PostNL (PNL) investor relations material

Strategic direction and transformation

• Launched 'Breakthrough 2028' to drive growth, value, innovation, and impact, shifting from volume to value in e-commerce and splitting Parcels into E-commerce and Platforms from January 2026 for focused management.

• Platforms segment leverages asset-light, digital-first models (Spring and MyParcel) for scalable, cross-border growth, targeting SMEs and scale-ups.

• Mail segment transformation includes migration to D+2 by 2026 and D+3 by 2028, cost-saving measures, and regulatory engagement to ensure future viability.

• Ten strategic projects and portfolio priorities drive change, focusing on simplification, accountability, and a high-performance, inclusive culture.

• Committed to employee engagement, inclusiveness, diversity, and workplace safety, with a five-point engagement increase targeted by 2028.

Financial ambitions and guidance

• 2028 targets: revenue above €4 billion, normalized EBIT above €175 million, free cash flow above €75 million, and ROIC above 12%, with a 5% CAGR from 2024.

• CapEx of approximately €150 million per year from 2026, focused on IT, network, retail/OoH, and ESG investments.

• E-commerce EBIT margin expected to grow from 2.5% in 2024 to 6.5% in 2028, with mid single-digit revenue growth and double-digit ROIC.

• Platforms segment aims for double-digit revenue growth, EBIT margin around 3%, and the highest ROIC among segments.

• Mail segment anticipates low single-digit revenue decline, aiming for break-even EBIT and around 0% ROIC by 2028.

Business segment developments

• E-commerce focuses on margin improvement via commercial differentiation, consumer experience, cost competitiveness, and advanced steering.

• Out-of-home delivery to grow from 12.5% in 2024 to around 20% in 2028, with network expansion to 3,600 APLs and >60% utilization.

• Belgium identified as a key growth market, aiming to outperform local market growth and expand infrastructure.

• Platforms leverage network effects, API-driven processes, and modular SaaS services to expand across Europe.

• Mail transformation plan includes €35–60 million annual cost savings, network optimization, and delivery frequency reduction, with EBIT expected to return to near breakeven by 2028.