Slide 1: Second quarter 2025 results Analyst call
Second quarter 2025 results Analyst call Chris Peeters, CEO Philippe Dartienne, CFO August 8th, 2025
Slide 2: Investor presentation 2Q25 disclaimer and financial calendar
Investor presentation 2Q25 Interim financial report 2Q25 Financial Calendar Disclaimer 05.11.2025 (07:00 CET) This presentation is based on information published by bpostgroup in its Second Quarter 2025 Interim Financial Report, made available on August 8th, 2025 at 07.00am CET on bpostgroup.com/inv
Slide 3: Highlights of 2Q25
Highlights of 2Q25 2Q25 Transformation plan gaining momentum; Q2 results in line with plan. Staci contribution confirms strategic shift and effective margin actions at Radial US. Group EBIT outlook 2025 reaffirmed, now trending toward the high end of the € 150-180m range. Group operating Last Mile 3
Slide 4: Key financials 2Q25
Key financials 2Q25 2Q25 € million Reported Adjusted1 1 Amortization and impairments of 2Q24 2Q25 2Q24 2Q25 D% intangibles recognized during PPA Total operating income 988.2 1,092.3 988.2 1,092.3 10.5% are adjusted, leading to increase in Operating expenses 861.0 940.9 854.0 940.9 10.2% EBIT (€ +10.
Slide 5: Lower revenues from new Press contracts and mail decline versus strong 2Q24 comps
Lower revenues from new Press contracts and mail decline versus 2Q25 – Last Mile strong 2Q24 comps Last Mile revenues, € million Domestic Mail Parcels Belgium Proximity and 2Q24 576.0 Revenues down € -42.2m (-13.1%): Parcels revenues up € +3.9m (+3.1%): convenience retail • € -22.4m lower Press reve
Slide 6: EBIT decline from new Press contracts and lower mail volumes, salary indexations mitigated by reduced FTE
EBIT decline from new Press contracts and lower mail volumes, 2Q25 – Last Mile salary indexations mitigated by reduced FTE € million BeNe Last Mile 2Q24 2Q25 D% Key takeaways 2Q25 Transactional 186.4 173.5 -6.9% Advertising 51.6 44.7 -13.3% • Total operating income down € -37.0m (-6.2%) Press 84.2 6
Slide 7: Staci contribution and e-commerce logistics momentum in Europe offset pressure in North America
Staci contribution and e-commerce logistics momentum in Europe 2Q25 – 3PL offset pressure in North America 3PL revenues, € million 3PL Europe 3PL North America Revenues up € +201.5m: Radial N. Am. revenues down € -58.8m (-26.8% or -22.6% excl. FX) resulting 2Q24 262.3 • € 196.7m consolidation impact
Slide 8: EBIT growth reflecting Staci consolidation and Radial US cost-control measures
EBIT growth reflecting Staci consolidation and 2Q25 – 3PL Radial US cost-control measures amid topline pressures € million 3PL 2Q24 2Q25 D% Key takeaways 2Q25 3PL Europe 42.9 244.4 470.2% 3PL North America 219.4 160.5 -26.8% • Total operating income down € -53.5m (-20.3%), or up € +141.8m Intersegme
Slide 9: Strong Asian volume growth offset by headwinds in North America and the UK
Strong Asian volume growth offset by 2Q25 – Cross-border headwinds in North America and the UK Cross-border revenues, € million Cross-border Europe Cross-border N. Am. Revenues up € +3.0m (+3.4%) mainly Revenues down € -4.2m (-7.0%) 2Q24 149.3 from: mainly reflecting: • Solid growth in Asian volumes
Slide 10: EBIT increase from strong Asian volumes and North America productivity gains
EBIT increase from strong Asian volumes and 2Q25 – Cross-border North America productivity gains € million Global Cross-border 2Q24 2Q25 D% Key takeaways 2Q25 Cross-border Europe 89.1 92.1 3.4% Cross-border North America 60.2 56.0 -7.0% • Stable total operating income (€ +1.1m or +0.7%) Intersegment
Slide 11: Lower consulting spend offsets higher payroll costs
Lower consulting spend offsets higher payroll costs 2Q25 – Corporate € million Corporate 2Q24 2Q25 D% Key takeaways 2Q25 External operating income 0.8 1.2 56.7% Intersegment Operating Income 98.0 114.5 16.8% • Stable external operating income (€ +0.5m) Total operating income 98.8 115.8 17.2% Operati
Slide 12: Net cash flow reflects new bond issuance and higher Free Cash Flow
Net cash flow reflects new bond issuance and 2Q25 higher Free Cash Flow € million - Adjusted 2Q24 2Q25 D Cash flow from operating activities before Δ in WC and provisions 104.4 134.0 29.6 1 Change in working capital and provisions -164.0 -124.4 39.6 2 Cash flow from operating activities -59.7 9.5 69
Slide 13: Financial outlook FY25
Financial outlook Outlook FY25 FY25 Group EBIT outlook FY25 reaffirmed Year-to-date group results broadly in line with expectations and tracking towards the full-year group EBIT guidance. EBIT guidance of € 150–180m reaffirmed, now expecting the high end of the range (vs. “reduced exposure to the lo
Slide 14: Update on strategic initiatives for 2025
Update on strategic initiatives for 2025 2Q25 bpostgroup is accelerating its transformation to become an international logistics parcel operator, creating value for our clients 3PL BeNe Last Mile • Launch new hybrid products: obituaries, secure delivery, licence plates return Europe • OOH roll out g
Slide 15: 1H25
1H25
Slide 16: Highlights of 1H25
Highlights of 1H25 1H25 Staci contribution and Radial US margin actions offset impact of new Press contracts, mail decline, and revenue pressure in North America. Group operating Last Mile 3PL Cross-border income € 49.8m (€ -63.7m) € 27.7m (€ +32.3m) € 42.3m (€ +2.9m) € 2,211.3m (€ +230.1m) 4.4% EBI
Slide 17: Key financials 1H25
Key financials 1H25 1H25 € million Reported Adjusted1 1 Amortization and impairments of 1H24 1H25 1H24 1H25 D% intangibles recognized during PPA Total operating income 1,981.2 2,211.3 1,981.2 2,211.3 11.6% are adjusted, leading to increase in Operating expenses 1,716.8 1,921.4 1,702.2 1,923.4 13.0%
Slide 18: Lower revenues from new Press contracts, mail decline and February strike impact on parcels
Lower revenues from new Press contracts, mail decline and 1H25 – Last Mile February strike impact on parcels Last Mile revenues, € million Domestic Mail Parcels Belgium Proximity and 1H24 1,154.2 Revenues down € -70.4m (-11.0%): Parcels Belgium revenues up convenience retail € +4.0m (+1.6%): • € -41
Slide 19: EBIT decline from new Press contracts, lower mail volumes and strike impacts
EBIT decline from new Press contracts, lower mail volumes and 1H25 – Last Mile strike impacts, salary indexations mitigated by reduced FTE € million BeNe Last Mile 1H24 1H25 D% Key takeaways 1H25 Transactional 378.4 358.2 -5.3% Advertising 97.2 87.9 -9.6% • Total operating income down € -70.1m (-5.9
Slide 20: Staci contribution and e-commerce logistics momentum in Europe offset continuous pressure in North America
Staci contribution and e-commerce logistics momentum in Europe 1H25 – 3PL offset continuous pressure in North America 3PL revenues, € million 3PL Europe 3PL North America Revenues up € +403.1m: Radial N. Am. revenues down € -95.6m (-21.8% or -20.9% excl. FX) resulting 1H24 523.4 • € 393.6m consolida
Slide 21: EBIT reflects Staci consolidation and Radial US cost-control measures
EBIT reflects Staci consolidation and 1H25 – 3PL Radial US cost-control measures amid topline pressures € million 3PL 1H24 1H25 D% Key takeaways 1H25 3PL Europe 85.3 488.4 472.6% 3PL North America 438.1 342.5 -21.8% • Total operating income down € -85.3m (-16.2%), or up € +309.0m Intersegment and ot
Slide 22: Asian volume growth and expansion efforts in Europe offset by headwinds in North America
Asian volume growth and expansion efforts in Europe 1H25 – Cross-border offset by headwinds in North America and the UK Cross-border revenues, € million Cross-border Europe Cross-border N. Am. Revenues slightly down € -1.0m Revenues down € -8.2m (-6.7%) 1H24 300.8 (-0.6%) mainly from: mainly reflect
Slide 23: EBIT increase from North America productivity gains amid revenue pressure
EBIT increase from North America productivity gains amid 1H25 – Cross-border revenue pressure € million Global Cross-border 1H24 1H25 D% Key takeaways 1H25 Cross-border Europe 178.0 177.0 -0.6% Cross-border North America 122.8 114.6 -6.7% • Total operating income down € -6.9m (-2.3%) Intersegment an
Slide 24: Lower consulting spend offsets higher payroll costs
Lower consulting spend offsets higher payroll costs 1H25 – Corporate € million Corporate 1H24 1H25 D% Key takeaways 1H25 External operating income 1.8 2.3 22.0% Intersegment Operating Income 200.7 220.0 9.6% • Stable external operating income (€ +0.4m) Total operating income 202.5 222.3 9.7% Operati
Slide 25: Net cash flow reflects new bond issuance and lower FCF
Net cash flow reflects new bond issuance and lower FCF from tax 1H25 settlements and working capital development post-Press concession € million - Adjusted 1H24 1H25 D Cash flow from operating activities before Δ in WC and provisions 260.1 264.8 4.6 1 Change in working capital and provisions -47.8 -
Slide 26: Additional info
Additional info
Slide 27: Adjusted vs. reported Cash Flow Statement 2Q25
Adjusted vs. reported Cash Flow Statement 2Q25 € million Reported Adjusted 2Q24 2Q25 D 2Q24 2Q25 D Cash flow from operating activities before Δ in WC and provisions 104.4 134.0 29.6 104.4 134.0 29.6 Change in working capital and provisions -168.6 -126.5 42.0 -164.0 -124.4 39.6 1 Cash flow from opera
Slide 28: Adjusted vs. reported Cash Flow Statement 1H25
Adjusted vs. reported Cash Flow Statement 1H25 € million Reported Adjusted 1H24 1H25 D 1H24 1H25 D Cash flow from operating activities before Δ in WC and provisions 260.1 264.8 4.6 260.1 264.8 4.6 Change in working capital and provisions -87.8 -132.5 -44.7 -47.8 -79.5 -31.7 1 Cash flow from operatin
Slide 29: Balance Sheet
Balance Sheet 2Q25 € million € million Assets Dec 31, 2024 Jun 30, 2025 Equity and Liabilities Dec 31, 2024 Jun 30, 2025 Property, Plant and Equipment 1,627.7 1,509.7 Total equity 860.0 748.0 Intangible assets 1,945.5 1,834.9 Interest-bearing loans & borrowings 2,547.6 3,044.0 Investments in associa
Slide 30: Financing Structure & Liquidity
Financing Structure & Liquidity 2Q25 € million € million Available Liquidity Dec 31, 2024 Jun 30, 2025 External Funding Dec 31, 2024 Jun 30, 2025 Ca sh & c a sh eq u iv a l en ts 747.4 1,246.5 L o n g -term 1,653.5 2,214.5 1 Cash in network 133.8 120.5 Long-term bond (1.250% - 07/2026) 650.0 462.8 T
Slide 31: Key contact
Key contact Antoine Lebecq Head of Investor Relations Email: antoine.lebecq@bpost.be Direct: +32 (0) 2 276 29 85 Mobile: +32 (0) 471 81 24 77 Address: bpostgroup, Boulevard Anspach 1, 1000 Brussels, Belgium 31