespective of the flow, both door-to-door and out-of-home, we do control, and we are the most reputable, the biggest and the most reliable partner for our merchants.

Means, we don't control the flow, but the flow at the end lands within InPost. So -- that's the simplest possible answer.

Do I expect gradual decline in profitability? I think that question pops up since our IPO.

So you can track and trace the profitability in recent few years, and the answer should be very obvious. So we build for future, not for tomorrow.

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

Here, I would refer back, and I'll take that question. I refer back to the announcements and the outlook we gave, which is clear where we're going to end up for the full year.

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

Thanks, Javier. You mentioned Polish margins are affected by investments in new projects and new services.

Can you quantify the margin drag from these initiatives in quarter 1 '26?

We don't disclose the specifics, but you can look back at the guidance we gave compared to the margins we established or that we delivered in 2025. We clearly highlighted in our outlook that our margins would get back to more about 45%.

If you then look at Q1 performance, what you see is a great performance in Poland because although we have started new initiatives and new services, we were able to still maintain a profit margin above 47%, which was better than what we had given the outlook for, which is a combination of also discipline on the cost side, making sure that we also price for the services we have. So all in all, yes, there has been a slight margin drag, but it's been clearly offset by excellent operational performance in Poland in Q1.

Can you please provide more detail on InPost's performance in the Newstrade in the U.K. and how you expect the restructuring to impact the InPost U.K.'

s circa 20,000 Newstrade customers?

I'll happily take that question. Firstly, we don't disclose the specific Newstrade performance, but more -- what I would comment on is it continues to perform in line with the industry performance.

So similar trends as -- when we invested into the company overall. When it comes to the restructuring, there has been no impact to the customers relative to Newstrade.

Most of the restructuring, as Javier already talked about, was done last year, which is really around our Yodel acquisition business. And really, we continue to ensure the performance of the Newstrade business that is really at top level quality and service levels.

It's really incumbent to really service that industry. And in fact, we continue to take lessons and learnings of the real-time distribution network that was built through Newstrade and really look at how that is adapting to our parcel locker network also.

So I think from that point of view, really, really pleased and really the business continues to stay solid. And I think the final comment I would make is actually as part of our CapEx investment in terms of automation as we look at how we merge services under the same roof, that is an important part of how we go forward and continue to invest in the Newstrade sector to really benefit the Parcel business at the same time where we see potential synergies.

But that would be my comment at that point.

Thanks, Michael. For Poland, Q1 revenue growth versus volumes, what do you mean by positive price effect on APMs slightly offset by volume mix?

Does it mean you price non-Allegro marketplaces higher versus Allegro?

I'll quickly cover that. What we see in Poland is that we see a revenue per parcel on APMs, which is indeed growing.

At the same time, we see the revenue per parcel on the to-door going down also with the marketplaces coming in. So these are the 2 dynamics.

And then the mix effect is the significant growth on the to-door, which is higher than the APM, means that the decrease on the To-door segment has a weight on the total average. So the mix is referring here to the to-door versus APM mix in a situation where we're pricing on APM, and we have seen a slight decrease in revenue per parcel on the to-door.

Thank you. How do you view the risks from rising logistics costs following the Middle East conflict?

What makes you confident you will be able to achieve your EBITDA margin guidance?

Look, let me start with the second part of the question. What gives us confidence is the results of Q1.

So we clearly see in Q1 that we've been able to deliver better margins than what we have obviously put in the outlook. And this is despite the fact that we have the Middle East crisis going on.

If we dive a little bit more in the detail is that like most companies do, there are fuel surcharges that are being applied across the total value chain across all industries or most industries. So we are able to compensate for those fuel increases through surcharges.

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

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

Or should we assume a slowdown?

Happy to answer that question. This is a big question mark typically because the inflow is controlled by the marketplaces, specifically those from abroad.

But what we can explicitly highlight is that we educate our partners that out-of-home is much more efficient and much more beloved by the end consumers, specifically in Europe and in Poland, means we are very advanced in shifting that checkout from being predefined door-to-door value proposition among many of the merchants into out-of-home default InPost option. So I guess very soon, we'll see first positive effect of that education and partnership that we provide for our -- specifically merchants from Asia.

And that should definitely rebalance the product mix that we are seeing right now.

Thanks, Rafal. And it appears there are no further questions.

So I'd like to hand back to you now for closing remarks.

Thank you. Thank you, guys.

Just maybe -- let me leave you with a few thoughts. 3 years ago, 4 years ago, people asked whether InPost could succeed outside Poland.

This quarter, again, is explicitly proving that majority of our revenue came from outside Poland. That answers the question.

And the question is now not whether we can build a European platform, it is how fast we can build it. And naturally, Poland remains our engine, business with best-in-class margins, extraordinary consumer loyalty and free cash flow that funds everything else we do.

The vast majority of our volume flows through the mobile app, which is remarkable, and our loyalty program keeps growing. That flywheel means network, mobile app, loyalty, volume is really what makes this business so difficult to replicate.

Also, as you noticed in the Eurozone, we are no longer proving the concept. The concept has been proved.

Mondial Relay is a top French brand. Consumers are adopting lockers faster than we projected, and we are the #1 network, and we are pulling away.

U.K., and I want to be very clear, yes, it seems the worst quarter is behind us. The trajectory has turned, and we are deploying at record pace.

The transformation is on track. And I hope by Q3, we'll operate under one InPost brand.

We know how to do this. We did it with Mondial Relay, and we will do it again.

And when you step back and look at the bigger picture, what we are building is literally very unique, largest out-of-home delivery network in Europe, fueled by technology. and we are years ahead the competition.

We are investing heavily. Yes, sometimes people may think we are overinvesting specifically on our home market.

But let me be direct. This is not a problem.

This is our choice. We are deploying capital into network density, scale, brand trust and those 3 things that compound over time in our business.

And yes, I think right now, we need to be very frank that the promise to our consumer that the parcel will be delivered within Europe because they need it is what we want to prove and deliver on a daily basis. And that promise is what drives everything we do.

Our outlook is unchanged. Our conviction is stronger than ever.

And as well, the great team you heard today and the entire InPost organization is executing with the urgency, discipline because the opportunity is there. Thank you very much for your time, your questions, your continued partnership, and we look forward to updating you next quarter.

Thank you.