Slide 1: First quarter 2026 results
First quarter 2026 results Analyst call Philippe Dartienne, CFO May 6th, 2026
Slide 2: Investor Presentation 1Q26
Investor Presentation 1Q26 Interim financial report 1Q26 Financial Calendar Disclaimer 13.05.2026 This presentation is based on information published by Bnode in its First Quarter 2026 Interim Financial Report, made available on May 6th, 2026 at 07.00 am CET on bnode.com/investors. This Ordinary Gen
Slide 3: Highlights of 1Q26
Highlights of 1Q26 1Q26 - Bnode Group results in line with plan. Outlook maintained, with increased exposure to the lower end of the range following April strikes. Paxon EBIT growth mitigates accelerating mail decline and the termination of the 679 contract. Group operating income Bpost Paxon Landma
Slide 4: Key financials 1Q26
Key financials 1Q26 1Q26 - Bnode 1 € million Reported Adjusted 1Q25 1Q26 1Q25 1Q26 Δ% 1 Amortization and impairments of intangibles recognized during PPA are Total operating income 1,119.0 1,063.4 1,119.0 1,063.4 -5.0% adjusted, leading to increase in EBIT Operating expenses 980.5 940.1 982.6 940.1
Slide 5: Parcels and Personalized Logistics mitigate mail impacts and the termination of the 679 contract
Parcels and Personalized Logistics mitigate mail impacts 1Q26 - Bpost and the termination of the 679 contract 1Q25 544.6 Domestic Mail Parcels Belgium Retail , VAS and Personalised Logistics Domestic Revenues down € -21.1m (-7.2%): Revenues up € +7.3m (+5.8%): Revenues down € -6.9m (-5.5%): -21.1 Ma
Slide 6: Continued reorganizations and parcels growth mitigate mail and 679 impacts
Continued reorganizations and parcels growth mitigate 1Q26 - Bpost mail and 679 impacts € million Bpost 1Q25 1Q26 D% Key Takeaways 1Q26 Transactional 184.8 175.4 -5.0% Advertising 43.1 38.2 -11.5% Press 63.8 57.0 -10.7% • Total operating income down € -17.3m (-3.1%), including higher Parcels Belgium
Slide 7: European growth offset by anticipated churn in N. Am.
European growth offset by anticipated churn in N. Am. 1Q26 - Paxon 1Q25 426.0 Europe North America Europe -2.5 Slightly lower revenues (€ -2.5m or Radial N. Am. revenues down -1.0%): € -37.8m (-20.8% or -11.3% excl. FX): • Revenue development (€+7.3m • revenue churn from terminated or +4%) across bu
Slide 8: EBIT growth driven by Europe performance and North America cost actions
EBIT growth driven by Europe performance and 1Q26 - Paxon North America cost actions € million Paxon 1Q25 1Q26 D% Key Takeaways 1Q26 Europe 244.0 241.5 -1.0% North America 181.9 144.1 -20.8% Intersegment and other 4.0 4.5 11.4% • Total operating income down € -39.9m (-9.3%) reflecting Total operatin
Slide 9: Strong growth in Asian volumes and European flows
Strong growth in Asian volumes and European flows 1Q26 - Landmark 1Q25 143.5 Europe North America Europe 8.2 Revenues up € +8.2m (+9.6%): Revenues down € -3.1m or -5.3% incl. c. -10% FX impact): • Strong growth in Asian volumes with all key destinations, notably • Soft volume growth in North Belgium
Slide 10: Underlying EBIT growth offset by temporary cost phasing
Underlying EBIT growth offset by temporary cost 1Q26 - Landmark phasing € million Landmark Global 1Q25 1Q26 D% Key Takeaways 1Q26 Europe 84.9 93.1 9.6% North America 58.6 55.5 -5.3% Intersegment and other 1.7 1.5 - • Total operating income up € +4.9m (+3.4%) Total operating income 145.2 150.1 3.4% O
Slide 11: EBIT improvement driven by strengthened cost management
EBIT improvement driven by strengthened cost 1Q26 - Corporate management € million Corporate 1Q25 1Q26 D% Key Takeaways 1Q26 External operating income 1.0 1.4 38.9% Intersegment operating income 105.5 119.0 12.8% Total operating income 106.5 120.4 13.1% • Stable external revenues Operating expenses
Slide 12: Free Cash Flow growth supported by working capital phasing and capex discipline
Free Cash Flow growth supported by working capital 1Q26 - Bnode phasing and capex discipline € million - Adjusted 1Q25 1Q26 Δ Cash flow from operating activities before Δ in WC and provisions 130.8 113.6 -17.2 1 Change in working capital and provisions 44.9 74.0 29.0 2 Cash flow from operating activ
Slide 13: Key strategy and transformation highlights during 1Q26
Key strategy and transformation highlights during 1Q26 1Q26 - Bnode Teams continue to deliver on our strategic priorities as planned Bpost Paxon & Landmark Global • Operating model shift: Progressing on key tracks of our Future • Paxon N. Am. cost actions: Besides actions to maintain VCM at Operatin
Slide 14: Outlook 2026
Outlook 2026 FY26 - Bnode Bnode - Group EBIT guidance Bpost - April strike in Belgium 1Q26 group results broadly in line with plan. A five-week nationwide strike in April significantly disrupted Bpost’s sorting and delivery operations, with the most severe Adjusted EBIT guidance maintained at €165 -
Slide 15: Additional info
Additional info © bnode
Slide 16: Adjusted vs. reported Cash Flow Statement
Adjusted vs. reported Cash Flow Statement 1Q26 - Bnode € million Reported Adjusted 1Q25 1Q26 Δ 1Q25 1Q26 Δ Cash flow from operating activities before Δ in WC and provisions 130.8 113.6 -17.2 130.8 113.6 -17.2 Change in working capital and provisions -5.9 69.7 75.6 44.9 74.0 29.0 Cash flow from opera
Slide 17: Balance Sheet
Balance Sheet 1Q26 - Bnode € million € million Assets 4Q25 1Q26 Equity and Liabilities 4Q25 1Q26 Property, Plant and Equipment 1,443.5 1,412.2 Total equity 709.1 725.9 Intangible assets 1,813.8 1,817.1 Interest-bearing loans & borrowings 3,028.9 3,028.6 Investments in associates and joint ventures 0
Slide 18: Financing structure & Liquidity
Financing structure & Liquidity 1Q26 - Bnode € million € million Available Liquidity 4Q25 1Q26 External Funding 4Q25 1Q26 Cash & cash equivalents 1,255.9 1,352.6 Long-term 2,214.4 2,214.1 Cash in network 140.2 139.3 Long-term bond (1.250% - 07/2026) 462.8 462.8 Transit accounts 43.5 34.1 Long-term b