Slide 1: Simplifying, connecting and advancing in a dynamic world
Simplifying, connecting and advancing in a dynamic world Q1 2025 results The Hague – 6 May 2025 1
Slide 2: Additional information, forward-looking statements and non-GAAP 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 Q1 2025
Key takeaways Q1 2025 FY 2025 outlook unchanged Highlights Parcels • Revenue Parcels up 3.5%, with volume growth of 2.0% and • Focus on strategic initiatives as announced in February, further client concentration progress according to plan • Mail volumes down 6.9%, mainly due to ongoing substitution
Slide 4: Q1 2025 performance
Q1 2025 performance Normalised EBIT at €(15)m, in line with expectations Key financial metrics Non-financial highlights (in € million) Q1 2024 Q1 2025 • Ecovadis: platinum award Revenue 765 782 • 30% share of emission-free last-mile delivery • First ‘roll cage tilters’ operational Normalised EBIT (9
Slide 5: Parcels
Parcels 3.5% revenue growth and further client concentration Revenue Normalised Volumes Revenue mix EBIT in € million Q1 2024* Q1 2025 Q1 2025 €581m €3m 87m +2.0% Parcels NL and BE 370 380 Spring 134 147 Q1 2024 €561m €5m 86m Logistics solutions and other services 70 69 Other / intercompany (13) (15
Slide 6: Parcels normalised EBIT bridge
Parcels normalised EBIT bridge (in € million) Normalised EBIT Q1 2024 5 Revenue - volume 7 2.0% volume growth Revenue - mix (13) Unfavourable shift in product /customer mix, also within domestic volumes Volume-dependent costs (3) Wage increases PostNL CLA, sector CLA, indexation for delivery partner
Slide 7: Mail in the Netherlands
Mail in the Netherlands Step-down of €10m in result mainly due to further volume decline Revenue Normalised Volumes Indicative volume split bulk mail EBIT 18% 7% Q1 2025 €309m €(18)m 371m -6.9% 9% Q1 2024 €318m €(8)m 399m Q1 Q1 2024 2025 24-hour Non-24-hour including standard delivery D+2 Volume Rev
Slide 8: Mail in the Netherlands normalised EBIT bridge
Mail in the Netherlands normalised EBIT bridge (in € million) Normalised EBIT Q1 2024 (8) Revenue - volume (15) 6.9% volume decline Revenue - mix (3) Related to further shift to non-24-hour mail Volume-dependent costs 2 Organic costs (8) Wage increases and other inflationary pressures Revenue - pric
Slide 9: Cash flow
Cash flow Anticipated phasing effects in working capital (in € million) Q1 2024 Q1 2025 Normalised EBIT (9) (15) Depreciation & amortisation 46 48 Capex (26) (24) Lower capex, FY assumption > 2024 Lease payments and related cash flow (19) (20) (7) (25) Includes anticipated phasing effects with Q4 Ch
Slide 10: Balance sheet
Balance sheet Adjusted net debt at €509m Balance sheet (in € million) 31 Dec 2024 29 March 2025 31 Dec 2024 29 March 2025 Intangible fixed assets 414 413 Consolidated equity 202 192 Property, plant and equipment 467 460 Non-controlling interests 3 3 Right-of-use assets 281 276 Total equity 205 195 O
Slide 11: Sequential development normalised EBIT in 2025
Sequential development normalised EBIT in 2025 Q1 2025 result as anticipated Normalised EBIT skewed to Q4 Phasing cost savings Indicative only, in € million Indicative only, in € million 62 2024 Parcels 18 14 Outlook 2025 Mail in the Netherlands (9) Q1 Q2 Q3 Q4 (15) (18) Q1 Q2 Q3 Q4 Overall Assumed
Slide 12: Outlook 2025 unchanged
Outlook 2025 unchanged (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 into
Slide 13: Capital Markets Update September 2025
Capital Markets Update September 2025 1. Strategic review based on evolving To remain your favourite deliverer market dynamics Enhance Capture Accelerate 2. Further details on adjusted strategy customer international Out-of-Home value growth strategy elements at Parcels Committed to intensify invest
Slide 14: Q&A
Q&A
Slide 15: Appendix
Appendix 1. Results per segment 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 6. Profit and normalised comprehensive income 15
Slide 16: Results per segment
Results per segment (in € million) Revenue Normalised EBIT Margin Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Parcels 561 581 5 3 0.9% 0.6% Mail in the Netherlands 318 309 (8) (18) -2.5% -5.7% PostNL Other 63 62 (6) (1) Intercompany (177) (169) PostNL 765 782 (9) (15) -1.2% -2.0% 16
Slide 17: Real estate reported in segment Parcels
Real estate reported in segment Parcels (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 6
Slide 18: Revenue mix Parcels
Revenue mix Parcels (in € million) As of 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 370 380 388 371 445 1,574 Spring 134 147 145 141 165 585 Logistics solutions and other 70 69 72 66 73 281 Other / intercompany (13) (15) (19) (3) (13)
Slide 19: Full reconciliation of income statement and EBITDA
Full reconciliation of income statement and EBITDA (in € million) PostNL Parcels Mail in the Netherlands PostNL Other Eliminations Income statement Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Total operating revenu 765 782 561 581 318 309 63 62 (177) (169) Other i
Slide 20: Free cash flow per segment
Free cash flow per segment PostNL Other & (in € million) PostNL Parcels Mail in the Netherlands Eliminations Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 EBITDA 24 32 27 28 (13) (13) 10 17 Change in pensions 0 0 0 0 - - (0) (0) Change in provisions 9 4 (2) 1 11 3 (1) (0) Change in
Slide 21: Profit and normalised comprehensive income PostNL
Profit and normalised comprehensive income PostNL (in € million) Q1 2024 Q1 2025 FY 2023 FY 2024 Operating income / EBIT (21) (17) 84 37 Net financial expenses (0) (5) (2) (8) Results from investments in JVs/associates 0 0 (4) (4) Income taxes 2 5 (24) (6) Profit/(loss) from discontinued operations
Slide 22: Sequential development normalised EBIT in 2025
Sequential development normalised EBIT in 2025 Q1 2025 result as anticipated Normalised EBIT skewed to Q4 Overall • Working day distribution over the quarters slightly Indicative only, in € million differs and impacts quarterly split • Impact pricing largest in Q4 62 2024 18 Parcels Outlook 2025 • I