Year ended at 31 December | 2024 | 2025 |
Parcels | 2,390 | 2,449 |
Mail in the Netherlands | 1,307 | 1,308 |
PostNL Other | 240 | 251 |
Eliminations | (694) | (699) |
Total | 3,243 | 3,309 |
Year ended at 31 December | 2024 | 2025 |
The Netherlands | 2,687 | 2,715 |
Rest of Europe | 295 | 326 |
Europe | 2,982 | 3,041 |
Rest of World | 261 | 267 |
Total | 3,243 | 3,309 |
Year ended at 31 December | 2024 | 2025 |
Parcels | 1,160 | 1,200 |
Mail in the Netherlands | 259 | 253 |
PostNL Other | 75 | 80 |
Work contracted out | 1,494 | 1,533 |
Rent & lease expenses | 12 | 10 |
External temporary staff | 197 | 208 |
Total | 1,703 | 1,751 |
Year ended at 31 December | 2024 | 2025 |
Salaries | 911 | 920 |
Social security charges | 141 | 148 |
Salaries and social security charges | 1,052 | 1,068 |
Pension charges | 96 | 93 |
Net additions/(releases) from restructuring provisions | (2) | 4 |
Share-based payments | 1 | 3 |
Gross salaries, pensions and social security contributions | 1,147 | 1,167 |
Capitalised salaries, pensions and social security contributions | (27) | (29) |
Total | 1,120 | 1,138 |
2024 | 2025 | ||
Headcount | |||
Parcels | 8,541 | 8,417 | |
Mail in the Netherlands | 22,272 | 21,479 | |
PostNL Other | 1,592 | 1,635 | |
Total at year end | 32,405 | 31,531 | |
Full-time equivalents (FTEs) | |||
Parcels | 7,587 | 7,430 | |
Mail in the Netherlands | 10,990 | 10,404 | |
PostNL Other | 1,574 | 1,564 | |
Total year average | 20,151 | 19,398 | |
External temporary staff year average | 2,882 | 2,917 | |
1 | Including temporary personnel on our payroll; the external temporary staff are additional. |
Year ended at 31 December | 2024 | 2025 |
Amortisation of intangible assets | 62 | 68 |
Impairment of intangible assets | 0 | 40 |
Depreciation property, plant and equipment | 52 | 49 |
Depreciation right-of-use assets | 74 | 81 |
Total | 188 | 237 |
Year ended at 31 December | 2024 | 2025 |
Audit fees | 1.8 | 2.1 |
Audit-related fees | 1.2 | 1.1 |
Tax advisory fees | 0.0 | 0.0 |
Other non-audit services | 0.0 | 0.0 |
Total | 3.0 | 3.2 |
Year ended at 31 December | 2024 | 2025 |
Amortisation of intangible assets | 62 | 68 |
Impairment of intangible assets | 0 | 40 |
Depreciation property, plant and equipment | 52 | 49 |
Depreciation right-of-use assets | 74 | 81 |
Total | 188 | 237 |
Year ended at 31 December | 2024 | 2025 |
Audit fees | 1.8 | 2.1 |
Audit-related fees | 1.2 | 1.1 |
Tax advisory fees | 0.0 | 0.0 |
Other non-audit services | 0.0 | 0.0 |
Total | 3.0 | 3.2 |
Year ended at 31 December | 2024 | 2025 |
Interest expenses on long-term borrowings | 16 | 25 |
Interest on leases | 10 | 11 |
Interest on taxes | 1 | 6 |
Other | 3 | 5 |
Interest and similar expense | 31 | 47 |
Other interest and similar income | (23) | (19) |
Net financial expense/(income) | 8 | 29 |
Year ended at 31 December | 2024 | 2025 |
Interest expenses on long-term borrowings | 16 | 25 |
Interest on leases | 10 | 11 |
Interest on taxes | 1 | 6 |
Other | 3 | 5 |
Interest and similar expense | 31 | 47 |
Other interest and similar income | (23) | (19) |
Net financial expense/(income) | 8 | 29 |
Year ended at 31 December | 2024 | 2025 |
Current tax expense | 13 | 12 |
Changes in deferred taxes | (7) | (11) |
Total income tax expense | 6 | 1 |
Income taxes paid/(received) | 31 | (8) |
Year ended at 31 December | 2024 | 2025 |
Dutch statutory income tax rate | 25.8 | 25.8 |
Adjustment regarding statutory income tax rates other countries | (0.7) | 0.2 |
Weighted average statutory tax rate | 25.1 | 26.0 |
Tax effects of: | ||
Non and partly deductible costs | 17.1 | (65.0) |
Exempt income | 1.7 | 7.6 |
Other | (18.7) | 25.9 |
Effective income tax rate | 25.2 | (5.5) |
Year averages and numbers at 31 December | 2024 | 2025 |
Number of issued and outstanding ordinary shares | 502,111,291 | 508,680,625 |
Shares held by the company to cover share plans | 0 | 0 |
Average number of ordinary shares per year | 498,332,152 | 506,376,859 |
Diluted number of ordinary shares per year | 824,393 | 2,008,828 |
Average number of ordinary shares per year on a fully diluted basis | 499,156,545 | 508,385,687 |
Year ended at 31 December | 2024 | 2025 |
Total profit before tax adjusted for non cash items and investment income | 224 | 242 |
Additions to/releases from provisions | 31 | 15 |
Withdrawals | (11) | (11) |
Change in other provisions | 21 | 5 |
Changes in working capital | (17) | (78) |
Total cash generated from operations | 227 | 168 |
Year ended at 31 December | 2024 | 2025 |
Interest on long-term borrowings | 9 | 21 |
Interest on leases | 10 | 11 |
Interest on taxes | 7 | 1 |
Bank charges and other | 3 | 3 |
Total | 28 | 35 |
Year ended at 31 December | 2024 | 2025 |
Disposal of subsidiaries | 10 | |
Capital expenditure on intangible assets and property, plant and equipment | (99) | (106) |
Proceeds from sale of property, plant and equipment | 16 | 8 |
Interest received | 21 | 17 |
Changes in short-term investments | (150) | 50 |
Changes in other loans receivable | 2 | 2 |
Other | (0) | 2 |
Net cash (used in)/from investing activities | (211) | (18) |
Year ended at 31 December | 2024 | 2025 |
Dividends paid | (22) | (15) |
Changes related to non-controlling interests | (1) | 0 |
Net cash from debt financing activities | (67) | 194 |
Repayments of leases/incentives | (84) | (89) |
Net cash (used in)/from financing activities | (173) | 90 |
Currency translation reserve | Hedge reserve | Financial assets at fair value OCI | Other reserves | Total other reserves | |
Balance at 1 January 2024 | 2 | (3) | 6 | (45) | (40) |
Total comprehensive income | 1 | 5 | 3 | (0) | 8 |
Appropriation of net income | 23 | 23 | |||
Share-based compensation | (0) | (0) | |||
Other | (1) | (1) | |||
Balance at 31 December 2024 | 2 | 2 | 8 | (23) | (10) |
Total comprehensive income | (1) | (2) | 6 | 0 | 3 |
Appropriation of net income | (9) | (9) | |||
Share-based compensation | 2 | 2 | |||
Balance at 31 December 2025 | 1 | 1 | 15 | (30) | (14) |
Year ended at 31 December 2025 | Parcels | Mail in NL | Total segments | PostNL Other | Eliminations | Total |
Revenue from contracts with customers | 2,138 | 1,164 | 3,303 | 6 | 3,309 | |
Intercompany sales | 311 | 144 | 454 | 245 | (699) | 0 |
Other operating revenue | 8 | 7 | 15 | 0 | 15 | |
Total revenue | 2,457 | 1,315 | 3,772 | 251 | (699) | 3,324 |
Other income | 9 | 1 | 10 | 1 | 10 | |
Depreciation/impairment PP&E | (37) | (8) | (45) | (3) | (49) | |
Amortisation/impairment intangibles | (2) | (44) | (46) | (62) | (108) | |
Depreciation/impairment right-of-use assets | (60) | (9) | (69) | (11) | (81) | |
Total operating income | 66 | (37) | 28 | (18) | 11 | |
Net financial income/(expense) | (29) | |||||
Income taxes | (1) | |||||
Profit/(loss) from discontinued operations | 1 | |||||
Profit/(loss) for the year | (17) | |||||
Normalised EBIT | 61 | 2 | 63 | (10) | 53 |
Year ended at 31 December 2025 | Reported operating income | Project costs and other | Impairment of goodwill | Normalised EBIT |
Parcels | 66 | (5) | 61 | |
Mail in NL | (37) | (0) | 40 | 2 |
PostNL Other | (18) | 8 | (10) | |
Total 2025 | 11 | 2 | 40 | 53 |
Year ended at 31 December 2024 | Parcels | Mail in NL | Total segments | PostNL Other | Eliminations | Total |
Revenue from contracts with customers | 2,080 | 1,157 | 3,237 | 6 | 3,243 | |
Intercompany sales | 310 | 150 | 460 | 234 | (694) | 0 |
Other operating revenue | 3 | 6 | 9 | 0 | 9 | |
Total revenue | 2,393 | 1,313 | 3,706 | 240 | (694) | 3,252 |
Other income | 3 | 1 | 3 | 0 | 3 | |
Depreciation/impairment PP&E | (40) | (8) | (48) | (4) | (52) | |
Amortisation/impairment intangibles | (2) | (2) | (4) | (58) | (62) | |
Depreciation/impairment right-of-use assets | (54) | (9) | (63) | (11) | (74) | |
Total operating income | 63 | (3) | 60 | (23) | 37 | |
Net financial income/(expense) | (8) | |||||
Results from investments in JVs/associates | (4) | |||||
Income taxes | (6) | |||||
Profit/(loss) from discontinued operations | (1) | |||||
Profit/(loss) for the year | 18 | |||||
Normalised EBIT | 65 | 3 | 68 | (16) | 53 |
Year ended at 31 December 2024 | Reported operating income | Project costs and other | Normalised EBIT |
Parcels | 63 | 3 | 65 |
Mail in NL | (3) | 6 | 3 |
PostNL Other | (23) | 7 | (16) |
Total 2024 | 37 | 15 | 53 |
At 31 December 2025 | Parcels | Mail in NL | Total segments | PostNL Other | Total |
Intangible assets | 70 | 124 | 194 | 178 | 372 |
Property, plant and equipment | 404 | 32 | 436 | 13 | 449 |
Right-of-use assets | 211 | 23 | 234 | 55 | 289 |
Other non-current assets | 22 | 3 | 25 | 28 | 52 |
Trade accounts receivable | 251 | 90 | 341 | 0 | 341 |
Other current assets | 59 | 46 | 104 | 594 | 698 |
Assets classified as held for sale | 2 | 0 | 2 | 1 | 3 |
Total assets | 1,018 | 318 | 1,336 | 869 | 2,204 |
Non-current liabilities | 256 | 51 | 306 | 750 | 1,056 |
Trade accounts payable | 91 | 51 | 142 | 18 | 160 |
Other current liabilities | 282 | 409 | 691 | 119 | 810 |
Total liabilities | 629 | 511 | 1,140 | 887 | 2,026 |
Cash out for capital expenditures | 33 | 3 | 36 | 70 | 106 |
At 31 December 2024 | Parcels | Mail in NL | Total segments | PostNL Other | Total |
Intangible assets | 73 | 167 | 240 | 174 | 414 |
Property, plant and equipment | 417 | 38 | 455 | 12 | 467 |
Right-of-use assets | 200 | 24 | 224 | 57 | 281 |
Other non-current assets | 23 | 1 | 23 | 19 | 43 |
Trade accounts receivable | 240 | 84 | 324 | 1 | 325 |
Other current assets | 59 | 72 | 131 | 459 | 590 |
Assets classified as held for sale | 1 | 0 | 1 | 0 | 1 |
Total assets | 1,023 | 375 | 1,398 | 722 | 2,120 |
Non-current liabilities | 281 | 42 | 323 | 658 | 982 |
Trade accounts payable | 84 | 67 | 151 | 26 | 177 |
Other current liabilities | 287 | 432 | 719 | 38 | 756 |
Total liabilities | 652 | 541 | 1,193 | 722 | 1,915 |
Cash out for capital expenditures | 25 | 5 | 30 | 69 | 99 |
At 31 December | The Netherlands | Other countries | Total |
Intangible assets | 413 | 1 | 414 |
Property, plant and equipment | 453 | 14 | 467 |
Right-of-use assets | 237 | 44 | 281 |
Financial fixed assets | 35 | 7 | 43 |
Total non-current assets 2024 | 1,138 | 66 | 1,204 |
Intangible assets | 371 | 1 | 372 |
Property, plant and equipment | 436 | 13 | 449 |
Right-of-use assets | 244 | 45 | 289 |
Financial fixed assets | 45 | 7 | 52 |
Total non-current assets 2025 | 1,096 | 66 | 1,162 |
At 31 December | 2024 | 2025 |
Trade accounts receivable - total | 333 | 351 |
Allowance for expected credit losses | (8) | (10) |
Trade accounts receivable | 325 | 341 |
VAT receivable | 6 | 6 |
Other accounts receivable | 9 | 6 |
Accounts receivable | 16 | 13 |
Total accounts receivable | 341 | 354 |
2024 | 2025 | |
Balance at 1 January | 7 | 8 |
Provided for during financial year | 3 | 4 |
Receivables written off during year as uncollectable | (1) | (2) |
Balance at 31 December | 8 | 10 |
Months due | |||||||
At 31 December | Up to 1 month | 1-2 months | 2-3 months | 3-4 months | over 4 months | Total | |
Expected credit loss rate1 | 0% | 3% | 3% | 5% | 86% | ||
Gross amount of trade accounts receivable 1 | 292 | 13 | 6 | 15 | 7 | 333 | |
Trade accounts receivable past due 1 | 108 | 11 | 4 | 14 | 6 | 143 | |
Expected credit loss 2024 | 1 | 0 | 0 | 1 | 6 | 8 | |
Expected credit loss rate | 0% | 1% | 2% | 23% | 47% | ||
Gross amount of trade accounts receivable | 307 | 16 | 7 | 4 | 18 | 351 | |
Trade accounts receivable past due | 41 | 10 | 4 | 3 | 16 | 74 | |
Expected credit loss 2025 | 1 | 0 | 0 | 1 | 8 | 10 | |
1 | Comparative figures have been adjusted to reflect revised presentation of netting entries |
Months due | |||||||
At 31 December | Up to 1 month | 1-2 months | 2-3 months | 3-4 months | over 4 months | Total | |
Expected credit loss rate1 | 0% | 3% | 3% | 5% | 86% | ||
Gross amount of trade accounts receivable 1 | 292 | 13 | 6 | 15 | 7 | 333 | |
Trade accounts receivable past due 1 | 108 | 11 | 4 | 14 | 6 | 143 | |
Expected credit loss 2024 | 1 | 0 | 0 | 1 | 6 | 8 | |
Expected credit loss rate | 0% | 1% | 2% | 23% | 47% | ||
Gross amount of trade accounts receivable | 307 | 16 | 7 | 4 | 18 | 351 | |
Trade accounts receivable past due | 41 | 10 | 4 | 3 | 16 | 74 | |
Expected credit loss 2025 | 1 | 0 | 0 | 1 | 8 | 10 | |
1 | Comparative figures have been adjusted to reflect revised presentation of netting entries |
At 31 December | 2024 | 2025 |
VAT payable | 43 | 40 |
Social security contributions payable | 47 | 25 |
Payments from customers received in advance | 43 | 45 |
Pensions payable | 12 | 1 |
Other | 4 | 4 |
Total | 148 | 115 |
At 31 December | 2024 | 2025 |
Deferred revenue from unused stamps | 25 | 26 |
Refund liability stamps | 11 | 11 |
Deferred revenue from franking machines | 5 | 5 |
Rental of mailboxes | 7 | 6 |
Other amounts received in advanced from customers | 4 | 3 |
Total | 53 | 51 |
At 31 December | 2024 | 2025 |
To be paid to third parties | 117 | 109 |
To be paid to personnel | 28 | 37 |
Vacation days/vacation payments | 100 | 98 |
Terminal dues | 180 | 156 |
Interest payable | 11 | 13 |
Other accrued current liabilities | 0 | 0 |
Total | 436 | 412 |
Land and buildings | Plant and equipment | Other equipment | Construction in progress | Total | |
Depreciation percentage | 0%-10% | 6%-33% | 10%-33% | 0% | |
Historical cost | 483 | 472 | 34 | 10 | 999 |
Accumulated depreciation and impairments | (193) | (317) | (23) | (532) | |
Balance at 1 January 2025 | 290 | 156 | 11 | 10 | 467 |
Capital expenditure | 4 | 20 | 4 | 9 | 37 |
Disposed subsidiaries | (1) | (1) | |||
Disposals | (3) | (3) | |||
Internal transfers and reclassifications | 4 | 1 | (5) | 0 | |
Depreciation | (17) | (28) | (4) | (49) | |
Transfers to assets held for sale | (2) | (2) | |||
Total changes | (14) | (8) | 1 | 3 | (17) |
Historical cost | 456 | 481 | 33 | 13 | 983 |
Accumulated depreciation and impairments | (179) | (333) | (22) | (534) | |
Balance at 31 December 2025 | 277 | 148 | 11 | 13 | 449 |
Land and buildings | Plant and equipment | Other equipment | Construction in progress | Total | |
Depreciation percentage | 0%-10% | 6%-33% | 10%-33% | 0% | |
Historical cost | 457 | 462 | 36 | 40 | 995 |
Accumulated depreciation and impairments | (182) | (297) | (25) | (504) | |
Balance at 1 January 2024 | 275 | 165 | 11 | 40 | 491 |
Capital expenditure | 8 | 13 | 4 | 7 | 31 |
Disposals | (4) | (4) | |||
Internal transfers and reclassifications | 30 | 7 | (37) | 0 | |
Depreciation | (19) | (29) | (4) | (52) | |
Total changes | 15 | (9) | 0 | (31) | (25) |
Historical cost | 483 | 472 | 34 | 10 | 999 |
Accumulated depreciation and impairments | (193) | (317) | (23) | (532) | |
Balance at 31 December 2024 | 290 | 156 | 11 | 10 | 467 |
Goodwill | Software | Other | Total | |
Amortisation percentage | 20%- 35% | 0%- 35% | ||
Historical cost | 243 | 340 | 49 | 633 |
Accumulated amortisation and impairments | (36) | (170) | (20) | (226) |
Balance at 1 January 2024 | 207 | 171 | 29 | 407 |
Additions | 68 | 69 | ||
Amortisation | (59) | (3) | (62) | |
Total changes | 0 | 10 | (3) | 7 |
Historical cost | 243 | 408 | 50 | 700 |
Accumulated amortisation and impairments | (36) | (227) | (23) | (287) |
Balance at 31 December 2024 | 207 | 180 | 26 | 414 |
Goodwill | Software | Other | Total | |
Amortisation percentage | 20%- 35% | 0%- 35% | ||
Historical cost | 243 | 408 | 50 | 700 |
Accumulated amortisation and impairments | (36) | (227) | (23) | (287) |
Balance at 1 January 2025 | 207 | 180 | 26 | 414 |
Additions | 71 | 71 | ||
Disposals | (1) | (4) | (4) | |
Amortisation | (66) | (3) | (68) | |
Impairments | (40) | (40) | ||
Total changes | (41) | 6 | (7) | (42) |
Historical cost | 243 | 474 | 36 | 753 |
Accumulated amortisation and impairments | (76) | (289) | (16) | (381) |
Balance at 31 December 2025 | 167 | 186 | 20 | 372 |
Year ended at 31 December | 2024 | 2025 |
Parcels | 64 | 61 |
Mail in the Netherlands | 143 | 103 |
Spring | 3 | |
Total | 207 | 167 |
Year ended at 31 December | 2024 | 2025 |
Internally-generated software | 180 | 185 |
Purchased software | 1 | 1 |
Customer lists | 26 | 19 |
Total | 206 | 205 |
Land and buildings | Transport | Other | Total | |
Historical cost | 311 | 183 | 25 | 519 |
Accumulated depreciation and impairments | (119) | (93) | (14) | (226) |
Balance at 1 January 2024 | 192 | 89 | 11 | 293 |
New leases | 20 | 25 | 2 | 47 |
Lease modifications/reassessments | 12 | 6 | 18 | |
Disposals | (2) | (2) | ||
Depreciation | (37) | (35) | (2) | (74) |
Total changes | (6) | (6) | 0 | (12) |
Historical cost | 329 | 202 | 26 | 556 |
Accumulated depreciation and impairments | (142) | (118) | (15) | (275) |
Balance at 31 December 2024 | 186 | 84 | 11 | 281 |
Land and buildings | Transport | Other | Total | |
Historical cost | 329 | 202 | 26 | 556 |
Accumulated depreciation and impairments | (142) | (118) | (15) | (275) |
Balance at 1 January 2025 | 186 | 84 | 11 | 281 |
New leases | 6 | 35 | 1 | 42 |
Lease modifications/reassessments | 43 | 4 | 1 | 47 |
Depreciation | (41) | (37) | (3) | (81) |
Total changes | 7 | 2 | (1) | 8 |
Historical cost | 366 | 187 | 26 | 579 |
Accumulated depreciation and impairments | (173) | (101) | (16) | (290) |
Balance at 31 December 2025 | 193 | 85 | 10 | 289 |
At 31 December | 2024 | 2025 |
Long-term lease liabilities | 221 | 215 |
Short-term lease liabilities | 78 | 84 |
Total | 299 | 300 |
Other employee benefit obligations | Restructuring | Claims and indemnities | Other | Total | |
Non-current other provisions | 44 | 0 | 11 | 1 | 56 |
Current other provisions | 15 | 1 | 13 | 0 | 29 |
Balance at 1 January 2025 | 59 | 1 | 24 | 1 | 85 |
Additions | 16 | 5 | 5 | 26 | |
Withdrawals | (9) | (1) | (1) | (11) | |
Releases | (7) | (1) | (3) | (11) | |
Interest | 1 | 1 | |||
Total changes | 0 | 4 | 2 | 0 | 6 |
Non-current other provisions | 46 | 0 | 12 | 1 | 59 |
Current other provisions | 14 | 4 | 13 | 0 | 31 |
Balance at 31 December 2025 | 59 | 4 | 26 | 1 | 91 |
Net balance 1 January 2025 | Changes via income statement | Changes via OCI | Other changes | Net balance 31 December 2025 | Assets | Liabilities | |
Provisions | 13 | 2 | 15 | 15 | 0 | ||
Intangible assets | (54) | 3 | 1 | (50) | 5 | 55 | |
Property, plant and equipment | (39) | 3 | (36) | 3 | 38 | ||
Leases | 6 | (1) | 5 | 72 | 67 | ||
Losses carried forward | 8 | 39 | 46 | 46 | |||
Other | 36 | (35) | 0 | 2 | 3 | 3 | 0 |
Deferred tax assets/liabilities | (30) | 11 | 0 | 2 | (16) | 144 | 160 |
Offsetting | (134) | (134) | |||||
Net deferred taxes | (30) | 11 | 0 | 2 | (16) | 10 | 26 |
Country | Losses carry forward | Other | Losses carry forward Gross DTA | Other Gross DTA |
Netherlands | 169 | 12 | 44 | 3 |
Belgium | 32 | 0 | 8 | 0 |
France | 14 | 0 | 4 | 0 |
Germany | 19 | 0 | 6 | 0 |
Italy | 0 | 0 | 0 | 0 |
Great Britain | 1 | 0 | 0 | 0 |
Switzerland | 0 | 0 | 0 | 0 |
Spain | 1 | 0 | 0 | 0 |
Hungary | 0 | 0 | 0 | 0 |
Czech Republic | 2 | 0 | 0 | 0 |
Poland | 0 | 0 | 0 | 0 |
United States | 0 | 0 | 0 | 0 |
Canada | 4 | 0 | 1 | 0 |
Hong Kong | 4 | 0 | 1 | 0 |
Singapore | 0 | 0 | 0 | 0 |
Total 2025 | 246 | 12 | 63 | 3 |
Net balance 1 January 2024 | Changes via income statement | Changes via OCI | Other changes | Net balance 31 December 2024 | Assets | Liabilities | |
Provisions | 8 | 4 | 13 | 13 | 0 | ||
Intangible assets | (50) | (3) | (54) | 1 | 55 | ||
Property, plant and equipment | (42) | 4 | (39) | 2 | 41 | ||
Leases | 7 | (1) | 6 | 69 | 63 | ||
Losses carried forward | 5 | 3 | 8 | 8 | |||
Other | 39 | (0) | (2) | (0) | 36 | 36 | 0 |
Deferred tax assets/liabilities | (34) | 7 | (2) | (0) | (30) | 130 | 160 |
Offsetting | (121) | (121) | |||||
Net deferred taxes | (34) | 7 | (2) | (0) | (30) | 9 | 39 |
At 31 December | 2024 | 2025 |
Short-term leases and leases of low-value assets | 4 | 1 |
Leases, not commenced | 7 | 0 |
Capital expenditure | 11 | 19 |
Purchase commitments | 98 | 124 |
Other commitments | 22 | 10 |
At 31 December | 2024 | 2025 | |
Short- and long-term debt | 674 | 868 | |
Long-term interest bearing assets | (13) | (12) | |
Short-term investments | (150) | (101) | |
Cash and cash equivalents | (303) | (515) | |
Net debt | 208 | 241 | |
Pension liabilities/WGA self-insurance | 40 | 43 | |
Lease liabilities (on balance) | 299 | 300 | |
Lease liabilities (off balance)1 | 9 | 1 | |
Deferred tax assets on WGA and operational lease liabilities 2 | (81) | (83) | |
Adjusted net debt | 474 | 501 | |
1 | The lease liabilities (off balance) are the net present value of the Off balance sheet commitments relating to leases from note 3.7 of \u20ac1 million (2024: \u20ac11 million). | ||
2 |
At 31 December | Nominal amount | Average amount | Effective interest rate |
Total short-term investments 2024 | 150 | 79 | 3.4% |
Total short-term investments 2025 | 101 | 141 | 2.6% |
At 31 December | Nominal amount | Average amount | Effective interest rate |
Cash at bank and in hand | 98 | ||
Bank deposits | 30 | 154 | 3.7% |
Money Market Funds | 175 | 268 | 3.8% |
Total cash and cash equivalents 2024 | 303 | ||
Cash at bank and in hand | 58 | ||
Bank deposits | 210 | 70 | 2.1% |
Money Market Funds | 247 | 191 | 2.2% |
Total cash and cash equivalents 2025 | 515 |
At 31 December 2025 | Debt | Lease liabilities | Other loans | Total |
2026 | 105 | 84 | 10 | 199 |
2027 | 61 | 10 | 71 | |
2028 | 75 | 51 | 10 | 136 |
Thereafter | 621 | 104 | 37 | 761 |
Total borrowings | 801 | 300 | 68 | 1,168 |
Of which included in long-term debt | 696 | 215 | 57 | 969 |
Of which included in short-term debt | 105 | 84 | 10 | 199 |
Debt | Lease liabilities | Other loans | Total | |
Balance at 1 January 2025 | 596 | 299 | 77 | 972 |
Proceeds | 398 | 1 | 399 | |
Repayments/lease-incentives | (195) | (89) | (10) | (293) |
Total cash movements | 203 | (89) | (9) | 105 |
New leases | 43 | 43 | ||
Lease modifications/reassessments | 47 | 47 | ||
Amortisation and other | 1 | (1) | 1 | |
Total non-cash movements | 1 | 90 | 0 | 91 |
Balance at 31 December 2025 | 801 | 300 | 68 | 1,168 |
Debt | Lease liabilities | Other loans | Total | |
Balance at 1 January 2024 | 651 | 320 | 88 | 1,059 |
Proceeds | 297 | 0 | 297 | |
Repayments | (353) | (84) | (11) | (448) |
Total cash movements | (56) | (84) | (11) | (151) |
New leases | 47 | 47 | ||
Lease modifications/reassessments | 18 | 18 | ||
Disposal of leases | (1) | (1) | ||
Commencement of lease financing | 4 | 4 | ||
Settlement of pre-financing | (4) | (4) | ||
Amortisation | 1 | 1 | ||
Total non-cash movements | 1 | 63 | 0 | 64 |
Balance at 31 December 2024 | 596 | 299 | 77 | 972 |
2024 | 2025 | |
Balance at 1 January | 16 | 20 |
Additions | 1 | 3 |
Remeasurement recognised in OCI | 3 | 6 |
Balance at 31 December | 20 | 29 |
At 31 December | Notes | Input information level (IFRS13) | Loans and receivables | Derivatives used for hedging | Financial assets at fair value through OCI | Total | |
Other loans receivable | level 2 | 13 | 13 | ||||
Other financial fixed assets | level 3 | 20 | 20 | ||||
Accounts receivable | 3.1.1 | level 2 | 341 | 341 | |||
Derivatives1 | level 2 | 2 | 2 | ||||
Short-term investments | 4.1 | 150 | 150 | ||||
Cash and cash equivalents | 4.1 | 303 | 303 | ||||
Total assets balance sheet 2024 | 806 | 2 | 20 | 829 | |||
Other loans receivable | level 2 | 12 | 12 | ||||
Other financial fixed assets | level 3 | 29 | 29 | ||||
Accounts receivable | 3.1.1 | level 2 | 354 | 354 | |||
Derivatives1 | level 2 | 0 | 0 | ||||
Short-term investments | 4.1 | 101 | 101 | ||||
Cash and cash equivalents | 4.1 | 515 | 515 | ||||
Total assets balance sheet 2025 | 981 | 0 | 29 | 1,011 | |||
1 | Derivatives are included in prepayments and accrued income in the statement of financial position. |
At 31 December | Notes | Input information level (IFRS13) | Financial liabilities measured at amortised costs | Derivatives used for hedging | Total | |
Long-term debt | 4.1 | level 1&21 | 664 | 664 | ||
Trade accounts payable | level 22 | 177 | 177 | |||
Short-term debt | 4.1 | level 22 | 10 | 10 | ||
Other current liabilities3 | 3.1.2 | level 22 | 47 | 0 | 47 | |
Total liabilities balance sheet 2024 | 897 | 0 | 897 | |||
Long-term debt | 4.1 | level 1&21 | 753 | 753 | ||
Trade accounts payable | level 22 | 160 | 160 | |||
Short-term debt | 4.1 | level 1&21 | 115 | 115 | ||
Other current liabilities3 | 3.1.2 | level 22 | 49 | 0 | 49 | |
Total liabilities balance sheet 2025 | 1,077 | 0 | 1,077 | |||
1 | Eurobonds level 1 and other loans level 2. | |||||
2 | We consider the fair value equal to the book value as these items will be settled within short-term and therefore level 2. | |||||
3 | Other current liabilities include 'Payments from customers received in advance' for \u20ac45 million (2024: \u20ac43 million) and 'Other' for \u20ac4 million (2024: \u20ac4 million), refer to note 3.1.2. |
At 31 December | Nominal value | Costs/discount to be amortised | Carrying value | Fair value |
0.625% eurobond 2026 | 300 | 1 | 299 | 289 |
4.750% eurobond 2031 | 300 | 3 | 297 | 311 |
Total outstanding eurobonds 2024 | 600 | 4 | 596 | 600 |
0.625% eurobond 2026 | 105 | 0 | 105 | 104 |
4.000% eurobond 2030 | 300 | 2 | 298 | 305 |
4.750% eurobond 2031 | 300 | 2 | 298 | 315 |
Total outstanding eurobonds 2025 | 705 | 4 | 701 | 724 |
At 31 December | Nominal value | Fixed/ floating interest | Carrying value | Fair value |
Total outstanding leases 2024 | 299 | fixed | 299 | 299 |
Total outstanding leases 2025 | 300 | fixed | 300 | 300 |
At 31 December | Carrying value | Fair value | Nominal value | Hedge | Amount in equity |
Asset | 2 | 2 | 86 | balance sheet/ cashflow | 1 |
Liability | 0 | 0 | 34 | balance sheet/ cashflow | 0 |
Foreign exchange contracts 2024 | |||||
Asset | 0 | 0 | 39 | balance sheet/ cashflow | 0 |
Liability | 0 | 0 | 96 | balance sheet/ cashflow | 0 |
Foreign exchange contracts 2025 |
At 31 December | Less than 1 year | Between 1 and 3 years | Thereafter | Book value |
Debt | 16 | 330 | 357 | 596 |
Leases | 86 | 125 | 115 | 299 |
Other loans | 13 | 26 | 54 | 77 |
Foreign exchange contracts - outgoing | 120 | 0 | ||
Trade accounts payable | 177 | 177 | ||
Other current liabilities | 47 | 47 | ||
Total outgoing flows | 459 | 481 | 526 | 1,196 |
Foreign exchange contracts - incoming | 120 | |||
Total mitigation via incoming flows | 120 | |||
Total liquidity risk 2024 | 339 | 481 | 526 | 1,196 |
Debt | 135 | 133 | 693 | 801 |
Leases | 92 | 121 | 110 | 300 |
Other loans | 13 | 25 | 42 | 68 |
Foreign exchange contracts - outgoing | 135 | 0 | ||
Trade accounts payable | 160 | 160 | ||
Other current liabilities | 49 | 49 | ||
Total outgoing flows | 584 | 279 | 845 | 1,377 |
Foreign exchange contracts - incoming | 135 | |||
Total mitigation via incoming flows | 135 | |||
Total liquidity risk 2025 | 449 | 279 | 845 | 1,377 |
Before proposed appropriation of profit | 2024 | 2025 |
Authorised by class | ||
Ordinary shares | 750,000,000 | 750,000,000 |
Preference shares B | 750,000,000 | 750,000,000 |
Total authorised | 1,500,000,000 | 1,500,000,000 |
Issued and outstanding | ||
Per 1 January of the reported year | 494,207,248 | 502,111,291 |
Issued for stock dividend | 6,686,930 | 5,586,536 |
Issued under its incentive schemes | 1,217,113 | 982,798 |
Per 31 December of the reported year | 502,111,291 | 508,680,625 |
Issued and outstanding per 31 December by class | ||
Ordinary shares | 502,111,291 | 508,680,625 |
of which held by the company to cover share plans | 0 | 0 |
of which a foundation incorporated by the company only holds the legal title | 2,923,670 | 3,129,147 |
Preference shares B | 0 | 0 |
Base salary 1 | Other benefits 2 | Pension costs 3 | One year variable | Multi-year variable | Total remuneration | |||
Pim Berendsen - CEO 4 | 2025 | 531,145 | 119,227 | 28,456 | 197,427 | 63,489 | 939,744 | |
2024 | ||||||||
Pim Berendsen - CFO 4 | 2025 | 166,218 | 49,094 | 11,717 | 61,783 | 26,142 | 314,954 | |
2024 | 550,617 | 135,335 | 41,014 | 122,237 | 80,477 | 929,680 | ||
Linde Jansen - CFO 4 | 2025 | 403,219 | 29,286 | 24,803 | 149,876 | 106,056 | 713,241 | |
2024 | ||||||||
Herna Verhagen - Former CEO 4 | 2025 | 218,707 | 51,028 | 13,418 | 81,293 | 62,008 | 426,454 | |
2024 | 724,495 | 193,630 | 47,036 | 160,838 | 121,559 | 1,247,558 | ||
1 | Base salaries 2025 were indexed with 3.5%. | |||||||
2 | Other benefits include company costs related to tax and social security, pension allowances, company car and other compensation. | |||||||
3 | Pension costs represent the premium for the collective defined contribution plan (net of employee contributions) and risk premium for the net pension plan. | |||||||
4 | Herna Verhagen decided to step down as CEO as per 15 April 2025. On the same date, Pim Berendsen was appointed CEO and stepped down from his role as CFO. Linde Jansen joined as incoming CFO on 17 March 2025 and was formally appointed as CFO in the Board of Management on 15 April 2025. This table excludes for Herna Verhagen the remuneration that relates to the period after 15 April 2025. From 15 April up to 31 December 2025 Herna Verhagen was still engaged on the basis of an employment agreement. In the interest of PostNL, parties agreed upon a period of transition, availability as an advisor and leave. The remuneration for Herna Verhagen in this period amounted to \u20ac687,657 (base salary \u20ac531,145, other benefits \u20ac123,926, pension costs \u20ac32,586). The total remuneration for Herna Verhagen in 2025 amounted to \u20ac1,114,111. The total remuneration for all (former) members of the Board of Management, taking into account the total remuneration for Herna Verhagen in 2025, amounted to \u20ac3,082,050 in 2025. |
Name of Director - position | Specification of plan | Number of shares held at 1 Jan 2025 | Number of shares granted\u00a0 during 2025 1 | Number of dividend shares 2 | Number of shares settled during 2025 | Number of shares forfeited during 2025 | Net number of shares under a\u00a0 holding period at 31 Dec 2025 | Number of shares subject to a performance condition at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 31 Dec 2025 | |
Pim Berendsen - CEO 3 | PSP 2025 | 298,834 | 298,834 | ||||||
PSP 2024 | 162,941 | 7,499 | 170,440 | ||||||
PSP 2023 | 134,395 | 6,185 | 140,580 | ||||||
PSP 2022 | 69,738 | 3,210 | (24,316) | (48,632) | 12,583 | ||||
PSP 2021 | 13,656 | 13,656 | |||||||
PSP 2020 | 83,211 | ||||||||
Total shares | 463,941 | 298,834 | 16,894 | (24,316) | (48,632) | 26,239 | 609,854 | ||
Linde Jansen - CFO 3 | PSP 2025 | 213,392 | 213,392 | ||||||
PSP 2024 | 135,795 | 135,795 | |||||||
PSP 2023 | 58,198 | 58,198 | |||||||
Total shares | 407,385 | 407,385 | |||||||
Herna Verhagen - Former CEO 3 | PSP 2025 | 24,690 | 24,690 | ||||||
PSP 2024 | 214,395 | 9,867 | 224,262 | ||||||
PSP 2023 | 176,834 | 8,138 | 184,972 | ||||||
PSP 2022 | 91,760 | 4,223 | (31,995) | (63,988) | 16,557 | ||||
PSP 2021 | 17,968 | 17,968 | |||||||
PSP 2020 | 109,488 | ||||||||
Total shares | 610,445 | 24,690 | 22,228 | (31,995) | (63,988) | 34,525 | 433,924 | ||
Total shares | 1,074,386 | 730,909 | 39,122 | (56,311) | (112,620) | 60,764 | 1,451,163 | ||
1 | The number of conditional shares granted is based on 37.5% of the annual base salary divided by the five-day average Euronext Amsterdam share price of PostNL prior to the date of publication of the Q1 2025 results (\u20ac0.917). Vesting takes place at the end of the 3 year performance period, is subject to the long-term incentive plan's performance measures and is determined by the Supervisory Board. Performance will be disclosed in the 2027 remuneration report. More information about the characteristics of the share plans can be found in the summary of the Remuneration Policy of the Board of Management in chapter 11 of this annual report. | ||||||||
2 | Conditional dividend shares were granted following the final dividend 2024. | ||||||||
3 | Herna Verhagen decided to step down as CEO as per 15 April 2025. On the same date, Pim Berendsen was appointed CEO and stepped down from his role as CFO. Linde Jansen joined as incoming CFO on 17 March 2025 and was formally appointed as CFO in the Board of Management on 15 April 2025. |
Specification of plan | Performance period | Grant date |
PSP 2025 | 01/01/2025-31/12/2027 | 09/05/2025 |
PSP 2024 | 01/01/2024-31/12/2026 | 10/05/2024 |
PSP 2023 | 01/01/2023-31/12/2025 | 11/05/2023 |
PSP 2022 | 01/01/2022-31/12/2024 | 12/05/2022 |
PSP 2021 | 01/01/2021-31/12/2023 | 14/05/2021 |
Specification of plan | Number of shares held at 1 Jan 2025 | Number of shares granted during 2025 1 | Number of dividend shares 2 | Number of shares settled during 2025 | Number of shares forfeited during 2025 | Number of shares outstanding at 31 Dec 2025 | |
PSP 2025 | 703,886 | 703,886 | |||||
PSP 2024 | 623,786 | 74,748 | 28,709 | 727,243 | |||
PSP 2023 | 580,145 | 42,713 | 26,700 | 649,558 | |||
PSP 2022 | 487,687 | 10,679 | 22,448 | (136,553) | (384,261) | ||
Total shares | 1,691,618 | 832,026 | 77,857 | (136,553) | (384,261) | 2,080,687 | |
1 | |||||||
2 |
Specification of plan | Vesting period | Number of shares outstanding at 1 Jan 2025 | Number of shares granted during 2025 | Number of shares settled during 2025 | Number of shares forfeited during 2025 | Number of shares outstanding at 31 Dec 2025 |
Bonus matching 2025 | 09/05/2025-09/05/2028 | 45,208 | (1,785) | 43,423 | ||
Bonus matching 2024 | 10/05/2024-10/05/2027 | 56,865 | (782) | (3,028) | 53,055 | |
Bonus matching 2023 | 11/05/2023-11/05/2026 | 14,805 | (2,148) | (1,636) | 11,021 | |
Bonus matching 2022 | 12/05/2022-12/05/2025 | 33,598 | (33,598) | |||
Total | 105,268 | 45,208 | (36,528) | (6,449) | 107,499 |
Year ended at 31 December | Notes | 2024 | 2025 |
Revenue | 0 | 0 | |
Salaries, pensions and social security contributions | 6.2.1 | (2) | (4) |
Other operating expenses | 0 | 0 | |
Total operating expenses | (2) | (4) | |
Operating income | (2) | (4) | |
Net financial expense | 6.2.2 | (5) | (23) |
Share in result from subsidiaries | 23 | 4 | |
Profit/(loss) before income taxes | 15 | (23) | |
Income taxes | 2 | 7 | |
Profit/(loss) for the year attributable to shareholders | 17 | (16) |
At 31 December, before appropriation of profit | Notes | 2024 | 2025 |
Assets | |||
Investments in subsidiaries | 6.3.1 | 669 | 674 |
Deferred tax assets | 6.3.2 | 40 | |
Total non-current assets | 669 | 714 | |
Accounts receivable from Group companies | 6.3.3 | 97 | 296 |
Other accounts receivable | 0 | 2 | |
Income tax receivable | 36 | ||
Other current assets | 7 | 0 | |
Total current assets | 141 | 298 | |
Total assets | 809 | 1,012 | |
Equity and liabilities | |||
Issued share capital | 40 | 41 | |
Additional paid-in capital | 166 | 166 | |
Legal reserves | 13 | 16 | |
Other reserves | (23) | (30) | |
Retained earnings | 6 | (16) | |
Total shareholders' equity | 6.3.4 | 202 | 176 |
Long-term debt | 6.3.5 | 596 | 696 |
Other provisions | 1 | 2 | |
Total non-current liabilities | 598 | 697 | |
Short-term debt | 6.3.5 | 105 | |
Income tax payable | 23 | ||
Other current liabilities | 10 | 12 | |
Total current liabilities | 10 | 139 | |
Total equity and liabilities | 809 | 1,012 |
Year ended at 31 December | 2024 | 2025 |
Interest expenses on long-term borrowings | 14 | 22 |
Interest on taxes | 1 | 6 |
Interest and similar expense | 15 | 29 |
Other interest and similar income | (10) | (6) |
Net financial expense/(income) | 5 | 23 |
2024 | 2025 | |
Balance at 1 January | 662 | 669 |
Share in result from subsidiaries | 23 | 4 |
Dividend received | (20) | |
Exchange rate differences | 1 | (1) |
Other | 3 | 3 |
Balance at 31 December | 669 | 674 |
Issued share capital | Additional paid-in capital | Currency translation reserve | Hedge reserve | Financial assets at fair value OCI | Other reserves | Retained earnings | Total shareholders' equity | |
Balance at 1 January 2024 | 40 | 165 | 2 | (3) | 6 | (45) | 34 | 198 |
Total comprehensive income | 1 | 5 | 3 | (0) | 17 | 25 | ||
Appropriation of net income | 23 | (23) | 0 | |||||
Final dividend previous year | 0 | (0) | (11) | (11) | ||||
Interim dividend current year | 0 | (0) | (11) | (11) | ||||
Share-based compensation | 0 | 1 | (0) | 1 | ||||
Other | (1) | (1) | ||||||
Balance at 31 December 2024 | 40 | 166 | 2 | 2 | 8 | (23) | 6 | 202 |
Total comprehensive income | (1) | (2) | 6 | 0 | (16) | (13) | ||
Appropriation of net income | (9) | 9 | 0 | |||||
Final dividend previous year | 0 | (0) | (15) | (15) | ||||
Share-based compensation | 0 | 1 | 2 | 3 | ||||
Balance at 31 December 2025 | 41 | 166 | 1 | 1 | 15 | (30) | (16) | 176 |
DM Productions B.V. | PostNL E-commerce Services B.V. |
G3 Worldwide (Belgium) N.V. | PostNL Extra@Home B.V. |
G3 Worldwide Hong Kong Limited | PostNL Finance B.V. |
G3 Worldwide Mail (UK) Limited | PostNL Health & Secure B.V. |
G3 Worldwide Mail N.V. | PostNL Holding B.V. |
Koninklijke PostNL B.V. | PostNL Pharma & Care Belgium B.V. |
Logistics Solutions B.V. | PostNL Pakketten Belgi\u00eb N.V. |
MyParcel Belgium B.V. | PostNL Pakketten Benelux B.V. |
PostNL Cargo Belgi\u00eb B.V. | PostNL Real Estate B.V. |
PostNL Cross Border Solutions B.V. | PostNL TGN B.V. |
PostNL Customer Excellence B.V. | PostNL Transport B.V. |
PostNL Data Solutions B.V. | PostNL Transport Services B.V. |
2025 | |
Result attributable to the shareholders | (16) |
Appropriation in accordance with the articles of association: | |
Reserves withdrawn by the Board of Management and approved by the Supervisory Board (article 31, paragraph 2) | 36 |
Dividend on ordinary shares | 20 |
(Interim) dividend paid in cash | 0 |
Final dividend | 20 |