Slide 1: Simplifying, connecting and advancing in a dynamic world
Simplifying, connecting and advancing in a dynamic world Q4 & FY 2024 results The Hague – 24 February 2025 1
Slide 2: Additional information and forward-looking statements
Additional information factors that are outside of our control and Use of non-GAAP information impossible to predict and may cause actual Additional information is available at In presenting and discussing the PostNL Group results to differ materially from any future results www.postnl.nl. Elements
Slide 3: Content
Content 1. Key messages and Q4 & FY 2024 performance 2. Strategy 3. Outlook 4. Q&A 5. Appendix
Slide 4: Key messages and Q4 & FY performance
2024: Key messages and Q4 & FY performance
Slide 5: Key takeaways 2024
Key takeaways 2024 Relentless efforts taken in a challenging year €53m normalised EBIT is unsatisfactory • Favourable NPS scores reaffirm strong position Parcels versus competition • Main driver shortfall result: severe margin pressure due • Well-executed cash and balance sheet management to acceler
Slide 6: Normalised EBIT 2024 compared with outlook
Normalised EBIT 2024 compared with outlook (in € million) Outlook 2024 80-110 Main drivers for difference • Negative mix effect due to accelerating client concentration largest explanation Parcels ~(25) • Less favourable volume distribution in short peak period • Lower contribution from pricing and
Slide 7: PostNL at a glance 2024
PostNL at a glance 2024 Key financial metrics Non-financial KPIs (in € million) Q4 2023 Q4 2024 FY 2023 FY 2024 • First CSRD report published Revenue 889 937 3,165 3,252 • 6% average carbon efficiency improvement • 28% share of emission-free last-mile delivery Normalised EBIT 77 62 92 53 (2023: 24%)
Slide 8: Parcels: accelerating client concentration
Parcels: accelerating client concentration Double-digit volume growth in Q4 2024 came with unfavourable mix effects Revenue Normalised Volumes Revenue mix EBIT Q4 2024 €664m €31m 106m 10.5% in €m Q4 2023 Q4 2024 Parcels NL & BE 409 444 Q4 2023 €608m €23m 96m Spring 125 155 Logistics solutions and ot
Slide 9: Parcels Q4 2024 normalised EBIT bridge
Parcels Q4 2024 normalised EBIT bridge (in € million) Normalised EBIT Q4 2023 23 Revenue - volume 43 10.5% volume growth Unfavourable product and customer (domestic and international) mix and Revenue - mix (23) acceleration in client concentration Volume-dependent costs (22) Wage increases PostNL an
Slide 10: Mail in the Netherlands: large step-down in result
Mail in the Netherlands: large step-down in result Impact from continuing volume decline and organic cost increases Revenue Normalised Volumes Indicative volume split bulk mail* EBIT Q4 2024 €395m €38m 468m -10.5% 18% 17% Q4 2023 €401m €54m 524m FY FY 2023 2024 24-hour Non-24-hour Volume Revenue Cos
Slide 11: Mail in the Netherlands Q4 2024 normalised EBIT bridge
Mail in the Netherlands Q4 2024 normalised EBIT bridge (in € million) Normalised EBIT Q4 2023 54 Revenue - volume (29) 10.5% volume decline Revenue - mix Ongoing shift from 24-hour to non-24-hour mail mitigated by other mix effects Volume-dependent costs 7 Organic costs (17) Wage increases and other
Slide 12: FY 2024 cash flow at €12m
FY 2024 cash flow at €12m Well above outlook of around €0 FY 2023 FY 2024 Q4 2023 Q4 2024 (in € million) Normalised EBIT 92 53 77 62 Depreciation & amortisation 177 188 47 48 Capex (126) (99) (37) (26) Lease payments and related cash flow (67) (94) (14) (30) Change in working capital* 23 (17) 70 47
Slide 13: Changing market dynamics in 2024
Changing market Remain your favourite dynamics in 2024 deliverer E-commerce market Parcels - committed to further investments and innovation • Evolving consumer behaviour results in accelerating client • Initiate dialogue on fairer distribution of value in sector as a concentration and growing unbal
Slide 14: Strategy
Strategy
Slide 15: 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 Strategic objectives Be your favourite deliverer Customer value Parcels: Manage for sustainable growth • Help customers
Slide 16: Strategy - Parcels
Strategy - Parcels
Slide 17: Confidence in growth potential e-commerce market
Parcels Confidence in growth potential e-commerce market Fundamental drivers of e-commerce market • Growth trajectory retail market Dutch retail market* depending on economic conditions in €bn CAGR 2024-28: 3.2% 2023 2024 2025 2026 2027 2028 • Potential for further online penetration in Online penet
Slide 18: Strengthen our position as your favourite deliverer
Strengthen our position as your favourite deliverer As leader player in sector, we aim to support sustainable e-commerce growth Market challenges and opportunities Balanced strategic investments in 2025 to create value going forward • Evolving consumer behaviour and client concentration Enhance Capt
Slide 19: Targeted yield measures to enhance customer value
Targeted yield measures to enhance customer value Towards a fairer distribution of value in e-commerce chain Accelerating client concentration Pressure on average tariff per parcel Improve balance volume and value • Changing consumer behaviour • Tariff increases more than fully offset • Accelerate u
Slide 20: Capture international growth
Capture international growth Expansion of asset-light European network and increase presence in Belgium Further build on European position in e-commerce Grow in Belgium • Solid revenue development and mid-single digit margin • Solid volume development and growing contribution Volume Revenue since 20
Slide 21: Accelerate roll-out Out-of-Home strategy
Accelerate roll-out Out-of-Home strategy Take momentum for further investments Accelerate investments Growing adoption in 2024 +50% roll-out APLs +25% roll-out APLs 4 1 ~€10m capex +97% volumes in APLs Higher revenue More choice and Utilisation towards 100% and reduced convenience for 36% utilisatio
Slide 22: Investing in social value
Investing in social value Increasing importance of labour conditions in the industry Enhance employee engagement and health & well-being • Tailored measures to reduce long-term absenteeism and support reintegration • Invest in minimising physical strain • roll-out of assistive tools (e.g. tilter, sm
Slide 23: Investing in environmental value
Investing in environmental value Ambitious path towards net-zero in 2040, SBTi targets validated Step-up in investments in sustainability On track for 2030 SBTi targets • Increase electric fleet utilisation through Scope 1 and 2* (GHG emissions in kilotons CO2) improved fast-charging efficiency Base
Slide 24: Additional investments in 2025 to create value
Additional investments in 2025 to create value Solidify our position as leading last-mile delivery partner in, to and from the Benelux region Effects from strategic initiatives Revenue Revenue Costs + €300m - €400m • additional revenue from • lower average price Normalised EBIT organic growth in per
Slide 25: Continue strict cost control
Continue strict cost control Adaptive measures to improve margin over time • Direct and indirect cost savings in first- and middle- mile (collection and transport) by integrating networks • Reduce kilometres, including in last-mile, by further developing planning algorithms and digital supply chain
Slide 26: Strategy – Mail in the Netherlands
Strategy – Mail in the Netherlands
Slide 27: Current business model of postal services unsustainable
Current business model of postal services unsustainable Cost savings and price increases cannot cover structural volume decline and costs increases Fast deterioration in result Measures taken, while awaiting Future-proof postal service Mail in the Netherlands* parliamentary decision • Large step-dow
Slide 28: PostNL roadmap towards future-proof postal service
PostNL roadmap towards future-proof postal service Gradual changes with clear milestones in network transformation 2025 Phase 1* Phase 2 2026-27 2028-29 D+1 Priority mail USO mail Non-USO mail D+2 D+3 D+2 Related cost savings €40-45m €40-45m €80-100m Operational changes • Business mail fully migrate
Slide 29: Financial projections show need for transformation
Financial projections show need for transformation Application for financial contribution while awaiting adjustment postal regulation Projected normalised EBIT Mail in the Netherlands* Financially viable postal service in €m Cover cost of • Urgent need to reform USO obligations: capital • standard d
Slide 30: Outlook
Outlook
Slide 31: Value drivers and main assumptions for 2025
Value drivers and main assumptions for 2025 Including impact of strategic initiatives Main assumptions (in € million) General • Organic cost increases of ~€125m (~75% labour-related), to be Normalised EBIT FY 2024 53 fully absorbed by price adjustments Assumed development Parcels Parcels • Total vol
Slide 32: Assumed development at business segments
Assumed development at business segments Indicative only Parcels Mail in the Netherlands (in € million) Normalised EBIT FY 2024* 65 3 Revenue - volume Parcels: volume growth 1% - 3% Mail in the Netherlands: volume decline 8% - 10% Revenue - mix effects Yield measures at Parcels, no elections schedul
Slide 33: Sequential development normalised EBIT in 2025
Sequential development normalised EBIT in 2025 Normalised EBIT skewed to Q4 Quarterly split of normalised EBIT Overall Indicative only, in € million • Working day distribution over the quarters slightly differs and impacts quarterly split 62 • Impact pricing largest in Q4 18 2024 Parcels Outlook 202
Slide 34: Outlook 2025
Outlook 2025 Balanced strategic decisions to safeguard longer-term perspectives for stakeholders (in € million) 2024 2025 outlook Intention to pay dividend over 2025 Normalised EBIT 53 in line with 2024 • Outlook normalised EBIT in line with 2024, following balanced strategic decisions • Hold on to
Slide 35: Capital Markets Update
Capital Markets Update September 2025 1. Strategic review based on evolving To remain your favourite deliverer market dynamics Enhance Capture Accelerate customer international Out-of-Home 2. Further details on adjusted strategy value growth strategy elements at Parcels Committed to intensify invest
Slide 36: Q&A
Q&A
Slide 37: Appendix
Appendix 1. Cumulative organic cost increases and price adjustments 2022-24 2. Results per segment Q4 2024 & FY 2024 3. Reconciliation Parcels and Mail in the Netherlands following switch of real estate 4. Revenue mix Parcels 5. Financial position and adjusted net debt 6. Full reconciliation of inco
Slide 38: Continued significant inflationary pressure on costs
Continued significant inflationary pressure on costs Not fully mitigated by price adjustments (in € million, indicative) Organic cost increases 138 FY 2022 Organic cost increases 178 FY 2023 Organic cost increases 137 FY 2024 Total organic cost increases 453 Total price adjusments 337 Total gap not
Slide 39: Results per segment Q4 2024 & FY 2024
Results per segment Q4 2024 & FY 2024 (in € million) Revenue Normalised EBIT Margin Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Parcels 608 664 23 31 3.9% 4.6% Mail in the Netherlands 401 395 54 38 13.5% 9.5% PostNL Other 64 62 0 (6) Intercompany (184) (184) PostNL 889 937 77 62 8.7% 6.6% FY 202
Slide 40: Real estate reported in segment Parcels as of 1 January 2025
Real estate reported in segment Parcels as of 1 January 2025 (in € million) Revenue Q1 2024 Q1 2024* Q2 2024 Q2 2024* Q3 2024 Q3 2024* Q4 2024 Q4 2024* FY 2024 FY 2024* Parcels 555 561 581 587 569 575 664 670 2,370 2,393 Mail in the Netherlands 324 318 324 318 295 289 395 388 1,338 1,313 PostNL othe
Slide 41: 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 360 369 372 387 348 370 409 444 1,489 1,570 Spring 116 125 119 137 116 133 125 155 475 549 Logistics solutions and other 72 73 72 76 67 74 72 83 283 306 Other / inter
Slide 42: Financial position
Financial position Leverage ratio at 1.95x allows for €0.07 dividend per share Balance sheet (in € million) 31 Dec 2024 31 Dec 2024 Intangible fixed assets 414 Consolidated equity 202 Property, plant and equipment 467 Non-controlling interests 3 Right-of-use assets 281 Total equity 205 Other non-cur
Slide 43: Full reconciliation of income statement and EBITDA FY 2024
Full reconciliation of income statement and EBITDA FY 2024 Mail in the Income statement PostNL Parcels PostNL Other Eliminations Netherlands (in € million) FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 Total operating revenue 3,165 3,252 2,260 2,370 1,373 1,338 245
Slide 44: Free cash flow per segment FY 2024
Free cash flow per segment FY 2024 (in € million) PostNL Parcels Mail in the Netherlands PostNL Other & Eliminations FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 EBITDA 261 225 126 135 73 39 62 50 Change in pensions 0 0 0 0 - - (0) (0) Change in provisions 14 21 5 4 8 18 2 (1) Cha
Slide 45: Parcels FY 2024 normalised EBIT bridge
Parcels FY 2024 normalised EBIT bridge (in € million) Normalised EBIT FY 2023 47 Revenue - volume 107 7.2% volume growth Revenue - mix (76) Unfavourable product and customer mix effects, also within domestic volumes Volume-dependent costs (61) Wage increases PostNL CLA, sector CLA, indexation for de
Slide 46: Mail in the Netherlands FY 2024 normalised EBIT bridge
Mail in the Netherlands FY 2024 normalised EBIT bridge (in € million) Normalised EBIT FY 2023 50 Revenue - volume (73) 8.0% volume decline Revenue - mix (15) Related to further shift to non-24-hr mail and other mix effects Volume-dependent costs 18 Organic costs (47) Wage increases and other inflati
Slide 47: Profit and normalised comprehensive income PostNL
Profit and normalised comprehensive income PostNL (in € million) FY 2023 FY 2024 Operating income / EBIT 84 37 Net financial expenses (2) (8) Results from investments in JVs/associates (4) (4) Income taxes (24) (6) Profit/(loss) from discontinued operations 1 (1) Profit 56 18 Other comprehensive inc