Slide 1: Simplifying, connecting and advancing in a dynamic world
Simplifying, connecting and advancing in a dynamic world Q3 2025 results The Hague – 3 November 2025 1
Slide 2: Additional information
Additional information known and unknown risks, uncertainties and other Use of non-GAAP information factors that are outside of our control and Additional information is available at In presenting and discussing the PostNL Group impossible to predict and may cause actual www.postnl.nl. Elements of t
Slide 3: Key takeaways Q3 2025
Key takeaways Q3 2025 FY 2025 outlook re-iterated Highlights Q3 2025 Breakthrough 2028 • New strategy and Breakthrough 2028 ambition launched at Capital Markets Day Growth Value • Q3 result PostNL according to plan • 1.0% parcel volume growth, with volume growth from international customers continui
Slide 4: Breakthrough 2028
Breakthrough 2028 Delivering sustainable returns for our shareholders and value for customers, employees and society as a whole Strategic turning point with transformation programme ‘Breakthrough 2028’ to drive financial ambition and significant improvement in financial KPIs Growth Value • E-commerc
Slide 5: Key takeaways Q3 2025 per segment
Key takeaways Q3 2025 Per segment Mail in the Netherlands Parcels • Appreciated next step towards viable postal service initiated • Focus on strategy as announced on CMD, progress by Minister: according to plan • D+2 at 90% quality as of 1 July 2026 • Price/mix positive in environment of increased c
Slide 6: Q3 & YTD 2025 performance
Q3 & YTD 2025 performance Normalised EBIT Q3 2025 at €(21)m Key financial metrics Non-financial highlights and innovation • 33% share of emission-free last-mile delivery (in € million) Q3 2024 Q3 2025 YTD 2024 YTD 2025 (Q3 2024: 28%) Revenue 756 762 2,316 2,351 • Roll-out of > 40 electrical vans in
Slide 7: Parcels
Parcels Impact from less favourable mix effects mitigated by additional efficiency improvements Revenue Normalised Volumes Revenue mix EBIT in € million Q3 2024* Q3 2025 Q3 2025 €581m €4m 89m +1.0% Parcels NL and BE 371 377 Spring 141 156 Q3 2024 €575m €6m 88m Logistics solutions and other services
Slide 8: Parcels normalised EBIT bridge
Parcels normalised EBIT bridge Including costs related to investments in strategic initiatives (in € million) Normalised EBIT Q3 2024 6 Revenue - volume 4 1.0% volume growth driven by international customers Revenue - mix (11) More unfavourable shift in product /customer mix, mainly within domestic
Slide 9: Mail in the Netherlands
Mail in the Netherlands Results reinforces urgent need for adjusted postal regulation Revenue Normalised Volumes EBIT Q3 2025 €289m €(23)m 317m -5.0% Q3 2024 €289m €(23)m 334m Volume Revenue Costs • Volume decline of 5.0%, mainly due to regular • Stamp prices • Increase in labour costs following CLA
Slide 10: Mail in the Netherlands normalised EBIT bridge
Mail in the Netherlands normalised EBIT bridge (in € million) Normalised EBIT Q3 2024 (23) 5.0% volume decline, mainly due to regular substitution, supported by first batch Revenue - volume (9) election mail and other incidental mailings Revenue - mix 0 Volume-dependent costs 2 Organic costs (10) Wa
Slide 11: Free cash flow
Free cash flow Anticipated phasing effects in working capital (in € million) Q3 2024 Q3 2025 Normalised EBIT (18) (21) Depreciation & amortisation 47 49 Capex (24) (23) Lease payments and (26) (26) related cash flow Change in working capital (14) 13 Phasing effects within the year Change in provisio
Slide 12: Financial position
Financial position Balance sheet Adjusted net debt (in € million) 31 Dec 2024 27 Sep 2025 (in € million) 31 Dec 2024 27 Sep 2025 Intangible fixed assets 414 371 Short- and long-term debt 674 768 Property, plant and equipment 467 446 Long-term interest-bearing assets (13) (13) Right-of-use assets 281
Slide 13: Sequential development normalised EBIT in 2025
Sequential development normalised EBIT in 2025 Q3 2025 result in line with expectations Normalised EBIT skewed to Q4 Phasing cost savings Indicative only, in € million Indicative only, in € million 19 62 19 2024 Parcels 18 11 14 Outlook 2025 Mail in the Netherlands (9) Q1 Q2 Q3 Q4 (15) (18) (21) Q1
Slide 14: Outlook 2025 re-iterated
Outlook 2025 re-iterated (in € million) 2024 2025 outlook Intention to pay dividend over 2025 Normalised EBIT 53 in line with 2024 • Outlook normalised EBIT in line with 2024, following balanced strategic decisions Free cash flow 12 (10) - (50) • Hold on to our aim to be properly financed, taking in
Slide 15: Q&A
Q&A 15
Slide 16: Appendix
Appendix 1. Results per segment Q3 2025 & YTD 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 YTD 2025 6. Result development (bridge) per
Slide 17: Results per segment Q3 2025 & YTD 2025
Results per segment Q3 2025 & YTD 2025 (in € million) Revenue Normalised EBIT Margin Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Parcels 575 581 6 4 1.0% 0.7% Mail in the Netherlands 289 289 (23) (23) (7.9)% (7.9)% PostNL Other 57 63 (1) (2) Intercompany (166) (171) PostNL 756 762 (18) (21) (2.4
Slide 18: Reconciliation
Reconciliation (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 / inte
Slide 19: Revenue mix Parcels
Revenue mix Parcels (in € million) 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 370 380 388 399 371 377 445 1,574 Spring 134 147 145 159 141 156 165 585 Logistics solutions and other services 70 69 72 65 66 59 73 281 Other / intercompany
Slide 20: Full reconciliation of income statement and EBITDA YTD Q3
Full reconciliation of income statement and EBITDA YTD Q3 Mail in the (in € million) PostNL Parcels PostNL Other Eliminations Netherlands Income statement YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 Total operating revenue 2,316 2,351 1,723 1,766 924 909
Slide 21: Free cash flow per segment YTD Q3
Free cash flow per segment YTD Q3 Mail in the PostNL Other & (in € million) PostNL Parcels Netherlands Eliminations YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 YTD 2024 YTD 2025 EBITDA 113 119 100 98 (25) (29) 38 49 Change in pensions 0 0 0 0 - - (0) (0) Change in provisions 18 (1) 2 (1) 1
Slide 22: Parcels YTD 2025 normalised EBIT bridge
Parcels YTD 2025 normalised EBIT bridge (in € million) Normalised EBIT YTD 2024 29 Revenue - volume 20 2.1% volume growth Unfavourable product and customer mix effects, both in domestic and international Revenue - mix (34) volumes Volume-dependent costs (9) Wage increases PostNL CLA, sector CLA, ind
Slide 23: Mail in the Netherlands YTD 2025 normalised EBIT bridge
Mail in the Netherlands YTD 2025 normalised EBIT bridge (in € million) Normalised EBIT YTD 2024 (29) Revenue - volume (42) 6.9% volume decline Revenue - mix (3) Related to further shift to non-24-hour mail and other mix effects Volume-dependent costs 7 Organic costs (24) Wage increases and other inf
Slide 24: Free cash flow YTD
Free cash flow YTD (in € million) YTD 2024 YTD 2025 Normalised EBIT (9) (26) Depreciation & amortisation 140 145 Capex (73) (71) FY assumption: above last year (FY 2024 €99m) Lease payments and (64) (66) related cash flow Change in working capital (65) (61) Includes phasing effects throughout the ye
Slide 25: Profit and normalised comprehensive income PostNL
Profit and normalised comprehensive income PostNL (in € million) Q3 2024 Q3 2025 YTD 2024 YTD 2025 Operating income / EBIT (21) (23) (27) (66) Net financial expenses (2) (7) (4) (15) Results from investments in JVs/associates (4) (0) (4) 0 Income taxes 6 7 4 16 Profit/(loss) from discontinued operat