Slide 1: Strong heritage, transforming for the future
Strong heritage, transforming for the future HY 2026 results The Hague – 3 August 2026 1 PostNL HY2026 results
Slide 2: Additional information
Additional information are outside of our control and impossible to Use of non-GAAP information predict, and may cause actual results to differ Additional information is available at In presenting and discussing the PostNL Group materially from any future results expressed or www.postnl.nl. Elements
Slide 3: Content
Content 1. Key messages 2. Connected to deliver what drives us all forward 3. HY 2026 performance and Outlook FY 2026 4. Q&A 5. Appendix Connected to deliver 3 what drives us all forward PostNL HY2026 results
Slide 4: Key messages
Key messages Connected to deliver 4 what drives us all forward PostNL HY2026 results
Slide 5: Resilient performance in challenging markets
Resilient performance in challenging markets Key takeaways HY 2026 Key non-financial KPIs HY 2026 (in € million) HY 2025 HY 2026 Revenue 1,589 1,590 • 39% share of emission-free last-mile delivery (HY 2025: 32%) Normalised EBIT (5) (3) Free cash flow (80) (17) • NPS: average #1 position in Normalise
Slide 6: Connected to deliver what drives us all forward
Connected to deliver what drives us all forward Connected to deliver 6 what drives us all forward PostNL HY2026 results
Slide 7: Connected to deliver what drives us all forward
Connected to deliver what drives us all forward We grow our business, create sustainable value, lead through innovation and make impact that matters E-commerce Platforms Mail From volume to value through Capture international growth Transform to a future-proof a differentiated approach and through a
Slide 8: E-commerce
E-commerce Executing on volume-to-value strategy Intensifying external challenges • Geopolitical uncertainty impacts consumer spending, consumer Growth Value confidence, market growth and fuel prices • Intensifying competition from new market entrants • Shifting market dynamics following introductio
Slide 9: E-commerce: Clear progress in 2026
E-commerce: Clear progress in 2026 Resilient HY 2026 performance despite weaker market conditions impacting volume decline Monetise capacity by Be distinctive where it optimising customer and Focus on cost control matters product mix • Contract renewals bring better • Expected cost savings in 2026:
Slide 10: Proactive measures to strengthen competitive position
Proactive measures to strengthen competitive position Support path towards Breakthrough 2028 ambition while external challenges are intensifying Accelerate cost savings programme Re-defined OoH strategy • Simplified E-commerce organisation and company-broad • Increasingly important differentiator in
Slide 11: Platforms
Platforms Capture international growth through asset-light models Empowering European sales Enhancing IT landscape • Invest in workforce • Ready for customs regulation by Growth Value • Further roll-out Sales Intelligence diversifying clearance options and Tool compliance-ready infrastructure • Deve
Slide 12: Platforms: Progress in 2026
Platforms: Progress in 2026 Intensifying external challenges • New market entrants European cross-border market • Shifting market dynamics as Asian web shops re-define commercial grows faster than domestic markets propositions and logistics processes following introduction of import duty and handlin
Slide 13: Mail: Urgent political decisions still necessary
Mail: Urgent political decisions still necessary Avoid further delay in safeguarding future-proof postal service Political process Legal proceedings Our action plan • Decide on adjustments in USO and • European legislation: a provider of a public • Ensure future-proof postal service amendments in Po
Slide 14: Successful transition to D+2 delivery as of July
Successful transition to D+2 delivery as of 12 July Implications for segment performance in 2026 D+2: intermediate step towards future-proof postal service Mail E-commerce • Major operational transformation and Revenue Volumes months of careful preparation • Better service and quality reflected in •
Slide 15: HY 2026 performance and Outlook 2026
HY 2026 performance and Outlook 2026 Connected to deliver 15 what drives us all forward PostNL HY2026 results
Slide 16: Key reported figures Q2 & HY 2026
Key reported figures Q2 & HY 2026 (in € million), volume in million items Volume Revenue Normalised EBIT Q2 2025 Q2 2026 Q2 2025 Q2 2026 E-commerce 94 89 488 486 Platforms 53 45 194 193 Mail 371 342 311 307 PostNL Other 49 52 Intercompany eliminations (236) (229) PostNL 807 810 HY 2025 HY 2026 HY 20
Slide 17: Revenue development E-commerce
Revenue development E-commerce Progress on targeted yield measures: average price per parcel up 5.0% Revenue mix Revenue, in €m 961 in €m Q2 2025 Q2 2026 36 937 Parcels 399 398 (10) Other services and eliminations 89 88 (50) E-commerce 488 486 HY 2025 HY 2026 HY 2025 Volumes Price/mix Other HY 2026
Slide 18: E-commerce normalised EBIT bridge HY 2026
E-commerce normalised EBIT bridge HY 2026 Targeted yield measures cannot fully mitigate impact declining volumes on average cost per parcel (in € million) HY 2025 15 6.4% volume decline, mainly due to weaker market growth, impact volume-to-value Revenue - volume (50) strategy and introduction of imp
Slide 19: Revenue development Platforms
Revenue development Platforms Growing revenue from intra-European e-commerce volumes Revenue mix Revenue, in €m 34 385 in €m Q2 2025 Q2 2026 375 379 (7) (6) Spring 131 135 Spring (at constant currencies) 135 (18) FX 0 MyParcel and other services 46 45 Other and eliminations 17 13 HY 2025 Volumes Pri
Slide 20: Platforms normalised EBIT bridge HY 2026
Platforms normalised EBIT bridge HY 2026 Further investments in international expansion (in € million) HY 2025 3 7.1% volume decline: growth in European e-commerce volumes more than offset Revenue - volume (18) by decline in Asian volumes and traditional mail volumes Overall price increases and favo
Slide 21: Revenue development Mail
Revenue development Mail Strong structural volume decline continues Revenue, in €m 33 620 623 (8) (22) HY 2025 Volumes Price/mix Other HY 2026 Partly international mail Mainly due to regular tariff increases and shift in mix related to transition to D+2 delivery framework Stamp prices: • 1 Jan 2026:
Slide 22: Mail HY 2026 normalised EBIT bridge
Mail HY 2026 normalised EBIT bridge Development of performance supported by election mail and phasing (in € million) HY 2025 (20) Revenue - volume (22) 5.3% volume decline Revenue - price/mix 33 Mainly regular price increases Volume-dependent costs 8 (15) Wage increases PostNL CLAs, sector CLA, inde
Slide 23: Significant improvement in free cash flow
Significant improvement in free cash flow Well-executed cash and balance sheet management HY 2025 HY 2026 (in € million) Normalised EBIT (5) (3) Depreciation & amortisation* 96 103 Mainly related to strategic investments in for Capex (48) (58) example expansion of APL network and IT, and in line wit
Slide 24: Outlook 2026 confirmed
Outlook 2026 confirmed 2026: reaching inflection point in execution of our strategy Indicative development (in € m) 2025 2026 outlook normalised EBIT Normalised EBIT 53 40 - 70 FY 2025 53 Free cash flow (25) 0 - (30) E-commerce Platforms • Revenue growth 5% - 7% (2025: €3,324m) Mail • Capex: ~€125m
Slide 25: Q&A
Q&A Connected to deliver 25 what drives us all forward PostNL HY2026 results
Slide 26: Appendix
Appendix 1. Pro forma 2025 numbers in new reporting segments 2. Reconciliation HY 2025 3. Revenue mix E-commerce and Platforms 4. Full reconciliation of income statement and EBITDA 5. Free cash flow per segment 6. Financial position 7. Profit and normalised profit Connected to deliver 26 what drives
Slide 27: Restated 2025 numbers in new reporting segments
Restated 2025 numbers in new reporting segments (in € million) Revenue Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 E-commerce 473 488 466 551 1,978 Platforms 181 194 188 224 786 Mail 309 311 289 406 1,315 PostNL Other 49 49 52 51 201 Other / intercompany (230) (236) (233) (258) (956) PostNL 782 807 762
Slide 28: Reconciliation HY 2025
Reconciliation HY 2025 From old segments to current segments In € million In € million Revenue HY 2025 Revenue HY 2025* Parcels NL and BE Spring Logistic solutions and other services Other/intercompany Parcels 1,184 E-commerce 961 Platforms 375 Mail in the Netherlands 620 Mail 620 PostNL Other 122 P
Slide 29: Revenue mix E-commerce and Platforms
Revenue mix E-commerce and Platforms (in € million) Q1 2025 Q1 2026 Q2 2025 Q2 2026 Q3 2025 Q3 2026 Q4 2025 Q4 2026 FY 2025 FY 2026 Parcels 380 367 399 398 377 455 1,611 Other services and eliminations 93 84 89 88 89 96 366 E-commerce 473 451 488 486 466 551 1,978 (in € million) Q1 2025 Q1 2026 Q2 2
Slide 30: Full reconciliation of income statement and EBITDA
Full reconciliation of income statement and EBITDA Income statement PostNL E-commerce Platforms Mail PostNL Other Eliminations (in € million) HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 Total operating revenue 1,589 1,590 961 937 375 379 620 623 98
Slide 31: Free cash flow per segment
Free cash flow per segment PostNL Other & PostNL E-commerce Platforms Mail Eliminations (in € million) HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 HY 2025 HY 2026 EBITDA 93 104 64 57 8 2 (10) 11 31 34 Change in pensions 0 0 0 0 0 0 0 0 0 0 Change in provisions (3) (10) (2) 0 0 1
Slide 32: Financial position
Financial position Balance sheet Adjusted net debt (in € million) 31 Dec 2025 27 June 2026 (in € million) 31 Dec 2025 27 June 2026 Intangible fixed assets 372 373 Short- and long-term debt 868 869 Property, plant and equipment 449 440 Long-term interest-bearing assets (12) (11) Right-of-use assets 2
Slide 33: Profit and normalised profit PostNL
Profit and normalised profit PostNL (in € million) HY 2025 HY 2026 Operating income / EBIT (43) 1 Net financial expenses (8) (13) Results from investments in JVs/associates 0 0 Income taxes 8 6 Profit/(loss) from discontinued operations 2 0 Profit (41) (6) Normalisation on EBIT, net of tax 34 (3) No