Poland Internet: Allegro/InPost: Sign Letter of Intent for new Framework Agreement for out-of-home delivery services

Research evidence excerpt

Poland Internet: Allegro/InPost: Sign Letter of Intent for new Framework Agreement for out-of-home delivery services

Equity Research

19 June 2026 | 8:00AM GST

Poland Internet: Allegro/InPost: Sign Letter of Intent for new Framework

Agreement for out-of-home delivery services

InPost announced today (June 18, 2026) post market close that they signed a Roman Reshetnev

+971(4)376-3423 |

non-binding Letter of Intent (LoI) with Allegro to negotiate a new multi-year roman.reshetnev@gs.com

Goldman Sachs International

framework agreement governing out-of-home (OOH) delivery services. The LoI

contemplates (i) reduced delivery prices and a revised price indexation formula, and

(ii) multi-year volume, capacity and service level arrangements. If executed, the new

agreement would supersede the current contract and run to 31 December 2031,

while the parties also agreed to suspend ongoing arbitration for the duration of

negotiations.

GS view: While we do not take a view on the timing, outcome, or ultimate terms

of any final agreement (given the announcement relates only to an LoI), we see

the headline as incrementally positive for sentiment around Allegro —

specifically the market’s confidence in the durability of Poland margin delivery

into the medium term. This comes after a strong move in the stock already (up

c.10% this week following the PE placement, and c.38% since FY25 results on March

12 vs. FTSE World Europe +7%), but in our recent investor conversations we sensed

limited expectations for a framework reset announcement ahead of the planned

InPost takeover close (expected 2H26), which makes the signal on cooperation

notable.

At the same time, we note that consensus already embeds a constructive margin

path: GSe/VA consensus forecasts c.6.0% Polish Adj. EBITDA margin through