Slide 1: Q1 2024 Results
Q1 2024 Results The Hague, the Netherlands 1 6 May 2024
Slide 2: Additional information and forward-looking statements
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 2024
Key takeaways Q1 2024 Outlook for 2024 confirmed Highlights Mail in the Netherlands • Parcel volumes up 4.6% • Negative result shows urgent need for transformation • domestic volumes resuming growth • Intention to deliver standard mail within two days, moving • continued strong growth from internati
Slide 4: Change needed to keep postal network accessible, reliable and affordable
Change needed to keep postal network accessible, reliable and affordable Changing needs of Strong volume decline Structural cost savings Deteriorating result consumers going forward • Less demand for next-day • Mail market in structural • 2014-23 > €500m cost savings • Tariff increases and cost deli
Slide 5: Our strategy
Our strategy Delivering distinctive customer and consumer experience to be the leading logistics and postal service provider in, to and from the Benelux region Strategic foundation Q1 progress digitalisation and ESG Be your favourite deliverer Parcels: Manage for Digitalisation, customers, consumers
Slide 6: Q1 2024 performance
Q1 2024 performance Normalised EBIT at €(9)m, improvement in free cash flow Key financial metrics (in € million) Q1 2023 Q1 2024 change Revenue 783 765 -2% Normalised EBIT 7 (9) Free cash flow (31) (7) Normalised comprehensive income 4 (8) Main drivers • Volume growth, but unfavourable shift in mix
Slide 7: Parcels
Parcels First signs of recovery in volume development Revenue Normalised Volumes Revenue mix EBIT in € million Q1 2023 Q1 2024 Q1 2024 €555m €2m 86m +4.6% Parcels NL and BE 360 369 Spring 116 125 Q1 2023 €561m €5m 82m* Logistics solutions and other services 72 73 Other / intercompany 14 (12) Parcels
Slide 8: Parcels Q1 2024 normalised EBIT bridge
Parcels Q1 2024 normalised EBIT bridge (in € million) Normalised EBIT Q1 2023 5 Revenue - volume 16 4.6% volume growth Revenue - mix (16) Unfavourable products/customers mix effects, also within domestic volumes Volume-dependent costs (11) Wage increases PostNL CLA, sector CLA, indexation for delive
Slide 9: New facility with solar panels and energy storage
New facility with solar panels and energy storage Committed to sustainable growth • 28th depot in Alpen aan den Rijn added to infrastructure to support future e-commerce growth • Almost 8,000m2, largest NLI in the Netherlands • Innovative solar panels and energy storage help to take pressure off loc
Slide 10: Mail in the Netherlands
Mail in the Netherlands Steep volume decline, further shift to non-24-hour mail and pressure from labour costs Revenue Normalised Volumes EBIT Q1 2024 €324m €(5)m 399m -12.5% Q1 2023 €349m €8m 456m Volume Revenue Costs • Overall volume decline of 12.5% • Stamp prices • Increase in labour costs follo
Slide 11: Mail in the Netherlands Q1 2024 normalised EBIT bridge
Mail in the Netherlands Q1 2024 normalised EBIT bridge (in € million) Normalised EBIT Q1 2023 8 Revenue - volume (28) 12.5% volume decline Revenue - mix (3) Related to further shift to non-24-hour mail and other mix effects Volume-dependent costs 6 Organic costs (7) Wage increases and other inflatio
Slide 12: Cash flow improved
Cash flow improved Q1 2023 Q1 2024 (in € million) Normalised EBIT 7 (9) Depreciation & amortisation 41 46 Capex (38) (26) Lower capex, FY assumption ~€110m Lease payments and related cash flow (19) (19) Change in working capital 24 (7) Includes phasing effects throughout the year Change in provision
Slide 13: Solid balance sheet
Solid balance sheet Balance sheet (in € million) 30 March 2024 30 March 2024 Intangible fixed assets 409 Consolidated equity 181 Property, plant and equipment 486 Non-controlling interests 2 Right-of-use assets 283 Total equity 183 Other non-current assets 41 Long-term debt 299 Other current assets
Slide 14: Outlook 2024 confirmed
Outlook 2024 confirmed Assumed trajectory main drivers Parcels Volume, in million items, indicative only 96 87 • 7% - 10% overall volume growth assumed, pace of growth increasing during the year 82 86 82 • first signs of recovery domestic volumes, trending to 2% - 4% FY growth Domestic 2023 • double
Slide 15: Outlook 2024
Outlook 2024 Operating environment remains volatile Majority normalised EBIT in Q4 Indicative only, in € million (in € million) 2023 2024 outlook 77 Normalised EBIT 92 80 – 110 Normalised comprehensive income 52 40 – 70 2023 2024 Free cash flow 52 0 – 40 18 7 (9) (11) • Capex is expected to be aroun
Slide 16: Closing remarks
Closing remarks To be the leading e-commerce and postal services provider in, to, and from Benelux area Parcels • Volume growth trending towards FY level as anticipated and an unfavourable shift in product and customer mix • Gaining momentum on actions to balance volume and value • Confidence in lon
Slide 17: Q&A
Q&A
Slide 18: Appendix
Appendix 1. Cumulative organic cost increases and price adjustments 2022-24 2. Results per segment Q1 2024 3. Revenue mix Parcels 4. Full reconciliation of income statement and EBITDA per segment 5. Free cash flow per segment Q1 2024 6. Profit and normalised comprehensive income
Slide 19: Continued significant inflationary pressure on costs
Continued significant inflationary pressure on costs Not fully mitigated by price adjustments (in € million) Organic cost increases 138 FY 2022 Organic cost increases 178 FY 2023 Organic cost increases ~155 FY 2024 Total organic cost increases ~470 Total price adjusments ~345 Cumulative price adjust
Slide 20: Results per segment Q1 2024
Results per segment Q1 2024 Revenue Normalised EBIT Margin (in € million) Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Parcels 561 555 5 2 0.9% 0.3% Mail in the Netherlands 349 324 8 (5) 2.2% -1.5% PostNL Other 60 63 (6) (6) Intercompany (187) (177) PostNL 783 765 7 (9) 0.9% -1.2% 20 PostNL Q1 20
Slide 21: Revenue mix Parcels
Revenue mix Parcels As of 2024 (in € million) Q1 2023 Q1 2024 Q2 2023 Q2 2024 Q3 2023 Q3 2024 Q4 2023 Q4 2024 FY 2023 FY 2024 Parcels 360 369 372 348 409 1,489 Spring 116 125 119 116 125 475 Logistics solutions and other 72 73 72 67 72 283 Other / intercompany 14 (12) (7) 3 3 13 Parcels 561 555 556
Slide 22: Full reconciliation of income statement and EBITDA Q1 2024
Full reconciliation of income statement and EBITDA Q1 2024 Income statement PostNL Parcels Mail in NL PostNL Other Eliminations (in € million) Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Total operating revenue 783 765 561 555 349 324 60 63 (187) (177) Other incom
Slide 23: Free cash flow per segment Q1 2024
Free cash flow per segment Q1 2024 (in € million) PostNL Parcels Mail in NL PostNL Other & Eliminations Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 EBITDA 48 24 24 22 14 (8) 10 10 Change in pensions (0) 0 0 0 0 - (0) (0) Change in provisions 4 9 1 (2) 3 11 0 (1) Change in working
Slide 24: Profit and normalised comprehensive income PostNL
Profit and normalised comprehensive income* PostNL (in € million) Q1 2023 Q1 2024 Operating income / EBIT 7 (21) Net financial expenses (1) (0) Results from investments in JVs/associates (0) 0 Income taxes (2) 2 Profit/(loss) from discontinued operations 1 (0) Profit 4 (19) Other comprehensive incom