Slide 1: Q1 2023 Results
Q1 2023 Results The Hague, the Netherlands － 8 May 2023
Slide 2: Additional information, forward-looking statements and non-GAAP information
Additional information uncertainties and other factors that are outside of our control and Use of non-GAAP information impossible to predict and may cause actual results to differ Additional information is available at www.postnl.nl. Elements of In presenting and discussing the PostNL Group operatin
Slide 3: Key takeaways
Key takeaways Satisfying first-quarter results Q1 2023 highlights Macroeconomic environment remains volatile and uncertain • Volume development at Parcels better than expected Inflation (%, year-on-year change of consumer price index (CPI), the • reported volumes -6.5% Netherlands) • domestic volume
Slide 4: Q1 2023 performance
Q1 2023 performance Normalised EBIT of €7m, ahead of expectations Key financial metrics (in € million) Q1 2022 Q1 2023 change Revenue 806 783 -3% Normalised EBIT 33 7 -78% assumed to be non-recurring and related to Covid-19 1 Free cash flow 52 (31) Normalised comprehensive income 34 4 -89% • Perform
Slide 5: Our strategy
Our strategy The leading logistics and postal service provider in, to and from the Benelux region Strategic foundation Parcels Mail Manage for sustainable growth Manage for value Support business performance and increase customer satisfaction Strategic objectives Customer value Social value Environm
Slide 6: Parcels: Organic cost pressure partly mitigated by operational leverage and efficiency
Parcels: Organic cost pressure partly mitigated by operational leverage and efficiency Revenue Normalised EBIT* Volumes Revenue mix in € million Q1 2022 Q1 2023 Q1 2023 €561m €5m 81m -6.5% Parcels Netherlands 361 355 Spring 105 116 Q1 2022 €554m €18m 87m Logistics solutions and other services 77 72
Slide 7: Parcels Q1 2023 normalised EBIT bridge
Parcels Q1 2023 normalised EBIT bridge Price/mix effect and operational efficiency almost fully mitigate organic costs increase (in € million) Normalised EBIT Q1 2022 18 Parcels Netherlands Revenue - volume (23) 6.5% volume decline Revenue - price/mix 16 Overall higher prices in combination with fav
Slide 8: Mail in the Netherlands: Performance in line with expectations
Mail in the Netherlands: Performance in line with expectations Revenue Normalised EBIT* Volumes Q1 2023 €349m €8m 456m -10.8% Q1 2022 €387m €36m 511m * Down €29m; or €25m when adjusted for non-recurring Covid-19 impact of €3m in Q1 2022 Volume • Overall volume decline of 10.8% • 8.1% underlying volu
Slide 9: Mail in the Netherlands Q1 2023 normalised EBIT bridge
Mail in the Netherlands Q1 2023 normalised EBIT bridge Mitigating impact of volume decline through moderate pricing policy and cost savings initiatives (in € million) Normalised EBIT Q1 2022 36 Mail activities Revenue - volume (25) 10.8% volume decline Revenue - price/mix 13 Mainly pricing (16) Wage
Slide 10: Cash flow
Cash flow Adjusted net debt at €530m (in € million) Q1 2022 Q1 2023 Normalised EBIT 33 7 Reversal normalisations (3) 0 Depreciation & amortisation 39 41 (35) (38) Phasing over the quarters, FY capex assumption Capex unchanged at ~€150m Lease payments and related cash flow (17) (19) Change in working
Slide 11: Outlook for 2023 confirmed
Outlook for 2023 confirmed Timing elements have some impact on split of normalised EBIT over quarters On track to deliver 2023 outlook Q2 2023 assumptions (in € million) 2022 2023 outlook • More or less flat business performance expected • flat volume development at Parcels Normalised EBIT 84 70 – 1
Slide 12: First-quarter 2023 results above our expectations
First-quarter 2023 results above our expectations Satisfying start of year FY 2023 assumptions unchanged • Some early signs of improvement in macroeconomic indicators • Economic environment continues to be volatile and uncertain • Parcels: • Parcels: • volume development better than expected • low s
Slide 13: Q&A
Q&A → Deep-dive into PostNL’s cross border activities to be scheduled for end of June 2023 → You will be invited! Q1 2023 Results 12
Slide 14: Appendix
Appendix → Assumed non-recurring impact related to Covid-19 in 2022 → Revenue mix Parcels 2022 → Full reconciliation income statement and EBITDA per segment → Free cash flow per segment → Adjusted net debt → Profit and normalised comprehensive income Q1 2023 Results 13
Slide 15: Assumed non-recurring impact related to Covid-19 in 2022
Assumed non-recurring impact related to Covid-19 in 2022 Volumes (around, in million) Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Parcels 2 - - - 2 Mail in the Netherlands 15 3 7 6 30 Revenue (around, in € million) Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Parcels 2 - - - 2 Mail in the Netherlands 9 1 2 1
Slide 16: Revenue mix Parcels
Revenue mix Parcels As of 2023 (in € million) Q1 2022 Q1 2023 Q2 2022 Q3 2022 Q4 2022 FY 2022 Parcels Netherlands 361 355 345 332 392 1,431 Spring 105 116 91 95 113 404 Logistics solutions and other services 77 72 74 68 77 297 Other / intercompany 11 19 9 11 4 34 Parcels 554 561 519 506 587 2,165 20
Slide 17: Full reconciliation of income statement and EBITDA per segment
Full reconciliation of income statement and EBITDA per segment Income statement PostNL Parcels Mail in NL PostNL Other Eliminations (in € million) Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Total operating revenue 806 783 554 561 387 349 55 60 (190) (187) Other i
Slide 18: Free cash flow per segment
Free cash flow per segment (in € million) PostNL Other & PostNL Parcels Mail in NL Eliminations Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 EBITDA 69 48 37 24 43 14 (12) 10 Change in pensions 20 (0) - 0 - - 20 (0) Change in provisions (6) 4 (0) 1 (7) 3 1 0 Change in working capit
Slide 19: Adjusted net debt
Adjusted net debt (in € million) 31 Dec 2022 1 Apr 2023 Short- and long-term debt 745 754 Long-term interest-bearing assets (17) (16) Cash and cash equivalents (556) (495) Net debt 172 243 Pension liabilities 18 2 Lease liabilities (on balance) 331 321 Lease liabilities (off balance) 29 50 Deferred
Slide 20: Profit and normalised comprehensive income
Profit and normalised comprehensive income* (in € million) Q1 2022 Q1 2023 Operating income / EBIT 30 7 Net financial expenses (6) (1) Results from investments in JVs/associates 0 (0) Income taxes (7) (2) Profit/(loss) from discontinued operations (0) 1 Profit 16 4 Other comprehensive income (2022 m