Slide 1: Second quarter 2026 results
Second quarter 2026 results Analyst call Chris Peeters, CEO Philippe Dartienne, CFO August 7th, 2026
Slide 2: Investor Presentation 2Q26
Investor Presentation 2Q26 Interim financial report 2Q26 Financial Calendar Disclaimer 06.11.2026 (07:00 CET) This presentation is based on information published by Bnode in its Second Quarter 2026 Interim Financial Report, made available on August 7th, 2026 at 07.00 am CET on bnode.com/investors. T
Slide 3: Highlights of 2Q26
Highlights of 2Q26 2Q26 - Bnode € 25m strike impact weighs on resilient underlying EBIT performance and contributes to revised EBIT outlook of ~ € 140m Group operating income Bpost Paxon Landmark Global € -0.7m (€ -23.0m) € 22.9m (€ +2.1m) € 16.8m (€ -6.2m) € 1,046.4m (€ -45.9m) incl. c. € -24m stri
Slide 4: Key financials 2Q26
Key financials 2Q26 2Q26 - Bnode 1 € million Reported Adjusted 2Q25 2Q26 2Q25 2Q26 Δ% 1 Amortization and impairments of intangibles recognized during PPA are Total operating income 1,092.3 1,046.4 1,092.3 1,046.4 -4.2% adjusted, leading to increase in EBIT Operating expenses 940.9 927.2 940.9 927.2
Slide 5: Revenue decline driven by April strike and structural mail volume decline
Revenue decline driven by April strike and structural mail 2Q26 - Bpost volume decline 2Q25 536.2 Domestic Mail Parcels Belgium Retail , VAS and Personalised Logistics Domestic Revenues down € -29.2m (-10.4%): Revenues down € -10.2m (-7.9%): Revenues down € -3.9m (-3.0%): -29.2 Mail1 • € -44.9m volu
Slide 6: € 24m strike impact on EBIT outweighs productivity gains and reorganization benefits
€ 24m strike impact on EBIT outweighs productivity gains 2Q26 - Bpost and reorganization benefits € million Bpost 2Q25 2Q26 D% Key Takeaways 2Q26 Transactional 173.5 161.6 -6.8% Advertising 44.7 35.7 -20.1% Press 61.8 53.6 -13.4% • Total operating income down € -43.9m (-7.9%) Parcels Belgium 129.3 1
Slide 7: Solid European growth offset by anticipated US churn
Solid European growth offset by anticipated US churn 2Q26 - Paxon 2Q25 404.9 Europe North America Europe 7.4 Revenues up € +7.3m (+3.0%): Radial N. Am. revenues down € -9.2m (-5.7% or -2.6% excl. FX): • Revenue development (€ +12.6m or +6.5%) across • revenue churn from terminated businesses and mai
Slide 8: EBIT growth driven by Europe performance and North America optimization initiatives
EBIT growth driven by Europe performance and 2Q26 - Paxon North America optimization initiatives € million Paxon 2Q25 2Q26 D% Key Takeaways 2Q26 Europe 244.4 251.7 3.0% North America 160.5 151.3 -5.7% Intersegment and other 0.2 2.9 - • Stable Total operating income (€ +0.8m or +0.2%) with Total oper
Slide 9: Strong European performance impacted by strike-related volume losses in Belgium
Strong European performance impacted by 2Q26 - Landmark strike -related volume losses in Belgium 2Q25 148.1 Europe North America Europe -0.5 Stable revenues (€ -0.5m or -0.5%): Stable revenues (€ +0.2m or +0.3%, incl. c. -1% FX impact): • Lower April–May volumes to Belgium (mainly Asia) following •
Slide 10: EBIT impacted by strike effects and dilutive growth mix
EBIT impacted by strike effects and dilutive growth mix 2Q26 - Landmark € million Landmark Global 2Q25 2Q26 D% Key Takeaways 2Q26 Europe 92.1 91.6 -0.5% North America 56.0 56.2 0.3% Intersegment and other 3.1 1.0 -66.7% • Total operating income slightly down € -2.4m (-1.6%) Total operating income 15
Slide 11: Marketing and rebranding investments partially offset by FTE reductions
Marketing and rebranding investments partially offset 2Q26 - Corporate by FTE reductions € million Corporate 2Q25 2Q26 D% Key Takeaways 2Q26 External operating income 1.2 1.1 -9.3% Intersegment operating income 114.5 115.1 0.5% Total operating income 115.8 116.2 0.4% • Stable external revenues Opera
Slide 12: Stable Free Cash Flow supported by working capital phasing
Stable Free Cash Flow supported by working capital 2Q26 - Bnode phasing € million - Adjusted 2Q25 2Q26 Δ Cash flow from operating activities before Δ in WC and provisions 134.0 107.4 -26.6 1 Change in working capital and provisions -124.4 -95.3 29.2 2 Cash flow from operating activities 9.5 12.1 2.6
Slide 13: Key strategy and transformation highlights
H1 input | 02/08/2026 Key strategy and transformation highlights 1H26 - Bnode Despite the April strikes, key transformation priorities remain on track in Bpost #Reshape2029 Must-win battles Transformation towards a parcel-led operating model on track, despite the April strikes: Disciplined execution
Slide 14: Key strategy and transformation highlights
H1 input | 02/08/2026 Key strategy and transformation highlights 1H26 - Bnode Despite continued topline challenges at Paxon, commercial momentum is building while cost discipline protects profitability. Landmark demonstrates resilience in a challenging geoeconomic environment. #Reshape2029 Must-win
Slide 15: EBIT outlook revised following updated strike impact of € -25m and delays in commercial development
EBIT outlook revised following updated strike impact of FY26 - Bnode € -25m and delays in commercial development Adjusted EBIT guidance revised at ~€ 140m Bpost updated strike impact of € -25.5m in 2Q26 vs. € -15m communicated in early May and limited to April impacts ~€ 180m ~€ -25m ~€ 155m ~€ -15m
Slide 16: 1H26
1H26 16
Slide 17: Highlights of 1H26
Highlights of 1H26 1H26 - Bnode Strike impact weighs on EBIT, while PAXON growth partly offsets accelerating mail volume decline and 679 contract termination Group operating income Bpost Paxon Landmark Global € 16.0m (€ -33.9m) € 34.0m (€ +6.4m) € 31.4m (€ -10.9m) € 2,109.8m (€ -101.4m) w/ c. € -18m
Slide 18: Key financials 1H26
Key financials 1H26 1H26 - Bnode 1 € million Reported Adjusted 1H25 1H26 1H25 1H26 Δ% 1 Amortization and impairments of intangibles recognized during PPA are Total operating income 2,211.3 2,109.8 2,211.3 2,109.8 -4.6% adjusted, leading to increase in EBIT Operating expenses 1,921.4 1,867.3 1,923.4
Slide 19: Lower revenues driven by mail volume decline and 679 contract termination
Lower revenues driven by mail volume decline and 1H26 - Bpost 679 contract termination 1H25 1,080.7 Domestic Mail Parcels Belgium Retail , VAS and Personalised Logistics Domestic Revenues down € -50.3m (-8.8%): Revenues down € -2.9m (-1.1%): Revenues down € -10.8m (-4.3%): -50.3 Mail1 • € -84.6m vol
Slide 20: Ongoing reorganizations mitigate EBIT impacts from strikes, mail volume decline and 679 contract termination
Ongoing reorganizations mitigate EBIT impacts from 1H26 - Bpost strikes, mail volume decline and 679 contract termination € million Bpost 1H25 1H26 D% Key Takeaways 1H26 Transactional 358.2 337.0 -5.9% Advertising 87.9 73.9 -15.9% Press 125.7 110.6 -12.0% • Total operating income down € -61.2m (-5.4
Slide 21: European growth offset by anticipated churn in N. Am.
European growth offset by anticipated churn in N. Am. 1H26 - Paxon 1H25 830.9 Europe North America Europe 4.9 Slightly higher revenues (€ +4.8m Radial N. Am. revenues down or +1.0%): € -47.0m (-13.7% or -7.1% excl. FX): • Revenue development (€+19.9m • revenue churn from terminated or +5%) across bu
Slide 22: EBIT growth driven by Europe performance and North America optimization initiatives
EBIT growth driven by Europe performance and 1H26 - Paxon North America optimization initiatives € million Paxon 1H25 1H26 D% Key Takeaways 1H26 Europe 488.4 493.2 1.0% North America 342.5 295.4 -13.7% Intersegment and other 4.2 7.4 75.3% • Total operating income down € -39.1m (-4.7%) reflecting Tot
Slide 23: Strong growth in Asian volumes and European flows
Strong growth in Asian volumes and European flows 1H26 - Landmark 1H25 291.6 Europe North America Europe 7.7 Revenues up € +7.7m (+4.3%): Revenues down € -2.9m or -2.6% incl. c. -5% FX impact): • Strong growth in Asian volumes with all key destinations, notably • Soft volume growth in North Belgium
Slide 24: EBIT impacted by dilutive growth mix, Bpost strike and transport charges
EBIT impacted by dilutive growth mix, Bpost strike and 1H26 - Landmark transport charges € million Landmark Global 1H25 1H26 D% Key Takeaways 1H26 Europe 177.0 184.7 4.3% North America 114.6 111.7 -2.6% Intersegment and other 4.8 2.6 -46.1% • Total operating income slightly up € +2.6m (+0.9%) Total
Slide 25: FTE and cost discipline offset salary indexation
FTE and cost discipline offset salary indexation 1H26 - Corporate € million Corporate 1H25 1H26 D% Key Takeaways 1H26 External operating income 2.3 2.5 12.2% Intersegment operating income 220.0 234.0 6.4% Total operating income 222.3 236.6 6.4% • Stable external revenues Operating expenses 205.4 219
Slide 26: Free Cash Flow growth supported by working capital phasing and capex discipline
Free Cash Flow growth supported by working capital 1H26 - Bnode phasing and capex discipline € million - Adjusted 1H25 1H26 Δ Cash flow from operating activities before Δ in WC and provisions 264.8 221.0 -43.8 1 Change in working capital and provisions -79.5 -21.3 58.2 2 Cash flow from operating act
Slide 27: Additional info
Additional info © bnode
Slide 28: Adjusted vs. reported Cash Flow Statement
Adjusted vs. reported Cash Flow Statement 2Q26 - Bnode € million Reported Adjusted 2Q25 2Q26 Δ 2Q25 2Q26 Δ Cash flow from operating activities before Δ in WC and provisions 134.0 107.4 -26.6 134.0 107.4 -26.6 Change in working capital and provisions -126.5 -95.1 31.4 -124.4 -95.3 29.2 Cash flow from
Slide 29: Adjusted vs. reported Cash Flow Statement
Adjusted vs. reported Cash Flow Statement 1H26 - Bnode € million Reported Adjusted 1H25 1H26 Δ 1H25 1H26 Δ Cash flow from operating activities before Δ in WC and provisions 264.8 221.0 -43.8 264.8 221.0 -43.8 Change in working capital and provisions -132.5 -25.4 107.0 -79.5 -21.3 58.2 Cash flow from
Slide 30: Balance Sheet
Balance Sheet 2Q26 - Bnode € million € million Assets 4Q25 2Q26 Equity and Liabilities 4Q25 2Q26 Property, Plant and Equipment 1,443.5 1,397.4 Total equity 709.1 732.7 Intangible assets 1,813.8 1,813.7 Interest-bearing loans & borrowings 3,028.9 3,017.4 Investments in associates and joint ventures 0
Slide 31: Financing structure & Liquidity
Financing structure & Liquidity 2Q26 - Bnode € million € million Available Liquidity 4Q25 2Q26 External Funding 4Q25 2Q26 Cash & cash equivalents 1,255.9 1,266.9 Long-term 2,214.4 2,213.1 Cash in network 140.2 123.7 Long-term bond (1.250% - 07/2026) 462.8 462.8 Transit accounts 43.5 33.5 Long-term b