At this time, I would like to turn the conference over to Sherief Bakr, Investor Relations. Please go ahead, sir. Thank you, Tracy. Good morning, good afternoon, and good evening to everyone. Thank you for joining us for our first half and second quarter conference call for 2021. I'm Sherief Bakr, Head of Investor Relations at InPost. Today I'm joined by Rafał Brzoska, the Founder and Chief Executive Officer of InPost, and Adam Aleksandrowicz, our Group Chief Financial Officer. Following our prepared remarks, we'll be happy to take your questions. As a reminder, today's call is being recorded. A replay will be made available on InPost's Investor Relations website at www.inpost.eu/investors/announcements, where you'll also find an accompanying set of slides. Before we get started, I'd like to remind you that today's call includes forward-looking statements and expectations that are subject to risks and uncertainties. It is possible that actual results may differ materially from the matters discussed today. With that behind us, I'd like to turn the call over to Rafał. Thank you, Sherief. Good morning. Thanks for joining us today. Hope you and your families are staying safe and healthy. Maybe I'm going to provide first a kind of brief overview of the market environment, headline H1 financials, and also touch on the tremendous progress we've made in the first 6 months of the year. Highlighting how we have accelerated the flywheel and further enhanced our competitive strengths in Poland. Maybe also spend a few minutes updating you on the Mondial Relay acquisition and the great momentum we have in our international segment. Later on, Adam will take you through our financials in more detail and also our full year's outlook. We'll then be happy to take your questions, of course. Maybe let's start turning to the next page. On this slide four, we see key highlights for the first half of 2021. From a market perspective, we obviously continue to live in very dynamic times with ongoing uncertainty related to the pandemic lockdowns and how it may impact the consumer behavior. During Q2, we saw shopping malls reopen in Poland as restrictions were already eased, resulting in the expected return of consumers to physical stores, and more broadly, we have also seen a gradual return to things like traveling for vacations, which contrasts with the initial lockdowns and closures we saw in the first half of last year. Also, unprecedented growth for InPost, particularly in the quarter two. In the near term, we also are seeing strong GDP growth in Poland with almost 11% growth in Q2, albeit against the worst point of the pandemic, as well as significant increase in the number of new merchants entering the market. Approximately 5,000 new merchants signed by our salesforce in just the first half of the year. While I expect that the shorter-term uncertainties from COVID-19 to continue, we are very certain that the accelerated shift to a digital economy is structural, strong, driving e-commerce growth, great focus on sustainability, but also changing consumer preferences. This is expected to provide strong tailwind for us and of course, an expanded opportunity to continue to deliver great value to our customers. Finally, on the competition in Poland, because that's a kind of very often asked question. I know some of you will have detailed question about this, but just generally, the facts demonstrate that our relative scale advantages continued to grow in the first half. We added more than 50 x capacity of all our competitors combined. In details, I will come back to this later on. At the end, Adam will take you through the financials, but at a high level, we delivered 54% year-on-year revenue growth in the first half of the year, with 61% APM volume growth in Poland and more than 300% growth in the international segment. We continue to benefit from this acceleration in our flywheel effect and the strength of our financial model, driving also the margin expansion, 470 basis points of adjusted EBITDA. That's a great and very exceptional performance as for the first half of the year. We also delivered very strong free cash flows in H1, exceeding the level we generated in the whole 2020 year. From a strategic perspective, we've made excellent progress across, and we took multiple steps to accelerate the execution of our plans. In Poland, we have extended the leadership position, as I said, new installations, new lockers, new services. We have accelerated all these elements of our flywheel, with APM surpassing 13,000 at the end of H1. As you probably noticed recently, we deployed machine number 14,000 in Poland. Also progressing very rapidly in mobile app active users, more than 7 million and progressing. We are adding more and more functionalities, and also our NPS, which is a kind of metrics we track and trace on quarterly basis, giving us a clear view on the quality and the perception of the end consumers. As you remember, our end consumer centricity, our NPS, again, had increased. Great progress with also ESG angle, new program we have launched, Green City, key strategic initiative for us, where already six main cities in Poland joined the program, m ore to come in coming months. On the Mondial Relay angle at the very start of Q3, as you remember, we closed the transaction beginning of July, 1st of July. We will consolidate Mondial Relay in Q3. In the U.K., great momentum, more deployments. Literally today in the key three agglomerations, we matched the number of post offices. We said that in out-of-home, we are becoming a market leader in the U.K. Of course, now we need to expand to other geographies, other cities, but in those three agglomerations, we are becoming absolute number one in out-of-home, which is also a remarkable progress. On the next few slides, I will focus most on how we have accelerated the flywheel effect, how we believe this has further strengthened our competitive position in Poland, but also how we want to support our long-term growth strategy. Very briefly, just a kind of reminder, flywheel, virtual circle underpinning our growth strategy. Consumer sits at the center of the strategy. Everything what we do, we do for end consumers. As we deliver greater convenience, because we increase the size and density of the network, this drives the usage. People are ordering more parcels because the main obstacle, which is poor door-to-door experience, simply doesn't exist. As this expands, that drives more scale. There is a pool effect. Merchants, especially the new merchants coming to Polish market, you also probably have seen news about, I don't know, new players like Shopee entering Polish market. You see clearly that without InPost, every single entry like this may not happen because we make people happy, and they want to have in checkout process, APMs as a delivery method. Underpinning the flywheel with our investments, with data and technology, of course, that's building even higher conviction that this flywheel effect is actually in a strengthening mode quarter by quarter. If you recall our full year 2020 results back in March, I commented that a key priority for this year was to accelerate the flywheel to drive this consumer and merchant adoption. Also I will give you more details about the execution of this plan. As you can see, we have accelerated all four elements of the flywheel in Poland. Starting at the top left, as I mentioned, we have deployed more than 400,000 lockers in the first half of the year. Over the last 12 months have added more capacity than we had at the end of 2019. We are not stopping here. We continue to enhance the user experience, adding new features, new services, which is reflected in the more than 7 million active users of the mobile app. Also, more than 5,000 new merchants added to our ecosystem in H1 that offered our consumers the broadest choice in Poland with almost 80% coverage of the e-commerce market. Point number four, we continue to benefit from the economies of scale, of course, that's driving ongoing unit cost reduction and productivity gains, which allows us to continue to invest in areas such as sorting automation, which again drives the productivity gains. On the next page, you see the evolution actually of how we have accelerated our investment to enhance the consumer convenience. Strategically, the first mover advantage is the key. This is always what we were communicating, being first, land grab, great relationship with landlords. We ended with approximately 1.9 million lockers. Putting that into the context that it's 50x more than all our competitors combined deployed in the first half of the year. In spite of all the press releases, brave declarations, hundreds, thousands of machines, that's actually the real result. We are not expecting that this may change in coming quarters, as we are accelerating, we are deploying more and more every single week. From a coverage perspective, that's approximately 53% of the Polish population today within a 7-minute walking distance to our APMs from 47% a year ago. What's very important, the coverage is well-balanced between urban and rural areas. The rural areas are performing very well. We build our new barriers in the villages, small towns, where the number of good location is limited. That's first, also the stickiness of those clients is similar, like in the urban areas. That said, we may face some competition in some of the cities, but if you look at the split of the coverage and the purchasing power, and also you know which group of people is becoming more and more active in e-commerce, you see that this is actually the case of our investment to drive the new users, new adoption in the undiscovered areas, which is mostly the rural part of the country. On the next page. Very briefly, highlights how we have extended our leadership position in Poland, operating at a completely different scale and speed relatively to our competitors. In the first half of 2021, as I said, we added close to 2,600 new APMs and more than 400,000 lockers. Whereas our all competitors deployed around 210 locations. It's very important to say locations, and 7,000 lockers over the same period. Locations, because in most of those 210 APMs, you see the capacity of the machines on the level of 16-30 lockers in comparison to 160 lockers per location within our network. This is a very different scale, and InPost accounted for more than 99.4% of total locker capacity in H1 in the country. When you combine our network size, density, coverage with the speed at which we are operating, quality we are operating, services we are implementing, we believe that our competitive advantage has significantly increased since the start of the year and since our IPO. On the next page, very important element of the flywheel, focus on continual improvements to the consumer experience. The net promoter score, the NPS, has increased again, and it's 72. As I said, more than 7 million active users of mobile app and growing. Every single month, the number goes up. Also the features such as remote locker opening and label-less returns, we have added new functionalities on top of this as the ability to extend the pickup time for your parcels, the ability to redirect a door delivery to an APM. That's massively improving the customer experience. Imagine that there are merchants that are still reluctant, for instance, to put APMs in the checkout process. They have only door-to-door. Thanks to our mobile app, you can redirect this door-to-door parcel to the APM. People were charged, they paid as door-to-door, and we deliver that to APMs, expanding our profitability on every parcel that is redirected. All those elements were reflected in the third-party surveys. A recent Kantar study showed that 89% of Polish consumers choose InPost APMs as their preferred form of last mile delivery. We saw that in the improvement on the NPS reaching a record 72 points high, a level that no other company in our sector has achieved, and around 6x higher than the average logistics company in Poland. On the next page, very briefly about the merchant adoption. Great progress in first half as we continue to demonstrate the unique value proposition and consumer pull effect from a strategic perspective, becoming increasingly pan-European player that enhances our value proposition. We are already seeing benefits, negotiating pan-European deals, benefiting from leveraging our relationship in different markets, and especially the newcomers, the new players, from day one, they realized that they may actually address most of their needs, not only in Poland, but on several markets at once. In Poland, as we added around 7,000 new merchants, we supported Amazon in their entry strategy to Poland. We also continue to benefit from the cross-sell model and the strong consumer pull effect. For instance, Lidl case where they've just launched recently an APM service, whereas in the past they started with door-to-door. As mentioned, this is the part of the end consumer centricity we are really putting together and trying to accelerate also by new services. Like we announced our MVP InPost Fresh in early July, partnering with Makro Cash & Carry to deliver a completely new grocery service, and experience to consumers in part of Warszawa. We started literally a few weeks ago, and we already see that we have around 10% registration rate from the traditional InPost user app into the InPost Fresh app in the region where we operate. Very promising first results. Still, of course, early stage, still this is the MVP, but strong interest from other retailers that want to join the platform gives us a visible sign that this could be something we want really to push in terms of the development in the future. As you can see, we've also made great progress in the U.K. and with Mondial Relay immediately gaining 80,000 merchants. That transforms the scale of the market opportunity, of course, and potentially also it's opening us a very wide gauge for the cross-border services that are very rich in margins, especially on the traditional door-to-door setup. On the next page, very briefly about our ESG angle. Just a few minutes, that underpins our strategy, and is actually a very important part of our business model and operations. Since our IPO, we have engaged with a number of rating agencies and received our first ratings from ISS, which placed us in the top third of companies in our peer group. This is just a start. While it's not the only benchmark, we were pleased to score highly in areas such as customer and stakeholder responsibility, transport, safety, and pollution prevention. As mentioned, we've made also progress with our Green City program, which covers a wide range of innovations, ecological initiatives. Since we launched the program, we've signed six partner cities with whom we expect to launch a range of initiatives over the course of the year, of course, focused on increasing consumer awareness and supporting the local government. Again, that improves the well-being of the local communities. We also implemented a new version of machines. The machine number 13,000 deployed in the city of Sopot. First really green machine that is fueled by the solar energy. First photovoltaic panels, giving us conviction that not only in south of Europe, but also in Poland, we may benefit from such innovations. More broadly, we are implementing the highest ecological standards across our departments in Poland, but also broader ecosystem partners and suppliers. We've started also our EV chargers project. We deployed, again, a few hundred of the e-vehicles fleet of courier vans. Really fast-tracking the ESG angle massively as we understand that this is the new addition to the flywheel effect, and especially the younger generation we target will make choices based on the ESG angle very soon. All the surveys we made are convincing us that this is the right track to implement. Finally, I was delighted also to see InPost named as one of the best employers in Poland in 2021 by Forbes, something we are very proud of, as we continue to hire and retain top talent. In the next section, I will update you on how we have advanced our Pan-European strategy. This is, as you know, a very important element of the overall strategy in terms of expanding the scale, addressable market, providing new and innovative consumer experience, but also enhancing value proposition to merchants, especially those that operate on a few markets. In mid-March, we announced our intention to acquire Mondial Relay. Now we closed the transaction beginning of July. In addition, we've made also great progress in the U.K. in terms of network development, and first signs of flywheel effect we already see there. Starting with Mondial Relay, very briefly, this is a kind of reminder of the slide we showed back in March, why we want to acquire this company. That's laying out why we believe Mondial Relay is so compelling, both strategically, but also from the value creation potential. Since then, we've been working at pace to prepare for the closing so we could hit the ground running. Delighted to have closed the transaction at start of Q3. Shared vision and ways of working given even more confidence about the opportunity ahead of us. On the next slide, you'll see some initial observations and actions we've taken in the first 60 days after closing. First, very important, I want to confirm that all the key assumptions and analysis that were done during the due diligence process are very consistent with what we have found. That's good. Overall, we have added a great business and set of assets operating in some of Europe's largest e-commerce markets. In France, especially in France, we estimate that B2C and C2C market make up more than 1 billion parcels. By the way, Mondial Relay is underrepresented in that segment. That opens really a great potential for us. Relative to other leading EU markets, there is an under-penetration also in D+1 delivery. We noticed that really French consumers, they expect express deliveries, but it's super premium right now, not offered by all the players, and Mondial Relay also was lagging with express. Here, mostly focused on economy service, D+2, D+3, sometimes D+4, which in our opinion is not building the end consumer centricity of the flywheel. That's why this is another great potential. Very pleased with the strength of the brand, which gives us strong platform to build upon. We don't want to change, especially in France, the name of the service from Mondial Relay to InPost. The brand is very strong, and that's an asset. In addition to France, there are clear opportunities to expand Mondial Relay's existing footprint in the markets where they operate so far, such as Benelux and Iberia. Very exciting in the context of our Pan-European strategy and also ability to offer to big international merchants almost 100% coverage of the European e-commerce market, except from the CEE. In terms of the value creation opportunities, we remain confident in our ability to generate incremental EBITDA enhancements we communicated earlier in the year. Also we've moved quickly from getting full alignment on our strategy to actually implement our plans. For example, we've already deployed first APMs in early Q3. We are accelerating our deployments week on week. The traction, and that's most important, is absolutely great. Definitely over our initial expectations, which gives us a very clear sign we need to progress with the network creation at pace, because also that's this undiscovered potential we want to touch as quickly as possible and transform it into the financial results. On the next page, some operational priorities, which are very consistent with the communication at the beginning of the year. Mondial Relay's leading position in PUDOs, that's the fact. We want to still enhance this to unlock wide spaces, also to improve the speed and efficiency of the service and overall capacity of the service. This will include investments in mostly in the network capacity, including depots, hubs, being prepared for peak volumes. That was always a challenge across the market, especially last year. We want to improve the speed, so capacity and speed of delivery. Those two main goals are addressed by these investments into operations. As I said, we deployed first machines. Actually, today we have 100 machines already on the ground. Every week we deliver more and more. The pipeline of locations that we have prepared for the future growth is already impressive and accounts for more than 10,000 potential locations we may deploy machines in France. In terms of capturing the incremental growth, we plan to focus on executing the cross-border opportunities with our existing merchants. We provide them services in Poland and in the U.K., leveraging those relationships. Also, we see a lot of interest from retailers who are already looking for pan-European partners, not dealing in every country with a different service provider. Also consistent with our sustainability agenda, building to our last mile delivery service, we intend to leverage Mondial Relay's leadership in green deliveries as well, which is even more important for the French consumers than for the Polish ones. On the next page, briefly about U.K. operations. We are seeing increasing signs of the flywheel effect. We have significantly accelerated the APM deployments, so pretty confident about reaching 3,000 APMs in the U.K. That's 6x the number of new APMs in Q2 versus the prior year quarter. Already surpassed our 2,000 APMs. Also a few hundreds already deployed, not yet active. As we will release our news with new landlords' cooperation, based not on just press releases or signed contract. We will start with them from switching on a few hundreds of existing machines. The real number of machines in the U.K. is already higher than 2,000, but here we are referring to the active ones. Of course, we still focus on the three major urban areas, London, Birmingham, and Manchester. As I said, already we surpassed the number of post offices in those markets. Very proud of this. Also, the e-merchants adoption, more than 40 new brands in first half of the year. Already passed 100. Of course, in comparison to Polish, more than 35,000, it may look like not a big achievement. Just a quick reminder, U.K. market is 10 x larger than Poland, and the average size of a player is even bigger than average size of the Polish market. In Poland, we have a lot of SMBs, very fragmented market, also because of Allegro's position on the market. U.K. 100 merchants is not 100 merchants in Poland. Looking at this, how we increase the number of APMs and the number of merchants. We've also brought new innovative consumer-centric services to the market, like instant returns. A great example of this, helping to resolve one of the biggest pain points for consumers and merchants in the U.K. 400 million returns just in the U.K. We are targeting this market, particularly with a big success. It is the fastest way, literally to return an item in the U.K. We see it as a game changer already. Since launch, we have seen a three times increase in our share of checkout with those merchants that we collaborated earlier on. In summary, following our exceptionally strong start to 2021, we had great quarter in Q2 following really unprecedented growth we saw in Q2 last year. We continue to outgrow the market. It's very important. Delivering 30% year-on-year revenue growth, continue to expand the margin, accelerated the progress on key initiatives to support also pan-European growth strategy. We have enhanced literally our leadership position in Poland, seeing increasing signs of the flywheel effect in the U.K. and, of course, a very promising closed acquisition of Mondial Relay. Turning the call over to Adam for the financial section, and then let's jump into the Q&As. Thank you. Thank you, Rafał. Thanks very much. Good morning to everyone on the call. I'll take you through our financial performance, starting with a snapshot summary on page 19 of the presentation. As Rafał mentioned, we're very pleased to see how our improvements in operational performance continue to very strongly translate to our financials. We continue to see the benefit of flywheel in driving the growth and margin performance. As you can see on this page, first half of year revenue increased by 54% with 73% adjusted EBITDA growth. Clearly, leverage effect very visible. We have seen 470 basis points of year-on-year EBITDA margin improvement and 630 basis points of margin improvement in Poland. As mentioned before, as we were guiding before, that margin expansion is continuing. We also continue to invest at pace to support our growth strategy, accelerated APM network deployment in Poland and internationally. As a result of this, CapEx has increased by 53% over this first six months of the year. Free cash flow, very important metric and also reflecting the strength of our operating and financial model, increased by 90% year-on-year in first half of the year, with cash conversion increasing to 58% of EBITDA. From the balance sheet perspective, if you look at our net debt and leverage ratio, we've ended six months of the year with the leverage of 1.8x. Clearly, given that Mondial Relay acquisition has closed on the 1st of July, so a day after the close of Q2, it's reasonable to provide also pro forma leverage. Adjusted for the acquisition price we paid for Mondial Relay 1st of July, and on a pro forma basis, the net leverage ratio for the whole group was 3.0. Roughly half a ton better or lower than what we've guided for at the time of Mondial Relay acquisition back in Q1, or announcing that acquisition back in Q1. Strong financial performance helping us to improve our leverage. Moving on to Poland on the next page. As mentioned, very strong performance in first half of the year. Volumes clearly converting into margin expansion and EBITDA growth. Very true for Q2, where we've seen operating leverage and profitability continue, although the growth in percentage terms has obviously slowed down, driven by the very tough comps of Q2 2020, driven by the first lockdown in Poland a year ago. The strong effect of the operating leverage has continued, as you can see here. The volume growth has translated almost one-to-one to revenue growth, essentially flat revenue per parcel year-on-year, which given the change in the segment mix, APM taking continuously a higher share of our business compared to to-door. As you know, APM is lower price point. Taking that into account, I think pricing aspect, very strong underlying pricing structure and mix structure here, and very strong adjusted EBITDA margin performance as mentioned, 630 basis points expansion driven by the gross margin expansion and leverage of G&As. Last but not least, obviously Q2 growth, as I mentioned, slowed down 29% growth all in all, driven mostly by APM, but basically this segment continues to be our growth engine. Moving on to the APM segment. Clearly, 61% growth for six months of the year. As Rafał mentioned, that's the multiple of market growth rates. We continue to grow very strongly ahead of the market. We continue to gain share. This is driven by the number of factors. Clearly, acceleration in overall e-commerce penetration is helpful, but increasing size and density of our APM network, the investment we make into the acceleration of the network rollout, increased density, increased convenience. That's clearly translating also into an increasing adoption of APM as a preferred delivery option in the last mile by end consumers. The growth of the new merchants we have added in the second half of last year and the run rate effect from this, as well as adding new merchants this year, that is also helping us to continue to grow way ahead of the market. For Q2, we saw 30% year-on-year growth. As we lapped the unprecedented growth of Q2 2020. In Q2 of last year, we've grown at almost 190%. Clearly that has provided a very challenging base of which we've grown another 30% in Q2 this year. I think very, very strong result and very good performance here as well. On pricing, as you can see here, that's a bit of a different view that we've seen in previous quarters, obviously. We saw a moderate year-on-year price increase both in H1, but more notably in Q2. That's not really driven by like-for-like price increases or list price increases or change in the mix. That's an effect of the fact we've taken a hit on pricing in Q2 2020, when we've invested quite heavily in the Allegro Smart promotion together with Allegro. That has taken 2 percentage points off our price, as the cost of promotion, coming back to the normalized pricing this year basically resulted in the slight price step up. Looking now at the APM network on the next page. The capacity of our network is, as you very well know, defined by two actually dimensions. It's the number of APMs, but it's also the number of lockers per APM. As you remember, we continue not only to add new APMs, but also to extend the mature cohorts, which are highly utilized. If you take both dimensions into account, we have increased our locker capacity by 75% year-on-year in first half of this year. Significant acceleration of the network development compared to previous periods, adding more than 1,600 APMs alone in Poland in the Q2 of this year and 200,000 of lockers in the quarter for Poland. Very significant step up in terms of locker capacity. By the end of Q2, therefore, as Rafał mentioned, the number of APM lockers in Poland reached almost 1.9 million. We've accounted for more than 99% of total locker capacity in the country. In terms of utilization, we've seen the average blended rate for the total network decline over the past 12 months. That's expected basically, and again, driven by 2 factors. First of all, unprecedented demand that we've seen in Q2 and Q3 last year, driven by the first COVID restriction, first lockdowns, and very short-term boost in volumes. Secondly, obviously, the pace of rollout means we adding proportionally much more lockers and much more new APMs than in previous periods. Therefore, we see that dilutive effect from the new cohort, as you see on this page. If you look actually at the mature cohort, despite the fact it's also seen a marginal step down in utilization, that mid-80s utilization is what we've always guided as a kind of long-term sustainable utilization. Obviously, a very healthy result. Now, this also basically, and more specifically if you look at the new cohort and the size of that new cohort, this underpins our strategic intent to really invest into our long-term growth to secure our long-term competitive position in the market and cement our footprint in the market. That is obviously, slightly at expense of the utilization dilution in a short term. Nevertheless, if you obviously look at the margin expansion, that utilization levels still have driven very significant margin expansion as the density is the key element here helping us to improve our profitability. Moving on to to-door segment. Very quickly here, much lower growth rates, 24% for six months of this year, 10% in Q2. We believe that very much reflects the broader market growth rates. We think that's how the eCom market in Poland has grown in H1 and clearly gives you a very good comparison where we are with the APM segment growth and how we should think about APM taking share in the Polish e-commerce market. Pricing here declined very modestly. That's mostly result of the customer mix. We see more big and strategic merchants taking higher share of our volume. They typically at a lower price point. Please bear in mind, they're also cheaper in terms of cost to serve, more consolidated, bigger volumes. All in all, in terms of unit economics, very healthy and very also supportive in terms of expanding our margins. Speaking of which, moving to gross margin performance. As mentioned, we continue the trends that we've observed for a few last quarters, continue to expand the gross profitability, 670 basis points year-on-year margin increase in first half of the year, 650 basis points in Q2. That's again, as I mentioned, consistent with previous quarters. We continue to do more of the same. Pricing almost flat, so it's all driven by the improved cost per parcel, operating cost. As we mentioned in the past, it's the same drivers that we continue to optimize, utilize. First and foremost, APM density, that's helpful in reducing last mile cost, merchant scale, size, and density on the first mile, as well as automation in the middle mile. All these elements basically continue to drive and improve productivity and translate to improved margin performance. Probably the key highlight here is that on the APM segment, the gross profit margin increase year-on-year in Q2 was 710 basis points. Really very strong performance. Moving on to adjusted EBITDA performance. Again, reflecting the underlying productivity improvements in operations. EBITDA margin in H1 outpacing revenue growth, as mentioned, 77%. Adjusted EBITDA growth for Poland, 630 basis points of margin expansion. Really strong. We continue to invest significantly in G&As to support the long-term growth, as mentioned, mostly on the IT side of things, but not only. We've seen stable G&A per parcel in H1, as you can see here. It stepped up somehow in Q2. That is actually a result of two elements. First, one, as I mentioned, the long-term investment into our G&A's IT platform. Second, some step-up costs, which are a result of us becoming a public company, employee incentive costs, the costs related to listing, such as additional auditor costs, etc. Going forward, I think we expect the G&As per parcel to marginally increase, at a level that should not stop us from continuously demonstrating expanding our EBITDA margin, which will be further driven by the gross margin expansion. Moving to international very quickly. We continued to ramp up the scale and scope of our international segment in the first half of the year in Q2, with a step up mostly in the pace of APM deployments. That's mostly obviously in the U.K. market, also launching new services to further enhance our value proposition. Rafał was mentioning the instant returns in the U.K., a fantastic uptake of the product, very good reception from both merchants and consumers. In the H1 in the U.K., we've almost doubled the size of our APM network and increased our parcel volumes almost 4 x to close to 1.5 million parcels. Despite the tough comps, the growth rates are quite healthy, albeit from a low base. Overall, a great momentum building on the scale side of things. Moving on to financial performance of the international segment. Year-over-year revenue growth, obviously strong following the parcel growth. Still relatively low volumes, our unscaled business, so revenue per parcel continues to be volatile. That's driven by the change of mix, and the dynamics of the mix change will continue to impact the average price as long as we don't have enough critical mass and continue to scale the business. Also an impact of promotional efforts, especially at the launch of the instant returns in the U.K. The revenue per parcel in H1 declined by 6% year-over-year due to those promotional activities and mix changes. Q2 increased modestly. Again, as I said, that pricing volatility we'll observe for quite some time before the business reaches critical mass and is stabilized here. In terms of adjusted EBITDA, we're investing quite significantly to support long-term growth into international segment, adding new operational commercial capabilities, headcount people also to support our capabilities or actually expand our capabilities to grow our network even faster. That combined with higher initial logistics costs from our new courier partner who we have introduced to specifically ensure best in class quality of product for instant returns, meant that we've seen adjusted EBITDA loss increase in first half of the year. Important to mention that the new logistics cost per parcel that we've seen increased from the new service from the new logistics provider is mostly driven by the fact we're still at the launch stage of the product, so very early stage. As we continue, hopefully, to see the volumes of the returns increasing on the per stop fee basis, we should see that volume optimizing our unit cost per parcel and therefore having positive impact on gross margin going forward. Moving on to CapEx. That basically just demonstrate the scale at which we continue to invest to support our network expansion. CapEx in first half of the year increased by 53%, driven by both Poland and even more so by international in terms of percentage growth. Step up in international CapEx obviously is acceleration of deployments in the U.K. Overall CapEx intensity, though, was stable, so 20% of revenue is very consistent with the first six months of the last year. That was, to an extent, also supported by the continued reduction in the unit manufacturing cost of APMs. We managed to get the cost down in the first half of the year by 7%. Very good result. Given basically the tensions in the global supply chain, that's really good outcome. Till the end of the year, we expect the CapEx to step up and the CapEx intensity to slightly increase by a few percentage points in terms of percent of revenue, as we'll keep the pace of the APM network rollout. As you remember, we've also mentioned during the Q1 results, to address the stretches in the global supply chain that I've just alluded to, we will prepay some of the 2022 CapEx in the second half of this year. This will have obviously an impact in the CapEx intensity increasing in the second half of the year. Moving on to free cash flows and cash conversion. Clearly, the underlying strong performance, margin improvement, and growth as such, has clearly translated into cash generation. In the first six months of this year, we've generated close to PLN 400 million of free cash flow. That's a 90% year-on-year increase in terms of the absolute number, and it's more than we've generated in the whole of 2020. Really very, very strong improvement. Also translation into the cash conversion metrics of 58% EBITDA cash conversion versus 52% in H1 of last year. Again, please bear in mind, we'll increase the intensity of CapEx in H2. Clearly expect the cash conversion ratio to come down a little bit on a full-year basis. Moving on to a bridge from operating EBITDA to adjusted EBITDA, just to give you visibility on the number and what drives adjustments. As you can see here, not very different view to Q1, just most material one-offs that are related to the IPO or the M&A transaction, acquisition of Mondial are related to most material cash elements and share-based payment as a non-cash element in its nature. The 3 ones that drive the bridge from operating to adjusted EBITDA really. As already mentioned at the beginning of the presentation, that very strong performance of the first six months of the year enabled us to reduce the net leverage quite significantly, more than half a turn net leverage reduction year-on-year to 1.8. As mentioned, on a pro forma basis, including the effect of Mondi acquisition, 3.0 net leverage as of end of first half of the year. Before we go to Q&A, just wanted to remind you that our full year 2021 outlook is unchanged from what we've communicated during the Q1 results. Not really going to go specifically through each and every element. In the appendix of the presentation, you also have a breakdown into the segments, so Poland and international. Essentially, as I mentioned, no change to the guidance for this year. With that, thank you very much for your attention and very happy to take questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We will now take our first question from David Kerstens from Jefferies. Please go ahead. Please go ahead, caller, your line is open. Please ensure your mute function is turned off to allow your signal to reach our equipment. It appears the caller may have stepped away. We will now take our next question from Robert Joynson from Exane BNP Paribas. Please go ahead. Good morning, everybody. Three questions from me, please. First of all, on Allegro. Since the last conference call that you hosted in May, Allegro has now started to roll out its own APMs in Poland. Could you maybe just provide some color on what you're seeing on the ground? For example, how many APMs have they rolled out so far? What do you think is a realistic number by year-end, and to what extent, indeed, do you see that Allegro are actually using the APMs that they have installed already? That's the first question. Second question on international. The revenues were flat during Q2 versus Q1, despite the number of lockers rising quite significantly. Could you please just talk us through the revenue trajectory that you see there, and in particular, what you expect for Q3? In particular, I'm wondering if Q3 revenues could actually be down versus Q2, given holiday seasonality and the easing of lockdown restrictions in the U.K. The third and final question on the full-year outlook. You've provided guidance for adjusted EBITDA, which is great. If I look at the EBIT level, the consensus for full year is PLN 1.1 billion. That compares with the PLN 330 million also achieved in H1. The consensus implies around PLN 770 million in H2, so more than double the H1 level. I appreciate that seasonality is in your favor during Q4 in particular. Is such a large improvement really realistic? Thank you. Thank you for the question. Maybe I will answer the first one about Allegro, then I will hand over to Adam. First time, it's not our role to comment the pace or to speculate what the other players may do in the coming months. I think that as for now, Allegro has deployed around 20 APMs with an average capacity per APM on the level around 70. That's it in terms of the comment. In terms of the relationship or the collaboration, nothing has changed. We perceive our relationship with Allegro as a kind of strong, strategic friendship for seven coming years. We are focusing on delivery of best-in-class services, best-in-class NPS for Allegro consumers to make Allegro happy, because that's our role. Yeah. That's it. Handing over to Adam for two other questions. Yes, thank you. First of all, in terms of quarterly volume development for the U.K., I think a couple of comments. First one is, we obviously provide the data for the end quarter in terms of size of the APM network. Please bear in mind, there's a gradual rollout process. These APMs come into operations over time, and there is a period for the ramp-up. Clearly, if you average out the average for the quarter, you would notice that basically we are continuously accelerating the pace of rollout of the APM network in the U.K. Therefore, clearly the results of the Q2 rollouts will be only visible in Q3 and Q4. I think that's just a general comment, how to think about or make a link between the volume performance and the APM network capacity. I think in terms of the absolute performance, the easing or lifting of the COVID restrictions were already very visible and impacted the volume performance in the broader e-commerce market in the U.K. in Q2. As you remember, first of all, the lockdown in the U.K., compared to Poland, for example, was much stricter and much longer than in Poland. Therefore, I think, lifting that lockdown back, I think, in May and June, really had a stronger kind of a backlash effect, if you like, because the measures that were introduced in the U.K. were much stricter. I think we've already experienced the kind of lifting of lockdown effect in Q2. Q3, obviously seasonally, is a weaker quarter just because summer holidays are always for e-commerce, a weaker period. We do not expect Q3 to be particularly strong, but we do believe and expect that Q4 will be a return to a very strong growth trajectory. In terms of our outlook, we don't provide the outlook on EBITDA level, so difficult for me to comment on the EBITDA consensus here. If you look at the EBITDA, you will essentially notice that basically the way we look at it in terms of seasonality, absolutely true what you said, Q4 is typically very strong. Probably proportion, naturally even stronger than usual this year, given that Q3 was somewhat of a slowdown all across Europe. Equally true for the U.K., equally true for Poland. We expect, in terms of EBITDA split, 45% of the EBITDA number to be delivered in H1 and 55% to be delivered in H2. From the normal seasonality perspective, that's not something that would be very unusual compared to previous years. Essentially, that would be the comment. Thank you. Thank you. Maybe just one final question, if I may. I think in one of the footnotes in the presentation, I noticed a reference to IPO costs and share expenses. Could you just maybe comment on how much they were and to what extent they were taken in Q1 versus Q2? I think in terms of IPO costs, that's the position on the bridge that I've taken you through in the presentation. I think that's the page one before last page there I was covering. You have a bridge there. You have a number for the IPO, M&A costs, as well as share-based compensation that's somewhat related to the IPO, because as you remember, the management incentive program that was introduced by Advent when the company was still private, was realized actually at IPO. Important to bear in mind, again, that share-based compensation number is essentially a non-cash item because it's settled by the shareholder, it's not the cost for the company. Understood. Thank you very much. We will now take our next question from Lotte Timmermans from ABN AMRO-ODDO BHF. Please go ahead. Good morning, gentlemen. I also have three questions. First a question on international. In your press release, you state that you have a new contract with a courier. I assume this is still Hermes. Could you give some more color on how the contract is set up? Has it changed? Do you still pay per stop and additional fee per parcel? Basically, if volumes increase, this has an accelerating positive impact on gross margin. That's my first question. A question on Allegro. They lowered the bar for free two-day delivery. This is for the half year and it's for the smart users. Have you noticed any differences from, for example, ship to to-door? In Q3, you said basically on the questions just recently, you said that Q3 international is normally a weaker quarter. Do you see a similar trend for Poland? Happy to answer the question. First one, with the return service in the U.K., we teamed up with CitySprint, another new courier, just also to counterbalance our relationship with Hermes, not to be dependent just on one provider. This is specifically linked to our label-less returns. Even Hermes was unable to provide, at this stage, logistics, so sophisticated service for us. That said, we wanted to implement it because we feel strongly that there is a massive need and demand, and we are not mistaken with this, looking at the trajectory of the adoption. Of course, with a new driver, a new courier on a new service, the ramp-up here works. Yeah? The number of parcels per stop is lower and is starting from scratch. That said, we will see improvement in due course with the CitySprint services on the label-less returns. In terms of the second question, we are not seeing any change of the saturation of our APM service on Allegro. That's a statement here. We measure that, we compare that on a quarterly basis, seems that the stickiness to APMs is same or even slightly increasing. The third question was about the summer. Yeah, summer, in terms of commerce was evenly, I would say, softening the trajectory of growth. It's not a drop, it's a soften growth, which we see again is like wing-back in September, first visible signals of this. Of course, could be also the back-to-school traditional seasonality. The strategic outlook is absolutely unchanged. The adoption of e-commerce is at pace, really taking over traditional retail. Also it's fueled by the retailers that are shifting massively their marketing budgets, closing down their physical stores. We have demand and supply doing actually the same. We envisage that midterm to long term, we really see the unchanged look on the market trajectory and the adoption of e-commerce. Okay, thanks. On the first question, the new contract with the new courier, is it also based on a pay per stop and additional fee per parcel, or is this a different structure? Yeah, we pay per stop. That said, the more parcels per stop we create and we are accommodating more and more merchants with our label-less returns, the stop fee per parcel, the cost per parcel will go down. Yeah. Yeah. Great, thanks. We will now take our last question from David Kerstens from Jefferies. Please go ahead. Thank you very much. Good morning, gentlemen. I have three questions from my side, please. If you look at revenue growth in the second quarter, you highlight 29% in Poland, which is almost 3 x faster than Allegro. My question is, did you increase the share of checkouts with Allegro as a result? How much did the 7,000 new merchants that you gained in the first half contribute to this strong revenue growth, excluding Allegro? The second question is related to the guidance. What drives the pickup in EBITDA growth momentum in the second half of the year? You had 37% EBITDA growth in the second quarter, and you're implying around 50% for the second half of the year, excluding Mondial Relay. Is that driven by improving network utilization following the addition of the 7,000 new merchants, or is it also the benefit from continued positive price mix effects? Then finally on Mondial Relay, you highlighted the first 100 APMs already on the ground. I was wondering, are you still targeting around 200-300 for the full year? You mentioned already 10,000 locations. Is this just in France, or does this also include the Benelux and the Spanish markets? Thank you very much. Happy to answer first and last question, and then handing over to Adam. First, yeah, this is the beauty of InPost. We are agnostic. We work with everybody. That said, we have exposure to the whole market. This is the difference. If you see an asset that is growing on the full market potential, on the 100% market potential, and this is our case, there is a different exposure, different growth trajectory, but also different potential for future. Then you focus just on 30-few% of the market, and this is the reason. We are growing faster and faster in non-Allegro channel. Not only those 7,000 new merchants, but also the existing merchants are building share with InPost much faster. Also, the new entrants, when you look at the moves of the new international players that want to enter Polish market, they naturally come to InPost. They know who is the market leader, who is providing the best-in-class service, and who is agnostic, who is providing the variety of services and options for everybody, starting from SME and individual sender, ending up with the big marketplace. This is the difference. In terms of the reception of first APMs in France, it is really very positive. Too early, of course, to quantify the trajectory of the growth. One statement that I can make is that from the deployment, every single week, the utilization is increasing, even during summertime. That gives you a kind of feeling. Summer, especially August in France, probably you know, is really very quiet season for retail, both physical and eCom. In terms of the 10,000 locations, that is the current Mondial Relay's full potential. That includes Benelux and Spain. That said, we have a pipeline of 10,000 locations we need to scout, we need to check if, typically, it's one third qualified for the first wave of deployments. Also because we want to focus, like we did in the U.K., on the cherry-picking and addressing the potential in the largest agglomerations or the places where we are struggling with the capacity in the current PUDO network. Handing over to Adam for the second question. David, referring to your second question around the growth dynamics in EBITDA. I think percentage growth, percentage ratios here can be deceiving and are a bit tricky. I think if you look at the top-line growth, the same is true. Essentially, we look at the dynamics here, 90+% Q1, 30% growth Q2, obviously we expect Q3 and Q4 to go back to higher growth rates just because the Q2 2020 base and compass such is very difficult and unusually high. I think percentage-wise, it can be a little bit confusing. Actually, if you look at the absolute numbers of EBITDA delivered in the 1st half of the year and second half of the year, and also at the margin expansion that we have delivered across the 1st half of the year, I think the numbers would easily add up in a sense that EBITDA number and EBITDA absolute growth would just follow the growth of the volumes and the assumed top-line growth. That's the answer, really. Q2 is a very tricky number to kind of make a judgment for the rest of the year. Okay, great. Understood. Thank you very much, gentlemen. Thank you. That concludes today's question and answer session. Mr. Brzoska, I'd like to turn the conference back to you for any additional or closing remarks. Thank you very much. Once again, guys, thank you very much for participation in that call. Apologies that it took us longer to go through the presentation. I hope that thanks to this extra 15 minutes we left for Q&As, all the questions were answered. Happy to take offline as well with Sharif. Any new questions will pop up, we will of course answer as quickly as possible. Thank you very much for your time. Have a nice day. Stay in a good health. Cheers. This concludes today's call. Thank you for your participation. You may now disconnect.