Slides
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INDELING THEME COLORS HYPERLINKTITLE COLOR Titeldia + afbeelding Simplifying, connecting and advancing in a dynamic world The Hague – 4 August 2025 1 Q2 & HY 2025 results
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results 2 Published by: PostNL NV Waldorpstraat 3 2521 CA The Hague The Netherlands Additional information Additional information is available at www.postnl.nl. Elements of this presentation contain or may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation. Note that the numbers presented in this presentation (tables and result explanations) may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures due to rounding. Warning about forward-looking statements Some statements in this presentation are “forward-looking statements”. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors that are outside of our control and impossible to predict and may cause actual results to differ materially from any future results expressed or implied. These forward-looking statements are based on current expectations, estimates, forecasts, analyses and projections about the industries in which we operate and management's beliefs and assumptions about possible future events. You are cautioned not to put undue reliance on these forward-looking statements, which only speak as of the date of this presentation and are neither predictions nor guarantees of possible future events or circumstances. We do not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as may be required under applicable securities law. Use of non-GAAP information In presenting and discussing the PostNL Group operating results, management uses certain non- GAAP financial measures. These non-GAAP financial measures should not be viewed in isolation as alternatives to the equivalent IFRS measures and should be used in conjunction with the most directly comparable IFRS measures. Non-GAAP financial measures do not have standardised meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The main non-GAAP key financial performance indicator is normalised EBIT. Normalised EBIT is derived from the IFRS- based performance measure operating income adjusted for the impact of project costs and incidentals.
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INDELING THEME COLORS HYPERLINKTITLE COLOR 3 Key messages Q2 & HY 2025
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INDELING THEME COLORS HYPERLINKTITLE COLOR Tekst links + afbeelding (M) Mail in the Netherlands • Proposal on USO would result in loss-making USO till at least 2029 • Further legal steps not ruled out • Remain committed to accessible and financially viable postal service Parcels • Different growth rates in domestic and international volumes • Encouraging positive price/mix, driven by regular price increases • Targeted yield measures evidence our focus on customer value which come with slight loss in market share as anticipated • Proven efficiency of network in pre-summer peak period • Promising revenue growth intra-European activities at Spring Key takeaways for Q2 2025 PostNL Q2 & HY 2025 results 4 Highlights • Parcels revenue up 2.8%, with volume growth of 2.2% and further client concentration • Mail volume down -8.3%, mainly due to some positive phasing effects in underlying substitution that partly offset the impact from election mail in Q2 2024 • Proposal universal service obligation (USO) insufficient for future-proof postal service and application for financial contribution rejected by Dutch government • €40m goodwill impairment* • no distribution of interim dividend due to ongoing uncertainty towards future-proof postal service • appeal and request for preliminary proceedings to be filed today * not included in normalised EBIT, but impacting reported EBIT at Mail in the Netherlands
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Q2 & HY 2025 performance 5 Normalised EBIT at €11m Key financial metrics Non-financial highlights • Utilisation rate 48% YTD 2025 (FY 2024: 36%) • Intensified agreement for over 70 APLs at Hoogvliet locations • 33% share of emission-free last-mile delivery (Q2 2024: 27%) • Opening new sorting and distribution location to facilitate growth in Belgium, fully climate neutral • NPS: #1 position in relevant markets • 13 roll cage tilters installed according to plan and fully operational (in € million) Q2 2024 Q2 2025 HY 2024 HY 2025 Revenue 795 807 1,560 1,589 Normalised EBIT 18 11 9 (5) Free cash flow (19) (47) (26) (80) Normalised comprehensive income 14 5 6 (5)
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q3 2023 results6 Mail in the Netherlands
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Insufficient progress towards future-proof postal service 7 Ongoing uncertainty on timing potential adjustments USO following political process USO proposal minister 30 June 2025 is economically unviable Application for financial contribution rejected Action plan PostNL • D+2 to start in July 2026, with D+3 conditionally as of 1 January 2028 • Quality condition of 95% not feasible in practice • No financial safety net • Ongoing uncertainty on feasibility • Application for €30m in 2025 and €38m in 2026 based on net cost compensation • Maintain network that no longer fits today’s demands • According to European legislation, a provider of a public service is entitled to compensation if the obligations impose a disproportionate financial burden • Compensation remains necessary during transition period, amount dependent on timing and scope of further decision-making • Appeal rejection financial contribution and ask for preliminary proceedings • Further legal steps should essential improvements fail to materialise • Continue operational preparations towards financially viable and future-proof postal service
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results 3 2024 2025 2026 2027 2028 2029 Cover cost of capital (Feb 2025) Roadmap PostNL (Feb 2025) Proposal Minister 30 June 2025 Current proposal unsustainable 8 PostNL remains committed to accessible and financially viable postal service *numbers in line with new segment reporting, please refer to slide [31 and 40;] scenarios Feb 2025 based on a.o. USO D+2 as of 1 January 2026 and all mail D+3 as of 1 January 2028 ** for conditions see previous slide Sensitivities • Political steps in transition process can result in further delays • Speed of volume decline • Solid cost savings plan, but execution potentially delayed • Unforeseen external factors • Projections exclude financial contribution Projected normalised EBIT Mail in the Netherlands* in €m, indicative
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INDELING THEME COLORS HYPERLINKTITLE COLOR 9 Financial performance Q2 & HY 2025
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Parcels: Volume growth but increasing client concentration 10 Volume • 2.2% volume growth • volumes from international customers +10% • domestic volumes flat • Further client concentration • Targeted yield measures resulted in slight loss in market share as anticipated Revenue up 2.8% • Revenue growth Parcels NL and BE driven by • volume growth • average price per parcel up €0.02 – firm tariff increases and yield measures – partly offset by mix impact • Cross-border activities continued positive trend, also visible in intra-European activities (Spring) Costs • Cost savings of €9m due to efficiency improvements, bringing down average cost per parcel (excluding organic costs increase) • Significant organic costs increase, mainly labour-related Revenue €604m €587mQ2 2024 Q2 2025 in € million Q2 2024 Q2 2025 Parcels NL and BE 388 399 Spring 145 159 Logistics solutions and other services 72 65 Other / intercompany (19) (20) Parcels 587 604 €13m €18m 94m 92m +2.2% Normalised EBIT Volumes Revenue mix Proven efficiency of network during busy pre-summer peak period
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Parcels normalised EBIT bridge 11 18 13 9 (10) (5) 7 (3) Normalised EBIT Q2 2024 Revenue - volume Revenue - mix Volume-dependent costs Organic costs Revenue - price Other costs Other results Normalised EBIT Q2 2025 (15) 12 2.2% volume growth Wage increases PostNL and sector CLA, indexation for delivery partners and other inflationary pressure Unfavourable product and customer mix (within and between domestic and international volumes) Mainly due to operational efficiency improvements following network optimisation and rationalisation services (cost savings €9m) Regular tariff increases and targeted yield management Mainly mix effects at Spring and impact from investing in expanding international growth (in € million)
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Mail Netherlands: Result supported by incidental effects 12 Step-down of €4m, continued to be loss-making €311m €318m 371m 404m Volume • Decline of 8.3% • modest underlying substitution due to phasing effects • ~19 million mail items related to elections in Q2 2024 Revenue • Stamp prices • 4.6% increase as of 1 July 2024 • 6.1% increase as of 1 January 2025 • Majority business mail successfully migrated to ‘standard delivery D+2 • Further shift to non-24 hour mail Costs • Increase in labour costs following CLAs for PostNL and mail deliverers • Ongoing negative impact from illness rate, but result supported by incidental release in provision WGA/ERD (€5m) • Cost savings of €10m based on further adjustments of processes in current business model *excluding election-related mail items Q2 2024 Revenue Q2 2025 €(2)m €2m Normalised EBIT Volumes -8.3% Indicative volume split bulk mail* Q2 2024 17% Q2 2025 7% 24-hour Non-24-hour including standard delivery D+2 9%
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results 8.3% volume decline Mail in the Netherlands normalised EBIT bridge 13 2 Normalised EBIT Q2 2024 Revenue - volume Revenue - mix Volume-dependent costs Organic costs Revenue - price Other costs Other results Normalised EBIT Q2 2025 (18) 3 (6) 10 6 1 (2) (in € million) Cost savings (€10m) and incidental release in provision WGA/ERD (€5m) partly offset by, among others, higher costs international mail (€4m) Various other smaller items Wage increases and other inflationary pressures Regular tariff increases
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Free cash flow 14 18 47 (24) (19) Normalised EBIT Depreciation & amortisation Capex Lease payments and related cash flow Change in working capital Change in provisions Disposals, reversal normalisations and other Interest paid and income tax Free cash flow (44) 6 2 (4) (19) 11 47 (23) (19) (49) (7) 13* (20) (47) Includes phasing effects within the year FY assumption: above last year (FY 2024: €99m) Q2 2024 Q2 2025 Includes incidental release of WGA/ERD provision (in € million) Includes €14m interest paid on sustainability- linked eurobond issued in June 2024 Mainly sale non-core business *excluding reversal normalisation of €40m impairment
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Financial position 15 Balance sheet Impacted by €40m impairment and placement of €100m Schuldschein (in € million) 31 Dec 2024 28 Jun 2025 Intangible fixed assets 414 369 Property, plant and equipment 467 453 Right-of-use assets 281 278 Other non-current assets 43 53 Other current assets 462 484 Short-term investments* 150 220 Cash* 303 237 Assets classified as held for sale 1 1 Total assets 2,120 2,095 (in € million) 31 Dec 2024 28 Jun 2025 Short- and long-term debt 674 774 Long-term interest-bearing assets (13) (13) Short-term investments* (150) (220) Cash and cash equivalents* (303) (237) Net debt 208 303 Pension liabilities/WGA 40 38 Lease liabilities (on balance) 299 295 Lease liabilities (off balance) 9 6 DTA WGA and operational lease liabilities (81) (80) Adjusted net debt 474 562 Adjusted net debt 31 Dec 2024 28 Jun 2025 Consolidated equity 202 151 Non-controlling interests 3 3 Total equity 205 154 Long-term debt 596 696 Long-term lease liabilities 221 216 Other non-current liabilities 165 155 Short-term debt 10 10 Short-term lease liabilities 78 79 Other current liabilities 845 785 Total equity & liabilities 2,120 2,095 *2024 restated
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Sequential development normalised EBIT in 2025 16 Normalised EBIT skewed to Q4 Indicative only, in € million Overall • Working day distribution over the quarters slightly differs and impacts quarterly split • Impact pricing largest in Q4 Parcels • Impact announced yield measures expected as of Q2 Mail in the Netherlands • Impact from 2024 elections on volume development in Q2 • Impact from 2025 elections on volume development in Q4 Q1 Q2 Q3 Q4 (9) 18 (18) 62 (15) 11 2024 Outlook 2025 Assumed cost savings • Parcels €40m - €50m • Mail in the Netherlands €40m - €45m • Phasing due to run-rate of different cost saving initiatives and partly volume-related 14 19 Phasing cost savings Indicative only, in € million Parcels Mail in the Netherlands Q1 Q2 Q3 Q4
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INDELING THEME COLORS HYPERLINKTITLE COLOR Tekst links + afbeelding (M) Outlook 2025 reiterated 17 (in € million) 2024 2025 outlook Normalised EBIT 53 in line with 2024 Free cash flow 12 (10) - (50) Intention to pay dividend over 2025 • No distribution of interim dividend due to ongoing uncertainty about progress towards future-proof postal service • Hold on to our aim to be properly financed, taking into consideration anticipated improvement in performance going forward and progress towards future-proof postal service • Normalised comprehensive income: development in reported lines expected to be more similar to 2023 (please refer to slide 29) • Capex assumed to be > 2024 due to investments in additional strategic initiatives (~€15m) • Acknowledging: • challenging and volatile external environment • pace of client concentration difficult to predict due to changing consumer behaviour PostNL Q2 & HY 2025 results
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INDELING THEME COLORS HYPERLINKTITLE COLOR Tekst links + afbeelding (M) Preliminary agenda • Introduction new strategy and provide medium-term financial guidance • Key areas to be discussed: • Yield management to enhance customer value in e-commerce • Accelerate Out-of-Home strategy • Capture international growth via our platforms • Transition Mail in the Netherlands Capital markets day 18 Save the date: 17 September 2025
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INDELING THEME COLORS HYPERLINKTITLE COLOR 19 Q&A
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INDELING THEME COLORS HYPERLINKTITLE COLOR 20 Appendix 1. Results per segment Q2 2025 & HY 2025 2. Reconciliation Parcels and Mail in the Netherlands following switch of real estate 3. Revenue mix Parcels 4. Full reconciliation of income statement and EBITDA per segment 5. Free cash flow per segment HY 2025 6. Result development (bridge) per segment HY 2025 7. Free cash flow HY 2025 8. Profit and normalised comprehensive income
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INDELING THEME COLORS HYPERLINKTITLE COLOR Alleen titel PostNL Q2 & HY 2025 results Results per segment Q2 2025 & HY 2025 21 HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 Parcels 1,148 1,184 23 16 2.0% 1.4% Mail in the Netherlands 636 620 (6) (20) (1.0)% (3.2)% PostNL Other 121 122 (8) (1) Intercompany (345) (338) PostNL 1,560 1,589 9 (5) 0.6% (0.3)% (in € million) Revenue Normalised EBIT Margin Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Parcels 587 604 18 13 3.1% 2.1% Mail in the Netherlands 318 311 2 (2) 0.6% (0.8)% PostNL Other 58 61 (2) 0 Intercompany (168) (168) PostNL 795 807 18 11 2.2% 1.3%
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INDELING THEME COLORS HYPERLINKTITLE COLOR Alleen titel PostNL Q2 & HY 2025 results Reconciliation 22 (in € million) Revenue Q1 2024 Q1 2024* Q2 2024 Q2 2024* Q3 2024 Q3 2024* Q4 2024 Q4 2024* FY 2024 FY 2024* Parcels 555 561 581 587 569 575 664 670 2,370 2,393 Mail in the Netherlands 324 318 324 318 295 289 395 388 1,338 1,313 PostNL Other 63 63 58 58 57 57 62 62 240 240 Other / intercompany (177) (177) (168) (168) (166) (166) (184) (184) (696) (694) PostNL 765 765 795 795 756 756 937 937 3,252 3,252 * Comparable figures have been restated following the switch in reporting Real Estate: • To be reported in Parcels as of 1 January 2025 (until 31 December 2024: Mail in the Netherlands) Normalised EBIT Parcels 2 5 15 18 3 6 31 36 49 65 Mail in the Netherlands (5) (8) 6 2 (19) (23) 38 32 19 3 PostNL other (6) (6) (2) (2) (1) (1) (6) (6) (16) (16) PostNL (9) (9) 18 18 (18) (18) 62 62 53 53
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INDELING THEME COLORS HYPERLINKTITLE COLOR Alleen titel PostNL Q2 & HY 2025 results Revenue mix Parcels 23 2025 Q1 2024* Q1 2025 Q2 2024* Q2 2025 Q3 2024* Q3 2025 Q4 2024* Q4 2025 FY 2024* FY 2025 Parcels NL and BE 370 380 388 399 371 445 1,574 Spring 134 147 145 159 141 165 585 Logistics solutions and other services 70 69 72 65 66 73 281 Other / intercompany (13) (15) (19) (20) (3) (13) (48) Parcels 561 581 587 604 575 670 2,393 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Parcels NL and BE 369 387 370 444 1,570 Spring 125 137 133 155 549 Logistics solutions and other services 73 76 74 83 306 Other / intercompany (12) (19) (7) (17) (55) Parcels 555 581 569 664 2,370 *Restated for change inter segment reporting As from 1 January 2025, real estate activities are included in the line ‘logistics solutions and other’.Furthermore, within the segment small changes in the presentation of the underlying business lines are applied. (in € million)
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INDELING THEME COLORS HYPERLINKTITLE COLOR Alleen titel PostNL Q2 & HY 2025 results Full reconciliation of income statement and EBITDA HY 2025 24 (in € million) PostNL Parcels Mail in the Netherlands PostNL Other Eliminations Income statement HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 Total operating revenue 1,560 1,589 1,148 1,184 636 620 121 122 (345) (338) Other income 0 6 0 6 0 (0) - 1 Cost of materials (38) (36) (29) (24) (5) (8) (4) (4) Work contracted out and other external expenses (809) (839) (762) (795) (323) (319) (68) (63) 345 338 Salaries and social security contributions (510) (519) (213) (220) (237) (237) (59) (63) Pension contributions & related costs (47) (47) (18) (18) (20) (19) (9) (9) Depreciation, amortisation and impairments (92) (136) (47) (49) (9) (50) (36) (37) Other operating expenses (69) (61) (57) (63) (56) (47) 44 49 Total operating expenses (1,566) (1,638) (1,126) (1,169) (652) (680) (133) (127) 345 338 Operating income / EBIT (6) (43) 22 21 (16) (60) (12) (4) - - EBITDA Operating Income / EBIT (6) (43) 22 21 (16) (60) (12) (4) Depreciation, amortisation and impairments 92 136 47 49 9 50 36 37 Reported EBITDA 87 93 70 70 (7) (10) 24 33 IFRS16 impact (depreciation RoU assets) (37) (39) (27) (29) (4) (5) (6) (5) EBITDA excluding IFRS16 impact 50 54 43 41 (11) (15) 18 28
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INDELING THEME COLORS HYPERLINKTITLE COLOR Alleen titel PostNL Q2 & HY 2025 results Free cash flow per segment HY 2025 25 (in € million) PostNL Parcels Mail in the Netherlands PostNL Other & Eliminations HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 HY 2024 HY 2025 EBITDA 87 93 70 70 (7) (10) 24 33 Change in pensions 0 0 0 0 - - (0) (0) Change in provisions 14 (3) 1 (2) 15 (0) (1) (1) Change in working capital (51) (74) (10) (5) (30) (29) (11) (39) Capex (50) (48) (10) (11) (2) (2) (38) (35) Disposals 8 1 8 2 0 - (0) (1) Interest paid (8) (21) (3) (4) (1) (1) (3) (16) Income tax paid (0) (2) (6) (5) 4 15 1 (12) Lease payments and related cash flow (38) (39) (28) (29) (5) (5) (6) (6) Other 11 13 1 7 0 0 10 5 Free cash flow (26) (80) 23 24 (25) (31) (24) (72) Free cash flow yield -4% -17%
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Parcels HY 2025 normalised EBIT bridge 26 (in € million) 2.1% volume growth Wage increases PostNL CLA, sector CLA, indexation for delivery partners and other inflationary pressure Unfavourable product and customer mix effects, both in domestic and international volumes Operational efficiency improvements (network optimisation, higher utilisation rates, smaller average size parcels, rationalisation services), also due to adaptive measures Targeted yield management and regular tariff increases Various other smaller items 23 16 (23) (8) 16 (6) Normalised EBIT HY 2024 Revenue - volume Revenue - mix Volume-dependent costs Organic costs Revenue - price Other costs Other results Normalised EBIT HY 2025 (30) 28 16
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Mail in the Netherlands HY 2025 normalised EBIT bridge 27 (in € million) 7.6% volume decline Related to further shift to non-24-hour mail and other mix effects Cost savings (€10m) partly offset by additional costs related to high sick leave rates and staff shortages Various other smaller items, including international mail Wage increases and other inflationary pressures Regular tariff increases and targeted yield management Normalised EBIT HY 2024 Revenue - volume Revenue - mix Volume-dependent costs Organic costs Revenue - price Other costs Other results Normalised EBIT HY 2025 (6) (32) (3) 5 (15) 23 7 1 (20)
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INDELING THEME COLORS HYPERLINKTITLE COLOR PostNL Q2 & HY 2025 results Free cash flow HY 2025 28 9 92 (50) Normalised EBIT Depreciation & amortisation Capex Lease payments and related cash flow Change in working capital Change in provisions Disposals, reversal normalisations and other* Interest paid and income tax Free cash flow (38) (51) 14 5 (8) (26) (48) (5) 96 (39) (74) (3) 16 (22) (80) Includes phasing effects throughout the year FY assumption: above last year (FY 2024 €99m HY 2024 HY 2025 Includes first annual coupon Eurobond due June 2031 (in € million) * In HY 2024, the provision for claims and indemnities increased. These claim-related costs have been assessed as exceptional items; HY 2025 includes impact impairment. Includes impact release WGA/ERD in Q2 2025
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INDELING THEME COLORS HYPERLINKTITLE COLOR Alleen titel PostNL Q2 & HY 2025 results Profit and normalised comprehensive income PostNL 29 (in € million) Q2 2024 Q2 2025 HY 2024 HY 2025 Operating income / EBIT 15 (26) (6) (43) Net financial expenses (2) (3) (2) (8) Results from investments in JVs/associates 0 0 0 0 Income taxes (4) 3 (2) 8 Profit/(loss) from discontinued operations 0 2 0 2 Profit 10 (24) (9) (41) Other comprehensive income 2 (2) 4 4 Total comprehensive income 12 (26) (6) (37) Normalisation on EBIT, net of tax Exclude result from discontinued operations Normalised comprehensive income 14 5 6 (5)