On Monday, it turned out that not only the Advent fund, as previously unofficially reported by Bloomberg, will acquire shares of Luxembourg's InPost. Advent has 37 percent. participation in the consortium, and in addition, the consortium includes: the American postal giant Fedex (also 37 percent share in the consortium), the Czech fund PPF Group (10 percent) and the Maltese A&R Investments (16 percent). In fact, only Fedex is new among shareholders.
According to the announcement, the consortium will take over 100 percent. InPost shares at EUR 15.60 per share, which means that their current shares will be contributed by, among others, consortium members: Advent, PPF and A&R. In the case of PPF, this means a decrease from 28.75%. shares to 10 percent, and in the case of Advent, an increase from 11 percent. up to 37 percent A&R Investment's share will also increase from 12.5%. up to 16 percent
In the latter case – A&R – we are talking about a Maltese company, but controlled by Rafał Brzoska, founder and president of InPost. Moreover, he does not control A&R directly, but through the Life & Science foundation registered in Liechtenstein (the foundation has a 97 percent share in A&R, and Brzoska himself has 2.3 percent), of which Rafał Brzoska is the beneficiary. A bit of a complicated scheme, but apparently the Polish billionaire has his reasons for doing so.
Will Rafał Brzoska buy additional shares for PLN 1 billion?
In addition to the shares held by A&R, Rafał Brzoska has also directly purchased 749.5 thousand shares on the stock exchange since 2022. shares, spending a total of EUR 10.1 million. Now he will get EUR 11.7 million for it, but at the same time he will probably buy additional shares as part of the consortium for free, so the money will go back and forth.
In recent years, he has also received shares as part of incentive programs. There were a total of 700,000 of them. and in addition, there were further packages waiting for him to be delivered in April 2026 and 2027 – a total of PLN 537,000. shares. In total, it would be 1.2 million shares, which together with the purchased shares would give almost 2 million, or 0.4 percent. InPost's capital.
In total, shares held indirectly (A&R) and directly, as well as those that were waiting to be awarded, would give 12.89%. capital, so since A&R is now supposed to have 16%. in a consortium purchasing 100 percent. InPost shares, this means that Brzoska's share through A&R will increase indirectly by 3.11 percentage points. In this way, we can say that the company has become somewhat “re-Polonized”, i.e. a larger percentage of the money from any dividends will go to the Polish co-owner.
However, this 3.11% share at EUR 15.60 per share is worth EUR 243 million, i.e. as much as PLN 1 billion and 23 million. Rafał Brzoska would have to add this much, unless the settlements between investors are different and he does not have to pay for now. The Polish entrepreneur probably did not collect a billion zlotys, because as president he earned about PLN 20 million a year together with the above-mentioned incentive shares, InPost has not paid dividends so far, and the company's president spent over EUR 10 million on purchasing its shares in the last few years.
Decision-making will remain as usual, i.e. Advent plus someone else will decide, and here the place of the Czech fund has simply been taken over by the industry investor Fedex, already present in Poland. In recent years, Fedex's development on our market has slowed down. In the 2024/25 financial year, it achieved PLN 2 billion in revenues (+11% yoy) from two group companies and PLN 35 million in net profit (-22% yoy) in Poland. For comparison, the InPost Group had PLN 10.9 billion in turnover (+23% yoy) and PLN 1.2 billion in net profit (+93% yoy).
Rafał Brzoska's billions are becoming more and more numerous
Before the transaction was announced at a price of EUR 13.30 on Friday, the stake was 12.89%. shares was worth EUR 857 million, i.e. PLN 3,612 million. After the transaction, the value of InPost shares controlled by Brzoska will increase to EUR 1 billion 64 million, i.e. PLN 4 billion 485 million. So he will officially become a euro billionaire. However, these are gross amounts and it is not stated whether there are any loans behind them, e.g. secured by shares.
Which entity is taken over by a consortium with a majority of Americans? A dynamically developing company in Europe.
In the fourth quarter of last year in Poland, the volume of InPost parcels reached 220.2 million (+5% yoy), in the euro zone 104.8 million (+23% yoy), and in Great Britain InPost delivered 92.6 million parcels, tripling volume year over year. On its busiest day, the group handled 15 million parcels throughout Europe.
Read also: Will InPost be taken over? See how the situation on the stock exchange has changed [WYKRES]
On the other hand throughout 2025, the volume of shipments on the Polish market amounted to 763.1 million parcels (+8% yoy), in the euro zone 339.5 million (+17% yoy), and in Great Britain InPost reached the level of 262.1 million parcels, almost tripling its volume year-on-year.
In addition, the network of OOH points reached 94.5 thousand locations, including over 61 thousand these are parcel lockers.
Parcel lockers are multiplying at a dizzying pace
In 2025, InPost installed a record number of parcel machines. 14.2 thousand were added to the network. new machines, taking notes increase by 30 percent rdr.
In Poland, the number of parcel lockers increased to over 28,000, in the euro zone to over 19,000, and in Great Britain to almost 14,000.
— The year 2025 was a breakthrough for the InPost group. We achieved record volumes, expanded our out-of-home delivery network and made two strategic acquisitions – Yodel in Great Britain and Sending in Spain – to strengthen our presence in key markets – said Rafał Brzoska, president of InPost, quoted in the release in January.
