Slide 1: Strong heritage, transforming for the future
Strong heritage, transforming for the future Q4 & FY 2025 results The Hague – 23 February 2026 1 PostNL Q4 & FY 2025 results
Slide 2: Additional information
Additional information are outside of our control and impossible to Use of non-GAAP information predict, and may cause actual results to differ Additional information is available at In presenting and discussing the PostNL Group materially from any future results expressed or www.postnl.nl. Elements
Slide 3: Content
Content 1. 2025: Key messages and Q4 & FY performance 2. Connected to deliver what drives us all forward 3. Outlook 2026 4. Q&A 5. Appendix Connected to deliver 3 what drives us all forward PostNL Q4 & FY 2025 results
Slide 4: 2025: Key messages and Q4 & FY performance
2025: Key messages and Q4 & FY performance Connected to deliver 4 what drives us all forward PostNL Q4 & FY 2025 results
Slide 5: Connected to deliver what drives us all forward
Connected to deliver what drives us all forward We grow our business, create sustainable value, lead through innovation and make impact that matters E-commerce Platforms Mail From volume to value through Capture international growth Transform to a future-proof a differentiated approach and through a
Slide 6: Key takeaways 2025
Key takeaways 2025 Progress towards our Breakthrough 2028 ambition • Financial and key non-financial targets achieved • Organisation structure and reporting segments aligned with strategy Growth Value • (Re)financing secured • Targeted yield measures contributing to performance, momentum building in
Slide 7: Key takeaways Q4 2025: Parcels
Key takeaways Q4 2025 Parcels • Well-executed peak period underpinned by good NPS scores • Revenue at Parcels up 3.2%, flat volume development • Positive price/mix impact • Better propositions agreed in contract renewals • supporting value over volume strategy • benefits to materialise over time, ac
Slide 8: Key takeaways Q4 2025: Mail in the Netherlands
Key takeaways Q4 2025 Mail in the Netherlands • Exceptional volume development of business mail in December • robust December performance more than offset YTD November result that was deeply negative: FY normalised EBIT at €2m • underlying trend of volume decline continues • Cost savings achieved, m
Slide 9: Delivered on 2025 key targets
Delivered on 2025 key targets Solid Q4 performance with normalised EBIT up 27% Key non-financial KPIs FY 2025 Key financial metrics (in € million) Q4 2024 Q4 2025 FY 2024 FY 2025 • 15% average carbon efficiency improvement Revenue 937 973 3,252 3,324 • 33% share of emission-free last-mile delivery (
Slide 10: Parcels: well-executed peak period
Parcels: well-executed peak period Yield initiatives gaining traction Revenue Normalised EBIT Volumes Revenue mix Q4 2025 €691m €41m 106m in €m Q4 2024 Q4 2025 Parcels NL & BE 445 455 Q4 2024 €670m €36m 106m Spring 165 186 Logistics solutions and other services 73 66 Other / intercompany (13) (16) P
Slide 11: Parcels Q4 2025 normalised EBIT bridge
Parcels Q4 2025 normalised EBIT bridge (in € million) Normalised EBIT Q4 2024 36 Revenue - volume Flat volumes Revenue - mix (4) Less favourable product and customer (domestic and international) mix Volume-dependent costs 1 Wage increases PostNL and sector CLA, indexation for delivery partners and O
Slide 12: Mail in the Netherlands: Volumes almost flat
Mail in the Netherlands: Volumes almost flat Robust December performance more than offset deeply negative YTD November result Revenue Normalised EBIT Volumes Q4 2025 €406m €45m 470m Q4 2024 €388m €32m 468m Volume Revenue Costs • Almost flat • Price increases • Increase in labour costs following CLAs
Slide 13: Mail in the Netherlands Q4 2025 normalised EBIT bridge
Mail in the Netherlands Q4 2025 normalised EBIT bridge (in € million) Normalised EBIT Q4 2024 32 Revenue - volume 1 Almost flat volumes Revenue - mix (10) Less favourable mix Volume-dependent costs Organic costs (6) Wage increases and other inflationary pressure Revenue - price 27 Regular tariff inc
Slide 14: FY 2025 cash flow at €(25)m, in line with outlook
FY 2025 cash flow at €(25)m, in line with outlook Well-executed cash and balance sheet management FY 2024 FY 2025 Q4 2024 Q4 2025 (in € million) Normalised EBIT 53 53 62 79 Depreciation & amortisation 188 197 48 53 Capex (99) (106) (26) (35) Lease payments and related (94) (99) (30) (33) cash flow C
Slide 15: Connected to deliver what drives us all forward
Connected to deliver what drives us all forward Connected to deliver 15 what drives us all forward PostNL Q4 & FY 2025 results
Slide 16: Strategic objectives for our business segments
Strategic objectives for our business segments Strategy enablers to support the future of delivery E-commerce ESG From volume to value through Take care of our people, a differentiated approach and environment and society smart network utilisation Da ta G & ES tec h Platforms Data & tech Capture int
Slide 17: E-commerce strategic objectives
E-commerce From volume to value through differentiated strategic approach and smart network utilisation objectives Strengthen commercial engine Be distinctive when and where it matters • More differentiated customer approach and tiered • Consumer in control propositions • Focus on ‘I receive’ and ‘
Slide 18: E-commerce: Clear actions in 2026
E-commerce: Clear actions in 2026 Monetise capacity by optimising customer and product mix • Contract renewals bring better balance between margin and volume E-commerce volumes expected to • Supported by data driven marketing & sales grow in 2026 Focus on cost control Assumptions: • Dutch household
Slide 19: Platforms: Capture international growth through asset-light models
Platforms Capture international growth through asset-light models Accelerate international growth Strengthen domestic • Profitable international flows via leadership asset-light models • Retain export flows and • Expand international routes to international volume in owned grow customer portfolio ne
Slide 20: Platforms: Clear actions in 2026
Platforms: Clear actions in 2026 Accelerate plans to strengthen position in intra-European logistics European cross-border market Empowering European sales Enhancing IT landscape grows than domestic markets • Invest in workforce • Prepare for customs regulation • Further roll-out Sales Intelligence
Slide 21: Committed to securing a sustainable postal service
Committed to securing a sustainable postal service Update roadmap and actions Political process Legal proceedings Our action plan • Adjustments in USO approved by House of • European legislation: a provider of a public • Prepare organisation to be ready for full Representatives service is entitled t
Slide 22: Migration to a future-proof postal service
Migration to a future-proof postal service Mitigating measures to safeguard performance Projected normalised EBIT* Scenarios Implementation D+2 • Upside: includes financial contribution for net cost USO and execution of roadmap • Downside: mitigating measures to limit further 15 downside by reducing
Slide 23: ESG
ESG Take care of our people, environment and society Improve environmental impact by Create positive impact on people across reducing emissions the value chain • Expansion own fleet electric vans by • Invest in engaged and healthy workforce ~50% • Programs to reduce absenteeism • Stimulate partners
Slide 24: Other enablers
Other enablers Simplify and accelerate by embracing data and AI • Rebuilding our service journey: Digital and AI first, human when and where it matters I use a PostNL service I have a question or problem Case prevention Tailored Next-generation Agent Assist Automatic Case Customer Service conversati
Slide 25: Financial strategy and outlook 2026
Financial strategy and outlook 2026 Connected to deliver 25 what drives us all forward PostNL Q4 & FY 2025 results
Slide 26: Clear capital allocation
Clear capital allocation Holding on to our aim to be properly financed • Support top-line growth, ESG initiatives and margin improvement Capex 2026-28: ~€150m per year 1. Organic growth • Roll-out OoH network Focus on ROIC • Strengthen tech & data foundation • Aligned with strategic and financial 2.
Slide 27: New business segments as of 2026
New business segments as of 2026 To align reporting structure with new strategy 2025 As of 1 January 2026 Business segments In € million In € million Revenue FY 2025 Revenue FY 2025* E-commerce Parcels NL and BE 1,611 • Parcel activities in, from and to the Netherlands and Spring 648 Belgium (includ
Slide 28: Outlook 2026
Outlook 2026 Year of inflection in execution of our strategy (in € million) 2025 2026 outlook Normalised EBIT 53 40 - 70 Indicative Free cash flow (25) 0 – (30) normalised EBIT development • Revenue growth 5% - 7% (2025: €3,324m) FY 2025 53 • Capex: ~€125m (2025: €106m); lease payments unchanged at
Slide 29: Assumptions revenue development in 2026
Assumptions revenue development in 2026 3,324 2025 E-commerce Platforms Mail PostNL Other / 2026 Eliminations • 1% - 3% volume • Double-digit revenue • Volume decline 8%- • Including elimination • 5% - 7% revenue growth (excluding growth: 10% related to the transfer growth letterbox parcels) • accel
Slide 30: Transfer of letterbox parcels (D+1)
Transfer of letterbox parcels (D+1) Implications for segment performance in 2026 E-commerce Mail Letterbox parcels via Volumes Revenue E-commerce network • ~50m-60m extra items as of mid • Better service and quality reflected in as of mid 2026 2026 (~30m in 2026) pricing • Necessary step to enable R
Slide 31: Main drivers for assumed step-up in E-commerce
Main drivers for assumed step-up in E- commerce Normalised EBIT FY 2025 58 1% - 3% expected underlying volume growth, extra volume from transfer 1,953 1,978 Revenue - volume letterbox parcels Regular price increases and targeted yield measures more than offsetting Revenue - price / mix organic cost
Slide 32: Main drivers for Platforms
Main drivers for Platforms Normalised EBIT FY 2025 6 Revenue - volume Volume growth in Spring: both intra-European and Asia 786 724 Positive price effect almost offset by unfavourable shift in mix (destination Revenue - price/mix and weight) Volume-dependent costs 2024 2025 2026 2027 2028 Revenue Ma
Slide 33: Main drivers for Mail
Main drivers for Mail Normalised EBIT FY 2025 2 1,313 1,315 Revenue - volume 8% - 10% volume decline Revenue - price/mix Price increases and favourable mix effect 0.2% 0.2% Volume-dependent costs 2024 2025 2026 2027 2028 Revenue Margin Organic cost increases Wage increases and other inflationary pre
Slide 34: Concluding remarks
Concluding remarks 2026: reaching inflection point in execution of our strategy (in € million) 2025 2026 outlook Normalised EBIT 53 40 - 70 Free cash flow (25) 0 - (30) Growth Value • E-commerce: continued and disciplined path towards sustainable value creation • Platforms: further investments to ca
Slide 35: Q&A
Q&A Connected to deliver 35 what drives us all forward PostNL Q4 & FY 2025 results
Slide 36: Appendix
Appendix 1. Results per segment Q4 2025 & FY 2025 2. Revenue mix Parcels 3. Pro forma 2025 numbers in new reporting segments 4. Financial position and adjusted net debt 5. Full reconciliation of income statement and EBITDA per segment 6. Free cash flow per segment FY 2025 7. Result development (brid
Slide 37: Results per segment Q4 2025 & FY 2025
Results per segment Q4 2025 & FY 2025 (in € million, volume in million Normalised items) Volume Revenue Margin EBIT Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Parcels 106 106 670 691 36 41 5.4% 5.9% Mail in the Netherlands 468 470 388 406 32 45 8.2% 11.1% PostNL Other 62 66 (6)
Slide 38: Revenue mix Parcels
Revenue mix Parcels (in € million) Q1 2024 Q1 2025 Q2 2024 Q2 2025 Q3 2024 Q3 2025 Q4 2024 Q4 2025 FY 2024 FY 2025 Parcels NL and BE 370 380 388 399 371 377 445 455 1,574 1,611 Spring 134 147 145 159 141 156 165 186 585 648 Logistics solutions and other services 70 69 72 65 66 59 73 66 281 258 Other
Slide 39: Pro forma 2025 numbers in new reporting segments
Pro forma 2025 numbers in new reporting segments (in € million) Revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 E-commerce 473 488 466 551 1,978 Platforms 181 194 188 224 786 Mail 309 311 289 406 1,315 PostNL Other 49 49 52 51 201 Other / intercompany (230) (236) (233) (258) (956) PostNL 782 807 762
Slide 40: Financial position
Financial position Leverage ratio at 1.99x allows for €0.04 dividend per share Balance sheet Adjusted net debt (in € million) 31 Dec 2024 31 Dec 2025 (in € million) 31 Dec 2024 31 Dec 2025 Intangible fixed assets 414 372 Short- and long-term debt 674 868 Property, plant and equipment 467 449 Long-te
Slide 41: Full reconciliation of income statement and EBITDA FY 2025
Full reconciliation of income statement and EBITDA FY 2025 Mail in the Income statement PostNL Parcels PostNL Other Eliminations Netherlands (in € million) FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Total operating revenue 3,252 3,324 2,393 2,457 1,313 1,315 240
Slide 42: Free cash flow per segment FY 2025
Free cash flow per segment FY 2025 PostNL Parcels Mail in the Netherlands PostNL Other & Eliminations (in € million) FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 EBITDA 225 248 159 165 16 24 50 59 Change in pensions 0 0 0 0 - - 0 0 Change in provisions* 21 5 4 (1) 18 6 (1) (0) Cha
Slide 43: Parcels FY 2025 normalised EBIT bridge
Parcels FY 2025 normalised EBIT bridge (in € million) Normalised EBIT FY 2024 65 Revenue - volume 19 1.2% volume growth Revenue - mix (37) Unfavourable product and customer mix effects, also within domestic volumes Volume-dependent costs (8) Wage increases PostNL CLA, sector CLA, indexation for deli
Slide 44: Mail in the Netherlands FY 2025 normalised EBIT bridge
Mail in the Netherlands FY 2025 normalised EBIT bridge (in € million) Normalised EBIT FY 2024 3 Revenue - volume (41) 4.8% volume decline Revenue - mix (13) Related to further shift to non-24-hr mail and other mix effects Volume-dependent costs 6 Organic costs (30) Wage increases and other inflation
Slide 45: Profit and normalised comprehensive income PostNL
Profit and normalised comprehensive income PostNL (in € million) FY 2024 FY 2025 Operating income / EBIT 37 11 Net financial expenses (8) (29) Results from investments in JVs/associates (4) 0 Income taxes (6) (1) Profit/(loss) from discontinued operations (1) 1 Profit 18 (17) Other comprehensive inc