Slides
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Second quarter 2026 results Analyst call Chris Peeters , CEO Philippe Dartienne , CFO August 7th , 2026 bnode
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Disclaimer This presentation is based on information published by Bnode in its Second Quarter 2026 Interim Financial Report, made available on August 7th, 2026 at 07.00 am CET on bnode.com/investors. This information forms regulated information as defined in the Royal Decree of November 14th, 2007. The information in this document may include forward looking statements1, which are based on current expectations and projections of management about future events. By their nature, forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of the Presentation and the Company undertakes no obligation to update these forward- looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This material is not intended as and does not constitute an offer to sell any securities or a solicitation of any offer to purchase any securities. 1 as defined among others under the U.S. Private Securities Litigation Reform Act of 1995 Financial Calendar 06.11.2026 (07:00 CET) Trading update 3Q26 Investor Presentation 2 Interimfinancialreport 2Q26 2Q26
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Highlights of 2Q26 € 25m strike impact weighs on resilient underlying EBIT performance and contributes to revised EBIT outlook of ~ € 140m 2Q26 - Bnode Group operating income € 1,046.4m (€ -45.9m) -4.2% vs. 2Q25 Bpost € -0.7m (€ -23.0m) incl. c. € -24m strike impact -0.1% EBIT margin Total operating income at € 515.0m (-7.9% or € -43.9m): • € -29.2m lower Mail and Press revenues, reflecting -16.8% volume decline and +6.4% price/mix • € -10.2m lower parcels revenues reflecting -9.2% volume decline driven by April strike and +1.3% price/mix Lower opex (-4.2%) reflecting -6.5% lower FTEs from reorganizations and 2% salary indexation Paxon € 22.9m (€ +2.1m) 5.7% EBIT margin Total operating income at € 405.9m (+0.2% or € +0.8m): • 6.5% growth across Paxon Europe businesses, partly offset by Staci Americas and FX impact • lower revenues (€ -9.2m, or -2.6% excl. FX) at Radial US due to 2025 client churn and negative SSS Slightly higher opex (+0.7%) in line with EU/US topline developments and fixed costs efforts at Radial US Landmark Global € 16.8m (€ -6.2m) incl. c. € -1.5m strike impact 11.3% EBIT margin Total operating income at € 148.8m (-1.6% or € -2.4m): • Lower April–May volumes to Belgium (strike) • Strong June performance, with Asian volumes growth across all key destinations, incl. BE and US • Soft growth in N. Am. volumes offset by mix and FX impacts Higher OPEX (+2.9%) from higher volume driven transport costs and Corporate/ICT charges 3 Group adjusted EBIT € 29.4m (€ -28.9m) 2.8% EBIT margin incl. c. € -25.5m direct EBIT impact from April strike
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€ million Reported Adjusted1 2Q25 2Q26 2Q25 2Q26 Δ % Total operating income 1,092.3 1,046.4 1,092.3 1,046.4 -4.2% Operating expenses 940.9 927.2 940.9 927.2 -1.5% EBITDA 151.4 119.2 151.4 119.2 -21.3% Depreciation & Amortization 103.2 99.0 93.1 89.8 -3.5% EBIT 48.2 20.2 58.3 29.4 -49.6% Margin (%) 4.4% 1.9% 5.3% 2.8% Financial result -42.1 -22.9 -42.1 -22.9 -45.5% Profit before tax 6.1 -2.7 16.2 6.5 -60.1% Income tax expense 4.8 -1.4 7.3 0.9 -87.7% Net profit 1.3 -1.3 8.9 5.6 -37.3% FCF -20.1 -17.4 -18.0 -17.6 -2.3% Net Debt at June 30 1,796.9 1,720.0 1,796.9 1,720.0 -4.3% Capex 30.9 30.7 30.9 30.7 -0.6% Average # FTEs and interims 36,392 33,808 36,392 33,808 -7.1% Key financials 2Q26 2Q26 - Bnode 1 Unaudited figures 3 2 4 1 3 2 4 1 Adjusted FCF excludes the cash Radial receives on behalf of its customers for performing billing services 3 Increase in financials results mainly reflecting 2Q25 non-cash unfavorable FX impact, 2Q26 higher income on cash and cash equivalents, partially offset by higher interest expense 2 4 Including € 774.9m of lease liabilities 1 Amortization and impairments of intangibles recognized during PPA are adjusted, leading to increase in EBIT (€ +9.2m) and income tax (€ +2.3m) 4
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Revenue decline driven by April strike and structural mail volume decline 5 Domestic Mail Revenues down € -29.2m (-10.4%): • € -44.9m volume impact with -16.8% volume decline (against -11.3% in 2Q25) • € +15.7m price/mix impact (+6.4%) 536.22Q25 -29.2Domestic Mail1 Parcels Belgium -3.9Retail, VAS, Pers. Logistics 2Q26 493.0 -10.2 -43.2 Parcels Belgium Revenues down € -10.2m (-7.9%): • Volume decline of -9.2%: • Price/mix of +1.3% driven by favorable mix effect, partly offset by strike-related customer claims and contractual penalties Retail , VAS and Personalised Logistics Revenues down € -3.9m (-3.0%): • Proximity and convenience retail network: € -5.2m (-7.7%) mainly reflecting the termination of the 679 banking contract • Value Added Services: € -3.1m (-11.4%) mainly from lower Fines Solution revenues • Personalised Logistics: € +4.5m (+14.2%) higher revenues from DynaGroup 2Q26 - Bpost 1 Domestic mail is the sum of Transactional, Advertising and Press Bpost revenues, €m o Transactional: -12.3% including mandatory e-invoicing o Advertising: -24.6% reflecting loss of contracts o April volume decline of -27.2% reflecting five-week strike o May–June average volume per working day in line with last year
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€ 24m strike impact on EBIT outweighs productivity gains and reorganization benefits 6 2Q26 - Bpost Key Takeaways 2Q26 • Total operating income down € -43.9m (-7.9%) • Operating expenses (incl. adjusted D&A) down € -20.9m or -3.9%, mainly reflecting: - c. 1,500 or -6.5% lower FTEs and interims driven by efficiency gains from ongoing reorganizations and lower volumes; - higher salary cost per FTE (+2.0% salary indexation) partially compensated by unpaid absences during strikes • Adjusted EBIT down € -23.0m y/y as c. € -24m adverse strike impact and termination of the 679 contract outweighed ongoing productivity gains € million Bpost 2Q25 2Q26 D % Transactional 173.5 161.6 -6.8% Advertising 44.7 35.7 -20.1% Press 61.8 53.6 -13.4% Parcels Belgium 129.3 119.1 -7.9% Proximity and convenience retail network 67.7 62.5 -7.7% Value added services 27.6 24.5 -11.4% Personalised Logistics 31.6 36.1 14.2% Intersegment and other 22.8 22.1 -3.0% Total operating income 558.9 515.0 -7.9% Operating expenses 510.2 488.9 -4.2% EBITDA 48.7 26.2 -46.2% Depreciation & Amortization 27.2 27.5 1.2% Reported EBIT 21.6 -1.3 - Margin (%) 3.9% - Adjusted EBIT 22.3 -0.7 - Margin (%) 4.0% - Additional KPIs Underlying Mail volume trend -11.3% -16.8% Transactional -11.5% -12.3% Advertising -15.7% -24.6% Press -15.8% -25.3% Parcels volume trend +4.1% -9.2%
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Solid European growth offset by anticipated US churn 7 Europe Revenues up € +7.3m (+3.0%): • Revenue development (€ +12.6m or +6.5%) across businesses and main geographies • Partially offset by termination of a large contract at Staci Americas (part of Paxon Europe) and € -1.5m FX impact North America Radial N. Am. revenues down € -9.2m (-5.7% or -2.6% excl. FX): • revenue churn from terminated contracts announced in 2025, coupled with negative low- single-digit % Same Store Sales (SSS) • mitigated by € 23m in-year contribution of new customers 2Q26 - Paxon Paxon revenues, €m 7.4 404.92Q25 Europe -9.2North America 2Q26 403.1 -1.8
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EBIT growth driven by Europe performance and North America optimization initiatives 8 2Q26 - Paxon Key Takeaways 2Q26 • Stable Total operating income (€ +0.8m or +0.2%) with European growth offset by US performance. • Stable Operating expenses (incl. adjusted D&A, € -1.3m or -0.3%), consistent with top-line evolution, with growth in Europe offset by lower activity levels in the US. Sustained variable contribution margin, reinforced by fixed cost and headcount actions at Radial US. • Adjusted EBIT up € +2.1m to € 22.9m driven by (i) topline growth and productivity gains in Europe and (ii) cost measures and real estate optimization in North America, offsetting continued topline pressure. € million Paxon 2Q25 2Q26 D % Europe 244.4 251.7 3.0% North America 160.5 151.3 -5.7% Intersegment and other 0.2 2.9 - Total operating income 405.1 405.9 0.2% Operating expenses 341.9 344.5 0.7% EBITDA 63.2 61.5 -2.7% Depreciation & Amortization 51.6 47.0 -8.9% Reported EBIT 11.6 14.4 24.8% Margin (%) 2.9% 3.6% Adjusted EBIT 20.8 22.9 10.2% Margin (%) 5.1% 5.7%
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Strong European performance impacted by strike - related volume losses in Belgium 9 Europe Stable revenues (€ -0.5m or -0.5%): • Lower April–May volumes to Belgium (mainly Asia) following the April strike • Strong performance in June and continued growth in Asian volumes with all key destinations, notably Belgium and US • Growth in other European flows North America Stable revenues (€ +0.2m or +0.3%, incl. c. -1% FX impact): • Soft volume growth in North America reflecting a.o. macroeconomic slowdown • Negative mix effect (US domestic vs. cross-border) and unfavorable FX impact 2Q26 - Landmark Landmark Global revenues, €m 0.2 148.12Q25 Europe North America 2Q26 147.8 -0.5 -0.3
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EBIT impacted by strike effects and dilutive growth mix 10 2Q26 - Landmark Key Takeaways 2Q26 • Total operating income slightly down € -2.4m (-1.6%) • Operating expenses (incl. adjusted D&A) up € +3.8m or +3.0%, mainly reflecting volume-driven transport costs and higher Corporate/ICT charges. • Despite underlying growth across most commercial activities, adjusted EBIT down € -6.2m to € 16.8m reflecting c. € -1.5m strike impact, unfavorable business mix effects in Europe and North America, higher intersegment charges € million Landmark Global 2Q25 2Q26 D % Europe 92.1 91.6 -0.5% North America 56.0 56.2 0.3% Intersegment and other 3.1 1.0 -66.7% Total operating income 151.2 148.8 -1.6% Operating expenses 122.3 125.8 2.9% EBITDA 28.9 23.0 -20.4% Depreciation & Amortization 6.1 6.3 4.4% Reported EBIT 22.8 16.7 -27.0% Margin (%) 15.1% 11.2% Adjusted EBIT 23.0 16.8 -26.9% Margin (%) 15.2% 11.3%
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Marketing and rebranding investments partially offset by FTE reductions 11 2Q26 - Corporate Key Takeaways 2Q26 • Stable external revenues • Higher adjusted net operating expenses (€ +1.8m, incl. D&A) after intersegment, reflecting: - increased marketing and rebranding investments partly offset by - c. 2% lower FTEs but +2.0% salary indexation € million Corporate 2Q25 2Q26 D % External operating income 1.2 1.1 -9.3% Intersegment operating income 114.5 115.1 0.5% Total operating income 115.8 116.2 0.4% Operating expenses 105.1 107.6 2.4% EBITDA 10.7 8.6 -19.9% Depreciation & Amortization 18.4 18.2 -1.0% Reported EBIT -7.7 -9.6 - Margin (%) - - Adjusted EBIT -7.7 -9.6 - Margin (%) - -
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€ million - Adjusted 2Q25 2Q26 Δ Cash flow from operating activities before Δ in WC and provisions 134.0 107.4 -26.6 Change in working capital and provisions -124.4 -95.3 29.2 Cash flow from operating activities 9.5 12.1 2.6 Cash flow from investing activities -27.5 -29.7 -2.2 Free cash flow -18.0 -17.6 0.4 Cash flow from financing activities 500.5 -72.7 -573.2 Net cash movement 482.5 -90.3 -572.8 Capex 30.9 30.7 -0.2 Stable Free Cash Flow supported by working capital phasing 12 2Q26 - Bnode CF from operating activities • Mainly driven by lower EBITDA • € 29.2m variance in working capital evolution and provisions mainly driven by terminal dues and suppliers’ balances. CF from financing activities • Net cash outflow in 2Q26 mainly reflecting payments related to lease liabilities and annual coupon on 2032 bond (€ -26.1m) issued in June 2025 • Net cash inflow in 2Q25 mainly reflecting (i) € 750m new bond issuance, (ii) 28.8% partial repayment of € 650m bond maturing in July 2026, (iii) lease liabilities CF from investing activities • CAPEX of € 30.7m in 2Q26 (€ -0.2m y/y) reflecting spending on international e-commerce logistics, lockers & parcel capacity and domestic fleet. 3 2 4 1 Adjusted vs. Reported Cash Flow Statement in appendix 3 2 4 1
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Key strategy and transformation highlights Despite the April strikes, key transformation priorities remain on track in Bpost 13 H1 input | 02/08/2026 Transformation towards a parcel -led operating model on track, despite the April strikes: Disciplined execution of our Future Operating Model, with key initiatives progressing from pilot to scaling, incl. the introduction of more dynamic distribution rounds. September marks the next milestone with the rollout of later distribution start times, alongside the expansion of the new dynamic distribution model from 4 to 23 Distribution Offices (out of 158 in total). Further expanding our Out -of-Home leadership through Belgium's densest locker network: Rapid expansion of the Bbox network, with only c. 100 locations remaining to reach the accelerated year-end 2026 target of 3,500 locations (one year ahead of the original plan). Locker utilization continues to increase strongly, with last -mile volumes doubling year-on-year, while the network is increasingly leveraged to strengthen our multi-channel offering across consumer and B2B segments. Retail network transformation progressing, with some delay due to ongoing discussions on the 8th Management Contract: Continued expansion of the retail network value proposition through new products and services, incl. nationwide launches in telecom (DIGI) and home security (Verisure), while discussions with the Belgian State on the next Management Contract governing the retail network remain ongoing. Transport activities gaining momentum as a new growth platform: Continued expansion of the transport pilot, incl. more than 20 internal and external customers and over 150 volunteer drivers, allowing further testing and refinement of the operating model under real operating conditions. 1H26 - Bnode Deliver operational efficiencies Win X2C growing market Secure relevance of Retail network #Reshape2029 Must-win battles
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Key strategy and transformation highlights Despitecontinuedtoplinechallengesat Paxon, commercial momentum is building while cost discipline protectsprofitability. Landmark demonstratesresiliencein a challenginggeoeconomicenvironment. 14 H1 input | 02/08/2026 Protecting profitability despite topline pressure through sustained cost discipline in Paxon N. Am.: Implementation of additional structural cost measures in Paxon NA, incl. workforce reductions (supported by organizational redesign, AI agents and automation) and real estate optimization (through site closures and lease exits) to mitigate the impact of client churn a nd protect profitability. In parallel, progressing the mid-market penetration strategy to diversify the customer portfolio. Commercial transformation progressing slower than expected, but with a strengthening commercial pipeline in Paxon EU: Continued execution of the commercial action plan introduced earlier this year under Paxon EU's new leadership, strengthening commercial collaboration, cross-selling and sales execution. Simultaneously, leveraging proven Staci capabilities to accelerate the turnaround of selected legacy sites and customer contracts. Strong resilience despite growing trade barriers and the temporary market disruption caused by the new €3 EU import fee: Targeted commercial actions with key Asian customers successfully restored China -Belgium volumes following the April strikes, while also helping to mitigate the impact of the new €3 EU import fee, through securing a larger volume share of the leading Asian platforms and marketplaces. 1H26 - Bnode Successfully integrate Staci Shift Radial portfolio to mid-market Build new lanes #Reshape2029 Must-win battles #Reshape2029 Must-win battles
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Adjusted EBIT guidance revised at ~€ 140m ~ € 140m ~ € 180m ~ € 155m ~ € -25m ~ € -15m EBIT outlook revised following updated strike impact of € - 25m and delays in commercial development 15 Bpost updated strike impact of € -25.5m in 2Q26 vs. € -15m communicated in early May and limited to April impacts Paxon delays in commercial development ~€ -15m • Radial US: churn not compensated by new customers as initially expected, partially compensated by additional optimization initiatives • Staci Americas: top customer churn, strong pipeline with benefits expected from 2027 • Paxon France: slower-than-expected development of new business activities Expected FY26 EBIT ~ € 140m, toward the lower end of the strike - adjusted initial range • Guidance assumptions for Landmark Global remain unchanged • Excludes potential impacts from new EU import duties and (in)direct impacts from macro/geopolitical developmentsMidpoint of initial guidance € 165-195m Bpost April strike Direct impact Midpoint of adjusted guidance € 140-170m Paxon commercial delays (~ € 20m) mitigated by Corporate savings (~ € 5m) Expected FY26 EBIT Low end of range FY26 - Bnode
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1H26 16
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Highlights of 1H26 Strike impact weighs on EBIT, while PAXON growth partly offsets accelerating mail volume decline and 679 contract termination Group operating income € 2,109.8m (€ -101.4m) -4.6% vs. 1H25 Bpost € 16.0m (€ -33.9m) w/ c. € -18m net strike impact 1.5% EBIT margin Total operating income at € 1,062.6m (-5.4% or € -61.2m): • € -50.3m lower Mail and Press revenues, reflecting -15.5% volume decline and +6.7% price/mix • € -2.9m lower parcels revenues reflecting -0.3% volume decline (+9.1% in 1Q, -9.2% in 2Q driven by April strike) and -0.8% P/M Lower opex (-2.8%) reflecting 5.9% lower FTEs from reorganizations and 2% salary indexation Paxon € 34.0m (€ +6.4m) 4.3% EBIT margin Total operating income at € 796.1m (-4.7% or € -39.1m): • lower revenues (€ -47.0m, or -7.1% excl. FX) at Radial US due to 2025 client churn and negative SSS • 5% growth across Paxon Europe businesses offset by Staci Americas and FX impact Lower opex (-5.1%) in line with EU/US topline developments and fixed costs efforts at Radial US Landmark Global € 31.4m (€ -10.9m) w/ c. € -1.5m strike impact 10.5% EBIT margin Total operating income at € 299.0m (+0.9% or € +2.6m): • Strong Asian volumes with all key destinations, incl. Belgium and US • Lower April-May volumes to Belgium (strike) • Soft growth in N. Am. volumes offset by mix and FX impacts Higher OPEX (+6.3%) from higher volume driven transport costs (external / intersegment) 17 Group adjusted EBIT € 62.6m (€ -37.2m) 3.0% EBIT margin or down € -17.7m when excl. net strikes impact1 of c. € -19.5m (1Q25 / 2Q26) 1H26 - Bnode 1 1Q25: February strike impact of c. € -6m | 2Q26: April strike impact of c. € -25.5m
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€ million Reported Adjusted1 1H25 1H26 1H25 1H26 Δ % Total operating income 2,211.3 2,109.8 2,211.3 2,109.8 -4.6% Operating expenses 1,921.4 1,867.3 1,923.4 1,867.3 -2.9% EBITDA 289.9 242.5 287.8 242.5 -15.7% Depreciation & Amortization 207.5 198.3 187.9 179.9 -4.3% EBIT 82.4 44.3 99.9 62.6 -37.3% Margin (%) 3.7% 2.1% 4.5% 3.0% Financial result -70.4 -39.4 -70.4 -39.4 -44.0% Profit before tax 12.0 4.9 29.5 23.2 -21.3% Income tax expense 16.6 6.3 21.4 10.9 -49.0% Net profit -4.6 -1.4 8.1 12.3 51.8% FCF 79.1 145.1 132.1 149.3 13.0% Net Debt at June 30 1,796.9 1,720.0 1,796.9 1,720.0 -4.3% Capex 56.6 51.4 56.6 51.4 -9.1% Average # FTEs and interims 36,639 34,214 36,639 34,214 -6.6% Key financials 1H26 1H26 - Bnode 1 Unaudited figures 3 2 4 1 3 2 4 1 18 Adjusted FCF excludes the cash Radial receives on behalf of its customers for performing billing services 3 Increase in financials results mainly reflecting 2025 non-cash unfavorable FX impact, 2026 higher income on cash and cash equivalents, partially offset by higher interest expense 2 4 Including € 774.9m of lease liabilities 1 Amortization and impairments of intangibles recognized during PPA are adjusted, leading to increase in EBIT (€ +18.4m) and income tax (€ +4.6m)
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Lower revenues driven by mail volume decline and 679 contract termination 19 Domestic Mail Revenues down € -50.3m (-8.8%): • € -84.6m volume impact with -15.5% volume decline (against -9.4% in 1H25) • € +34.4m price/mix impact (+6.7%) 1H25 -50.3Domestic Mail1 -2.9Parcels Belgium -10.8Retail, VAS, Pers. Logistics 1H26 1,080.7 1,016.7 -64.0 Parcels Belgium Revenues down € -2.9m (-1.1%): • Volume decline of -0.3%: • Price/mix of -0.8% reflecting unfavorable mix effect and strike-related customer claims and contractual penalties Retail , VAS and Personalised Logistics Revenues down € -10.8m (-4.3%): • Proximity and convenience retail network: € -11.3m (-8.3%) mainly reflecting the termination of the 679 banking contract • Value Added Services: € -7.3m (-13.4%) mainly from lower Fines solution revenues • Personalised Logistics: € +7.8m (+12.3%) higher revenues from DynaGroup 1H26 - Bpost 1 Domestic mail is the sum of Transactional, Advertising and Press Bpost revenues, €m o Transactional: -11.5% including mandatory e-invoicing o Advertising: -23.1% reflecting loss of contracts o 1Q26 volume growth of +9.1%. Underlying growth of c. +5% adjusted for Feb. ’25 strike o 2Q26 volume decline of -9.2% reflecting -27.2% drop during five-week April strike; May-June volumes in line with previous year
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Ongoing reorganizations mitigate EBIT impacts from strikes, mail volume decline and 679 contract termination 20 1H26 - Bpost Key Takeaways 1H26 • Total operating income down € -61.2m (-5.4%), including higher intersegment revenues from inbound cross-border volumes handled in the domestic network • Operating expenses (incl. adjusted D&A) down € -27.3m or -2.5%, mainly reflecting: - c. 1,380 or -5.9% lower FTEs and interims from lower mail and press volumes and efficiency gains with reorganizations in distribution and retail offices - higher salary cost per FTE (+2.0% salary indexation) • Adjusted for strike impacts of c. € -6m in 1Q25 and c. €-24m in 2Q26, adjusted EBIT down € -15.8m y/y with margin contraction driven by mail volume impacts and termination of the 679 contract € million Bpost 1H25 1H26 D % Transactional 358.2 337.0 -5.9% Advertising 87.9 73.9 -15.9% Press 125.7 110.6 -12.0% Parcels Belgium 255.2 252.2 -1.1% Proximity and convenience retail network 135.6 124.4 -8.3% Value added services 54.9 47.5 -13.4% Personalised Logistics 63.3 71.1 12.3% Intersegment and other 43.0 45.9 6.6% Total operating income 1,123.8 1,062.6 -5.4% Operating expenses 1,022.1 993.3 -2.8% EBITDA 101.6 69.3 -31.9% Depreciation & Amortization 53.2 54.4 2.3% Reported EBIT 48.4 14.8 -69.4% Margin (%) 4.3% 1.4% Adjusted EBIT 49.8 16.0 -68.0% Margin (%) 4.4% 1.5% Additional KPIs Underlying Mail volume trend -9.4% -15.5% Transactional -9.8% -11.5% Advertising -11.8% -23.1% Press -14.1% -23.1% Parcels volume trend +1.0% -0.31%
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European growth offset by anticipated churn in N. Am. 21 Europe Slightly higher revenues (€ +4.8m or +1.0%): • Revenue development (€+19.9m or +5%) across businesses and main geographies • Partially offset by termination of a large contract at Staci Americas (part of Paxon Europe) and €-6.6m FX impact North America Radial N. Am. revenues down € -47.0m (-13.7% or -7.1% excl. FX): • revenue churn from terminated contracts announced in 2025, coupled with negative mid- single-digit % Same Store Sales (SSS) • mitigated by c. € 50m in-year contribution of new customers 1H26 - Paxon Paxon revenues, €m 830.91H25 4.9Europe -47.0North America 1H26 788.7 -42.2
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EBIT growth driven by Europe performance and North America optimization initiatives 22 1H26 - Paxon € million Paxon 1H25 1H26 D % Europe 488.4 493.2 1.0% North America 342.5 295.4 -13.7% Intersegment and other 4.2 7.4 75.3% Total operating income 835.1 796.1 -4.7% Operating expenses 719.9 683.4 -5.1% EBITDA 115.2 112.7 -2.2% Depreciation & Amortization 105.4 95.6 -9.3% Reported EBIT 9.8 17.1 74.8% Margin (%) 1.2% 2.1% Adjusted EBIT 27.7 34.0 23.1% Margin (%) 3.3% 4.3% Key Takeaways 1H26 • Total operating income down € -39.1m (-4.7%) reflecting Radial US (net churn and negative SSS, despite in-year contribution of new customers) and Staci Americas. • Operating expenses (incl. adjusted D&A) down € -45.4m or -5.6% mainly from lower variable opex in line with revenue development in North America. Sustained variable contribution margin, reinforced by fixed cost and headcount actions at Radial US. • Despite € -39.1 lower topline, adjusted EBIT up € +6.4m to € 34.0m driven by (i) topline growth and productivity gains in Europe and (ii) cost measures in North America offsetting continued topline pressure.
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Strong growth in Asian volumes and European flows 23 Europe Revenues up € +7.7m (+4.3%): • Strong growth in Asian volumes with all key destinations, notably Belgium fueled by large Chinese platforms, and US Lower April-May volumes to Belgium (mainly Asia) following the April strike • Growth in other European flows North America Revenues down € -2.9m or -2.6% incl. c. -5% FX impact): • Soft volume growth in North America reflecting a.o. macroeconomic slowdown • Negative mix effect (US domestic vs. cross-border) and unfavorable FX impact 1H26 - Landmark Landmark Global revenues, €m 7.7 291.61H25 Europe -2.9North America 1H26 296.4 +4.8
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EBIT impacted by dilutive growth mix, Bpost strike and transport charges 24 1H26 - Landmark Key Takeaways 1H26 • Total operating income slightly up € +2.6m (+0.9%) • Operating expenses (incl. adjusted D&A) up € +13.4m or +5.3%, mainly reflecting mainly reflecting (i) higher transport costs driven by increased volumes and (ii) higher intersegment transport charges, particularly on Asia-to-Belgium flows • Despite underlying growth across most commercial activities, adjusted EBIT down € -10.9m to € 31.4m, reflecting higher transport costs (incl. intersegment charges), unfavorable business mix effects in Europe and North America, as well as c. € -1.5m April strike impact € million Landmark Global 1H25 1H26 D % Europe 177.0 184.7 4.3% North America 114.6 111.7 -2.6% Intersegment and other 4.8 2.6 -46.1% Total operating income 296.4 299.0 0.9% Operating expenses 240.2 255.3 6.3% EBITDA 56.2 43.6 -22.4% Depreciation & Amortization 12.2 12.5 2.6% Reported EBIT 44.0 31.1 -29.3% Margin (%) 14.9% 10.4% Adjusted EBIT 42.3 31.4 -25.7% Margin (%) 14.3% 10.5%
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FTE and cost discipline offset salary indexation 25 1H26 - Corporate Key Takeaways 1H26 • Stable external revenues • Slightly lower adjusted net operating expenses (€ -0.8m, incl. D&A) after intersegment, including c. 1% lower FTEs but +2.0% salary indexation € million Corporate 1H25 1H26 D % External operating income 2.3 2.5 12.2% Intersegment operating income 220.0 234.0 6.4% Total operating income 222.3 236.6 6.4% Operating expenses 205.4 219.6 6.9% EBITDA 16.9 17.0 0.6% Depreciation & Amortization 36.7 35.7 -2.6% Reported EBIT -19.8 -18.8 - Margin (%) - - Adjusted EBIT -19.8 -18.8 - Margin (%) - -
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CF from financing activities • Net cash outflow in 1H26 mainly reflecting payments related to lease liabilities and annual coupon on 2032 bond (€ -26.1m) issued in June 2025 • Net cash inflow in 1H25 mainly reflecting (i) € 750m new bond issuance, (ii) 28.8% partial repayment of € 650m bond maturing in July 2026, (iii) lease liabilities Free Cash Flow growth supported by working capital phasing and capex discipline 26 1H26 - Bnode CF from operating activities • Mainly driven by lower EBITDA • € 58.2m variance in working capital evolution and provisions mainly driven by (i) the suppliers’ balances, (ii) terminal dues and (iii) an advance received in the context of the transfer of the 679 banking contract to BNPPF (expected to be reimbursed in the coming months) CF from investing activities • CAPEX of € 51.4m in 1H26 (€ -5.2m y/y) reflecting spending on Paxon, lockers & parcel capacity and domestic fleet. Adjusted vs. Reported Cash Flow Statement in appendix 3 2 4 1 3 2 4 1 € million - Adjusted 1H25 1H26 Δ Cash flow from operating activities before Δ in WC and provisions 264.8 221.0 -43.8 Change in working capital and provisions -79.5 -21.3 58.2 Cash flow from operating activities 185.3 199.6 14.4 Cash flow from investing activities -53.2 -50.4 2.8 Free cash flow 132.1 149.3 17.2 Cash flow from financing activities 441.8 -129.7 -571.5 Net cash movement 573.9 19.6 -554.3 Capex 56.6 51.4 -5.2
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Additional info 27
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28 2Q26 - Bnode Adjusted vs. reported Cash Flow Statement Adjustments Change in working capital: Cash outflow related to collected proceeds due to Radial’s clients was € 2.1m in 2Q25 against € 0.1m inflow in 2Q26 € million Reported Adjusted 2Q25 2Q26 Δ 2Q25 2Q26 Δ Cash flow from operating activities before Δ in WC and provisions 134.0 107.4 -26.6 134.0 107.4 -26.6 Change in working capital and provisions -126.5 -95.1 31.4 -124.4 -95.3 29.2 Cash flow from operating activities 7.4 12.2 4.8 9.5 12.1 2.6 Cash flow from investing activities -27.5 -29.7 -2.2 -27.5 -29.7 -2.2 Free cash flow -20.1 -17.4 2.7 -18.0 -17.6 0.4 Cash flow from financing activities 500.5 -72.7 -573.2 500.5 -72.7 -573.2 Net cash movement 480.4 -90.2 -570.6 482.5 -90.3 -572.8 Capex 30.9 30.7 -0.2 30.9 30.7 -0.2
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29 1H26 - Bnode Adjusted vs. reported Cash Flow Statement Adjustments Change in working capital: Cash outflow related to collected proceeds due to Radial’s clients was € 48.9m lower (€ 53.0m outflow in 1H25 against € 4.1m outflow in 1H26) € million Reported Adjusted 1H25 1H26 Δ 1H25 1H26 Δ Cash flow from operating activities before Δ in WC and provisions 264.8 221.0 -43.8 264.8 221.0 -43.8 Change in working capital and provisions -132.5 -25.4 107.0 -79.5 -21.3 58.2 Cash flow from operating activities 132.3 195.5 63.2 185.3 199.6 14.4 Cash flow from investing activities -53.2 -50.4 2.8 -53.2 -50.4 2.8 Free cash flow 79.1 145.1 66.0 132.1 149.3 17.2 Cash flow from financing activities 441.8 -129.7 -571.5 441.8 -129.7 -571.5 Net cash movement 521.0 15.5 -505.5 573.9 19.6 -554.3 Capex 56.6 51.4 -5.2 56.6 51.4 -5.2
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Balance Sheet 30 2Q26 - Bnode Main balance sheet movements • Property, plant and equipment decreased as the depreciation outpaced the FX, the capital expenditure and the new right-of-use assets. • Intangible assets remained stable as the depreciation, offset the evolution of the exchange rates (mainly impacting goodwill in USD) and the capital expenditure. • Trade and other receivables decreased driven by peak sales at year-end and terminal dues settlement. • Cash & cash equivalents slightly increased by € 11.0m compared to year-end 2025. • Equity increased mainly explained by the exchange differences on translation of foreign operations. • The decrease of trade & other payables was mainly due to the decrease of trade payables (phasing element given peak at year-end) and social payables (payment of year-end accruals), partially offset by the advance payment received for SGEI compensation. € million Assets 4Q25 2Q26 Property, Plant and Equipment 1,443.5 1,397.4 Intangible assets 1,813.8 1,813.7 Investments in associates and joint ventures 0.1 0.1 Other assets 58.9 61.5 Trade & other receivables 885.6 802.8 Inventories 29.0 31.8 Cash & cash equivalents 1,255.9 1,266.9 Assets held for sale 0.6 1.0 Total Assets 5,487.4 5,375.2 € million Equity and Liabilities 4Q25 2Q26 Total equity 709.1 732.7 Interest-bearing loans & borrowings 3,028.9 3,017.4 Employee benefits 219.1 218.5 Trade & other payables 1,239.9 1,115.2 Provisions 136.4 139.4 Derivative instruments 0.2 0.1 Other liabilities 153.8 151.8 Liabilites held for sale 0.0 0.0 Total Equity and Liabilities 5,487.4 5,375.2
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Financing structure & Liquidity 31 2Q26 - Bnode Liquidity: Cash & Committed credit lines 2Q26 available liquidity consisted out of € 1,267m cash & cash equivalents of which € 1,117m is readily available on bank current accounts and as short-term deposits; including € 463m earmarked for the repayment of the remaining balance of the bond maturing in July 2026. In addition, Bnode has 3 undrawn RCFs for a total amount of € 575m External Funding & Debt Amortization The debt portfolio mainly consists of € 2,213m bonds with a well-balanced debt maturity profile Non-current and Current lease liabilities amount to € 774.9m. € million Available Liquidity 4Q25 2Q26 Cash & cash equivalents 1,255.9 1,266.9 Cash in network 140.2 123.7 Transit accounts 43.5 33.5 Cash payment transactions under execution -11.9 -7.1 Bank current accounts 454.8 386.0 Short-term deposits 629.2 730.8 Undrawn revolving credit facilities 575.0 575.0 Syndicated facility - 06/2031 400.0 400.0 Bilateral facility - 12/2030 75.0 75.0 Bilateral facility - 06/2030 100.0 100.0 Total Available Liquidity 1,830.9 1,841.9 € million External Funding 4Q25 2Q26 Long-term 2,214.4 2,213.1 Long-term bond (1.250% - 07/2026) 462.8 462.8 Long-term bond (3.290% - 10/2029) 500.0 500.0 Long-term bond (3.479% - 06/2032) 750.0 750.0 Long-term bond (3.632% - 10/2034) 500.0 500.0 Long-term loans 1.6 0.3 Short-term 2.3 1.8 Short-term loans 2.3 1.8 Total External Funding 2,216.7 2,214.9