Slide 1: Chris Peeters, CEO; Philippe Dartienne, CFO
Chris Peeters, CEO Philippe Dartienne, CFO March 6th, 2026
Slide 2: Interim financial report 4Q25 – Financial Calendar and Disclaimer
Interim financial report 4Q25 Financial Calendar Disclaimer 02.04.2026 This presentation is based on information published by Bnode in its Fourth Quarter 2025 Interim Financial Report, made available on March 6th, 2026 at 07.00 am CET on bnode.com/investors. This Annual Report 2025 information forms
Slide 3: Transformation in motion, guidance delivered at the high end despite operational headwinds
Transformation in motion, guidance delivered at the high end despite operational headwinds € 4,482.3m (€ +141.0m) € 67.0m (€ -66.7m) € 58.6m (€ +6.6m) € 85.3m (€ +5.5m) +3.2% vs. FY24 3.0% EBIT margin 3.5% EBIT margin 13.6% EBIT margin Total operating income at Total operating income at Total operat
Slide 4: In 2025, our transformation gathered significant momentum across bnode
In 2025, our transformation gathered significant momentum across bnode, delivering tangible results and reaffirming the strength of our strategic direction • Operating model shift: Roll-out bulk rounds, centralised preparation mail rounds, 138 reorganisations in distribution offices • Out-of-Home: 2
Slide 5: Stable EBIT as reorganizations and improved peak efficiency offset Belgian strikes and US churn
Stable EBIT as reorganizations and improved peak efficiency offset Belgian strikes and US churn impacts € 26.6m (€ +1.8m) € 32.6m (€ -12.7m) € 25.8m (€ +2.2m) € 1,241.5m (€ -93.5m) 4.4% EBIT margin 6.7% EBIT margin 14.3% EBIT margin -7.0% vs. 4Q24 Total operating income at Total operating income at
Slide 6: Group income statement 4Q25
1 € million Reported Adjusted 4Q24 4Q25 4Q24 4Q25 Δ% 1 € 299.4m non-cash impairment charges 2 in 2024 on Radial US in the context of Total operating income 1,335.0 1,241.5 1,335.0 1,241.5 -7.0% material recent client churn, combined Operating expenses 1,154.0 1 1,082.9 1,155.9 1 1,067.7 -7.6% with a
Slide 7: Bpost revenues, €m
4Q24 590.8 Domestic Revenues down € -16.8m (-5.6%): Revenues up € +2.7m (+1.7%): Revenues down € -2.8m (-2.1%): -16.8 Mail1 • € -11.4m (-4.9%) lower revenues • Volume growth of +2.9% • Proximity and convenience retail in Transactional and Advertising (average volume per working network: € -1.6m (-2.
Slide 8: Total operating income down € -14.2m (-2.3%)
€ million Bpost 4Q24 4Q25 Δ% Transactional 180.4 170.8 -5.3% Advertising 51.1 49.3 -3.6% Press 67.9 62.6 -7.9% • Total operating income down € -14.2m (-2.3%), including Parcels Belgium 154.5 157.1 1.7% higher intersegment revenues from inbound cross-border Proximity and convenience retail network 71
Slide 9: Paxon revenues, €m
4Q24 566.3 Europe 1.5 Nearly stable revenues (€ +1.5m or Radial N. Am. revenues down +0.6%): € -82.1m (-27.3% or -20.0% excl. FX): • Revenue development (+4%) across businesses and main • revenue churn from terminated North America -82.1 geographies contracts announced in 2024 and early 2025, couple
Slide 10: Total operating income down € -81.8m (-14.4%)
€ million Paxon 4Q24 4Q25 D% Europe 265.2 266.7 0.6% North America 301.1 219.0 -27.3% Intersegment and other 2.5 1.4 -44.8% • Total operating income down € -81.8m (-14.4%) reflecting Total operating income 568.8 487.0 -14.4% Radial US net churn despite in-year contribution of new Operating expenses
Slide 11: Landmark Global revenues, €m
4Q24 172.9 Europe 4.3 Revenues up € +4.3m (+4.2%): Stable revenues (€ +0.4m or +0.5% incl. c. -8% FX impact): • Solid growth in Asian volumes with all key destinations, notably • Strong quarter and peak in Belgium fueled by large Chinese Canada, offsetting North America 0.4 platforms, and US • Reven
Slide 12: Total operating income up € +6.9m (+3.9%)
€ million Landmark Global 4Q24 4Q25 D% Europe 103.0 107.3 4.2% North America 69.9 70.3 0.5% Intersegment and other 0.9 3.1 - • Total operating income up € +6.9m (+3.9%) Total operating income 173.8 180.7 3.9% Operating expenses 143.7 149.1 3.7% • Operating expenses (incl. adjusted D&A) up € +4.7m or
Slide 13: Stable external revenues
€ million Corporate 4Q24 4Q25 D% External operating income 1.4 1.4 1.3% Intersegment operating income 111.2 121.3 9.1% Total operating income 112.6 122.7 9.0% • Stable external revenues Operating expenses 99.9 106.5 6.6% EBITDA 12.7 16.2 27.6% • Lower adjusted net operating expenses (€ -7.4m, incl.
Slide 14: Adjusted cash flow 4Q25
€ million - Adjusted 4Q24 4Q25 Δ Cash flow from operating activities before Δ in WC and provisions 159.9 149.0 -10.8 1 Change in working capital and provisions 95.9 56.7 -39.1 2 Cash flow from operating activities 255.7 205.8 -50.0 Cash flow from investing activities -62.6 -61.3 1.3 3 Free cash flow
Slide 15: As we move in 2026, the focus shifts from piloting to scaling
As we move in 2026, the focus shifts from piloting to scaling: accelerating what works, executing with discipline, and embedding successes structurally. • Operating model shift: accelerate • Deepen presence in • Drive full utilization of the the transition towards a 24/7 mid-market segment in Transp
Slide 16: Group EBIT of € 165-195m
Group EBIT of € 165-195m1, accelerating international logistics expansion while managing mail-to-parcels shift in domestic operations Low- to mid-single digit % growth Mid-single digit % growth in total Low-single digit % decline in total Slight increase in total operating in total operating income:
Slide 17: FY25
FY95
Slide 18: Group income statement FY25
1 2024 M&A costs (Staci) leading to increase in adjusted EBIT (€ +20.9m) and income tax (€ +4.0m) 1 Compound interest (€ +5.1m) on € million Reported Adjusted compliance provision in 2025 FY24 FY25 FY24 FY25 Δ% Total operating income 4,341.3 4,482.3 4,341.3 4,482.3 3.2% 1 € 299.4m non-cash impairmen
Slide 19: Bpost revenues, €m
FY24 2,266.7 Domestic Revenues down € -103.1m (-8.5%): Revenues up € +10.8m (+2.0%): Revenues down € -7.4m (-1.4%): -103.1 Mail1 • € -50.6m (-5.5%) lower revenues • Volume growth of +2.0% • Proximity and convenience retail in Transactional and Advertising (average volume per working network: € +0.8m
Slide 20: Total operating income down € -92.0m (-3.9%)
€ million Bpost FY24 FY25 D% Transactional 724.3 686.9 -5.2% Advertising 191.8 178.6 -6.9% Press 299.0 246.5 -17.6% • Total operating income down € -92.0m (-3.9%), including Parcels Belgium 531.3 542.1 2.0% higher intersegment revenues from inbound cross-border Proximity and convenience retail netwo
Slide 21: Paxon revenues, €m
FY24 1,452.4 Europe 466.9 Revenues up € +466.9m: Radial N. Am. revenues down € -235.9m (-25.2% or -21.3% excl. • Consolidation impact of Staci FX): (consolidated as from Aug. ’24) • revenue churn from terminated • Strong organic revenue North America -235.9 contracts announced in 2024 development (+
Slide 22: Total operating income up € +231.1m (+15.8%)
€ million Paxon FY24 FY25 D% Europe 516.2 983.1 90.4% North America 936.1 700.2 -25.2% Intersegment and other 8.0 8.1 1.6% • Total operating income up € +231.1m (+15.8%) reflecting Staci Total operating income 1,460.4 1,691.5 15.8% consolidation and Radial US churn Operating expenses 1,271.3 1,469.7
Slide 23: Landmark Global revenues, €m
FY24 609.7 Europe 14.6 Revenues up € +14.6m (+4.0%): Slightly lower revenues (€ -7.0m or -2.8% incl. c. -4% FX impact): • Solid growth in Asian volumes with all key destinations, notably • Strong domestic volume Belgium fueled by large Chinese development in Canada, North America -7.0 platforms, and
Slide 24: Total operating income up € +11.9m (+1.9%)
€ million Landmark Global FY24 FY25 D% Europe 361.6 376.2 4.0% North America 248.1 241.1 -2.8% Intersegment and other 5.1 9.4 85.5% • Total operating income up € +11.9m (+1.9%) Total operating income 614.8 626.7 1.9% Operating expenses 511.4 515.9 0.9% • Operating expenses (incl. adjusted D&A) up €
Slide 25: Stable external revenues (€ +0.6m)
€ million Corporate FY24 FY25 D% External operating income 4.3 4.9 13.9% Intersegment operating income 406.8 453.9 11.6% Total operating income 411.1 458.8 11.6% • Stable external revenues (€ +0.6m) Operating expenses 396.2 415.9 5.0% EBITDA 14.9 42.9 188.0% • Lower adjusted net operating expenses (
Slide 26: Adjusted cash flow FY25
€ million - Adjusted FY24 FY25 Δ Cash flow from operating activities before Δ in WC and provisions 498.0 484.9 -13.2 1 Change in working capital and provisions 48.6 -6.1 -54.7 2 Cash flow from operating activities 546.6 478.8 -67.8 Cash flow from investing activities -1,422.0 -142.7 1,279.2 3 Free c
Slide 27: Additional info
Additional info © bnode
Slide 28: Reported vs adjusted cash flow 4Q25
€ million Reported Adjusted 4Q24 4Q25 Δ 4Q24 4Q25 Δ Cash flow from operating activities before Δ in WC and provisions 159.9 149.0 -10.8 159.9 149.0 -10.8 Change in working capital and provisions 123.3 60.4 -62.9 95.9 56.7 -39.1 Cash flow from operating activities 283.2 209.5 -73.7 255.7 205.8 -50.0
Slide 29: Reported vs adjusted cash flow FY25
€ million Reported Adjusted FY24 FY25 Δ FY24 FY25 Δ Cash flow from operating activities before Δ in WC and provisions 498.0 484.9 -13.2 498.0 484.9 -13.2 Change in working capital and provisions 36.8 -55.9 -92.8 48.6 -6.1 -54.7 Cash flow from operating activities 534.9 428.9 -105.9 546.6 478.8 -67.8
Slide 30: Balance sheet
€ million € million Assets 4Q24 4Q25 Equity and Liabilities 4Q24 4Q25 Property, Plant and Equipment 1,627.7 1,443.5 Total equity 860.0 709.1 Intangible assets 1,945.5 1,813.8 Interest-bearing loans & borrowings 2,547.6 3,028.9 Investments in associates and joint ventures 0.1 0.1 Employee benefits 23
Slide 31: Available liquidity and external funding
€ million € million Available Liquidity 4Q24 4Q25 External Funding 4Q24 4Q25 Cash & cash equivalents 747.4 1,255.9 Long-term 1,653.5 2,215.1 Cash in network 133.8 140.2 Long-term bond (1.250% - 07/2026) 650.0 462.8 Transit accounts 60.6 43.5 Long-term bond (3.290% - 10/2029) 500.0 500.0 Cash payment