Slides
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7 November, 2025 Q3 2025 Market Share Gains and Strategic Diversification
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Disclaimer Please read the following before continuing. The following applies to this presentation, any written, oral or video presentat ion of the information by InPost S.A. a public limited liability company (société anonyme), incorporated and existing under the laws of the Grand Duchy of Luxembourg ("InPost" or the "Company") or any person on behalf of the Company, any written, oral or video presentation of information by the Company and any question-and-answer session that follows any written, oral or video presentation (collectively, the "Information"). Financial results and outlook The Information includes presented financial results for Q3 2025 and 9M 2025, of InPost S.A. and its consolidated subsidiaries. The financial results are presented in Polish Zloty (PLN). Certain figures contained in this presentation, including financial information, have had rounding adjustments made to them. 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Agenda 3 Group Key Messages Business Update Poland Business Update International Financial Highlights Outlook
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Revenue PLN 3.8 b Q3 2025 Group key numbers +49% YoY Volume +34% YoY 351.5m parcels Adjusted EBITDA Margin 28.0% Adjusted EBITDA PLN 1.1 b +24% YoY Poland UK Eurozone Revenue split 54% of outside Poland All numbers refer to Q3 2025 unless otherwise stated; Source: Company data. 4 Group Key Messages Group key messages Strong volume growth in Poland supported by customer and merchant loyalty Accelerating volume growth across all Eurozone markets UK record volume and network growth Record-Breaking Volumes and Revenue Growth at Solid Margins
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Group Key Messages in respectivemarkets APM network leader Poland Eurozone UK Q3 2025 LTM InPost OOH points 89,945 +11.2k APMs 56,757 +12.9k Poland 27,567 +3.2k Eurozone 16,977 +5.9k UK 12,213 +3.8k PUDOs 33,188 (1.7k) Poland 3,981 (0.1k) Eurozone 23,839 (3.6k) UK 5,368 +1.9k 5 In line with network optimisation strategy Further Reinforcing APM Leadership in Europe 1) Second APM network player; Source: Company data. 1 1 1
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Group Key Messages InPost and total e-commerce market volume growth YoY United Kingdom Eurozone 6 Q4 2024 Q1 2025 Q2 2025 Q3 2025 10% 20% 8% 10% 5% 6% 6% 10% 1) Countries included: France, Spain, Portugal, Belgium, Netherlands, Luxembourg, Italy; 2) Pro forma figures show InPost UK including Yodel volumes for the entire Q3 2024, while reported figures reflect Yodel volumes for Q3 2025 only as Yodel results have been consolidated starting from May 2025; Data in pie charts presents estimated InPost Group market share; Source: Company data, market reports. Poland 4% 5% 5% 7% 13% 11% 10% 24% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Eurozone markets1 Eurozone InPost 2% -1% 58% 39% 177% 219% Q4 2024 Q1 2025 Q2 2025 Q3 2025 0% 0% UK market UK InPost +19% YoY pro forma growth2 PL market PL InPost Continued, Broad-Based Market Share Gains +17% Excl. Sending
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7 UX at the Core: Growing Our App Across Markets ✓ Parcel tracking and redirection ✓ Contactless locker opening ✓ Pick-up time extension ✓ Sending parcels without a label ✓ Sharing a pick-up code with a friend ✓ Checking compartment availability ✓ Quick checkout – InPost Pay ✓ Loyalty programme ✓ Easy access zone And many more! Mobile app features app users in Poland 15.3m App users place 40% more orders than non-app users InPost Mobile ranked #1 among Utility & Productivity apps app users in the UK1 11.3m app users in France 6.7m Iberia: launched in September Italy: launch planned in 2026 1) InPost and Yodel app users Group Key Messages
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Poland Update Growth Supported by Strong Brand Preference 8
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27,500+ APMs, #1 in unique APM locations 4m lockers, 70% market share in lockers Top quality: 98% D+1 delivery 2.5k new SME merchants in Q3 2025 YoY Healthy and stable APM utilisation allowing strong profitability improvement 9Source: Company data. Continued Winning on the Polish Market 137.3 32.7 Q3 2024 146.4 41.4 Q3 2025 170.0 187.8 +10% APM To-door Volume fuelled by key merchants and international marketplaces +7% +27% Parcel volume [m] Efficiency strengthened by our flywheel effect Poland
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10 Lockers as a preferred delivery method for online purchases InPost APMs most frequently chosen for online shopping Which of the following delivery methods do you use most often when shopping online? Which parcel locker do you use most often when shopping online? #2 #3 #4 #5 87% Locker 2door courier PUDO Post office Click &Collect 83% Source: Company data, E-commerce in Poland in 2025, Gemius, September 2025 Building Strength Through User Loyalty and Love Brand 20m+ InPost APM users (+6% YoY) 15m+ InPost mobile app users (+17% YoY) 10m+ InPost Pay users 95% of shoppers say that the ability to use InPost APMs motivates them to shop online Poland
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International Update Gaining share as markets shift to OOH 11
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12 Q3 2024 Q3 2025 67.3 83.5 +24% APM PUDO To-Door Returns Strong Organic Growth Fuelled by Iberia and France with Uplift From Recent M&A 17% Volume total 33% B2C APM 24% 47% 54% 5% Eurozone e-commerce markets growth InPost Eurozone volume growth 46% APM / OOH flow rate1 Expanding flow rate to APM 50%+ of B2C share in total volume (vs <40% 3 years ago) Successfully launched Sending Integration into InPost Iberia in Q3, securing major commercial wins Incl. Sending Eurozone Strategic volume acceleration through B2C, APM + To-Door Integration 1) Flow rate – share of Eurozone volume delivered to APMs in total volume delivered to all OOH points (APMs and PUDOs); Source: Company data.
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On the Path to Become Love Brand Mondial Relay - most frequently chosen lockers Which parcel locker do you use most often when shopping online? Pickup Amazon Lockers Vinted Go Colis Prive 75% #1 APM network across Eurozone Q3 2024 Q3 2025 38,493 40,816 11,077 27,416 16,977 23,839 APM growth +53% APM PUDO Lockers growth +45% 53 NPS index - Mondial Relay record-high NPS -excellent result driven by many promoters and minimal detractors 56% of respondents say they prefer OOH over to-door delivery 75% of respondents say they have received or sent at least one parcel via a locker in the past 12 months Users shifting towards OOH, with lockers on the rise Source: Audirep survey, July 2025; Company data. Eurozone 13
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UK Unmatched leader in APM locations 8,395 3,433 Q3 2024 12,213 5,368 Q3 2025 11,828 17,581 +49% Source: Company data. 1.6x APM PUDO +45% UK High Growth Across Both Channels: OOH and To-Door 1) Pro forma figures show InPost UK including Yodel volumes for the entire Q3 2024, while reported figures reflect Yodel volumes for Q3 20 25 only as Yodel results have been consolidated starting from May 2025. Volume [m] Q3 2024 Q3 2025 67.2 80.2 +19% +219% Reported Accelerating volume growth 53% YoY growth in OOH channel1 Volume growth driven by both B2C (27% YoY) and C2C (8% YoY) segments1 Pro forma1 14
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What was done? Sites - • Consolidation of depots (over 50 shared depots that handle to- door, APM and PUDO parcels) • Two sorting hubs opened to accelerate capacity earlier than planned People – Staff trained to sort and manage all types of products. Processes - Linehaul operations consolidated Volume - new merchants onboarded; further restructuring of XL and irregular parcel volume Plan for Q4 and Q1 Additional operational costs from Q3 2025 to continue in Q4 2025 Volume Cap to prioritize service quality for merchants through peak OneNetwork further steps incl. single, unified IT system, efficiency plans and release volume cap UK Integrating with Yodel – on the Path to One Network UK 15
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Financial Highlights Record-breaking revenue growth at solid margins 16
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Financial highlights 17 Summary of Group Performance 1) Adjustments are presented on slide 22 2) Leverage calculated based on Last Twelve Months Adjusted EBITDA 3) M&A expenses not included Source: Company data. PLN m, unless otherwise stated Q3 2025 Q3 2024 YoY 9M 2025 9M 2024 YoY Parcel volumes (million) 351.5 262.5 34% 947.2 769.5 23% Revenue reported 3,768.9 2,535.2 48.7% 10,254.2 7,583.9 35.2% EBITDA 962.6 795.6 21.0% 2,780.0 2,373.4 17.1% EBITDA margin 25.5% 31.4% (580bps) 27.1% 31.3% (420bps) Adjusted EBITDA1 1,055.4 852.7 23.8% 2,995.1 2,500.1 19.8% Adjusted EBITDA margin 28.0% 33.6% (560bps) 29.2% 33.0% (380bps) Operating Profit (EBIT) 407.3 413.8 (1.6%) 1,250.7 1,326.0 (5.7%) Operating Profit margin 10.8% 16.3% (550bps) 12.2% 17.5% (530bps) Adjusted EBIT 524.7 491.8 6.7% 1,546.6 1,515.8 2.0% Adjusted EBIT margin 13.9% 19.4% (550bps) 15.1% 20.0% (490bps) Net profit 164.3 256.0 (35.8%) 481.3 847.2 (43.2%) Net profit margin 4.4% 10.1% (570bps) 4.7% 11.2% (650bps) Adjusted Net profit 322.8 333.9 (3.3%) 927.1 1,025.7 (9.6%) Adjusted Net profit margin 8.6% 13.2% (460bps) 9.0% 13.5% (450bps) CAPEX 356.0 398.5 (10.7%) 1,167.6 986.3 18.4% % of revenue 9.4% 15.7% (630bps) 11.4% 13.0% (160bps) Net Leverage2 2.1x 1.9x 0.2x 2.1x 1.9x 0.2x FCF Group3, of which: 171.8 211.6 (18.8%) 226.0 578.9 (61.0%) FCF Poland 521.7 391.3 33.3% 1,172.5 1,039.6 12.8% FCF International (263.1) (132.7) n/a (774.8) (347.5) n/a
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Financial highlights 18 Summary of Segments Results 1) Adjustments are presented on slide 22 Source: Company data. PLN m unless otherwise specified Q3 2025 Q3 2024 YoY 9M 2025 9M 2024 YoY Parcel volume (m) 351.5 262.5 34% 947.2 769.5 23% Poland 187.8 170.0 10% 542.9 499.4 9% Eurozone 83.5 67.3 24% 234.7 204.2 15% UK + Ireland 80.2 25.1 219% 169.6 66.0 157% Segment Revenue 3,768.9 2,535.2 48.7% 10,254.2 7,583.9 35.2% Poland 1,740.5 1,546.6 12.5% 5,086.6 4,608.6 10.4% Eurozone 996.1 734.8 35.6% 2,752.0 2,309.5 19.2% UK + Ireland 1,032.3 253.8 306.7% 2,415.6 665.8 262.8% Adjusted EBITDA1 1,055.4 852.7 23.8% 2,995.1 2,500.1 19.8% Poland 855.9 723.5 18.3% 2,481.4 2,151.6 15.3% Eurozone 144.3 107.9 33.7% 406.5 319.9 27.1% UK + Ireland 88.0 41.4 112.6% 198.1 96.1 106.1% Group costs (32.8) (20.1) 63.2% (90.9) (67.5) 34.7% Adjusted EBITDA Margin 28.0% 33.6% (560bps) 29.2% 33.0% (380bps) Poland 49.2% 46.8% 240bps 48.8% 46.7% 210bps Eurozone 14.5% 14.7% (20bps) 14.8% 13.9% 90bps UK + Ireland 8.5% 16.3% (780bps) 8.2% 14.4% (620bps)
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2,151.6 2,481.4 9M 2024 9M 2025 +15% 723.5 855.9 Q3 2024 Q3 2025 +18% Q3 2025 highlights Financial highlights 19 Driving Growth and New Records of Profitability Revenue [PLN m]Parcel volume [m] Adjusted EBITDA & Margin [PLN m or %] Source: Company data. 1. Volume growth outpacing market performance, driven by strong expansion across key merchants and international marketplaces 2. Revenue growth faster than volume, driven by positive pricing effect and changing volume structure 3. YoY profitability improvement driven by effective logistics costs management, favourable product mix, and disciplined SG&A control Poland 137.3 32.7 Q3 2024 146.4 41.4 Q3 2025 170.0 187.8 +10% APM volume To-door volume 404.2 95.2 9M 2024 435.2 107.7 9M 2025 499.4 542.9 +9% 337.3 432.5 1,163.1 1,269.2 46.2 Q3 2024 38.8 Q3 2025 1,546.6 1,740.5 +13% APM To-door Other 126.5 102.91,042.7 1,180.7 3,439.4 3,803.0 9M 2024 9M 2025 4,608.6 5,086.6 +10% 46.8% 49.2% 46.7% 48.8% Adjusted EBITDA Adjusted EBITDA margin
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9M 2024 9M 2025 319.9 406.5 +27% Q3 2024 Q3 2025 107.9 144.3 +34% 14.7% 14.5% 3. Adjusted EBITDA margin remained flat YoY, supported by scale benefits and effective SG&A control, partially offset by the impact of Sending’s to-door business Financial highlights 20 Record Results with Strong Top Line Revenue [PLN m]Parcel volume [m] Adjusted EBITDA & Margin [PLN m or %] Source: Company data. Q3 2025 highlights 1. Volume growth fuelled by another quarter of expansion in the strategically important B2C boosted by Sending (+47% YoY) and increase in APM volumes (+54% YoY) 2. Revenue growth outpaced volume due to Sending consolidation, supported by a favourable mix — higher cross-border and to-door deliveries Eurozone Q3 2024 Q3 2025 67.3 83.5 +24% 9M 2024 9M 2025 204.2 234.7 +15% 734.8 996.1 Q3 2024 Q3 2025 +36% 9M 2024 9M 2025 2,309.5 2,752.0 +19% 13.9% 14.8% Adjusted EBITDA margin Adjusted EBITDA
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Revenue [PLN m]Parcel volume [m] Q3 2025 highlights Financial highlights 21 More Than Tripling Top Line Accelerated by Yodel Adjusted EBITDA & Margin [PLN m] Source: Company data. 1. Volumes further supported by the consolidation of Yodel, reinforcing our position in the B2C and C2C. On a pro forma basis, growth remains strong at +19% YoY 2. Parcel revenue in line with volume increase; total revenue above volume growth, driven by Menzies consolidation 3. Adjusted EBITDA doubled YoY driven by high core business results offset by the impact of Yodel’s consolidation UK+Ireland 9M 2024 9M 2025 96.1 198.1 +106% Q3 2024 Q3 2025 41.4 88.0 +113% 16.3% 8.5% Adjusted EBITDA margin Adjusted EBITDA 14.4% 8.2% Q3 2024 Q3 2025 25.1 80.2 +219% 9M 2024 9M 2025 66.0 169.6 +157% 253.8 222.8 809.4 Q3 2024 Q3 2025 1,032.3 +307% 9M 2024 1,774.7 640.9 9M 2025 665.8 2,415.6 +263% UK w/o Menzies Menzies
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9M 2025 9M 2024 Diff. Change Adjusted EBITDA 2,995.1 2,500.1 495.0 19.8% Margin % 29.2% 33.0% (380bps) Incentive programmes set up by shareholders (49.8) (3.3) (46.5) 1,409.1% Incentive programmes set up by Group (54.0) (45.8) (8.2) 17.9% Restructuring costs (98.9) (60.6) (38.3) 63.2% M&A Costs (12.4) (17.0) 4.6 (27.1%) Operating EBITDA 2,780.0 2,373.4 406.6 17.1% Margin % 27.1% 31.3% (420bps) IFRS16 RoU amortisation (1,023.4) (689.7) (333.7) 48.4% Other intangibles amortisation (169.6) (98.9) (70.7) 71.5% PPE depreciation (336.3) (258.8) (77.5) 29.9% EBIT 1,250.7 1,326.0 (75.3) (5.7%) Margin % 12.2% 17.5% (530bps) Adjusted EBIT 1,546.6 1,515.8 30.8 2.0% Margin % 15.1% 20.0% (490bps) Net financial cost (501.0) (241.1) (260.0) 107.8% of which: interest expense (339.9) (258.8) (81.1) 31.3% of which: unrealised FX gains/(losses) (135.7) (1.5) (134.2) 8,946.7% of which: other (25.5) 19.2 (44.7) n/a Share of result from associates (2.0) 6.8 (8.8) n/a Income tax (266.3) (244.4) (21.9) 9.0% Net profit from continuing operations 481.3 847.2 (365.9) (43.2%) Margin % 4.7% 11.2% (650bps) Adjusted Net Profit 927.1 1,025.7 (98.6) (9.6%) Margin % 9.0% 13.5% (450bps) Financial highlights 22 Adjusted EBITDA to Adjusted Net Profit Source: Company data. 2 4 1 Incentive programmes set up by shareholders: MIP and Earn-Out (non-cash impact on Group results) Costs mainly relate to one-off UK integration costs (Menzies) and restructuring costs (Yodel) Growth driven primarily by Yodel consolidation, network scale (APM land, depot leases) and the automation of operations Adjusted EBITDA and Adjusted EBIT difference comes from D&A excluding customer relationship amortisation, higher QoQ due to Yodel consolidation Unrealised gains and losses are driven by strengthening of PLN vs. EUR and arise from FX translation differences of PLN denominated debt consolidated on Luxembourg Parent Company level 2 3 1 3 5 5 4
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1) M&A expenses not included; Source: Company data. Financial highlights Strong FCF in Poland Reinvested to Accelerate International Expansion PLN million PLN million 9M 20259M 2024 2,481.4 1,479.7 1,172.5 226.0 1,001.7 307.2 604.6 531.3 848.1 Adjusted EBITDA PL Change in NWC, Income Tax, Leases, maintenance Capex Cash Flow pre- Expansion Capex PL Expansion Capex PL 9M 2025 FCF PL Adjusted EBITDA INT Change in NWC, Income Tax, Lease Payments INT Capex INT 80.8 Adjusted cash cost and FX effects 90.9 Group costs FCF Group1 2,500.1 1,039.6 578.9 Group Adjusted EBITDA FCF Poland FCF Group 48% PL Adjusted EBITDA conversion 47% PL Adjusted EBITDA conversion23% Group Adjusted EBITDA conversion 23
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PLN million, unless otherwise stated 9M 2025 12M 2024 Difference % change (+) Gross debt 10,108.4 7,756.2 2,352.2 30.3% Borrowings & financial instruments at amortised cost 6,479.8 5,060.8 1,419.0 28.0% Depots and APM locations IFRS16 lease liabilities 2,843.8 2,153.9 689.9 32.0% Other IFRS16 784.8 541.5 243.3 44.9% (-) Cash (1,412.9) (772.3) (640.6) 82.9% (-) Interest Rate SWAP 26.5 (17.8) 44.3 n/a Net debt 8,722.0 6,966.1 1,755.9 25.2% Adjusted EBITDA LTM1 4,143.4 3,648.4 495.0 13.6% Net Leverage (Actual)2 2.1x 1.9x 0.2x Debt increase driven by strategic acquisition of Yodel IFRS 16 lease liabilities increase reflects Yodel consolidation and network expansion. Other IFRS16 liabilities include transportation fleet and office leases Net leverage at a healthy level after M&A investments 1 Financial highlights Maintaining Financial Discipline: Net Leverage at 2.1 Following M&As 1) LTM – Last Twelve Months; 2) Leverage calculated based on Last Twelve Months Adjusted EBITDA; Source: Company data. 1 2 2 3 3 24
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Outlook 25
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Outlook for FY 2025 and Q4’25 26 Our FY 2025 Outlook has been revised on Adjusted EBITDA in the UK, which brings Group Adjusted EBITDA growth expectations to the mid-teens YoY. All other elements of the outlook remain unchanged. Group volume +25-30% YoY We expect InPost to increase market share in all markets and we expect YoY Group volume in the mid to high 20s level, coming from a mix of: i) high single-digit volume growth in Poland, exceeding market growth, yet with landing within that range depending on e-commerce market development in Q4 2025, ii) mid to high teens digit InPost volume growth in Eurozone markets, iii) UK volumes to almost triple on the back of Yodel consolidation and APM network expansion. Group revenue +35-40% YoY We expect YoY Group revenue to grow in the mid to high 30s. Poland and Eurozone revenue to grow slightly above volume due to mix effect and repricing. UK revenue, including Menzies and Yodel consolidation, to triple YoY. EBITDA growth Mid-teens We expect an Adjusted EBITDA increase in the mid-teens. Adjusted EBITDA margin: i) to stabilize in Poland at high 40s level, ii) to further increase in Eurozone due to higher core business profitability yoy, slightly offset by consolidation of Sending, iii) in the UK & Ireland adjusted EBITDA margin to be temporarily lower YoY due to the consolidation of Yodelas well as due to the impact of recent integration and operations redesign. Group Adjusted EBITDA margin to be lower YoY on the back of increasing share of the UK. Network c.15k new APMs We plan to accelerate deployment to c. 15,000 APMs across all markets. This includes ~3,000 APMs in Poland, ~4,000 APMs in Benefralux, ~4,500 APMs in the UK, ~2,000 in Iberia, ~2,000 in Italy. CAPEX and FCF Capex of PLN c. 1.9 billion, with c. 60% allocated for APM production and deployment. We expect positive FCF at the Group level (excluding impact of Yodel). We expect similar net leverage level to end of 2025 YoY. Q4 2025 trading update At the Group level for Q4 2025, we anticipate YoY growth in the high-twenties percent range. In Poland, we expect YoY volume growth at high single digit, continuing to outpace the e-commerce market. Internationally, we are forecasting approximately 70% growth in InPost volume YoY, which includes the consolidation of Yodel.
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Thank you! Contact for Investors Investor Relations ir@inpost.eu Meet us: For more info: Upcoming events Nov 17-18, 2025 GS CEEMEA One-on-One Conference, London Nov 20-24, 2025 Jefferies Roadshow, Los Angeles, San Francisco Nov 20, 2025 PKO BP CEE Capital Markets Conference, New York 27
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Appendix 28
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Adjusted EBITDA facilitates the comparison of the Group’s operating results from period to period and between segments by removing the impact of, among other things, its capital structure, asset base and tax consequences and one-off and non-cash costs not related to its day-to-day operations. Adjusted EBITDA is defined as operating EBITDA adjusted for non -cash (share-based payments) such as incentive programmes set up by Shareholder and by Group, and one -off costs (mainly Restructuring and Acquisition costs). Restructuring costs refer to the legal and advisory costs of the standardisation of operating, administration, and business processes of acquired companies to align them with group standards. Acquisition costs refer to the legal and advisory costs connected with potential and actual acquisition projects. Adjusted EBIT is defined as the Adjusted EBITDA less depreciation and amortisation adjusted for elimination of amortisation of trademarks and customer relationship acquired through subsidiary acquisition. In Management opinion elimination of amortisation of intangibles identified during purchase price allocation allows to eliminate the costs of assets which cannot be recreated at any point in the future of the group. Operating EBITDA facilitates the comparison of the Group’s operating results from period to period and between segments by removing the impact of, among other things, its capital structure, asset base, and tax consequences. Operating EBITDA is defined as net profit (loss) from continuing operations adjusted for income tax (expense) benefit, (Gain) loss on revaluation of previously owned shares in acquired entities, share of results from associates accounted for using the equity method, net financial costs (finance costs net-off finance income), as well as depreciation and amortisation. Adjusted Profit before tax is defined as the Adjusted EBIT adjusted back for net financial costs, share of results from associates, accounted for using the equity method and adjustment on the FX on revaluation related to debt denominated in PLN valuated in EUR on InPost S.A. level. Adjusted Net profit is defined as the Adjusted EBIT adjusted back for net financial costs, share of results from associates, accounted for using the equity method and adjustment on the FX on revaluation related to debt denominated in PLN valuated in EUR on InPost S.A. level and the tax effects of these adjustments. More information about Alternative Performance Measures can be found in Note 5.1. of the Interim Condensed Consolidated Finan cial Statements of InPost S.A. and its subsidiaries for the period of 6 months ended on 30 June, 2025; Source: Company data. Appendix Definitions and Numerical Reconciliations of Alternative Performance Measures (1/2) PLN m, unless otherwise stated 9M 2025 9M 2024 Q3 2025 Q3 2024 Net profit/(loss) from continuing operations 481.3 847.2 164.3 254.5 Income tax 266.3 244.4 85.3 60.3 Profit/(loss) from continuing operations before tax 747.6 1,091.6 249.6 314.8 adjusted by: Net financial costs 501.1 241.1 154.3 99.6 Depreciation 1,529.3 1,047.4 555.3 381.8 Share of result from associates 2.0 (6.8) 3.4 (0.7) Operating EBITDA 2,780.0 2,373.4 962.6 795.6 Incentive programmes set up by shareholders 49.8 3.3 16.6 1.1 Incentive programmes set up by Group 54.0 45.8 15.4 12.3 M&A 12.4 17.0 5.1 16.5 Restructuring costs 98.9 60.6 55.7 27.2 Adjusted EBITDA 2,995.1 2,500.1 1,055.4 852.7 Depreciation and amortisation (1,529.3) (1,047.4) (555.3) (381.8) Elimination of amortisation of trademarks and customer relationship acquired through subsidiary acquisition 80.8 63.1 24.6 20.9 Adjusted EBIT 1,546.6 1,515.8 524.7 491.8 Net financial cost (501.1) (241.1) (154.3) (99.6) Adjustment on the FX on revaluation 170.7 20.6 47.5 22.3 Share of result from associates (2.0) 6.8 (3.4) 0.7 Adjusted Profit before tax 1,214.2 1,302.0 414.5 415.2 Income tax (266.3) (244.4) (85.3) (60.3) Tax effect of the above adjustments (20.8) (31.9) (6.4) (21.0) Adjusted Net profit 927.1 1,025.7 322.8 333.9 29
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Capex is defined as the total of Purchase of property, plant, and equipment and Purchase of intangible assets, presented in the Statement of cash flows. This measure is used to assess the total amount of cash outflows invested in the Group’s non -current assets. Operating EBITDA Margin is defined as Operating EBITDA divided by the total of Revenue . Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by the total of Revenue . Adjusted EBIT Margin is defined as Adjusted EBIT divided by the total of Revenue. Adjusted Net profit Margin is defined as Adjusted Net profit divided by the total of Revenue . Free Cash Flow (FCF) presents the group's cash flow generation, calculated as net cash from operating activities adjusted for interest and commissions paid less Purchase of property, plant and equipment, Purchase of intangible assets and Payment of principal portion of the lease liability. Net leverage1 The Group monitors capital using a leverage ratio, which is a ratio of Net debt to Adjusted EBITDA for the last twelve months. Net debt is defined and calculated as the total of Borrowings, and Other Financial Liabilities less Cash and Cash equivalents and interest rate SWAP. Leverage ratio is monitored four times a year, which includes an analysis of the cost of capital and respective risks associated with each source of the capital. 1) Calculations presented on slide 32; More information about Alternative Performance Measures can be found in Note 5.1. of the Interim Condensed Consolidated Financial Statements of InPost S.A. and its subsidiaries for the period of 6 months ended on 30 June, 2025 Appendix Definitions and Numerical Reconciliations of Alternative Performance Measures (2/2) PLN m, unless otherwise stated 9M 2025 9M 2024 Q3 2025 Q3 2024 Revenue 10,254.2 7,583.9 3,768.9 2,535.2 Operating EBITDA 2,780.0 2,373.4 962.6 795.6 Operating EBITDA margin 27.1% 31.3% 25.5% 31.4% Adjusted EBITDA 2,995.1 2,500.1 1,055.4 852.7 Adjusted EBITDA margin 29.2% 33.0% 28.0% 33.6% Adjusted EBIT 1,546.6 1,515.8 524.7 491.8 Adjusted EBIT margin 15.1% 20.0% 13.9% 19.4% Adjusted Net profit 927.1 1,025.7 322.8 333.9 Adjusted Net profit margin 9.0% 13.5% 8.6% 13.2% Net cash from operating activities 2,054.3 1,996.8 735.6 784.7 Interest Paid 401.1 250.5 223.2 77.9 Purchase of property, plant and equipment (907.6) (818.8) (246.4) (332.8) Purchase of intangible assets (260.0) (167.5) (109.6) (65.7) Payment of principal portion of the lease liability (1,061.8) (682.1) (431.0) (252.5) Free Cash Flow 226.0 578.9 171.8 211.6 Source: Company data. 30
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852.7 391.3 211.6 Group Adjusted EBITDA FCF Poland FCF Group 855.9 654.9 521.7 171.8 201.0 133.2 232.3 274.0 221.4 Adjusted EBITDA PL Change in NWC, Income Tax, Leases, maintenance Capex Cash Flow pre- Expansion Capex PL Expansion Capex PL Q3 2025 FCF PL Adjusted EBITDA INT Change in NWC, Income Tax, Lease Payments INT Capex INT 54.0 Adjusted cash cost and FX effects 32.8 Group costs FCF Group1 1) M&A expenses not included; Source: Company data. Financial highlights Strong FCF in Poland Reinvested to Accelerate International Expansion PLN million PLN million Q3 2025Q3 2024 54% PL Adjusted EBITDA conversion 61% PL Adjusted EBITDA conversion25% Group Adjusted EBITDA conversion 31
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Q3 2025 Q3 2024 Diff. Change Adjusted EBITDA 1,055.4 852.7 202.7 23.8% Margin % 28.0% 33.6% (560bps) Incentive programmes set up by shareholders (16.6) (1.1) (15.5) 1,409.1% Incentive programmes set up by Group (15.4) (12.3) (3.1) 25.2% Restructuring costs (55.7) (27.2) (28.5) 104.8% M&A Costs (5.1) (16.5) 11.4 (69.1%) Operating EBITDA 962.6 795.6 167.0 21.0% Margin % 25.5% 31.4% (580bps) IFRS16 RoU amortisation (378.2) (254.0) (124.2) 48.9% Other intangibles amortisation (58.8) (33.2) (25.6) 77.1% PPE depreciation (118.3) (94.6) (23.7) 25.1% EBIT 407.3 413.8 (6.5) (1.6%) Margin % 10.8% 16.3% (550bps) Adjusted EBIT 524.7 491.8 32.9 6.7% Margin % 13.9% 19.4% (550bps) Net financial cost (154.3) (99.6) (54.7) 54.9% of which: interest expense (132.9) (87.9) (45.0) 51.2% of which: unrealised FX gains/(losses) (14.1) (9.6) (4.5) 46.9% of which: other (7.3) (2.1) (5.2) 247.6% Share of result from associates (3.4) 0.7 (4.1) n/a Income tax (85.3) (60.3) (25.0) 41.5% Net profit from continuing operations 164.3 254.5 (90.2) (35.4%) Margin % 4.4% 10.0% (570bps) Adjusted Net Profit 322.8 333.9 (11.1) (3.3%) Margin % 8.6% 13.2% (460bps) Appendix Adjusted EBITDA to Adjusted Net Profit Source: Company data. 32
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Appendix Profit and Loss and Other Comprehensive Income Statement Source: Company data. PLN m, unless otherwise specified 9M 2025 9M 2024 Q3 2025 Q3 2024 Revenue 10,254.2 7,583.9 3,768.9 2,535.2 Cost of sales (7,361.0) (5,054.9) (2,708.9) (1,666.3) Gross profit 2,893.2 2,529.0 1,060.0 868.9 General & administrative expenses (1,380.1) (1,010.5) (564.5) (389.3) Selling & marketing expenses (239.3) (181.1) (77.2) (64.1) Impairment gain/(loss) on trade and other receivables (23.1) (11.5) (11.0) (1.8) Operating profit 1,250.7 1,325.9 407.3 413.7 Finance income 46.8 31.8 8.3 (5.6) Finance costs (547.9) (272.9) (162.6) (94.0) Share of results from associates accounted for using the equity method (2.0) 6.8 (3.4) 0.7 Profit before tax 747.6 1,091.6 249.6 314.8 Income tax expense (266.3) (244.4) (85.3) (60.3) Net profit from continuing operations 481.3 847.2 164.3 254.5 Loss from discontinued operations - - - 1.5 Net profit 481.3 847.2 164.3 256.0 Other comprehensive income - item that may be reclassified to profit or loss Exchange differences from translation of foreign operations, net of tax 56.3 3.9 8.3 4.7 Share of other comprehensive income/ (loss) of associates accounted for using the equity method 2.9 5.0 7.7 7.3 Other comprehensive income, net of tax 59.2 8.9 16.0 12.0 Total comprehensive income 540.5 856.1 180.3 268.0 Net profit (loss) attributable to: 481.3 847.2 164.3 256.0 Shareholders of InPost 494.1 847.2 170.7 256.0 Non-controlling interest (12.8) - (6.4) - Total comprehensive income, attributable to: 540.5 856.1 180.3 268.0 Shareholders of InPost 553.1 856.1 186.9 268.0 Non-controlling interest (12.6) - (6.6) - Basic earnings per share (in PLN) 0.99 1.69 0.34 0.51 Diluted earnings per share (in PLN) 0.99 1.69 0.34 0.51 33
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Appendix Cash Flow Statement Source: Company data. PLN m, unless otherwise specified 9M 2025 9M 2024 Q3 2025 Q3 2024 Cash flows from operating activities Net profit 481.3 847.2 164.3 256.0 Adjustments: 2,433.0 1,607.2 837.1 569.8 Income tax expense 266.3 244.4 85.3 60.3 Financial cost/(income) 505.2 237.4 154.1 94.5 (Gain)/loss on sale of property, plant and equipment - 1.6 0.6 0.4 Depreciation and amortisation 1,529.3 1,047.4 555.3 381.8 Impairment losses 26.0 23.6 5.5 14.0 Group settled share-based payments 104.2 59.6 32.9 19.5 Share of results of associates 2.0 (6.8) 3.4 (0.7) Changes in working capital: (62.3) 9.2 34.3 76.6 Trade and other receivables (57.3) (116.5) (94.6) 18.8 Inventories (2.0) 0.9 (1.1) 0.5 Other assets (93.4) (46.0) (41.0) (10.4) Trade payables and other payables (38.8) 113.1 159.2 93.8 Employee benefits, provisions and contract liabilities 61.4 24.3 (26.7) 9.9 Other liabilities 67.8 33.4 38.5 (36.0) Cash generated from operating activities 2,852.0 2,463.6 1,035.7 902.4 Interest and commissions paid (401.1) (250.5) (223.2) (77.9) Income tax paid (396.6) (216.3) (76.9) (39.8) Net cash from operating activities 2,054.3 1,996.8 735.6 784.7 Cash flows from investing activities Purchase of property, plant and equipment (907.6) (818.8) (246.4) (332.8) Purchase of intangible assets (260.0) (167.5) (109.6) (65.7) Proceeds from financial instruments 84.0 15.6 1.9 5.5 Acquisition of a subsidiary, net of cash acquired (103.5) - (89.4) - Loans granted (416.3) (129.8) (22.3) (129.8) Acquisition of financial instruments (53.1) - (53.1) - Net cash from investing activities (1,656.5) (1,100.5) (518.9) (522.8) Cash flows from financing activities Proceeds from borrowings 3,849.9 39.4 744.1 - Repayment of principal portion of borrowings (4,061.7) (8.2) (1,544.1) (1.4) Proceeds from bonds 3,616.9 - 3,616.9 - Repayment of principal portion of bonds (2,075.9) - (2,075.9) - Payment of principal of lease liability (1,061.8) (682.1) (431.0) (252.5) Acquisition of treasury shares (23.6) (31.5) - - Net cash from financing activities 243.8 (682.4) 310.0 (253.9) Net change in cash and cash equivalents 641.6 213.9 526.7 8.0 Cash and cash equivalents at the start of the reporting period 772.3 565.2 885.4 772.3 Effect of movements in exchange rates (1.0) 2.6 0.8 1.4 Cash and cash equivalents as of 30 Sept 1,412.9 781.7 1,412.9 781.7 34
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Appendix Balance Sheet Statement Source: Company data. PLN m, unless otherwise specified 30.09.2025 31.12.2024 Non-current assets 12,584.0 9,978.0 Goodwill 2,049.4 1,519.7 Intangible assets 1,732.1 1,413.6 Property, plant and equipment 4,544.2 3,959.5 Right of use assets 3,682.8 2,579.4 Other financial assets 75.5 128.7 Long term investments in associates 95.2 94.2 Long term trade and other receivables 48.3 44.1 Deferred tax assets 213.1 191.1 Long term other assets 143.4 47.7 Current assets 3,999.4 2,914.8 Inventory 19.0 12.0 Short term financial assets 0.2 76.4 Short term trade and other receivables 2,417.6 1,955.7 Income tax receivables 4.9 5.3 Short term other assets 144.8 93.1 Cash and cash equivalents 1,412.9 772.3 TOTAL ASSETS 16,583.4 12,892.8 Equity attributable to owners of InPost 3,089.7 2,456.0 Share capital 22.7 22.7 Share premium 35,122.4 35,122.4 Retained earnings/(accumulated losses) 3,218.5 2,798.3 Reserves (35,273.9) (35,487.4) Non-controlling interests 12.0 - Total equity 3,101.7 2,456.0 Long term trade and other payables 0.9 - Long term borrowings 5,566.6 4,739.9 Long term employee benefits 9.3 11.9 Long term provisions 74.8 - Long term government grants 1.0 1.0 Deferred tax liability 543.3 403.2 Long term lease liabilities 2,547.3 1,720.6 Total non-current liabilities 8,743.2 6,876.6 Short term trade payables and other payables 2,147.9 1,671.9 Short term borrowings 913.2 320.9 Short term employee benefits 167.8 159.3 Short term provisions 74.0 7.5 Income tax liabilities 44.4 210.1 Short term lease liabilities 1,081.3 974.8 Short term other financial liabilities 26.5 - Short term other liabilities 283.4 215.7 Total current liabilities 4,738.5 3,560.2 Total liabilities 13,481.7 10,436.8 TOTAL EQUITY AND LIABILITIES 16,583.4 12,892.8 35
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Appendix InPost Group out-of-home points Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Out-of-home points 69,379 73,636 78,721 81,112 83,172 88,050 89,945 of which APMs 37,703 40,671 43,812 46,955 49,808 53,287 56,757 of which Poland 22,654 23,470 24,340 25,269 25,949 26,807 27,567 of which France 5,140 5,711 6,288 6,927 7,542 8,255 8,948 of which UK 6,828 7,502 8,395 9,243 10,063 11,088 12,213 of which other markets 3,081 3,988 4,789 5,516 6,254 7,137 8,029 of which PUDOs 31,676 32,965 34,909 34,157 33,364 34,763 33,188 of which Poland 3,596 3,886 4,060 3,984 3,700 3,830 3,981 of which France 10,763 10,529 10,456 10,357 9,438 8,266 7,828 of which other markets 17,317 18,550 20,393 19,816 20,226 22,667 21,379 Source: Company data. 36
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Appendix Glossary APM Automated Parcel Machine B2C Business-to-customer C2C Customer-to-customer ETR Effective tax rate Heavy user APM user who received 13–39 APM parcels within the last 12 months KPI Key Performance Indicator L2D Locker-to-door, delivery from an APM to the address Net Leverage Calculated based on the Last Twelve Months Adjusted EBITDA OOH Out-of-home delivery OTD On time delivery PUDO Pick-Up Drop-Off points Soft user APM user who received 1–12 APM parcels within the last 12 months Super heavy user APM user who received at least 40 APM parcels within the last 12 months To-door Delivery to the address 37