InPost S.A. (INPST) Earnings Call Transcript & Summary

Good morning. My name is Gabriela Burdach, and I'm the Investor Relations Director at InPost. Welcome to InPost's Second Quarter 2025 Earnings Call. 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. 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 of 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, Gaby, and thank you all for joining us today. Q2 marked a strong step forward for InPost. We are not just maintaining momentum, we are accelerating across Europe, and that's the fact. Our group volume in Q2 increased by 23% year-on-year with a quarterly volume of 324 million parcels. Group revenue was up 35%, reaching PLN 3.5 billion. Importantly, for the first time, more than half of our revenue, 52% is coming from our international business, with the U.K. accounting for 27% of group revenue. This showcases the successful diversification strategy that we have mentioned in previous quarters. Group adjusted EBITDA reached PLN 1 billion, translating into a margin of 28.3%. If we exclude the expected impact of Yodel, our group margin hit a record high of 35%. I would highlight 3 key drivers that allow us to hit these new milestones. First, merchant diversification in Poland is allowing us to continue outpacing market growth by boosting profitability. Second, B2C and APM volume continues to accelerate across the Eurozone. And third, a number of recent strategic initiatives are helping us to strengthen our pan-European footprint. The Yodel acquisition is giving us a large step-up in scale and access to to-door volume in the U.K. The Sending acquisition is strengthening our footprint in Iberia and again, completes our offering by including to-door delivery. And our strategic partnership with Bloq.it will enable a faster network expansion across all markets. Michael will tell you more about our recent M&As in this part of the presentation. In summary, Q2 was yet another step in building a truly pan-European leadership position. Let me now share some updates on our network development. Our network is going from strength to strength. In Q2, we deployed a record high, almost 3,500 APMs, ending the quarter with over 53,000 APMs across Europe. Poland remains our backbone with nearly 27,000 APM, but the real story is Europe with now over 15,000 APMs in the Eurozone and over 11,000 APMs in the U.K. By accelerating our scale, we are providing increased convenience for millions of customers. And our total out-of-home network, including pickup points, now exceeds 88,000 locations. Within that large footprint, we are optimizing PUDO points in some markets as part of our strategic focus on convenience, quality and efficiency, not just quantity. The bottom line, InPost is the APM and leader across our European markets, and we are continuously widening the gap versus competition every quarter. Let's move to the next slide, which covers market trends. When we talk about outperforming the market, this slide says it all. Across Europe, InPost continues to deliver growth ahead of industry trends. Let's start with Poland. Despite quarter-to-quarter volatility, we are growing ahead of the market, maintaining a stable share in a dynamic environment. Looking ahead, we expect the market to bounce back in Q3. We expect InPost to outpace the market, bringing volume growth back to high single digits. In the Eurozone, the momentum is clear. The market grew 5% with InPost growing 10%, which is double the market pace. In Q3, we expect to further accelerate. And the U.K. is the standout in Q2. On a reported basis, volumes soared 177%. Even on a like-for-like basis, adjusting for Yodel in last year's base, growth was still an impressive 24%. This compares more than favorably versus a market that's slightly down overall. With that, let's now focus on Poland on the next page, our core market, where we are driving further diversification with above-market growth, while expanding profit margins. Last quarter, we expanded our APM network to nearly 27,000 machines, which is up 14% year-on-year. When it comes to locker capacity, the picture is clear. While we have roughly 50% of all APMs in Poland, our locker count is higher, representing around 70% of total capacity. This scale advantage enables us to deliver better service, faster delivery and unmatched convenience. What's even more important, despite network expansion, utilization remains at a very high level. This underscores the strength of our model and the efficiency of our operations. Let's move to the next slide, which highlights how diversification in Poland is boosting profitability. We delivered solid volume growth with a total volume of 181 million parcels, and this is on a high base and in a dynamic market environment. What's more important is the composition of this growth. Non-marketplace channels grew 17% year-on-year, proving our diversification strategy is working. We are becoming less dependent on top marketplaces, and we continue to build a healthier, more balanced merchants portfolio. This is translating directly into profitability. While revenue per parcel grew 1%, adjusted EBITDA per parcel increased 6%, even as we continue to expand the network ahead of volumes. This is a testimony of our operational discipline. We are not just growing. We are growing smarter with a focus on diversification, new channels and margin expansion. To zoom in a bit further, let me discuss the dynamics of non-marketplaces and marketplaces in the next 2 slides. Let's first talk about the strength and the accelerated growth of our non-marketplace strategy. In Q2, while the Polish e-commerce grew about 5%, our non-marketplace volume increased 17% or at more than 3x the pace of the market. This acceleration is driving by both existing and new merchants. We added around 2,500 SME merchants year-on-year, and they accounted for more than half of this growth. We are also increasing our share of checkout in the non-marketplace channels, proving that InPost continues to be the preferred delivery option for the Polish consumers. We are building a stronger, more diversified and more profitable business, one that's less dependent on any single platform and better positioned for sustainable growth. Now let's turn to the marketplace, where in Q2, we saw volumes take a bit of a breather. As you know, our main partner in Poland has recently decided to broaden their logistics options. We completely respect the fact that the large platforms want to diversify. We understand the approach. We just don't love the style. They announced it openly at the beginning of the year and started pushing to change consumer habits, tricking users to choose other delivery companies against stated user preferences. In fact, last quarter, Allegro really stepped up their efforts trying to redirect parcels from InPost to their own Allegro OneBox. Not a huge surprise. But if you look at the social media in Poland, you saw plenty of frustrated customers. At one point, we estimate that even 30% of our Allegro parcels came with a suggestion to change the delivery option even when customers had clearly chosen InPost. First of all, we believe this practice doesn't just bend the rules of our contract with Allegro, but is against the very basic consumer right to have a parcel delivered to the APM of their choice. That's why we have started legal action to stop it. Second, the real effect on our business was small, only less than 2% of volume was shifted. Interestingly, out of this 2% parcel, more than 80% went to Allegro's OneBox, while other Allegro partners were barely promoted despite having larger out-of-home networks. What's more interesting, these redirections into OneBox hit all delivery companies, not just InPost, including Allegro's own delivery partners. It is important and very encouraging to see that our loyal user base is increasing year-on-year and that the majority of the users who switched delivery methods are lower frequency shoppers, so-called soft users. This means our business is very resilient, and it proves once again that our strategy, building a wide and loyal customer base, delivering top quality service and obsessing over user experience is not only sound, it's paying off. To build on the previous point on strong brand loyalty and consumer engagement, let's turn to Slide 12. In Q2, APM volumes grew by 6%, reaching nearly 146 million parcels. But the real story here is that 70% of this volume came from our most engaged users, those who regularly use lockers. Notably, this group of users is growing faster than any other. So what I want to convey to you with this slide is that most of our APM volume is made by users who are in single platform shoppers. 90% of them order from more than 10 different stores and 60% from more than 20 stores. What is more is that their parcels per user ratio remained stable. That means our customers are deeply integrated into the broader e-commerce ecosystem. And within that ecosystem, InPost is their delivery partner of choice. Next slide, please. To wrap up the discussion on user loyalty and being the partner of choice, let's once more look at our NPS. We are ranked #1 by merchants, trusted by a network of over 50,000 partners. Our Net Promoter Score among merchants stands at 50, the highest in the industry. On the user side, loyalty is even stronger. Our APM NPS is 77, far ahead of competitors. And our internal NPS reaches an impressive 96. This reflects the trust and satisfaction customers place in our service. Our app is a key driver of this engagement. We now have 14.6 million loyal app users, representing more than 70% of APM customers, and these users generate about 80% of our total volume by ordering more than non-app users. InPost Mobile app is ranked #1 in its category, reinforcing our leadership in digital experience. On Slide 14, you can see a summary of InPost Pay and our loyalty program. InPost Pay, with its one-click checkout, is driving conversion rates above 50%. We are seeing both the number of users and transactions grow every quarter. Today, we already have over 9 million registered users and 2,400 merchants integrated, making this a powerful lever for growth. In the first half of 2025, there were 6x as many InPost Pay transactions as in the same period last year. Our loyalty program with 12.4 million users is driving engagement and adding incremental volumes. And one of recent example is our AED initiative. We've started deploying defibrillators next to our lockers and users can donate their loyalty points to help fund that. In just 1 month, users contributed over 100 million InCoins to support this life-saving effort. Innovations like this strengthens our ecosystem, deepens customer loyalty and captures more parcel growth. And this is just the beginning. You will hear more about new products and innovation from InPost soon. I will now hand it over to Michael for an update on our international business. Thank you.

Thanks, Rafal. Good morning, everyone. Across our international business, the pieces of our strategic puzzle are nicely coming together. Network density, growing B2C adoption and our broader product suite are driving strong momentum. Q2 2025 was a solid quarter for all markets within our International segment. So let's start with the Eurozone, where we're expanding well ahead of the market and delivering robust profitability. Our Eurozone strategy is working with all key elements of our proven flywheel in motion. We continue to focus on scaling operations, enhancing logistics quality and expanding network density. In Q2, we expanded our Eurozone network by nearly 6,000 APMs year-over-year. While we continue to add new PUDO points, we're also closing those located too close to our APMs as part of our network optimization strategy with already over 2,500 closed year-to-date. Across the Eurozone, we are the #1 locker network. Parcel growth in the Eurozone is significantly outpacing the market with total volumes up 10%. APM volume rose by 59%, significantly faster than the rate of compartment deployment and hence, indicating higher machine utilization. Thanks to greater APM adoption, over 40% of all out-of-home volume was delivered to lockers, up from 28% last year. We also continue to see strong growth in strategically important B2C segment, which increased 27% in Q2, driven by both international and domestic marketplaces. And we're improving logistics quality. 67% of Eurozone B2C parcels were delivered in D+1. On to the next slide, please. So as you know, organic growth is key for us, but we also expand through opportunistic M&A. In July, we acquired Sending, a logistics delivery provider in Iberia, specializing in fast door-to-door D+1 parcel delivery across Spain and Portugal. This acquisition has brought today Iberia and InPost offering full nationwide coverage, including the Canary and Balearic Islands, expanded logistics capabilities with 16 own depots and over 130 rented ones, plus access to a full last-mile courier fleet of over 1,400 drivers. Moreover, it brings also strong relationships with both large and small merchants in the region, position us to accelerate our expansion in Iberia, one of the fastest-growing markets, supported by a promising macroeconomic outlook. And really, we're excited by the opportunity provides us within that region. This next slide is extremely important, and I'm proud to share with you today. Yesterday, we closed a minority investment in Bloq.it, signaling our commitment to the future of battery-powered APM technology. Together with Bloq.it, we're now ready to roll out a new type of AI-led APM that we've been working on together for over the last 12 months. These units operate without the need for an infrastructure or solar panels, allowing us to deploy them in highly attractive yet previously inaccessible locations, particularly in city centers in the Eurozone and U.K. areas. This not only extends our reach, but also significantly reduces the deployment costs. So let me give you a sense of its importance. In the U.K. cities, we've had to reject over 10,000 locations in the past 2 years because they weren't suitable for deployment, often with issues like lack of power, connectivity or expensive deployment costs. Now we've been able, with this investment and partnership with Bloq.it, to overcome these challenges. So although this slide sits in the Eurozone section, we'll also deploy these new APMs in the U.K., as I've already mentioned. In fact, we plan to add 20,000 battery-powered machines on top of our existing plans for standard APMs across the next 5 years, with already 2,000 of these units to be added already this year. Now let's turn to the U.K., where together with Menzies, Yodel and our nationwide coverage, our market disruption accelerates. We deployed over 3,500 APMs year-over-year in the U.K., setting another deployment record. This growth was driven by both independent APM deployment and continued progress with key chain partners. In terms of network, we're still outpacing competitors by a wide margin, and we continue building on our first-mover advantage. In Q2, we deployed 85 APMs per week in the U.K., while key competitors averaged around 11. This acceleration in locker deployment has helped ease network saturation that has been above a non-sustainable 100%, giving us the capacity for future volume growth and improved consumer experience. It's clear our flywheel is working in the U.K. with unit economics supporting margin improvement. However, more on that in the financial section presented by Javier to follow. And so the next slide and to one of the most frequently asked questions I get, how is the Yodel integration going? On that, we're focused on 5 key pillars of Yodel's transformation, and you can see the progress now laid out on this slide. The first is what we call one network. This is about fully consolidating the InPost and Yodel logistics networks to unlock efficiency, primarily in the last mile. We're on track with the consolidation to complete mid-September and the opening of a brand-new sortation location in the Midlands and over 5,000 routes being removed and optimized to drive down a better cost per parcel. The second is standards. This is about transforming operational discipline and governance in a business that has been well underinvested in for years. We've established a strong operating rhythm already to emulate the InPost standards that we have across the group. And our group operations center of excellence is supporting and rolling out the critical standards ahead of peak '25, and this will continue throughout '26 as we deploy mechanization and process adherence across all the legacy locations. The third is sites and overheads. And already, as part of this program of transformation since we took ownership in the middle of Q2, we've consolidated or closed 16 depots so far. The fourth is volume and brand. Our goal is to be the unique one-stop shop for U.K. merchants and drive that out-of-home unlocker adoption. We've secured exclusivity and co-branding deals already with some of the leading U.K. merchants. And this month, we'll start the rebranding of Yodel with full brand conversion in early '26. Plus, we've already launched a redirections pilot, as you can see directly on the Yodel app. We have strong conviction in Yodel's transformation and margin improvement in the medium term for the total U.K. business. And this final pillar of out-of-home conversion, and one that I'll cover in more detail in the following slides, but it is an important first step to build on the app redirection. But also we've been focused on restructuring and aligning the cost of the PUDO points to be more in sync with the InPost terms. So on the next slide, I'd like to point out 2 things. First, our volume growth in the U.K. is far outpacing e-commerce market. Reported volume rose by 177%, thanks to the consolidation of Yodel since May. But even on a pro forma basis, our apples-to-apples, we saw a 24% increase in volume. That's an outstanding result, especially considering the market has been flat or even slightly declining based on different reports. Second, we're capturing more to-door and B2C volume, which creates an opportunity to convert those deliveries to out-of-home. Our goal is clear. We're shifting towards out-of-home with a greater addressable market to target with the acquisition of Yodel. I must stress, InPost U.K. is not building a traditional to-door business. Instead, we are developing an out-of-home model focused on parcel lockers and pickup points and working with merchants to convert existing to-door volume to out-of-home due to higher NPS and cost benefits as demonstrated on the following slides. So let me highlight 2 more things here. Since acquiring Yodel, we haven't lost a single merchant, quite the opposite, in fact. New merchant wins have accelerated. We've secured major new wins for both outbound and returns volume, including ASOS, ARKET, COS and Cycling Revolution. We're making solid progress on checkout visibility, which is a key part of the disruption. You can see a great example on this slide of how we've presented in one of our partner shops. With a slogan like that, it's hard not to choose us. And in that example, we're launching a case study to the market as we've exceeded 45% share of checkout, demonstrating with the right merchant placement and execution, locker usage is winning with the U.K. consumer. On the next slide, it really shows our focus on the user experience is paying off and will continue to be our overriding North Star as what we've seen and built previously in Poland. According to the latest Kantar survey, we're now #1 in terms of NPS and #2 as the top choice for parcel delivery. That's a huge achievement, especially considering our customer base is growing fast with APM users up over 40% year-over-year. However, together with Yodel, we've now surpassed 10 million mobile app downloads. That's a huge large user base for us now to build upon, and we're in a strong position to keep disrupting the market and to develop our out-of-home business model. The acquisition of Menzies and Yodel in the past 12 months have now firmly cemented our U.K. market position and accelerating the journey of converting Europe's largest e-commerce market on a locker revolution. I'll now hand over to Javier for a financial update, and thank you.

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 quarter 2 2025, where we delivered a record profit margin on our base business. In the table, on Slide 27, you see that in Q2, we delivered very strong results across our business. Without getting into every number here, let me highlight a few things. Q2 volume at plus 23% and revenue at plus 35% reflect the positive contribution of Menzies in revenues and Yodel in volume and revenue. Still, they are a true reflection of our increasing weight as a pan-European e-commerce player. And even on an apples-to-apples basis, we are achieving significant market growth and market share gains. Q2 adjusted margin came in at a healthy 28.3% and is the combination of a record 35% margin on the base business with the negative impact of the anticipated early losses on the Yodel business. Given the significant M&A impact and incentive programs, we added adjusted EBIT and adjusted profit to this section as we believe these 2 metrics provide you better insight into business dynamics. I'll walk through the bridge of adjusted EBITDA to net profit in a couple of slides. Turning to capital expenditures. In Q2, we invested PLN 471 million, up 38% year-over-year with a stable year-over-year CapEx to revenue ratio of 13%. Our CapEx is primarily geared towards strategic investments in our APM network, representing over 70% of Q2 CapEx. Group free cash flow was slightly negative in Q2, yet still positive over the full first half, mainly due to high investments and continued expansion in international markets. On an important note, in May, Fitch Ratings upgraded InPost S.A.'s long-term foreign and local currency issuer default ratings from BB to BB positive. Next slide, please. Here's another table with lots of detail. So let me again call out the key numbers. Rafal and Michael already discussed the strong volume, revenue and market share progress across all segments. You also see the significant profit margin progress in Poland, the healthy margin in Eurozone and the higher absolute EBITDA, yet lower EBITDA margin in the U.K. as a combination of record profit margins on the base U.K. business and early losses on Yodel. Let's review this in more detail, starting with Poland on the next slide. As already discussed, in Poland, we saw a 6% increase in parcel volume, reaching 180.9 million parcels. This is especially encouraging given the high base from Q2 2024 and recent market dynamics. Revenue in Poland grew by 7% to almost PLN 1.7 billion. APM revenue outpaced volume by 4 percentage points, driven by repricing and a favorable volume mix, while in the to-door segment, volume and revenue were broadly in line. Adjusted EBITDA in Poland grew 12% year-over-year to PLN 834.4 million, boosting our margin to 49.3% compared to 47% last year. This improvement reflects solid volume growth, strong cost management, a decrease in cost per parcel and the shift in volume structure towards faster-growing SMEs. As Rafal showed earlier, an important highlight is that while our network in Poland has been growing faster than volume, we have grown smart, and we have improved profitability as a result of it. Let's now look at Eurozone results. We delivered 10% growth, reaching 77.7 million parcels in Q2, significantly outperforming e-commerce market growth. Revenue in Eurozone increased slightly ahead of volume, up 11% in local currency and 10% in Polish zloty. This difference was driven by a favorable volume mix with higher cross-border and to-door volumes, partially offset by returns. Adjusted EBITDA margin remained broadly stable year-over-year at 16.4% in Q2 2025. Underlying profit margin slightly increased as tight cost control and a decline in cost per parcel was partially offset by higher sales expenses. There was also a higher allocation of central IT costs in order to support future volume growth and network expansion. In summary, Q2 2025 was a successful quarter for the Eurozone, demonstrating the effectiveness of our strategic initiatives, while slightly increasing underlying profit margins. Moving on to the U.K., which is the most difficult to dissect. In Q2, volume increased by 177% driven by consolidation of Yodel in May and June. Organic U.K. growth was supported by locker-to-locker deliveries and returns with a stronger B2C contribution. Reported revenue increased 303% year-over-year, impacted by the consolidations of Menzies and Yodel, yet clearly signaling our increased market share in and impact on the U.K. market. Parcel revenue growth outpaced volume growth due to Yodel's to-door volume contribution. The important callout on the adjusted EBITDA margin evolution is that in Q 2025, we achieved a record high core business adjusted EBITDA margin of over 20%. While this was offset by Yodel's consolidation in Q2, the result clearly shows that our core business unit economics are trending towards our medium-term goals. This keeps us encouraged, especially as we continue transforming the Yodel business. Next slide, please. On the next slide, you can see the promised bridge between adjusted EBITDA and adjusted net profit for the first half of 2025. Year-over-year, adjusted EBITDA for half 1 2025 was up 17.7%. The corresponding 29.9% adjusted EBITDA margin translates into a 16.5% adjusted EBIT margin after taking into account the increase in depreciation and amortization charges, mainly as a result of both the Yodel integration and the acceleration of our APM rollouts. Adjusted EBIT in absolute is still up by 4.2% year-on-year despite the before-mentioned effects. Between adjusted EBIT and adjusted net profit, you can see the usual interest expenses related to debt as well as unrealized FX losses on intercompany loans driven by the strengthening of the Polish zloty versus the euro. The effective tax rate temporarily increased due to the fact that we did not create a tax asset behind the initial Yodel losses. Now let's take a look at our free cash flow on Slide 33. We continue to generate healthy and strong free cash flow in Poland. In the first half of 2025, Poland delivered PLN 650.8 million, reflecting a robust free cash flow conversion rate of 40%. In line with our strategy of accelerated expansion, the strong domestic cash flow was largely reinvested into our international business. Higher CapEx on the international part of the business relates to accelerated APM deployment, investment in operations and the purchase of battery-powered APMs produced by Bloq.it. To conclude the financial highlights section, let me briefly address net debt and leverage, as shown on this slide. In the second half of 2025, gross debt increased to PLN 9.3 billion, primarily driven by 2 factors: strategic investments in Yodel and higher lease liabilities related to our ongoing network expansion and the opening of new depots. As a result, net debt rose to PLN 8.4 billion. However, thanks to EBITDA growth, we only saw a slight increase in net leverage to 2.1x, and we expect this to decline towards 2.0 by the end of 2025. Now let me walk you through our updated outlook for the full year and share a quick update on quarter 3 trading. We have made some slight adjustments to the breakdown of our volume guidance. In Poland, we're now expecting high single-digit growth still ahead of the market despite a softer e-commerce environment. In the Eurozone, we have slightly increased our growth outlook to mid-double digits, reflecting strong growth in Iberia and the Sending acquisition effect. In the U.K., we still expect volumes to almost triple, driven by Yodel and our accelerated APM rollout. Revenue guidance remains unchanged. As for adjusted EBITDA, our outlook at the group level is also unchanged, still expecting a low to mid-20% growth year-on-year. Margins will be slightly stronger in Poland at high 40s level. They improve in the Eurozone and temporarily decrease in the U.K. due to Yodel consolidation. On investments, we are accelerating our APM deployment plans a bit, now aiming to roll out more than 15,000 new machines across all markets with slightly higher CapEx of around PLN 1.9 billion. To close, let's have a quick look at quarter 3. We expect group volumes to grow in the high 20s range. In Poland, growth should be back in the high single digits, while internationally, we're expecting around 70% growth, which includes the consolidation of Europe. So overall, we remain confident in delivering strong growth while staying disciplined on investments and leverage. And with that, let me hand it back to the operator for Q&A.

[Operator Instructions] We'll now take our first question from Alexia Dogani of JPMorgan.

Yes. Just if we discuss a little bit about kind of the Polish business. Obviously, you've talked about volume growth being slightly slower because of the divergence of the checkout with the Allegro, but the margin is really high at 49%. How should we think about kind of the go-forward for this division? I mean is there a school of thought to say here that you are earning quite a high margin, which you can potentially self-dilute to derisk the business further out? And yes, if you can kind of help us understand that a bit better in terms of what you want to achieve medium term? And obviously, Rafal just talked about that you started legal proceedings against Allegro. How should we think this relative to the framework agreement that ends in 2027? Any color around that, that would be very useful. And then my second question is on unit costs. Can you discuss a little bit your very strong unit cost advantage versus to-door? We can do the analysis in Poland because you disclosed it. But can you discuss the relative position in other international markets and why that gives you confidence to accelerate the rollout? And then finally, if I can squeeze another one. The Bloq.it acquisition or kind of minority stake investment, how should we think about it? Is there kind of -- what are the other ownerships composition in there? Should we see it as a defensive or an offensive move? Yes, if you can elaborate the rationale there, that would be great.

Thank you for the question. Maybe I will start with the first one, Alexia. So I think it's a pretty obvious thing that we, as the Management Board, we have to protect the company and the shareholders' value. So if -- it doesn't matter who is on the other side, if there is a breach in the contract and what was agreed, we have to react, and that was why we've reacted in the light of obvious contract breach that was noticed not only by our end consumers, but also by us. So this is simply a normal action that every company and every management has to undertake. If we dissect that element from the broader picture, it's good for us to diversify away. And if you look at the recent evolution of our volume and the acceleration in non-marketplace, part of that volume seems that the strategy works very well, which is not, of course, closing us opportunities to continue our strategic and for a very long time, a friendly relationship with the main client. But for that particular topic, there has to be a will on both ends. It's not us pushing someone for a proper behavior or creating a win-win solutions. Our willingness on that end was several times explicitly highlighted. And on many occasions, we've proven already that we are a proven partner and a loyal partner and a partner really delivering the best-in-class solution and best-in-class consumer satisfaction. It's not us taking actions against the end consumers. It's not us diverting away from consumer choices. So please don't blame us for something what we are not responsible for. But still the willingness of a proper setup, proper continuation of that setup linked to win-win relationship is on the table, but the call is not on our end. The call is in the hands of the new leadership team at Allegro, specifically that the landscape is changing very rapidly. And there are more and more signs that really the real challenge comes not from the logistics operators. The real challenge comes from the AI and agentic shopping, which becomes more and more visible on many markets already. So that, I think, in terms of our mid-term visibility. And handing over to Michael in terms of our 2 other points, cost efficiency and Bloq.it.

Thank you, Rafal. Look, I think the question, firstly, if I'm clear, Alexia, was around the unit cost advantage as we look at that across the international markets. I think, firstly, clearly, the major strategic advantage of us and what we're building is the consumer preference of how we want to build that consumer experience and then how that translates into the unit economics is very similar to Poland, albeit in the international markets, we have a different starting point, either through the mix of business and the geographic coverage of what we're building. But ultimately, the density and the last mile coverage is what drives that unit economic advantage in all markets. And clearly, that is a journey we're well on with locker deployment. But clearly, we are working today in all those international markets with a legacy mixture PUDO business through sort of asset-light strategy and acquisition. And clearly, there's also a unit economic advantage of converting from a legacy PUDO parcel rate to an APM rate where we don't have that cost apart from, obviously, the CapEx and then we sweat that asset. I think the third element that we have communicated consistently is probably the cost of labor, and that's the unit economic element where Poland probably has a better unit economic advantage than the international markets. But on the other core building blocks, those are the key drivers. And clearly, then as business mix evolves as we're seeing now in France and the Eurozone as we drive more B2C into that business. And also, as you see now in the U.K., where Javier highlighted, if you look at our core business now where density is super high in the key cities in the U.K. and really the coverage and density and effectively utilization of the lockers is super high, we're seeing margins well north of the 20% number that we targeted initially in our provisional case to launch the U.K. and what we wanted to get to medium term. So clearly, in all those Eurozone markets, the building blocks are similar, some structural differences, mainly around labor cost and starting blocks on business mix. But as we evolve, those same building blocks all lead to the same unit economic picture, albeit labor will be the differentiator in the markets. On Bloq.it, I think the question you asked, Bloq.it is very much an offensive play. Clearly, what we've seen as we've expanded our locker network in Eurozone and the U.K. is different challenges than maybe we have faced in Poland in the past, particularly in the inner cities where space and legacy, if you want to call it, infrastructure, has a different constraints, either through public or building compliance or availability of space in the same way. And clearly, working with Bloq.it in the last 12 months, and looking at the challenges we faced around deployment in those cities, the battery technology that they have developed and we have developed with them in the last 12 months, clearly, I feel gives us an advantage to accelerate offensively against the challenges we faced in the past, where our traditional APM may not solve the near-term situation, such as the transport for London locations that we have as an example. So really, the acquisition itself was really twofold. One, to help Bloq.it accelerate, right? They're still a developing company, and we're sharing technology to help them do that. So clearly, the capital investment really allows them to accelerate their production capacity and to secure that deployment that we want around the 20,000 machines in the next 5 years. And really, that's the basis of why we've taken that on board. Clearly, we are developing still our own locker technology. But clearly, the battery element that Bloq.it has developed from a speed to market is an advantage that we want to accelerate now and not wait another 12 to 18 months. So hence, the investment also allows us to control that deployment more effectively in working with Bloq.it and to achieve our overall goals.

Michael, can I just clarify something on the unit cost differential? Obviously, you talk about the labor cost when we talk about relative to the Poland unit economics. But I'm also referring to the relative cost advantage with your local competition. Because if I look at Poland, I can see the comparison of your cost per parcel for your own to-door versus your own APM delivery network. I would imagine the unit cost differential in some of these more established legacy markets where you're competing with the incumbent postal operator, your unit cost advantage is more material. And is that -- am I right in thinking that basically you can see a structurally lower cost position in some of these international markets that give you confidence, that not only you can benefit from kind of e-commerce growth, but also the shift towards out-of-home because of lower cost. Is that right?

Very much so. Certainly, as the network has developed both in Eurozone and in the U.K., we now clearly see that economic advantage and price differential. Albeit in -- I would say the U.K. is a super competitive market and to-door pricing is probably lower than you see in the Eurozone relative to the market, we do see clear economic advantages. In Poland, we look approximately around about a 30% differential. We probably see somewhere around 25% to 20% in the U.K. Whether that margin will increase over time, I would expect it would, both with existing to-door incumbents increasing, but also our scale giving even more operating leverage. And similar in the Eurozone segment, we have a similar picture that's also developing. So going forward, that just gives us more strength and sort of our robustness around our conviction to continue to deploy.

And we will now take our next question from Henk Slotboom of The IDEA.

I've got 2. First of all, with regard to Yodel. Am I right to assume that the loss in the second quarter was around PLN 80 million? And how is it going to progress going forward? It was included for 2 months in the second quarter, in May and in June. And are the costs, the integration costs, are these front-end loaded or more back-end loaded in the year? And connected to Yodel, also the question, how do you manage or should I say, how do you avoid a situation like Yodel went into last year when they had capacity problems in the fourth quarter? How do you look at it? Can you recruit enough personnel? Or is it an opportunity to stimulate the migration from to-door to APM? Obviously, you have more capacity around over there. The second question is with regard to Bloq.it. Michael, you mentioned, we're sharing technology with Bloq.it. And I can surely understand that. But Bloq.it has clients that are directly in competition with you as well. For example, DHL is one of your most serious rivals. How do you prevent your ideas and your knowledge to fall into the hands of, let's say, the enemy in this case?

Good. Thank you, Henk. Maybe if I start with that one in reverse. Obviously, I don't go into the details of our contractual agreement, but I'm well aware of the sensitivities of their existing relationships. I think in terms of technology, it's more leveraging theirs and really how we build that into our network. But clearly, what we're not doing with Bloq.it, just to be super clear, is going into software development. This is really about the actual machine development itself. But obviously, we will continue to retain our existing APM development, and that will continue to be proprietary. So there's very clear, if you want to call it, firewalls that are being built around the structure. But it's not to say that we are giving away the secrets, and I think it's quite important. It's really about how we use their AI and battery technology, which will be open to the market. But clearly, what we are focused on is the speed of that execution and really taking first-mover advantage continuously and hence, the scale of the development we're going after. And clearly, Henk, with that is still working with our own deployment capability, which allows us to operate at speed as we have done across all of Q2. On the Yodel question around capacity, I think you raised a very valid point, and it's been very much front and center with us in our actions since taking over in May. I think one of the key reasons for taking over in May was taking ownership and control coming into the peak period because we realized the sensitivities of that from last year and making sure that the right capacity is built right throughout the network. I think there's a number of clear immediate actions that we're doing. First is actually opening a new sortation center, which will open in the next week in the Midlands, in Lutterworth because clearly, Yodel's infrastructure from the sortation capacity last year was a bottleneck. So that's step one, and that clearly will unlock bottlenecks and two, ensure the merchants and the network itself has the -- if you want to call it, the capacity to serve the volume that's planned. Two is clearly robust planning with our merchants. But I think at the operational level, in particular last mile, this is also the benefit of merging all the depot locations directly with Menzies to ensure we have a right size, right fit operation and have the last mile coverage to do that. Clearly, locker development is ongoing, and that helps on the capacity, but we also are cognitive that to-door conversion going into peak, it's not going to be transformational as it's not going to be like a 40% switch overnight. So we have to manage the existing business carefully. And that's obviously built into how we think about the depot network, merging Menzies as part of the one network going live in mid-September also. So those things are clearly well underway and actually in go-live phase right now with the closures and merging already underway with the merchant dialogues happening right now from a planning perspective. You asked about the integration costs and the losses. I mean, Javier may want to comment on that.

Yes. Henk, on the losses, look, the numbers are pretty transparent in some of our reports issued. In the quarter 2, our losses are about PLN 50 million to PLN 55 million at adjusted EBITDA level. And then below that, there's a couple of onetime costs that we have already taken into account. So if you go back to your question is we've always said at the beginning and when we disclosed the acquisition of Yodel, we said we start with losses, we'll then gradually recover that and we'll get to profitability in 2026, which is still the plan, and we haven't changed at this point in time that provision towards the future. And the onetime costs are indeed front-loaded cost that we have included so far is rebranding, some operational costs we're rationalizing the network, some pay risk associated with outsourcing linehaul and some redundancies. So that is more front-loaded. Now as we go forward, and that's an important caveat and linking back to what Michael said, important so far is the top line. As Michael said, we haven't lost any customers on an apples-to-apples basis, we're growing. We're growing significantly year-on-year, and we're getting into peak. So our short-term focus, we have to admit is top line, safeguarding peak, making sure the volume is there, making sure the quality is there and avoiding the issues that Yodel has faced in the past. And then basically on the back of that, with that volume increase, with the one network, we should be able to indeed decrease those losses as we get into -- decrease the losses in Q3, Q4, heading towards profitability in 2026. So that is basically the plan that we have. But as we said, volume peak is for now absolutely the focus.

Okay. That's very clear. Can I squeeze in a brief third question on Bloq.it. You haven't disclosed the stake you're taking. You haven't disclosed the amount you're investing in Bloq.it. But will there be a Board representation or anything like it in Bloq.it?

Yes. There's a Board observer, not a representation.

And we will now take our next question from Stefano Toffano of ABM AMRO.

A few questions from my side. I kind of missed it, I believe, but I was wondering about the margins in Eurozone that we have seen. I was a little bit -- let me put it this way, disappointed to see the Q2 margins. You mentioned offset an increase in SG&A, particularly in sales and IT. But obviously, you have been having quite good progress, both on the mix effect overall also on the top line. Not saying that I was expecting the same difference in Q1 versus last year. But maybe if you can just shed some light on this. Is this a onetime investment? Did you accelerate maybe a little bit more? Did you pull forward some costs? And also how should we see this going forward? Then another question, I still have a question on the U.K. and the margins. I mean, obviously, very good progress on the top line, which at some point should definitely pay out. Do you think it's reasonable to assume that the margins in the U.K. by this time next year, let's say, Q2 '26, will be again at the level that they were before Yodel, so let's say, Q1 of this year. Is that a reasonable assumption? And the last one, I do have to ask a question about Allegro. I know it's annoying, but -- it's -- I perfectly understand what you're doing. I perfectly understand your situation, but this is starting to look a little bit like a mud fight, if I have to say. I know it's not your fault. I know they chose a certain strategy, could have done it with a little bit more tact in my opinion. But I'm a little bit worried going into next year, and you will be probably talking with each other about the contract, et cetera. How does this not make the negotiations much tougher?

I'll suggest I take the first 2 questions and refer it back to Rafal on Allegro. So first question, margin erosion on Eurozone. I understand where you're coming from, Stefano. Now if you look at the numbers, we've made a step change in margin in the last 12 months. As you correctly said, in Q1, we had indeed a 350 basis points improvement year-on-year to 16%. We are still now in Q2 at 16%. So we at least maintain that high margin, which is a combination of, I would say, still a bit more investments in Iberia, Italy and France continuing a good recovery path on margins. So in the end, you might have expected slightly more. I think the opportunity in the market is still to grow and at a 16% margin. We're still on track. Again, to what we always said, those markets, they will, going forward, have to grow into the range of 20%, 25% and then later on to 30%. So there's no change in there, and we'll keep on building those markets, and you should see still a continuous progress quarter-by-quarter. But again, a stabilization in Q2 at 16%, which was a significant jump year-on-year. I think we're still happy with that. On U.K. margin, when we announced the Yodel acquisition, we talked exactly about the fact that we would rebuild our profit margin by Q2 2026 to the pre-acquisition level. That's what I've talked about that we haven't changed that guidance. Admittedly, we're waiting for peak and one network to see how that really develops. That could be a game changer. And that is now the focus. So we will update -- likely update after peak if we see what happened in the business, and we'll give you more perspective on that guidance for 2026. That's always been the ambition, and we're going to have to look at the total business. It's going to be very difficult to separate Yodel from the rest because it's going to be an integrated network, but we will know more once we hopefully pass this successful peak. And on Allegro, I pass on to Rafal.

Yes, happy to continue, guys. Not much to say, just as you rightly noticed, the way our long-lasting partner behaves is hard to comment. Is that helping or not helping? I think so it may be difficult, but I still continuously strongly believe that the new CEO will be the guy who I know very well and Marcin is a smart manager and smart leader. So I strongly believe he understands very well where the real challenge comes from, which I strongly believe that will help us jointly hand-in-hand, find a good way out because it's very important and a very valid point, that the whole redirection or forced redirection methodology was implemented not under his leadership. So he stepped in later on. And also, we observed that there are some positive signals coming from Marcin. And I believe both of us and both teams should understand that this fruitful collaboration was a milestone not only for InPost, was also a milestone for Allegro's development, and it's very hard to neglect. So I'm positive, if you ask me about our future -- our common future.

And we'll take our next question from David Kerstens of Jefferies.

I also have first some questions on Poland for Rafal. Rafal, you talked about a dynamic market environment with quarter-to-quarter market volatility and now a recovery expected for the third quarter. What is driving that volatility in the Polish consumer? Does it also have to do with the Chinese-based web shops? And then secondly, on that -- yes, that diversion strategy of Allegro, 30% diverted? Why does it only have a 2% impact on your volume in the second quarter? As a consumer, can you not just set the preferences back to InPost? You highlighted the very high NPS score for InPost, the very low NPS score for Allegro. Is it just a temporary effect and that can consumers not sell it back directly themselves after it has been changed? And then maybe finally, on the Yodel profitability, you changed your EBITDA guidance somewhat based on the focus on the peak. I think when you announced the acquisition, you were guiding for an EBITDA margin of around 12%. Where do you expect that to land now that you have some more visibility on the integration process?

David. Maybe I will answer the first 2 questions, and then I will hand over to Javier. So the volatility, it came by surprise, I must say, because when you look back to the Polish press and stats, that was really a surprise. But for instance, April was extremely negatively impacting the consumer sentiment and the retail spend and also that translated into e-commerce volume generation. So partially, it was about the political situation in Poland. So literally, we've been in front of -- that's a hypothesis, yes. It's not a strong statement, but many comments were around political situation, presidential election, tensions in terms of what will happen with Ukraine, strong statements on the U.S. administration trying to force Ukraine to literally agree whatever is on the table and so on and so forth. We are very close to it. And our society is super sensitive on that matter. We see that this literally, when you look at July, specifically August, you see that the trend reversed because as well, the election is over. The clarity around Ukraine seems to be slightly different than it was in Q2. So a combination of factors, some impact of the weather as well, which was very visible on the fashion retailers and also their results. So it's a still continuously very volatile market situation. And literally, this impacted as well other merchants. So there was no single group of merchants resistant or gaining much more than the others. So it went across the board, which linked in my opinion, to the previous statement that this was mainly driven by the consumer sentiment that was worse. In terms of the diversion, it's right what you said. So the attempt was on 30% and the real impact was around 2%. So that gives us a very strong confidence that the loyalization to the brand, loyalization of the consumers towards InPost is really profound. And that gives us confidence as well that going forward, this is something what the other parties cannot ignore. And simply, we will do more to loyalize them. We'll do more to accelerate their adoption among other opportunities where to buy. And everyone who is smart should understand that, that teaming up with InPost will translate or not on your own top line and the transactions. So we are more than happy to support each and every player who is willing to win based on the consumer base we've created and the loyalization of our consumer base. So I hope that addresses your question, David. Handing over to Javier.

Thanks, Rafal. David, just to clarify, on the outlook on the EBITDA margin, we have slightly increased Poland based on what Rafal said about the Polish market. So we are a little bit more positive on the profit margin for Poland that we now put at high 40s instead of mid-40s. So at least that was a positive there. And we've kept Eurozone profitability margin as we're improving also gross margin, and there's some SG&A investment. Now on the U.K., let's go back to what we guided for also with the acquisition. When we did the acquisition, we said it's going to be very difficult over time to separate profit margins between Yodel and the rest of the business. Indeed, it's going to be an InPost to-door InPost APM business. And we said we will basically build that business back to be accredited by 12 months after the acquisition we said in Q2. So that's where we basically started from. Now the dynamics here, if I go back and that goes back to the question before of Alexia is that, obviously, they're going to have higher profitability on the APM. And there, the positive news is, as Mike already mentioned, is we have seen in Q2 that the flywheel is accelerating, and we have increased margin to above 20%, which is one part of the equation on how we will get the total U.K. business being accretive even with the acquisition of Yodel. So the question is, number one, yes, we need to decrease the losses which we currently have on the to-door business, which is Yodel. At the same time, we need to keep on driving efficiency and footprint and margin on the base business. That combination will then result in the U.K. margin going back up from where we are now with the losses, but both with the contribution of the base business on the locker side and lower losses on Yodel. At this point in time, we have not changed our guidance, as I said, on this one. We're going to have to see how we go through peak. First of all, to see that we can maintain the positive volume momentum that we've had. Number two, making sure that the integration efforts that Michael was talking about are successful as we go through peak. And then we'll also have to learn how we can move volume from to-door to APM, which is what we talked with Alexia is that over time, how you drive profitability in all the markets to the 20%, 25%, 30% over time because of the profitability of the APMs. So in summary, very strong base business in the U.K. from a margin point of view. Yodel, we have to go through peak. Once we combine those and we understand the mix dynamics on the business, we'll have more clarity where 2026 will go, but it's too early now to change anything we've said.

And we'll now take our next question from Marco Limite of Barclays.

I have a question still on Allegro and InPost. So you have quantified at 2%, the headwind to your Polish volumes. Now this 2% is on, let's say, overall Polish volumes, but we know that Allegro is about 40% of Polish volumes. So my math is basically taking me at assuming that InPost volume -- sorry, Allegro volumes have not grown year-over-year. So my question to you, is that a fair assumption that the 2% is implying that Allegro volumes are simply not growing year-over-year? And do you think that's a fair assumption going forward? Just to trying to understand what should be the trend of Allegro volumes into your network? And my second question is on your Spanish acquisition, whether you could provide some colors on the main financials, acquisition price or volumes? And related to that, if I look at one of your first slides, you're guiding for 15% volume growth in Eurozone, which is a bit faster than Q1. Is that driven by Spain or the 15% volume growth is simply driven by a stronger market or more market shares. So it's the 15% is organic.

Start with Allegro?

Yes. I think it's -- as you may know, it's very hard to go into details or translate the GMV versus the volume. So this -- you are right, the 2% versus the big chunk of the volume that is coming from Allegro translates into numbers that you mentioned. But we are more interested right now in how much of the GMV -- overall Polish GMV translates into non-Allegro channel. As you saw, here, the volume is really increasing rapidly. I think in 2 weeks, we will see the exact numbers that Allegro presents. So we may triangulate later on. But I think it's very visible that Allegro volume is growing on a lower rate versus the market. So that may draw a conclusion that the market share of Allegro is decreasing, which is not new because I think gradually quarter-by-quarter, you may again recalculate that this is becoming a fact as the Chinese competitors are more and more fierce and they literally are taking share. So that's another symptom for me that this is not the main challenge to take care of the logistics or the delivery. The challenge is how to build or maintain the market share that Allegro has created for many years. And again, InPost is the perfect partner to help with that task. So -- but again, it's not me deciding about this, like I said before.

I'll take the Sending question. So on Sending, we don't disclose the details again from a competitive advantage from a competitive point of view. Back to your question on Eurozone, if you look at the guidance, first of all, important is that we are growing volume across all the markets within that segment, and we're growing double digit -- significant double digit in the smaller markets, and France is still also outgrowing the e-commerce market. So across all markets, it's building market share. It's making sure that we get the right efficiencies through the network, but we're basically growing across. As you look at the speed and acceleration, you can imagine that Italy and Iberia are countries which grow at massive double-digit numbers at a lower base and also they're taking significant market share. But as I said, one of the key performance was also France, which is clearly still building there. So that's on the positive side there. As to Sending, Sending has a minor impact, I would say, on the full year across Eurozone. It is an acquisition which is, again, important to get access -- broad access to the Iberian market. It will be slightly dilutive from a profit point of view at the start. But again, it's a small number, so therefore, should not have any significant impact. But again, here, the key thing is, as you said, organically, this region is performing very well in the first half of the year and clearly outpacing the market growth significantly.

So sorry to follow up, the Q2 acceleration in the Eurozone, is that driven by an improvement of the market? Or you guys think that you are growing -- you're gaining even more market share...

It's market share.

Market share for sure. Because remember, Q2 does not have any Sending in there. And this is clear market share gains. We're outgrowing the market significantly in all the countries.

We have no further questions in the queue, handing it over to Daniel for webcast questions.

Thank you. We have time for a few questions from the webcast. So firstly, what do you think people miss or don't fully appreciate, which gives you confidence that will enable you to retain customers in the face of competition despite charging higher prices?

Yes. This is this kind of question that is always very hard to answer if you are not a loyal consumer of InPost using consumer -- using service of InPost. So I think continuously, we are in a kind of bucket of logistics traditional legacy players where no one knows what is the consumer's preference, no one knows who is the consumer and no one knows how to retain that consumer and you rely only on the B2B relationship, which is wrong. I think this is the main challenge that people are not getting there that we have the control over the whole process, and we've created the loyalization of the consumer base, which is really profound and which is impacting the top line of the merchants. The merchants who already were able to understand that are benefiting from that. Why so many merchants in Poland decided to have exclusivity with InPost on both ends, on APM and door-to-door because they understood and it was proven by them that, that translates into much better market position and outpacing the growth of the market, who is not understanding that is missing the chance to grow faster versus the others. So we will continue on building that consumer relationship. We will embed everything what's feasible around this, including data, AI and bringing even more compelling services together to really make our end consumers happy and then have that ability to steer that traffic into the directions where we feel people are benefiting from that and are willing to benefit from that. And our recent actions and activities we've undertaken, for instance, with Amazon in Poland, has shown us clearly and has shown as well to Amazon that this is a win-win relationship that they want to continuously develop. And it comes alongside with more and more brands like this, look at ASOS in the U.K., look at Vinted in several markets, look at Inditex on many markets. Where -- whenever we can offer best-in-class service at great convenience and price, this translates positively into much higher top line growth of our partners. So maybe it needs more time for the market and the investors to understand that, but it's not my role, it's not our management role to comment what market does with the set of data we try to transparently put together and present to the external world. The only thing I want to be very explicit is we want to continuously be growing faster than the market growth and outpace our competitors in terms of providing best-in-class services for our end consumer base and end of the story because we understand this is absolutely the DNA of our flywheel. So no change in the strategy here.

Thanks, Rafal. The next question from the webcast. What are the expectations regarding organic sales growth in 2025?

I'll take this one because it builds nicely on what Rafal has just said because what Rafal just said is the basis of what we want to do. So a winning proposition, more convenient, cheaper than to-door and let's not forget more sustainable, right? That always comes in there. And then as specific to the outlook for the year, it's in the outlook basically. In Poland, we'll talk about organic growth on high single digit. If you look at the first half, we are basically above 8%. And as we said in the outlook, we expect Q3 to again be high single digit. And then we get into peak season where we typically perform because of our quality and reliability, we perform very strongly in the market. So that is basically the confidence we have there. On the Eurozone, we mentioned that outlook of mid-double digit. This is even without Sending, it will be mid-double digit because Sending does not have such a massive impact on the total Eurozone. And with that mid-double-digit organic growth, again, we keep on outpacing the market significantly. And on the U.K., it's going to be difficult to disaggregate the business once you create one network. But if you look again at apples-to-apples today, if you would look at pro forma apples-to-apples, the U.K. is growing at 24%. Now again, going forward, this will be very key in peak, especially with Yodel. But again, at this point in time, we have all the reasons for optimism that we can manage that peak much better than what was done in the previous year. So from an organic point of view, as Rafal just said, this is about beating the market, winning versus competition and building significant market share as an organic growth strategy.

Thank you, Javier. And we have time for one more. So what is the runway for the investments in the European region? After the U.K., are there any regions you are looking to extend to?

Michael, perhaps take that?

I'll take that. I think very much our focus now, as I mentioned during the commentary earlier today, we're very much concentrating on our existing markets. We have plenty of headroom to grow in all of those markets. If you look at our market share today, despite our significant progress and even acquisitions, the B2C headroom for growth is significant, and we continue to focus on that. And really, our efforts will go into Eurozone and go into the U.K. in the near term, and that's where we're focused.

Thank you, Michael. And I'd like to hand it back to Rafal for closing remarks.

Thank you. So just really a closing summary. First of all, ladies and gentlemen, we delivered another quarter of very strong results with a decent parcel volume growth year-on-year and also record high revenues of PLN 3.5 billion. This performance was really driven by merchant diversification in Poland, accelerating that B2C adoption also across the Eurozone, but more importantly, a strategic initiatives such as the acquisition of Yodel fast tracking us 5 years, most probably in the U.K. expansion, but also strengthening our footprint in Iberia by acquiring Sending and our newly announced partnership with Bloq.it. When you look at the deployment rate, now we are more than 50,000 lockers and close to 100,000 out-of-home points. Moreover, we are planning to accelerate that for the next few quarters further. And what's really crucial, what sets InPost apart is the loyalization of consumers. What I said minutes ago, 70% of APM volumes now come from our most engaged repeat users. And the app customers are massively contributing to that generating about 80% of the volumes. And what's important to understand those consumers are not tied to a single website, single marketplace. 90% shop really across the market, more than 10%, sometimes 60% more than 20 shops. And that's very important to understand the market dynamics. And when you look at the Net Promoter Score, really, it's most important factor for us to keep it and provide best-in-class quality service, also surprising our end consumer base with new initiatives like -- and engage them deeply, like when you look at our loyalty program and our new AED life-saving initiative, this is really powerful flywheel. And we really remain confident. Poland will grow high single digits. Eurozone mid-double digits when you look at U.K., of course, based on the acquisition of Yodel even faster. And it's not only about expanding the network. Several quarters, we continuously stay the same. It's not about machines. It's not about physical footprint only. It's how to build loyalty at scale, turning millions of consumers into recurring multi-platform users who choose InPost as their default delivery partner. And this is their choice. They vote by choosing InPost. And this loyalization is the real asset. This is the foundation of our growth, profitability, but also strategically long-term leadership in European e-commerce logistics. And you will see that. You will notice that who was right, who was wrong in that approach. Thank you very much for your time, guys, and hope to see you soon in person during conferences.