PostNL (PNL) investor relations material

Executive summary

• Revenue for H1/HY 2026 was stable at EUR 1.6 billion, with resilient normalized EBIT and significantly improved free cash flow.

• The volume-to-value strategy gained traction, with a 5% increase in average price per parcel despite a 6.4% volume decline.

• European e-commerce activities showed higher growth, while Asian volumes declined due to new customs duties from July 1st.

• The shift to standard mail delivery within two days was successfully implemented, with further political decisions needed for long-term sustainability.

• Sustainability progress included emission-free last-mile delivery rising to 39% and absenteeism declining to 8%.

Financial highlights

• E-commerce revenue was EUR 937 million, down 2.4% year-over-year, with volumes declining 6.4%.

• Platforms revenue rose 1% to EUR 379 million, with European e-commerce volumes up but overall volumes down 7.1%.

• Mail revenue increased 0.5% to EUR 623 million, with mail volumes down 5.3% (or 7.9% excluding election mail); cost savings of EUR 12 million.

• Normalized EBIT for e-commerce fell from EUR 15 million to EUR 12 million; platforms dropped from EUR 3 million to -EUR 3 million; mail segment improved to EUR -9 million from EUR -20 million.

• Free cash flow improved to EUR -17 million from EUR -80 million, reflecting strong working capital management.

Outlook and guidance

• 2026 outlook confirmed: normalized EBIT expected between EUR 40 million and EUR 70 million; free cash flow between zero and -EUR 30 million.

• Revenue growth for 2026 projected at 5%-7%, likely at the lower end due to H1 volume trends; CapEx for 2026 expected at EUR 125 million.

• Additional EUR 75 million cost savings targeted for 2027–28, mainly in E-commerce.

• Price increases are expected to offset cost inflation; organic cost increases around EUR 240 million, mainly labor and inflation.

• Outlook assumes limited impact from changes in customs thresholds and ongoing geopolitical uncertainty.