InPost S A : publishes its Integrated Annual Report 2021

Management report

InPost out of the box Sustainability reportCorporate governance

Contents

Management report

Operating environment 23

Future outlook 77

Consolidated statement of cash flows 123

Chairman's statement Letter from the CEO

• ii Our business model 24

  ESG governance and structure 78

  Consolidated statement of changes

  in equity 124

• iii Our strategy 27

Taxonomy 81

Notes and explanations 127

About us 1

Business review 32

Corporate governance

Highlights 2

- Poland 32

About the report

Governance ecosystem 85

- International 32

Independent Limited

InPost out of the box

Internal governance 88

Assurance Report 203

- Technology 33

Our story 5

External governance 96

GRI disclosures 206

- Stakeholder engagement 33

At a glance 12

- Risk management 100

SASB index 216

- Membership in the Associations 35

- What we do 12

- Key risks 101

Emissions of GHGs in tCO2 222

Financial review 36

- Our platform 12

Supply chain 105

NFRD 235

- Our partners 13

Sustainability report

Report of the Supervisory Board 106

- Where we operate 13

Our journey to sustainability 41

Remuneration report 108

- Mondial Relay 15

The impact we may have and the role we may play for sustainable

Financial statements

How we are structured 17

development 43

Responsibility statement 116

Members of the Management Board 18

Our strategy and commitments 47

Audit report 117

Composition of the Management Board

In planet 49

and the Supervisory Board 19

Consolidated statement of profit or loss

In client 57

and other comprehensive income 121

Why invest in InPost 20

In people 67

Consolidated statement of financial

Our purpose driven approach 21

position 122

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i

Management report

InPost out of the box Sustainability reportCorporate governance

Chairman's statement

GRI [102-10]: 2021 was a year of significant milestones in the history of InPost. In January, the company was floated on the Euronext stock exchange in Amsterdam in what was Europe's largest IPO of the year and one of the biggest in the world in 2021."

Mark Robertshaw

Chairperson of the Supervisory Board

GRI [102-10]: At the end of June, we then completed the acquisition of Mondial Relay for €513m as a key element in our strategy to grow InPost from being the leading e-commerce logistics provider in Poland to an increasingly pan-European business.

I am pleased to report that InPost delivered very strong year-on-year progress in 2021 in our home market of Poland, both in terms of revenue and profitability, at a level of growth which was very significantly ahead of the underlying e-commerce market. We also saw strong year-on-year growth in our international revenues as we increasingly get traction with rolling out InPost's differentiated, out-of-home e-commerce logistics proposition in new geographies.

While the share price performance in our first year on the Amsterdam market fell short of our hopes, we are confident in our ability to deliver long- term shareholder value. We will do so by continuing to execute on our strategy with a focus on innovation, leveraging technology, and building strategic partnerships. At the heart of this is our unwavering focus on customer centricity creating a unique consumer experience of quality, service and convenience.

Equally important to our strategy is our commitment to sustainability with our aim for InPost to be an industry-leader in environmental initiatives. Delivery to our Automated Parcel machines - where multiple parcels are delivered at the same time - results in significantly lower levels of carbon dioxide emissions than from traditional to-door deliveries. As we continue to put environmental sustainability at the heart of our business our comprehensive ESG strategy is based on three pillars: Clients, Planet & People. Central to this is our commitment to adopting Science Based Targets ('SBTs') an internationalinitiative which helps us set clear goals for decarbonising the InPost Group in the years ahead. We are also a member of the UN Global Compact and have aligned our ESG strategy to the United Nations SDGs.

We are acutely conscious that the world in 2021 continued to face the multiple challenges from the COVID-19 pandemic. For InPost, as with most businesses, this has created a very fluid and volatile environment as periods of lockdown and re-opening create very different market and operating dynamics. The secondary effects of COVID-19 through global supply-chain disruptions create additional challenges against which to forecast anticipated demand levels. Our focus remains on being nimble, entrepreneurial and relentlessly customer-centric to continue to out-grow significantly the underlying e-commerce markets in which we operate, by delivering exceptional levels of service, quality, reliability and value.

Although the pandemic is not over yet and we still see its consequences, it is heartbreaking that we are facing another world scale threat - war on Poland's border. While we have no revenue or operational exposure to any of the countries involved in the conflict, a large number of our employees are Ukrainian citizens. In this difficult time for our colleagues and our continent, we stand in solidarity with war-affected Ukraine and have committed meaningful resourcestowards the humanitarian crisis they are suffering. Using our logistics facilities and transport fleet, we help to deliver to civils large quantities of products collected in campaigns and collections organised throughout Poland.

Especially because of that, on behalf of the Board, I would like to thank all our employees for their dedication and commitment throughout these challenging times. They have shown great ingenuity and resilience whilst keeping an overriding customer focus throughout as well as a heart-warming commitment to helping those in need. We truly appreciate all their efforts.

As our first year of business as a public company draws to an close it has been a pleasure to welcome in 2021 three new Supervisory Board members who joined the company at the IPO: Marieke Bax, Cristina Berta Jones and Ranjan Sen. InPost is delighted to have them on board for the breadth of experience and expertise that they bring to the business.

Mark Robertshaw

Chairperson of the Supervisory Board

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Management report

InPost out of the box Sustainability reportCorporate governance

iii

Letter from the CEO

2021 was a year of significant milestones and progress in Inpost's mission to transform e-commerce last-mile logistics for European consumers and merchants. Leveraging our ongoing success in Poland, we began 2022 extremely well positioned to similarly transform and optimise last-mile e-commerce in many large European markets."

Rafał Brzoska

Chief Executive Officer

While the outbreak of war in Ukraine, energy price spikes and the overall surge in inflation bring many hardships and challenges in 2022, we believe the structural story associated with our automated locker proposition only becomes more prominent. Although like most firms we face cost pressures, the gap between more expensive to-door delivery and our automated locker proposition will only rise in this inflationary environment. And while it is clear the inherently more sustainable vehicle & C02 footprint of lockers has been rising in importance for both merchants and consumers, the sanctions associated with the war have made the objective of reducing energy consumption even more socially urgent. In e-commerce delivery, automated lockers are both the most energy efficient and cost-effective last-mile solution.

Looking back at 2021 we made considerable progress towards our mission to improve the consumer experience, the sustainability, and efficiency of last-mile e-commerce, and we have delivered all we had communicated at the moment of IPO. In July, we completed the acquisition of French e-commerce giant Mondial

Relay, a very strong strategic fit for our business which significantly accelerates our strategy of bringing automated lockers to consumers to Europe. Mondial operates in France, Spain, the Netherlands, Belgium, and Luxembourg. These are all markets with significant share of parcels handled via

GRI [102-14]: First, we completed our listing on Euronext Amsterdam, Europe's largest-ever technology IPO and a milestone in our company's history. We are not only the leading automated e-commerce last-mile business in Europe, but we are also the only listed representative of our sector.

We look forward to introducing key European markets to our highly sustainable differentiated last-mile solution."

Rafał Brzoska

Chief Executive Officer

Management report

InPost out of the box Sustainability reportCorporate governance

Letter from the CEO continued

convenience stores where consumers pick up and drop off ('PUDO') packages. Mondial's scale in out-of-home markets allows us tap into a sizeable existing merchant base that is already very familiar with the consumer benefits and attractions out of home collection vs to-door delivery. Mondial's pre-existing large scale out of home markets allow us to tap a sizeable merchant base that already engages with Mondial, and crucially the consumer base that is already acknowledging their preference for out-of-home collection vs to-door. We expect Mondial's large merchant base will embrace the improvements in speed reliability and consistency that we look to bring to consumers with the existing PUDO network, that will only be enhanced with the introduction of automated lockers.

Our initial roll out of 300 APMs in France has so far confirmed our thesis that this transition to automation in Mondial's markets offers significant potential for us to capture both increased share on rising consumer satisfaction, and improved economics vs PUDO. The initial ramp-up curve in utilisation and adoption is more promising than we have seen in Poland. We look forward to introducing key European markets to our highly sustainable differentiated last-mile solution.

While the acquisition and integration of Mondial Relay brought greater scale and complexity to our business,we feel we are making good progress advancing the challenging integration of structure, systems, and IT support.

Already having the most environmentally and socially sustainable business model of any scalable last-mile solution, we made considerable progress in 2021 towards implementing an ambitious and comprehensive

ESG strategy. We have developed detailed plans to ensure sustainability is embedded in the fabric of our organisation and guides every decision we make. It is a critical component of responsible growth and a reflection of the material concerns of our stakeholders. Our ambition is nothing less than being recognised as one of the world's most important enablers of e-commerce sustainability with a best practice approach to ESG that is at the heart of our highly sustainable product offering.

Making a difference

We believe we can make a significant contribution to the communities in which we live and work, as well as to our people, our customers, and our planet.

Our Automated Parcel Machines offer the most environmentally friendly package delivery method. Our logistics process means that deliveries to APMs allow a reduction of last-mile CO2 emissions by as much as 75% in comparison to traditional to-door deliveries. This not only helps our

Furthermore, a recent study highlighted that we have the most preferred last-mile delivery service for 91% of consumers in Poland1."

merchants on their path towards achieving their net zero goals, the reduced number of delivery vans required vs to-door also improves quality of life, health and safety in our cities. Imagine that every single APM deployed so far, reduces as much CO2 every day, as nine big trees during the whole year!

We intend to lead sustainable change in logistics. As a market leader we act responsively and have in mind that we set targets not only for ourselves but also for competitors and our partners. We want to continue to amaze people, using the potential of technology for the good of the planet.

Strong competitive position With the transformative power of APMs increasingly clear to many, we are naturally facing competition both from some of legacy to-door focused players and also from new entrants in Polandand across our wider international network. While it is clear that given sustainability and cost advantages of the model automated last-mile delivery will likely attract some degree of increased competition, creating a successful model which combines the right network density, logistics excellence and digitisation of consumer experience that are all an integral part of our product offering is very complex. We will remain focused on delivering the best possible consumer experience and value to our customers. As the nearest InPost locker becomes increasingly a part of consumers' lives, this facilitates the growth of our e-commerce merchant partners driving our network effect. We are confident that merchants and their consumers will continue to recognise the value of our scaled APM business model in helping them achieve their objectives.

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1

Gemius, 2021