pos-2025-12-31-en

How to read this report

Management summary

Readers looking for the highlights of 2025 are advised to read chapter 1 We are PostNL,

chapter 2 Q&A with our CEO and CFO, chapter 3 Our operating context, chapter 4 Our

strategy, chapter 5 Delivery in 2025 and chapter 6 Financial review.

Report of the Board of Management

The report of the Board of Management consists of the following sections:

• Introduction

• Business report

• Governance, chapter 10 Corporate governance and chapter 12 Our tax strategy and policy

provisions, chapter 13 PostNL on the capital markets and chapter 14 Statements of the

Board of Management

• Sustainability statements

Incorporation by reference

This report uses incorporation by reference, for more information refer to section Basis for

preparation in the sustainability statements.

Forward-looking statements

This Annual Report contains forward-looking statements. Readers should not put undue

reliance on these statements. These provide a snapshot on the publication date of this report.

In addition, future actual events, results, and outcomes likely differ from these statements

made. The section Basis for preparation in the sustainability statements provides more

information on forward-looking statements.

Rounding

Please note that due to rounding, the figures in this report may not add up to the stated totals,

and percentages may not reflect the exact underlying values.

Versions of this document

Pursuant to section 5:25c of the Dutch Financial Markets Supervision Act (Wet op het financieel

toezicht), PostNL has filed the Annual Report 2025 with the Dutch Financial Markets Authority

(AFM) in the European single electronic reporting format (ESEF package). The ESEF package is

available on https://annualreport.postnl.nl/2025/ and includes a human readable XHTML

version of the Annual Report 2025. The PDF, online and printed versions of the Annual Report

2025 of PostNL are prepared for the ease of use. The ESEF package prevails in case of

discrepancies with the other formats in which the Annual Report 2025 is published.


	PostNL Annual Report 2025			1

Contents

Business Report

Introduction


We are PostNL	3
Q&A with our CEO and CFO	7

Business Report


Our operating context	11
Our strategy	17
Delivery in 2025	20
Financial review	39
Risk management	44
Regulatory developments	52

108

Financial statements

Governance


Report of the Supervisory Board	58
Corporate governance	68
Remuneration report	82
Our tax strategy and policy provisions	96
PostNL on the capital markets	102
Statements of the Board of Management	106


Financial statements	108

170

Sustainability statements


General disclosures	172
Environmental disclosures	187
Social disclosures	215
Governance disclosures	241


Other information	258


Appendices	272

Introduction



	We build on a rich heritage and continue to innovate in a world that is changing rapidly. As we do so, we remain committed to society and work sustainably across our business. Our people are central to this progress, reflecting the essential role they play in connecting communities every day. This chapter sets the scene for how we grow and create value responsibly and with purpose.


We are PostNL	3
Q&A with our CEO and CFO	7

Sustainability statements

Other information

Appendices

We are PostNL

Connected to deliver what drives us all forward

Growth

Value

We unlock value by

optimising consumer

experience, margins and

the smart use of assets

We accelerate growth

beyond boundaries,

together with our

customers

We grow our

business, create

sustainable value,

lead through

innovation and

make impact

that matters

We create impact that

matters for our people

and society driving

positive transformation

We drive bold

innovation with data,

technology and

intelligence

Impact

Innovation

What we do

Through our extensive networks, we deliver millions of

parcels, while offering digital propositions.

We link the physical and digital worlds, enabling commerce

and connection for everyone.

We are proud to be the Dutch postal operator, delivering

millions of letters across the Netherlands.


	PostNL Annual Report 2025			4

Sustainability statements

Other information

Appendices

We are PostNL

At a glance



	Average number of parcels delivered per working day

	1.2 million
	2024:	1.2 million



	Automated parcel lockers

	1,400
	2024:	1,083



	Average number of letters delivered per working day

	6.0 million
	2024:	6.3 million



	PostNL employees

	31,531
	2024:	32,405



	Sorting centres (31 parcel, 5 mail, 1 international)

	37
	2024:	37



	Copilot licences distributed

	2,203
	2024:	1,050



	Actively used unique PostNL accounts

	10.0 million
	2024:	8.9 million



	Consumer NPS

	38
	2024:	33



	Female employees in senior management

	35%
	2024:	35%



	Emission-free last-mile delivery

	33%
	2024:	28%

PNL_07_Diversiteit_Evenwichtige leeftijdsopbouw_ID23 (1).png


	PostNL Annual Report 2025			5

Sustainability statements

Other information

Appendices

We are PostNL

Overview of our network and services


	PostNL Annual Report 2025			6

Sustainability statements

Other information

Appendices

We are PostNL

Overview of our performance

PostNL Financial performance overview in € million, unless indicated otherwise


For the year ended 31 December		2024	2025	∆
Results
Revenue		3,252	3,324	2%
Operating income		37	11	(72)%
Normalised EBIT		53	53	0%
Profit for the year		18	(17)	(197)%
Normalised comprehensive income		38	21	(46)%
Free cash flow		12	(25)	(301)%

Closing balance positions
Adjusted net debt		(474)	(501)	(6)%
Consolidated equity		202	176	(13)%

Volume development
Parcel volume (in million items)		371	376	1.2%
Parcel volume growth		7.2%	1.2%	(6.0)
Addressed mail volume (in million items)		1,605	1,529	(4.8)%
Addressed mail volume growth/(decline)		(8.0)%	(4.8)%	+3.2

Ratios
Normalised EBIT margin		1.6%	1.6%	0.0
Earnings per share (in € cents)		3.4	(3.2)	(194)%
Leverage ratio (adjusted net debt/EBITDA)		1.95	1.99	2%
Return on invested capital ¹		3.4%	4.7%	+1.2
1	Figure for 2024 has been adjusted. Reference is made to Chapter 6.

PostNL Non-financial performance overview as indicated


For the year ended 31 December	2024	2025	∆
Net Promotor Score	Average No. 1 position in relevant markets	Average No. 1 position in relevant markets	—
Parcel volume growth	7.2%	1.2%	(6.0)
Delivery quality Parcels in NL	97%	97%	0
Delivery quality Mail in NL (preliminary)	86%	86%	0
Absenteeism	8.5%	8.5%	0.0
Employee engagement	67%	69%	+2
CO2 efficiency (scope 1 and 2 emissions in grammes CO2 e per kilometre)	128	108	(15)%
Emission-free last-mile delivery	28%	33%	+5


	PostNL Annual Report 2025			7

Sustainability statements

Other information

Appendices

Q&A with our CEO and CFO

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Our Board of Management, consisting of CEO Pim Berendsen

and CFO Linde Jansen, reflect on 2025.

1. Last year marked a new phase in PostNL’s strategic

direction. What insights were gained about the company’s

position, challenges and opportunities, and how did these

inform the Breakthrough 2028 ambition?

Pim: Last year was one of reflection and deliberate choices.

We took the time to reassess PostNL’s position with a clear

and objective perspective.

One of the key insights was the confirmation that PostNL is,

and will remain, a highly relevant and trusted organisation,

deeply embedded in society. For more than two centuries, we

have connected people, businesses and communities, and this

heritage continues to be a powerful source of strength. At the

same time, we became acutely aware that the structural

decline in mail volumes, persistent pressure in e-commerce

logistics and a rising cost base require sharper focus, greater

adaptability and disciplined execution.

A second important insight relates to the strength of our

fundamentals. Our strong brand, nationwide network,

international connections, scale and operational expertise

provide a solid foundation. Over the years, we have

consistently demonstrated our ability to adapt to changing

market conditions. Our digital capabilities and our capacity to

continuously reinvent our business underpin PostNL’s

relevance in an increasingly fast-changing world and give us

confidence in our ability to deliver on our Breakthrough 2028

ambition.

However, we also recognised that these strengths only create

lasting value when deployed in a more targeted and

consistent manner. This led to a set of clear strategic choices,

including a focus on value-driven growth in Parcels, asset-light

international expansion and a stronger emphasis on financial

sustainability, higher employee engagement, improved net

promoter score (NPS) and further CO₂ reduction.

These reflections formed the foundation for our renewed

ambition towards Breakthrough 2028, guided by our purpose

— Connected to deliver what drives us all forward — and

anchored in four pillars: Value, Growth, Innovation and

Impact. Together, these pillars provide a clear and credible

framework to strengthen PostNL’s role as essential

infrastructure and to deliver long-term value creation for all

stakeholders.

Finally, despite a challenging environment, we achieved all

our financial targets for 2025. Customer satisfaction and

employee engagement improved, and we continued to make

solid progress towards our longer-term ESG ambitions.

2. 2025 required difficult choices in balancing investments,

cost control and performance. How did PostNL strengthen

its financial and operational discipline while continuing to

invest in its long-term ambitions?

Linde: In 2025, our focus was on maintaining a careful balance

between performance in the short term and the investments

required to support our long-term ambitions, building on a

strong strategic foundation. Changing market conditions,

evolving customer dynamics and continued cost inflation

required us to further sharpen our financial and operational

discipline.

We increased cost transparency and predictability through

tighter budgeting and simplifications in our reporting cycle,

strengthening resilience and consistency across the

organisation. These measures will be continued in 2026, as

they are essential to delivering our Breakthrough 2028

ambition.

At the same time, we consistently applied our capital

allocation framework, prioritising investments that directly

support our strategic objectives and deliver measurable long-

term value. In Parcels, this meant aligning capacity, pricing

and customer mix more closely with cost-to-serve. Within the

network, we continued to invest in automation and reliability,

building on earlier investments.


	PostNL Annual Report 2025			8

Sustainability statements

Other information

Appendices

Q&A with our CEO and CFO

By expanding our out-of-home (OOH) network, we are

improving delivery efficiency while offering consumers

greater choice, convenience and predictability. Importantly,

strengthened financial discipline also enhanced our future

readiness by enabling more focused and effective investment

decisions. We continued to invest in digitalisation,

sustainability, safety and employee capabilities, recognising

these as critical enablers of long-term success.

In addition, we successfully raised new debt and further

strengthened our financial position, securing funding aligned

with our strategic ambitions. Overall, 2025 marked a phase of

consolidation and refinement. By building on existing

strengths and sharpening execution where needed, we

reinforced PostNL’s ability to perform consistently and to

create sustainable value for all stakeholders.

3. The discussion around the universal service obligation

(USO) placed PostNL at the centre of a public, political and

regulatory debate. How do you reflect on the progress and

setbacks of 2025, and what principles guide PostNL’s

contribution to a sustainable and future-proof postal service

for the Netherlands?

Pim: In 2025, the discussion around the USO increasingly

highlighted the growing need for a postal framework that is

economically sustainable over the long term. Declining mail

volumes continued to place pressure on the system, while the

legal framework had remained unchanged for many years.

Over the course of the year, this led to a broader recognition

among stakeholders that the postal system must be adapted

to remain viable in the future.

That recognition did not come overnight. Decision-making

proved slow, and the absence of timely reform resulted in

prolonged uncertainty and significant net costs. Despite

extensive efforts within our own sphere of influence, including

stamp price adjustments and operational efficiency

measures, the structural imbalance could not be resolved

without changes to the regulatory framework. Ultimately, the

lack of a timely and comprehensive solution led PostNL to

request withdrawal from the USO designation. Unfortunately,

this step has not yet resulted in a definitive outcome.

At the same time, 2025 marked a clear turning point in the

debate. The focus shifted from whether reform is necessary

to how, and how quickly, the postal system can be adapted to

ensure long-term sustainability. In December 2025, the

Minister proposed amendments to the delivery timeframe

and quality requirements within the Universal Service

Obligation (USO) through the Postal Decree. We welcome the

fact that a majority of the House of Representatives

supported this proposal, which enabled us to start the

necessary preparations to be ready for implementation as of

July 2026.

The scale of this change — including adjustments to

schedules, logistics processes, IT systems and

communications — requires timely and careful preparation.

This is essential to ensure a future-proof postal service for

our customers, partners and employees.

Looking ahead, it is now crucial that this momentum is

maintained. 2026 must deliver concrete solutions that

support a sustainable postal service for the Netherlands,

provide clarity for the market and ensure that the net costs of

public service obligations are addressed in a fair and

balanced manner. PostNL remains committed to contributing

constructively to this transition, drawing on our experience,

scale and sense of responsibility to help shape a resilient

postal system for the future.

4. In Parcels, 2025 required a shift towards value-driven

growth. What strategic choices did you make, and how do

these choices strengthen PostNL’s position in an

increasingly competitive e-commerce landscape?

Pim: In 2025, we took decisive steps to reposition our Parcels

activities towards value-driven growth. Market dynamics

continued to evolve, with intensified competition, persistent

cost inflation and rising expectations from both consumers

and large e-commerce platforms. Against this backdrop, we

applied greater discipline in shaping our customer mix,

prioritising segments and partnerships that contribute to

sustainable margin improvement. This included renegotiating

contractual terms and selectively reducing exposure where

value creation was insufficient.

We also strengthened our pricing architecture by introducing

a more differentiated and transparent structure that better

reflects cost-to-serve and service levels. Adjustments to

inflation and fuel mechanisms, combined with clearer service

tiers, supported improvements in average yield while

reinforcing long-term commercial relationships.

Operationally, we accelerated automation and digitalisation.

Investments in advanced sorting technology, AI-driven

forecasting and enhanced route optimisation contributed to

higher productivity, more predictable operations and more

effective utilisation of network capacity, particularly during

peak periods.

In parallel, we continued to reconfigure our Parcels network,

increasing flexibility through a more modular design and

optimised regional capacity. This enhanced our operational

resilience, reduced unnecessary long-haul movements and

supported our sustainability objectives.

More recently, we set a new market standard together with

customers and platforms by initiating the dialogue on Best-

Day Delivery. By enabling e-commerce players, logistics

providers, online retailers and platforms to better balance

volumes throughout the week and across the year, we are

contributing to a more balanced value chain and

strengthening the sector’s collective investment capacity.


	PostNL Annual Report 2025			9

Sustainability statements

Other information

Appendices

Q&A with our CEO and CFO

5. Employees experienced significant change in 2025 as

PostNL accelerated automation, redesigned parts of the

network and sharpened its focus on productivity and safety.

How did you ensure that employees remained engaged,

supported and aligned with the new direction, and which

cultural attributes will be critical on the road to 2028?

Linde: Joining PostNL in 2025 gave me a strong appreciation

of the organisation’s resilience and its ability to adapt to

changing customer behaviour, new technologies, regulatory

requirements and evolving ways of working. Even as the pace

of change accelerates, this adaptive mindset remains central

to who we are.

In 2025, we actively supported employee engagement and

achieved our objectives through clear and consistent

communication, visible leadership and structured change

support. We invested in training and continuous dialogue,

while further strengthening safety by involving employees

early in the design and testing of new workflows.

We also expanded our focus on wellbeing, including

monitoring workload, enhancing mental health resources and

improving access to support services. Our Works Council and

labour representatives were closely involved in key transition

steps, helping to safeguard fairness, transparency and trust

throughout the organisation.

Looking ahead to 2028, our performance management culture

will increasingly reinforce accountability, continuous

improvement and wellbeing as essential enablers of

productivity, service quality and strategic execution. These

cultural attributes will enable us not only to manage change

effectively, but also to shape it, ensuring that PostNL remains

a reliable, modern and future-fit employer.

6. Sustainability and social responsibility continue to be

defining expectations from stakeholders. Which advances in

2025 do you consider most pivotal, and how do they

reinforce PostNL’s role in society?

Linde: Sustainability is embedded in our core decision-making

and supports efficiency, resilience and long-term value

creation. In 2025, we made meaningful progress across our

sustainability and social responsibility agenda, reinforcing our

position as an essential part of the Dutch economy and

society. The most significant advances were achieved in

emissions reduction and the further electrification of our last-

mile operations.

By expanding zero-emission delivery zones and accelerating

the rollout of electric vans, e-bikes and cargo solutions, we

reduced our CO₂ footprint while contributing positively to the

quality of life in urban areas. Our role in city logistics

continued to evolve, supported by closer collaboration with

municipalities and partners to develop cleaner, safer and

more coordinated urban delivery solutions. These efforts

keep us firmly on track to meet our science-based climate

targets, while also strengthening cost efficiency, operational

resilience and our leadership position.

This progress was once again recognised by the Dow Jones

Sustainability Index, which ranked PostNL as the world’s most

sustainable logistics e-commerce company.

In addition, community impact remained central to our

approach. Initiatives such as Ik maak me zorgen empowered

deliverers to signal signs of loneliness or wellbeing concerns,

demonstrating how our operational scale and social

awareness go hand in hand and reinforce PostNL’s role as a

responsible partner in society.

7. As you reflect on 2025 as the first chapter of PostNL’s

renewed journey, which decisions, milestones or shifts in

mindset best signal the company’s trajectory under the new

strategy, and what can stakeholders realistically expect to

see in 2026 as the next steps in this transformation?

Pim: Looking back, 2025 clearly marks the year in which

PostNL opened a new chapter. It was a year of deliberate

choices that laid the foundation for our Breakthrough 2028

strategy and set a clear direction for the years ahead.

The most important shift was one of mindset. In 2025, we

moved decisively from managing pressure within existing

models to actively reshaping our portfolio and operating

model to support sustainable value creation. This shift was

clearly reflected in the strategic reset we presented at our

Capital Markets Day.

Our new strategy is now well understood, both within the

organisation and among external stakeholders, and it is

already generating positive momentum. For all stakeholders,

2026 will be the year in which strategy increasingly translates

into execution. This includes progress in the implementation

of our new customer segmentation, the accelerated rollout of

our OOH network and the application of AI-first

improvements across operations, resulting in more

predictable, convenient and reliable customer experiences.

Our direction is clear. In 2026, we will move from setting the

scene to delivering on our strategy. We would like to thank

our employees, customers and partners for their continued

commitment, trust and collaboration as we move forward

together.

Business

report



	We create value by growing our business, leading through innovation and making impact that matters, building on our heritage to shape a future-ready logistics organisation. Guided by our North Star, we focus on the customer and consumer experience and seamless delivery, strengthening trust and supporting sustainable performance.


Our operating context	11
Our strategy	17
Delivery in 2025	20
Financial review	39
Risk management	44
Regulatory developments	52

Our operating

context



	In this chapter we cover our value chain, our networks and services, and external developments, all of which are intrinsically connected. At the heart of our value chain are our customers, consumers, and end-users.


	PostNL Annual Report 2025			12

Sustainability statements

Other information

Appendices

Our operating context

Our value chain

Our value chain is built on strong relationships with the

people, partners and local communities we serve across the

Netherlands, relationships strengthened by our heritage and

long-standing presence at the heart of Dutch society. By

understanding the interests and influence of our stakeholder

groups, we can create lasting value and drive positive impact

across every stage of our operations. Trends shaping our

environment, including labour-market dynamics, regulatory

developments, shifting customer landscapes such as

consolidation and platform growth, evolving consumer

expectations, and the wider impact of geopolitical

developments, highlight the need for continuous adaptation

and innovation. Our double materiality assessment (DMA)

plays a central role in assessing the environmental, social and

governance impacts of our activities.

To create a holistic view of our value chain, we examine both

direct and indirect relationships. Direct relationships include

those with suppliers, employees, and partners, while indirect

relationships reflect broader influences on our operations.

Upstream inputs include fuels, packaging, energy and

services, while downstream outputs relate to the delivery of

products and services and their impact on customers,

consumers, end-users and the environment. By integrating

DMA outcomes and stakeholder perspectives, we continue to

refine our understanding of value creation across our

upstream, operational, and downstream activities. These

insights are reflected in the value chain infographic included

in the sustainability statements, on page 174, supporting

informed decision-making and underpins our focus on

sustainable and responsible value creation.

Our role

As outlined in Our strategy chapter later in the report, we

have introduced a new purpose to better reflect the role we

play in a rapidly evolving logistical and societal landscape.

This purpose – Connected to deliver what drives us all

forward – is reflected in the attention we place on every

phase of the value chain. We tailor our services to evolving

customer and consumer needs throughout the process, which

begins with discovery and order, followed by our three core

logistics activities: collect, sort, and deliver.

Discovery

Discovery marks the first stage in the e-commerce value

chain, where consumers encounter products or services that

meet a need, or uncover a new one. As agentic technologies

are introduced in e-commerce, the way consumers discover

products is evolving, and we are closely monitoring these

developments. It offers e-tailers opportunities to engage

consumers and improve conversion. We support e-tailers

with digital services that enhance the end-to-end experience,

including the ‘Bekend bij PostNL’ solution, which reduces

fraud. We see a continued role for trusted delivery and data-

driven services in supporting discovery. One channel in the

discovery stage to spark consumer interest is direct mail and

catalogues which we deliver through the letterbox. A smooth

purchasing experience strengthens the overall consumer

journey.

Order

The order phase involves businesses and consumers placing

orders for goods or postal services. Our broad range of

business customers depend on our reliable infrastructure,

including fulfilment services. Integrated digital channels and

customer platforms support seamless order processing.

Advanced solutions, such as address validation and our

evolving digital identity capabilities, which can be used with

‘Bestellen met PostNL’ and ‘Invullen met PostNL,’ help ensure

accuracy and secure interactions as these services are rolled

out more widely.

Collect

In the collect phase, we gather parcels and mail from retail

locations, business points, automated parcel lockers (APLs),

letterboxes and directly from business customers, including

returns. Some parcels and letters are also brought to us by

consumers. Our large-scale collection operations draw on

efficient routing and fleet solutions to reduce environmental

impact and strengthen flexibility, including late in-feed options

and SME collection points. Employees and delivery partners

play a key role as the face of our company.

Sort

Sorting is a critical step in the logistics process. At our sorting

centres, parcels and letters are processed using advanced

automation and digital technologies. Accurate and efficient

sorting reduces errors, supports timely delivery, and

enhances satisfaction for business customers and consumers.

Deliver

Delivery is the final stage. Our deliverers and delivery

partners serve homes, businesses, retail points and APLs with

a strong focus on first-time-right delivery, supported by the

right tools, training and data to ensure accuracy, timeliness

and road safety, our top priority. Reliable delivery is

complemented by convenient return options and responsive

customer care. Consumer expectations continue to evolve,

and so do we. We are moving from 'next day' to 'best day'

delivery, combining customer and consumer preferences to

unlock efficiency and margin potential, while continuing to

innovate through our app, expanded interaction options and

greater control over delivery preferences to create a

seamless ‘happy flow’, supported by stronger customer-

experience capabilities and continuous improvement across

every stage of the journey.


	PostNL Annual Report 2025			13

Sustainability statements

Other information

Appendices

Our operating context

PostNL_AR2025-NON-CSRD+Infographic_Tangelo_07.svg


	(International) mail
	(International) parcels

SDG-impact


	PostNL Annual Report 2025			14

Sustainability statements

Other information

Appendices

Our operating context

Our networks and services

Our business model is designed around helping customers

grow, creating more value by supporting them at every step

of the logistics chain. By optimising every stage of this chain,

we ensure that each interaction contributes directly to a

better customer experience and greater overall value. For a

detailed explanation of these steps, see the Our value chain

section.

Over the years, we have built dense and reliable networks,

and in recent years PostNL has evolved from a mail-centric

company into a full-service e-commerce logistics and postal

provider. Digitalisation has accelerated this transformation,

strengthening our business model and enabling us to stay

relevant and competitive in a rapidly changing market. While

we operate from 1 January 2026 through three focused

business segments, E-commerce, Platforms and Mail, the

sections below describe the business structure that was in

place throughout 2025.

Parcels

E-commerce continues to shape retail and drive parcel

growth. We continue to invest in IT, network, and

infrastructure to support this growth, including solutions for

handling small parcels and time-critical deliveries. Our digital

platforms provide customers and consumers with greater

transparency, insight and control over the sending and

delivery process. By sharing relevant data and insights, we

help e-tailers optimise their e-commerce propositions and

consumers experience a more seamless journey. In 2025, we

embedded Extra@Home, our service for large and heavy

items, into Parcels which will create opportunities to improve

efficiency and synergy across our parcel offerings.

Internationally, customers are supported through Cross

Border Solutions (CBS), which provides worldwide e-

commerce delivery options. From 1 January 2025, we

integrated our fulfilment operations into CBS, further

strengthening our ability to scale fulfilment services across

Europe.

Parcels network

Our parcels network is the backbone of our logistics

operations, ensuring reliable and efficient delivery across the

Netherlands, Belgium and beyond. Comprising 37 state-of-

the-art sorting and distribution centres strategically located

throughout the Netherlands, the network is supported by a

number of depots and two state-of-the-art distribution

centres in Belgium. Together, these enable delivery across the

Benelux and strong cross-border connectivity with the rest of

Europe. Supported by advanced automation, data-driven

planning and a fleet increasingly powered by sustainable

transport solutions, the network handles millions of parcels

each week.

Integrator and multi-carrier platforms

The logistics market continues to shift towards shipping

platforms, particularly among small and medium‑sized

enterprises (SMEs), as e-commerce grows. Customer

interaction is increasingly managed through multi-carrier

platforms that combine competitive pricing, customer service,

and flexible delivery options. We apply an asset-light

structure outside the Benelux, where we partner with local

and regional operators to connect digital and physical

logistics services, ensuring solutions are more sustainable,

affordable, and responsive to customer needs. Through

MyParcel, we offer SMEs and niche segments access to a

wide range of delivery services. The integrator model

enhances the resilience of our business and extends our

reach across Europe.

Out-of-home network

We are strengthening the e-commerce value chain by

expanding our out-of-home (OOH) network and accelerating

the roll-out of APLs, giving consumers greater convenience

and flexibility while improving efficiency and supporting our

decarbonisation goals. Locker usage is growing strongly with

first-time users reporting high satisfaction. Retailers are

increasingly integrating lockers at checkout, recognising the

value of offering consumers flexible, round-the-clock

collection and return options. Our open and inclusive

approach allows other carriers to access our APLs, and in

2025 it became possible to send and return FedEx parcels via

our lockers. By creating a shared, cost-effective, and

sustainable model, we improve accessibility and reduce

kilometres driven, thereby reinforcing our position as the

preferred deliverer.

Cross Border Solutions

CBS supports international e-commerce with a full range of

services to facilitate trade within, to and from Europe, and is

developing and improving market propositions, optimising

hubs, and reinforcing our European network. Spring Global

Delivery Solutions (Spring GDS), our international subsidiary,

operates in 10 European countries and connects customers

to 190 destinations worldwide via its asset-light network. It

provides simplified and sustainable cross-border deliveries,

including customs clearance and returns. As demand for

cross-border e-commerce grows, we are investing in

fulfilment centres in strategic European locations. We are

also strengthening sales capacity in selected markets and

enhancing connections within our continental network.

Looking ahead, we are preparing for the impact of

forthcoming European consumer protection and customs

regulations, particularly on our Asian customer base, to

ensure resilience and continuity of service.

Mail in the Netherlands

Despite volume decline, mail is still a very relevant

communication medium in Dutch society. Our Mail in the

Netherlands network is essential to ensure the reliable

delivery of letters, direct mail, and printed materials. The

network comprises an extensive infrastructure of sorting

centres, delivery offices, and collection points, supported by

advanced digital planning tools and deliverers operating

across the Netherlands. More information on this and Mail

developments within 2025 can be found on the Our vision for

a future-proof postal service page in the Delivery in 2025

chapter.


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Our operating context

External developments

The markets in which we operate remain volatile and

dynamic. In 2025, geopolitical tensions and macroeconomic

uncertainty, combined with a still-tight labour market,

continued to impact our operating costs and influence

customer behaviour.

The increasingly competitive landscape further added

pressure, as we continued to face growing expectations from

both consumers and business partners in terms of delivery

speed, flexibility, and sustainability. Consumers are also

seeking more control, better predictability, and stronger

digital connections, from ordering to delivery, requiring us to

adapt our services accordingly. At the same time, ongoing

digitalisation, automation, and advances in artificial

intelligence (AI) are providing opportunities to further improve

service quality and efficiency. In this section, we explain these

developments in the context of PostNL.

Geopolitical and economic developments

Trade and policy uncertainty remain prominent, and the

Netherlands’ growth outlook faces headwinds from elevated

tariffs and geopolitical fragmentation. According to De

Nederlandsche Bank (DNB), economic expansion will hover

around 1 percent through 2027, below prior estimates, unless

trade frictions ease. In 2025, inflation eased to 3.3 percent.

Parallel to this, cross-border trade and postal markets are

facing transformative regulatory change. In May 2025, the

European Commission advanced preparations for a wider

reform of EU customs rules for non-EU e-commerce. This

reform, expected to take full effect by 2028, includes the

abolition of the €150 duty-free threshold, with the EU

considering an accelerated removal of the de minimis as early

as 2026. In addition, the Dutch government announced its

intention to introduce a national €2 handling fee for low-value

imports, ahead of wider EU reforms, but eventually

postponed taking a decision on this until further notice. These

changes would reshape import processes and require

adjustments to our international operations, drawing on our

expertise in navigating shifting value chains.

In the United States, ending the de minimis exemption (duty-

free entry for post and parcels’ goods valued under $800)

from 29 August triggered operational disruption. Almost all

operators, including PostNL, temporarily halted certain U.S.-

bound parcel shipments amid uncertainty over customs

processes and data requirements.

“Ongoing digitalisation,

automation, and advances in

artificial intelligence are providing

opportunities to further improve

service quality and efficiency”

Policy developments

Legal proceedings concerning the universal service obligation

(USO) also continued, underlining the lack of a sustainable

regulatory solution. Modernising the postal law remains

urgent and the current framework limits the sector’s ability to

adapt to evolving consumer behaviour, digital substitution

and declining mail volumes. Separately, global postal and

logistics networks are facing increased complexity due to new

trade restrictions and fragmented regulatory frameworks.

These developments underscore the importance of clear,

forward-looking policy frameworks that support sector

innovation and resilience in a rapidly changing environment.

Labour market

The Dutch labour market remained tight in 2025.

Unemployment increased slightly over the course of the year,

particularly in the second half, yet remained low in

comparison with other European Union countries. For PostNL,

competition for part-time workers continued to be

challenging in some regions, particularly for Mail in the

Netherlands. Recruitment and retention initiatives, scheduling

optimisation, and continued engagement with social partners

remained key areas of attention. More on our approach to

tackling this can be found in the Delivery in 2025 chapter.

Looking ahead, labour-market tightness is expected to

persist, reinforcing the need for continued focus on

workforce stability and operational efficiency.

In addition to the challenges of a tight labour market, PostNL

experienced higher labour costs due to increases in the

statutory minimum wage, which rose by 2.78% on 1 January

and 2.42% on 1 July 2025 for employees aged 21 and over,

pushing up wage bills across the organisation. Because the

lower tiers of our collective labour agreement (CLA) are

linked to the statutory minimum wage, this resulted in pay

increases across the organisation. This added cost pressure

for the labour-intensive parts of our operations. Continued

upward wage dynamics are expected in 2026, and we will

remain focused on productivity measures and network

optimisation to mitigate these effects as much as possible.

Technological advancement and

digitalisation

The pace of adoption of digital technologies is accelerating,

supported by advances in robotics, automation and data-

driven tools, and we saw digitalisation, robotics and AI further

enhancing efficiency and service in 2025. AI is developing fast,

creating new opportunities but also increasing risks around

responsible use. The result is that cybersecurity and

regulatory readiness remain key, particularly as the digital

infrastructure underpinning logistics and postal operations

becomes more complex and interconnected.


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Our operating context

Innovation plays an essential role in strengthening our

distinctive customer experience, both within and beyond the

delivery moment. We continue to invest in digital solutions

and emerging technologies that enhance reliability,

convenience, and transparency across our networks. By

modernising our platforms, applying data-driven insights and

exploring new business models, we are creating smarter,

more flexible services that anticipate customer needs where

it matters most. These innovations support our long-term

ambition to operate more efficiently, sustainably and in closer

partnership with our customers and stakeholders.

For example, we are continuing to strengthen our digital

foundations by progressing investments in secure data

platforms, cloud-based applications, and automation of key

operational workflows. These initiatives support greater

network resilience and allow for more accurate volume

forecasting, route optimisation, and real-time visibility across

our logistics processes. At the same time, we continued to

focus on cybersecurity frameworks to ensure we are

prepared against emerging digital threats.

And in line with our new strategy, we are moving decisively

towards an AI-first approach. This shift will accelerate

innovation, boost competitiveness, empower talent and help

reduce costs across the organisation. Enabled by our

dedicated AI Centre of Excellence, the transformation is

structured along four streams: building the right AI

architecture and governance to scale responsibly;

strengthening our ecosystem through deep collaboration with

leading technology partners; executing value through

applications such as conversational AI in customer care and a

growing pipeline of proofs of concept; and driving company-

wide adoption.

Together, these measures provide a more robust basis for

innovation while supporting continuity of service for

customers and communities.

While these developments create significant opportunities for

enhanced service and operational performance, they also

raise important questions around ethical use, transparency,

and privacy. As AI becomes more deeply embedded in

operational and customer-facing processes, expectations

around responsible data use are rising in parallel. Ensuring

alignment with general data protection regulation (GDPR),

embedding privacy-by-design principles, and maintaining

robust oversight are key to safeguarding trust.

Looking ahead, we recognise the need to actively monitor the

evolving ethical landscape surrounding AI, as well as

stakeholder expectations and regulatory developments.

Balancing innovation with accountability will remain essential

to ensure that digitalisation supports both long-term

efficiency and responsible business conduct.

“Balancing innovation with

accountability will remain

essential to ensure that

digitalisation supports both long-

term efficiency and responsible

business conduct”

Competitive landscape

The competitive landscape in 2025 was shaped by shifting

consumer preferences and the responses of e-commerce

platforms, merchants, and logistics players. Growing demand

for reliability, convenience and delivery flexibility accelerated

the adoption of multi-vendorship models, with e-tailers

increasingly offering both home and OOH solutions at

checkout. This supported the rapid expansion of our APL and

pick-up networks across the market, with OOH delivery

emerging as a key competitive differentiator.

At the same time, broader market dynamics continued to

evolve. E-commerce consolidation intensified, with

marketplaces and platforms dominating and Asian players in

particular gaining share. The increasing weight of e-commerce

platforms and growing client concentration placed further

pressure on margins and service dynamics. Their influence

reinforced market consolidation, raising barriers to entry for

smaller players but also creating opportunities for targeted

growth in cross-border flows.

Additionally, consumer behaviour also played an increasingly

important role in shaping this ecosystem. Ordering patterns

are becoming more concentrated, with clear ‘peaks’ emerging

around weekends, when salaries are paid and promotional

moments. These shifts create uneven flows across the week,

putting additional pressure on logistics networks and

requiring smarter planning, flexible capacity, and closer

collaboration with customers to balance volume.

Internationally, logistics providers expanded networks to

capture rising demand for seamless cross-border e-

commerce. Competitive dynamics were further shaped by

customs reforms, regulatory changes and the normalisation

of freight rates following 2024’s disruptions. However,

geopolitical risks and tariff measures continued to influence

routing, cost structures, and competitive positioning.

Looking ahead, competition will increasingly centre on who

can best anticipate consumer expectations for choice,

transparency and sustainability. Operators that can adapt to

peak-driven buying behaviour, smooth demand and offer

flexible OOH and home-delivery options will be well

positioned to strengthen market share. Changing consumer

behaviour continues to shape both e-commerce and mail

markets, as spending patterns stabilise following years of

volatility and preferences shift towards convenience,

reliability, and responsible consumption.

Our strategy



	In this chapter we introduce our new strategy, Breakthrough 2028. This is our roadmap to realise our strategic intent and defines how we will further develop as a digital, sustainable and customer- driven logistics company. We do so while building on our heritage and trusted brand, and leveraging our digital capabilities and transformational mindset.


	PostNL Annual Report 2025			18

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Our strategy

Breakthrough 2028

In September 2025, we introduced Breakthrough 2028, our

strategic plan that sets PostNL’s course towards 2028 and

beyond. This represents the next step in our development as

a leading e-commerce and logistics company, and will guide

us in a dynamic e-commerce environment, strengthen our

competitive position, and ensure we continue to lead in a

rapidly changing market.

Building on a strong foundation, we are entering a new

chapter for PostNL. Our new strategy reflects the energy,

momentum, and ambition with which we are accelerating. The

strategic direction is clear: in E-commerce, moving from

volume to value through a differentiated approach and smart

network utilisation; in Platforms, capturing international

growth through asset-light models; and in Mail, transforming

to a future-proof postal service. Over 225 years of social

commitment, we have always been at the forefront of

transformation and that will continue as we translate our

ambitions into tangible results. We outline our new strategy

below, starting with what sits at its heart: our North Star.

Our North Star

Our North Star, along with our purpose Connected to deliver

what drives us all forward, defines who we are, what we

stand for and why we exist. Our purpose guides the decisions

we take and the relationships we build. In a world that is

increasingly digital, complex, and interconnected, this ensures

we remain relevant and responsible, creating value for

customers, our people, shareholders, and society.

Anchored in our foundation of building on a strong heritage,

driving change, serving society and being sustainable at the

core, we continue to evolve through innovation and

collaboration, staying a familiar presence in every street

while contributing to a future-ready logistics ecosystem. By

working with our broad range of stakeholders, we strengthen

our role within the wider value chain and remain a driving

force for progress in the Netherlands. Our values —

connecting, personal, resourceful, and dedicated — guide

how we work together and serve the communities around us.

Our four pillars

From our purpose flows a clear sense of what matters most.

To deliver on our North Star and the role we play in society,

we focus on four pillars that define how we create long-term

value: Growth, Value, Innovation, and Impact. These pillars

express what it means to be Connected to deliver what drives

us all forward, sharing how we make decisions, how we

invest, and how we measure success.

• Growth strengthens our competitive position in the Benelux

and expands selective international activities through

scalable, customer-centric propositions.

• Value focuses on operational excellence and disciplined

execution, unlocking greater potential through optimising

the consumer experience, improving margins, and making

smarter use of our assets.

• Innovation drives the transformation of our networks,

processes and customer experience through digitalisation

and data-driven insights.

• Impact reflects our social and environmental responsibility,

creating positive outcomes for our people, communities in

which we operate and the planet.

Our strategic intent

These pillars are brought to life through our strategic intent,

which is focused on growing our business, creating

sustainable value, leading through innovation, and making

impact that matters, ensuring that PostNL remains the

favourite deliverer for everyone we serve. This intent

translates our purpose into a clear ambition for the years

ahead.


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Our strategy

Our operating model

Breakthrough 2028 is our roadmap to realise our strategic

intent and the ambitions of our North Star. The plan builds on

our strong foundation and defines how we will further

develop as a digital, sustainable, and customer-driven

logistics company. To deliver on this, on 1 January 2026, we

began steering and operating through three business

segments and will report on these from 2026 onwards. These

units, E-commerce, Platforms and Mail, reflect how we create

value across e-commerce, cross-border logistics and our

postal business, ensuring greater focus, accountability, and

alignment with our strategy.

Enabling transformation

Our strategy is supported by three enablers that make

transformation possible. ESG ensures that environmental,

social and governance ambitions are embedded in all

decisions and operations, with priorities informed by the

outcomes of our double materiality assessment (DMA) and

guided by our Science Based Targets initiative-aligned net-

zero pathway.

Data & Tech drives digital transformation and underpins our

ambition to become an AI-first organisation, enabling smarter

processes, better insights and new opportunities for

customers, consumers, and employees.

Innovation Beyond Delivery extends our reach beyond

traditional logistics by exploring new business models in

sustainability services, energy solutions, and digital

commerce. Together, these enablers provide the capabilities,

systems and culture required to deliver Breakthrough 2028

successfully.

From strategy to execution

We apply a disciplined approach to strategic portfolio

management. This connects long-term ambition with day-to-

day delivery by directing resources, investments, and

initiatives towards the areas of greatest strategic impact. At

the heart of this approach are our Strategic Portfolio

Priorities (SPPs), ten integrated programmes that bring

Breakthrough 2028 to life. The SPPs form the portfolio

through which initiatives are aligned with our four pillars:

Growth, Value, Innovation, and Impact. Together, they ensure

that the objectives of each pillar are translated into clear

actions.

To realise this ambition, our goals are to deliver excellent

customer experiences, engaging and empowering our people,

maintaining operational excellence and financial discipline,

and creating measurable social and environmental impact.

Each programme has defined ownership, measurable goals

and transparent reporting and is directly governed at the

Executive Committee (EC) level. This integrated governance

provides focus and accountability, ensuring that PostNL

remains agile and aligned as markets, technologies and

customer expectations continue to evolve.

Connecting strategy to performance

In the following section we explain how we delivered on our

ambitions in 2025, before connecting this to our performance

on our financial and non-financial KPIs. Our disciplined

execution is aimed at accelerating performance towards

2028, with a clear focus on value creation, sustainable

growth, and operational excellence. By 2028, we aim to

achieve revenue of more than €4 billion, a normalised EBIT

above €175 million, free cash flow exceeding €75 million and

a return on invested capital (ROIC) of over 12%.

Alongside these financial ambitions, we continue to measure

success through our non-financial impact on customers, the

environment, and our people. In line with our integrated

approach to value creation for all our stakeholders, we strive

to remain the #1 carrier in customer satisfaction (NPS),

improve carbon efficiency by 20–25% across scopes 1, 2 and

3, and increase employee engagement by 5 percentage

points. Taken together, these KPIs reflect how our integrated

strategy, grounded in the four pillars, translates into long-

term performance and responsible value creation.

Delivery in

2025



	In this chapter we describe how our work throughout 2025 aligned with, and contributed to, the Breakthrough 2028 strategy launched in September. We structure our story around the four strategic pillars, Growth, Value, Innovation and Impact, introduced with the strategy. These pillars provide a holistic view of developments across our business and how we create value and impact for our customers, partners and society. Lastly, we present our results on the financial and non-financial KPIs that guided our performance during 2025.


	PostNL Annual Report 2025			21

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Appendices

Delivery in 2025

Introductory overview

In this chapter, we explain how we performed on our strategy

in 2025, using the four strategic pillars introduced with the

launch of our new strategy in September 2025. While these

pillars provide structure and clarity, the topics within them

are closely interconnected, reflecting the integrated nature of

our business and the way value is created across our

operations. This interconnectedness means that progress in

one pillar often supports or enables developments in another.

Although the new framework was only formalised in the

second half of the year, we have structured this chapter

around these pillars to provide a clear, holistic, and forward-

looking view of our progress. At the same time, we continue

to present results using our operating segments as they were

structured and steered on throughout 2025, Parcels and Mail

in the Netherlands, to ensure consistency. We outline the

main developments and results achieved across each pillar,

drawing on both financial and non-financial information to

show how we are beginning to embed the new strategy.

Our progress is assessed through a number of key

performance indicators (KPIs), covering both financial and

non-financial topics. For 2025, we report against the set of

KPIs applicable in 2025. As of 2026, we will report on the KPIs

as outlined in our Breakthrough 2028 strategy. These KPIs

provide insight into our performance and help ensure a

balanced focus on short-term delivery and long-term value

creation. Our 2025 performance can be found in the

Performance on our financial KPIs and non-financial KPIs

sections later in this chapter.

Growth

Our competitive position in the Benelux, supported by

scalable and customer-centric propositions, enables

sustainable growth and the expansion of selective

international activities. In 2025, growth was supported by a

recovery in e-commerce volumes, further expansion of our

asset-light international network, and targeted initiatives that

deepened customer relationships. Parcels and Cross Border

Solutions (CBS) continued to reinforce PostNL’s leadership

position in the Benelux and beyond.

E-commerce market dynamics

Growth in the e-commerce sector underpins our focus on this

sector. During 2025, the Dutch e-commerce market remained

highly competitive and increasingly concentrated, with

ongoing price pressure across platforms and webshops.

Competitive intensity rose from large online players and new

entrants from Asia, tightening margins further. We also saw

evolving dynamics in digital commerce, with the rise of peer-

to-peer marketplaces and early signals of social commerce

channels, such as those embedded in or enabled by social-

media platforms, which we expect to see develop further in

2026.

Severe cost inflation persisted in 2025, driven by higher wage

levels. The effect of wage inflation was felt particularly

strongly across our labour-intensive operations, where

people are central to the delivery of our services and

personnel costs form a significant share of our cost base.

Although innovation remains essential, the combination of

higher costs and sustained price pressure limited overall

investment headroom in 2025.

Realising growth potential

Parcel volumes rose as online retail activity stabilised. Cross-

border parcel flows continued to grow in 2025, especially

inbound volumes into the Netherlands, which remain an

important source of growth. Consumer satisfaction, as

measured by the Net Promoter Score (NPS), improved again

during the year. PostNL continues to achieve the highest NPS

score in our sector among Dutch consumers, reflecting trust

in our reliability and service quality, also supported by

ongoing investment and focus on improving our channels and

information provision.

“PostNL continues to achieve the

highest NPS score among Dutch

consumers in our sector,

reflecting trust in our reliability

and service quality”

During the year, we took important steps to strengthen how

we understand and support small and medium-sized (SME)

business customers, using data and insights to help us gain a

clearer focus on specific customer needs. This will help us

build stronger, longer-lasting relationships while improving

the overall efficiency of our network.

We saw utilisation of our automated parcel lockers (APLs) rise

steadily throughout the year, as more consumers embraced

the convenience and flexibility they offer. This growing

adoption reflects strong consumer appreciation for simple,

reliable delivery options. Third-party volumes continued to

contribute positively, and insights from the initial roll-out are

helping shape the next phase of development. Our focus now

is on broadening delivery choice for consumers and


	PostNL Annual Report 2025			22

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Delivery in 2025

increasing the role of OOH solutions, supporting a more

balanced and efficient last mile.

We strengthened our fulfilment growth proposition by

introducing smart packaging technology at our fulfilment hub

in the Netherlands. Automated box-sizing enables optimal,

branded packaging for every order, reducing material use,

minimising empty space and lowering CO₂ emissions. This

technology-driven approach improves operational efficiency

while supporting our sustainability ambitions.

Customers benefit from more sustainable packaging, an

improved unboxing experience and reliable, scalable

fulfilment, while these optimisations also reinforce our

international fulfilment proposition through a more

standardised and future-proof operating model. As volumes

grow, this standardisation supports consistent quality and

scalability across markets.

In Belgium, we took an important strategic step in 2025 by

shifting focus from an import-led model to a more locally

grounded parcel business. While inbound flows from the

Netherlands remain an important part of the network, growth

is increasingly driven by domestic Belgian customers and a

more value-accretive commercial mix. This shift strengthens

the resilience of our Belgian operations and supports more

balanced network utilisation.

Unlike the Netherlands, the Belgian e-commerce landscape

has few very large national webshops, meaning that growth

depends on a broad base of SME senders. By tailoring

commercial propositions and dedicating more attention to

these customers, domestic volumes grew year-on-year. This

approach enables us to build closer relationships with

customers and respond more effectively to local market

dynamics. And with eight operational locations across the

country, we are well positioned to handle rising volumes in

the country. Together, these developments support

sustainable growth and reinforce our competitive position in

the Belgian market.

International expansion

During the year, CBS strengthened its position as a trusted

partner for cross-border e-commerce logistics, advancing our

ambition to create a larger European footprint to reach more

customers and meet their needs.

Through Spring Global Delivery Solutions (Spring GDS), we

connect customers to 190 global destinations via an asset-

light network model, designed to move cross-border volumes

faster and at scale. We continued to expand our European

network, launching new trade corridors between Western

and Eastern Europe and adding fulfilment capacity in Poland,

the UK and Italy. These developments enhance delivery

reliability and support the rise of international e-commerce

flows. At the same time, the broader market dynamics,

including the acceleration of cross-border e-commerce and

the integration of fulfilment operations into our network,

reinforce the strategic value of these investments.

“Through Spring Global Delivery

Solutions, we connected

customers to 190 global

destinations via an asset-light

network model, designed to move

cross-border volumes faster and

at scale”

Spring’s network build-out follows an asset-light approach:

leasing space and equipment, keeping automation practical,

and scaling locations as volumes grow, with targeted

marketing and sales investments supporting this

development.

Cross-border continuity

At Spring GDS, when the United States tightened its de

minimis rules for e-commerce imports, our teams

implemented an alternative technical and operational route

to ensure uninterrupted service. We also prepared for

anticipated European measures to introduce a handling fee

on non-EU e-commerce parcels earlier than expected, as

several EU Member States were already exploring the early

introduction of national handling fees ahead of a central EU

approach. Countries including the Netherlands, France,

Belgium, and Italy were considering such national measures,

underscoring the urgency of readiness. The scenario planning

undertaken in recent years proved instrumental in enabling

this swift and coordinated response.


	PostNL Annual Report 2025			23

“

With local presence in

key markets across

Europe and global reach

through our cross-border

network, we continuously

evolve our services to

simplify international

growth and support our

customers at every

stage, from order to

delivery.”

Scaling across borders

In 2025, Cross Border Solutions (CBS) further accelerated its role as PostNL’s

international growth engine. By adapting delivery solutions to local market preferences,

from parcel pickup to doorstep delivery, we enable customers to enter new markets

more easily, reduce operational complexity and scale their business sustainably across

borders. To meet growing demand, we further expanded European fulfilment capabilities

and developed new propositions across international markets.

SME customer

benefits at a glance

•Simple, transparent fulfilment with

access to multiple locations

•Direct access to an extensive

international delivery network

•Personal service grounded in local

expertise and data-driven insights

Abbi Swindin,

Director Strategic Development Spring GDS

International multi-country SME fulfilment solution

Small and medium-sized enterprises (SMEs) seeking to grow internationally gained access to a

new fulfilment proposition in Italy and the UK, marking the first step towards a multi-country

SME fulfilment network. Through this proposition, SME customers benefit from an end-to-end

solution covering both international fulfilment and distribution, from order to doorstep, fully

managed through a single, integrated Spring solution. Customers benefit from simple and

transparent fulfilment and immediate access to our extensive international delivery network,

as well as personal support underpinned by local expertise and data-driven insights. In line

with Spring’s DNA of making the complex simple, this solution removes many of the

operational, logistical and cross-border complexities SMEs typically face when expanding

internationally, allowing them to focus on growing their business.

Facilitating new market growth for strategic customers

To support the European expansion of one of our strategic customers, we opened new

fulfilment centres in Germany and Poland, adding a combined 13,000m² of fulfilment capacity.

This enabled greater reliability and scalability through consistent operations, while combining

international reach and local expertise to meet market-specific requirements. By locating

fulfilment closer to end consumers, customers benefit from shorter delivery times in key

markets, creating additional capacity and operational headroom to support further growth

ambitions. These fulfilment partnerships also enhance the Spring Europe cross-border

network, our international delivery network that connects European markets, improving

connectivity, closing operational gaps and supporting long-term, reliable service for

customers operating internationally.


	PostNL Annual Report 2025			24

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Delivery in 2025

Value

The Value pillar focuses on unlocking value by improving

consumer experience, strengthening margins and making

smart use of our assets. In 2025, value creation was

supported not only by disciplined yield management and

operational excellence, but also by the growing impact of our

digital propositions, which help consumers manage their

deliveries with greater control and convenience. Throughout

the year, we continued to shift our focus from volume to

value, embedding more sophisticated pricing, product and

customer-mix steering across all business segments.

In Parcels, this meant optimising our commercial portfolio,

strengthening contractual discipline, and aligning capacity

with value-accretive growth. At Mail in the Netherlands, we

advanced measures to safeguard a financially viable postal

service in a structurally declining market through selective

pricing, cost control, and further network optimisation.

Creating strong consumer foundations

In 2025, we continued to enhance value creation by improving

the digital consumer journey and strengthening the ‘happy

flow’, the seamless, reliable experience that defines every

interaction with PostNL. Guided by consumer feedback and

behavioural insights, we refined our digital propositions to

ensure simplicity, transparency, and control across all

channels. For example, the introduction of the feedback

button within the PostNL app and website provided real-time

insights into customer experience, enabling faster service

improvements and more personalised support.

We also gave receivers more control over their parcel

deliveries, for example by expanding the number of OOH

options, a core element of our consumer-satisfaction strategy

and one of the features that truly sets us apart. Growing

adoption of delivery preferences in the PostNL app enabled

more customers to choose how, where and when they

wanted their parcels delivered. This helped reduce not-at-

home attempts and further improved first-time-right delivery

performance. Building on this success, we are extending this

capability to Belgium to personalise the last mile across

borders and create a more consistent and reliable experience

for consumers.

During the year, we continued to refine our position in the

small and medium-sized enterprise (SME) segment, a key

priority under Breakthrough 2028. We further refined our

customer journey, making it faster and easier for SME

webshops to become PostNL customers, often within minutes

rather than days.

To improve satisfaction and retention, we also enhanced

churn management, lifecycle marketing, and intermediary

policies, ensuring customers receive the right mix of direct

and partner-based services. These and the steps outlined

above create a stronger, more personal connection with

SMEs and position PostNL as a trusted logistics and e-

commerce partner, growing alongside customers by offering

the right support at every stage of their development.

These initiatives directly contributed to our Reptrak score,

which again placed PostNL among the most trusted and

positively regarded logistics companies in the Netherlands.

Our ISO 9001 certification remained high at 98% (2024: 98%).

By aligning digital convenience with operational excellence,

we continue to reinforce customer satisfaction, loyalty, and

brand strength, which are key drivers of sustainable value

creation.

Enhancing logistics flow

In 2025, we took the first major steps towards transforming

our first- and middle-mile transport network into a new wave-

based model, which is a significant operational change and

will benefit parcel and mail delivery. The new design replaces

fixed time-based routes with multiple daily 'waves', enabling

smarter, more balanced planning across the day. This allows

us to distribute workload more evenly, reduce peaks, and

create better work packages for our transport team, while

improving overall network reliability and predictability.

With more evenly spread collection and delivery moments,

flows can be planned more efficiently, leading to fewer

delays, steadier service levels and improved on-time

performance, particularly during peak periods, helping ensure

consumers enjoy more predictable arrival times and a

smoother overall experience.

Throughout the year, we focused on planning, piloting, and

preparing for the 2026 rollout phase. The wave network will

be implemented in stages through to 2029, with the first

operational gains already visible in 2025 through smarter

scheduling, structural order planning, and improved

coordination between collection and delivery. These changes

are designed not only to lower costs per parcel and letter,

but also to support our broader sustainability goals through

lower-emission logistics and greater use of renewable energy.

In Belgium, reliability remains crucial for consumers and

senders, a market-wide need that extends beyond PostNL.

Despite this broader context, in 2025 we delivered strong

improvements across our network, with complaints and

losses declining year-on-year. Overall on-time delivery rose,

while domestic parcels achieved 99% on-time performance.

Time-slot deliveries also improved sharply. These gains place

us ahead of several competitors in operational consistency in

Belgium, reinforcing reliability as a key differentiator in a

market where service quality varies widely. A more

disciplined approach to managing network capacity also

supports long-term value creation, ensuring that new volume

strengthens productivity and avoids dependence on low-yield

flows.

Redesign product pricing architecture

Parcels advanced the redesign of its product and pricing

architecture, creating greater flexibility in our customer

propositions, and supporting a shift from a volume-based to a

value-based approach. We implemented regular price

adjustments and targeted yield measures, establishing

stronger links between true cost drivers, such as size, weight,

format and handling profile, and our rate cards. In parallel,


	PostNL Annual Report 2025			25

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we embedded revenue and capacity management principles

more deeply across the network, optimising for day-of-week

spread and asset utilisation rather than volume alone. This

included steering demand towards OOH options to improve

network economics. This increase in OOH options, such as

APLs, supports our commitment to Value by helping increase

first-time-right delivery rates and giving consumers greater

choice in how and when they receive their parcels. These

strategic choices led to modest market share loss,

particularly in the fourth quarter. However, we have also seen

that they created positive momentum to improve higher-value

customer relationships. Together, the measures will support

disciplined growth, enable smarter yield management, reward

reliability and quality, reduce pricing complexity, and lay the

foundation for sustainable margin improvement over the long

term.

Strengthening operational performance

Delivery quality for Parcels remained strong throughout 2025.

Enhanced forecasting and control-room coordination helped

maintain reliable service levels for both consumers and

business customers. Additionally, to further strengthen

operational performance we introduced a new leadership

model across the Netherlands, separating responsibilities for

people management, process control, and planning support.

This structure creates clearer accountability and enables

more effective coaching for teams.

In parallel, at Parcels within the Netherlands we further rolled

out our plan to balance the delivery workforce at around 50%

employed staff and 50% delivery partners (2025: 30%

employed staff). Early indicators show higher engagement

and a reduction in short-term absenteeism, supported by the

continued roll-out of the Managing Employability programme

(Sturen op Inzetbaarheid) from Mail in the Netherlands to

Parcels. These developments strengthen our overall value

proposition by improving wellbeing, employability, and

productivity, which in turn contribute to sustainable value

creation for the company and our stakeholders.

Stabilising Mail in the Netherlands

Mail has proven to be essential for people and organisations

across the Netherlands, and our postal network remains a

key part of the country’s social infrastructure, ensuring

everyone, regardless of age, ability or location, can stay

connected. We are adapting our operations to ensure stability

for the upcoming years and continue to guarantee

accessibility to essential services such as medical mail, voting

passes and other time-sensitive communication.

“Guided by consumer feedback

and behavioural insights, we

refined our digital propositions to

ensure simplicity, transparency,

and control across all channels”

At the start of the year we completed a major operational

migration by moving virtually all 24 hour business mail to a

two-day (D+2) standard. The change was executed safely and

predictably, with clear customer communication and

disciplined planning at sites and in the field. Early customer

feedback has been positive, reflecting better alignment

between service promises and actual needs. Internally, we

absorbed role reductions largely via natural attrition and

responsible redeployment.

For PostNL, 2025 was purposefully a year of stabilisation at

Mail in the Netherlands. We reset our operating model to

strengthen local leadership and accountability, brought

decision-making closer to the work floor, and re-introduced a

hands-on lean cadence at sorting and preparation. Site-based

improvement teams, supported by experienced coaches, now

drive daily performance huddles, visual management, and

standard work. We also recalibrated delivery route times with

and for our deliverers. By aligning planned working hours

more closely to reality, we improved fairness, predictability,

and satisfaction. Pulse surveys throughout the year showed

encouraging improvements in engagement among deliverers.

We continued to evolve our portfolio in line with customer

demand for non-time-critical services. In July, we launched a

pilot with a number of customers for a letterbox parcel

delivered within two days, establishing this as the new

standard for the format, with formal introduction from the

start of 2026. This complements the e-commerce commercial

offerings and offers customers a cost-effective, predictable

alternative where 'next day' is not required.

On the digital side, we delivered practical, low-investment

innovations that improve the 'happy flow': smarter use of GPS

support for deliverers (currently in the test phase), and

simplified label functionality. These are incremental rather

than disruptive, and deliberately sized to our footprint and

capex discipline. We also piloted a secure registered e-mail

solution, offering customers a digital alternative for legally

verifiable correspondence.

We took stronger action against counterfeit stamps and

stamp codes, particularly in the area of mail and small

parcels. By adapting our existing machine-vision technology

to also check items that cannot be processed automatically,

we were able to detect and stop more fraudulent items. We

worked closely with involved senders and online platforms to

address the issue at its source and, in some cases, we

temporarily held items clearly marked as counterfeit to make

receivers aware of the problem and help trace the routes

used by online sellers. This approach shows how we can use

our own expertise and technology to reduce revenue loss

effectively, without major new investments.


	PostNL Annual Report 2025			26

“

We want to grow

together, with one goal:

serving the customer

even better.”

Creating value through

customer partnership

Judith Dumas,

Strategic Account Lead AS Watson

Results?

Together, we fine-tune processes so

parcels arrive when expected, and

consumers enjoy a smooth online journey

from checkout to delivery. For AS Watson,

these continual improvements translate

into greater customer satisfaction.

In 2025, we worked even more closely with retailers to shape delivery experiences

that feel smoother, smarter and more personal. One of the standout moments was

AS Watson choosing to partner with us for another three years, a sign that our shared

ambition and day-to-day performance genuinely make a difference. With familiar high-

street names like Kruidvat, Trekpleister, and ICI PARIS XL in their portfolio, they count

on our consistent operations and smart digital refinement, and open, proactive

communication.

And while this happens at scale, it’s also

highly personal. Take AS Watson: working

closely together, they take the lead in

managing delivery slots, using their insights

into parcel flows, delivery preferences and

peak patterns to plan capacity and spread

volumes, in both numbers and sizes, more

evenly across the week. This helps ensure

orders arrive when people are actually at

home, meaning fewer missed moments,

fewer second attempts and a more relaxed

experience for consumers, leading to

greater customer and consumer value.

Consumer satisfaction drives customer value

At PostNL, we’ve seen time and again that a great delivery experience brings consumers back,

not just to us but also to the retailer they ordered from. That’s why consumer satisfaction is

one of our strongest differentiators. Our leading NPS, with consumers consistently rating us as

their favourite deliverer, show the impact of keeping the end user front and centre.

Across retailers of every

size, we help create value in

the moment that matters

most: when a parcel reaches

the doorstep. That means

improving first-time delivery,

offering clearer and more

flexible delivery options, and

supporting a seamless

digital journey through the

PostNL app, which in 2025

was used by more than nine

million unique users.

This approach of combining operational know-how, digital tools and practical data insights

helps meet rising expectations and stay competitive in a fast-moving market. Whether we’re

improving label quality, building dashboards that give webshops real-time visibility or advising

on fulfilment choices, our aim stays the same: to unlock consumer value that fuels our

customers’ success. And this is just one example of how smart collaboration turns everyday

deliveries into meaningful wins.


	PostNL Annual Report 2025			27

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Delivery in 2025

Innovation

Innovation drives the transformation of our networks,

processes and customer experience through digitalisation

and data-driven insights. In 2025, our focus on technological

and operational improvement remained key to our

transformation as we continued to modernise our digital

ecosystem, making delivery smarter, faster, and more

convenient for customers. We also advanced the use of data

and digital technology to improve operational efficiency,

enhance customer interaction, and lay the foundation for new

business models that extend beyond delivery. One aspect of

this was strengthening the reliability and security of our digital

services, helping safeguard customer data and providing

peace of mind in a rapidly evolving cybersecurity landscape.

By continuously enhancing our digital foundations, we ensure

that innovation supports not only a better customer

experience but also a trusted and secure one.

Digital solutions

The PostNL app continued to evolve as a central channel for

customer interaction. By the end of 2025, more than 8 million

consumers had validated accounts, of which 3.2 million had

registered delivery preferences. This contributed to

measurable improvement in NPS, particularly in the “I

Receive” customer journey. We also advanced our checkout

solutions, 'Bestellen met PostNL' and 'Invullen met PostNL,'

which helps e-tailers increase conversion and reduce returns

by embedding delivery choice directly into the online

shopping journey.

The app’s new functionalities, such as dynamic delivery

windows, proactive notifications and digital identity

integration, offered customers greater transparency and

control from checkout to doorstep. These enhancements

support our goal of delivering a frictionless digital experience

that complements physical reliability.

We improved the way we handle and share delivery

information, so customers now receive clearer and more

consistent updates across all channels, whether in the app, by

e-mail and through our business tools. To make deliveries of

valuable items even safer, we introduced secure delivery

codes for high-value parcels such as electronics. This extra

step has reduced the number of fraudulent or incorrect

deliveries.

At our customer service operations, we continued to enhance

the way customers engage with us by renewing our chatbot

capability and introducing conversational artificial intelligence

(AI) to support service agents, enabling faster and more

consistent responses to common questions such as “where is

my parcel?” These enhancements were further strengthened

by our migration to a new, integrated conversational

platform, creating a more seamless experience across

channels. As our data foundation matures, the platform will

increasingly provide predictive support, ranging from next-

best actions to proactive updates on expected delivery

outcomes, thereby helping to prevent issues before they

occur. Together, these developments lay the groundwork for

frictionless customer journeys, where we can anticipate

needs and respond before customers reach out.

We also improved the way we share information with

customers by separating the systems that manage logistics

from those that handle communication. This gives us more

flexibility to decide what information to send, to whom and

when, so updates are clearer and more relevant for both

senders and receivers.

Smarter insights

AI and advanced analytics are now embedded in our day-to-

day operations. Predictive algorithms support route planning,

capacity forecasting and parcel flow optimisation, helping us

make smarter use of vehicles, routes and people in real time.

These systems improve fill rates, reduce empty kilometres

and strengthen service consistency, while also contributing to

our CO₂-efficiency gains.

Digital workforce-planning systems also helped balance

workloads, improving job satisfaction and flexibility for

employees. By simplifying and automating processes, we are

freeing capacity to focus on customer service and innovation.

At CBS, we continued to advance our digital transformation

by integrating AI into daily commercial and customer

operations. In sales, we introduced a new intelligence tool

that converts our ideal customer profiles into prioritised

prospect lists and equips account managers with concise

company dossiers, including insights into shipment

destinations, typical weights and formats, and incumbent

carriers. We are onboarding teams across the entire

organisation, including Belgium and our domestic operations.

By reducing time spent on analysis and preparation, the tool

enables our sales teams to focus more on meaningful

customer conversations and on building stronger, longer-term

relationships.

“Predictive algorithms support

route planning, capacity

forecasting and parcel flow

optimisation, helping us make

smarter use of vehicles, routes

and people in real time”

Belgium was among the first PostNL markets to pilot a fully

digital, AI-enabled onboarding journey for small business

customers. Where registration previously took 15–20 days,

the new approach, which combines conversational guidance

with automated data processing, is significantly shortening

lead times to a maximum of one day, while also lowering

customer acquisition costs. During the year, we also

embedded a number of best-practice digital capabilities from

across PostNL into our Belgian operations.


	PostNL Annual Report 2025			28

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Delivery in 2025

These included enhanced lead-qualification processes and

planning tools that better align commercial growth with

available network capacity. Together, these innovations

create a smoother onboarding experience, strengthen our

domestic growth potential, and help maintain balanced

operational performance as both import and domestic flows

continue to evolve.

Service provider to connected platform

In 2025, we continued to build on the strong foundation

created over 225 years of connecting people, businesses and

communities. The trust built across generations remains one

of our greatest strengths: it enables us to evolve with

confidence from a traditional service provider into a

connected platform where the physical and digital reinforce

one another. Our brand, rooted in both daily presence and

nationwide reach, plays a central role in this transition. It

reflects who we are, what we stand for and the pride we take

in delivering essential services to society, a pride that also

fuels the courage and energy to innovate.

Millions of daily interactions form an ecosystem that supports

smarter, faster and more personal services. These

capabilities help us stay close to customers while exploring

new domains that build on our reach and reliability. One

example is our work in sustainable energy, where in 2025 we

launched pilots that map household energy needs, support

residents in making practical sustainability choices and test

how our reach and daily presence can help municipalities

accelerate neighbourhood-level transition plans. Additional

work focuses on fast-charging infrastructure for heavy

transport and potential consumer propositions that make

sustainable energy use at home easier and more accessible.

So far, public response has been positive, reflecting trust in

our reliability and reach.

E-commerce remains a proof point of how our platform

model works in practice. The data, technology and

operational scale developed for parcel delivery now support

experiments in areas such as social commerce, younger

generations expectations, purchasing behaviour and digital

identity, including an identity-wallet pilot to make online

transactions more secure. Within the PostNL Innovation

Studio, cross-functional teams incubate and test new

concepts at pace, while also stopping ideas that do not meet

customer needs or commercial thresholds. This disciplined

approach ensures that Innovation Beyond Delivery

strengthens both our long-term growth and our contribution

to a more sustainable and digital economy.

“We continued to build on the

strong foundation created over

225 years of connecting people,

businesses and communities”

NummerNul: where stronger

neighbourhoods begin

NummerNul is a PostNL initiative designed to help

municipalities develop practical, scalable solutions to social

challenges in Dutch neighbourhoods. As an innovation studio

that we staff and operate together with local authorities,

NummerNul reflects our ambition under Breakthrough 2028

to create impact that matters for people and society. It

demonstrates how PostNL continues to innovate beyond

delivery by working with communities on initiatives such as

local energy concepts, mobility pilots and digital inclusion.

Acting as a collaborative space, NummerNul brings together

municipalities, residents, companies and knowledge partners

to jointly shape solutions that strengthen local wellbeing. And

by validating issues directly within neighbourhoods and

leveraging PostNL’s digital and physical reach, the studio

helps bridge gaps between municipal processes and residents

who may find existing systems difficult to navigate. In doing

so, NummerNul provides a practical starting point for building

more resilient neighbourhoods across the Netherlands.

The first NummerNul Innovation Studio opened in the

Waalwijk public library, and we are continuing to expand the

concept by establishing a second studio in collaboration with

the municipality of Rotterdam. Our aim is to extend successful

approaches to additional municipalities from 2026 onwards,

ensuring that NummerNul grows as a national platform for

community-centred innovation.


	PostNL Annual Report 2025			29

“

Technology will support

our workforce by

lightening work and

filling gaps, not

replacing people. Done

right, jobs become more

enjoyable, not less.”

How innovation

makes our work lighter

Our innovation investment

In 2025, we continued targeted

investments in physical-load reduction.

This included the rollout and expansion of

the roll-container tilter, supporting long-

term improvements in safety, wellbeing

and operational efficiency.

Innovation is central to how we strengthen our operations. In 2025, we accelerated

the introduction of new technologies, robotics and digital solutions across our

operations to reduce physical strain, improve safety and support our people in

delivering excellent service every day, focusing on practical innovations that make

work lighter in both operational and administrative processes.

Jikkelien van Marle,

Manager at the Innovation Studio

Innovation and robotisation in our operations

Across our sorting and transport processes, we continue to invest in technology that reduces

heavy lifting, repetitive movements and one-sided strain for our people. Building on our long-

standing commitment to innovation, we focus on solutions that have real impact, from smarter

tools in sorting and new approaches in parcel delivery to the further robotisation of

administrative processes.

Alongside tools such as the tilter, which helps employees load and unload roll containers

more safely, and the electric tug for moving heavy roll containers in internal transport, we are

testing and operational rollout to reduce

strain structurally. Robotisation also

advanced in 2025, driven by our continued

focus on innovation. At our automated small-

parcel centre in Nieuwegein, 175 robots

continued to transport containers and feed parcels onto sorting belts around the clock. We

further explored future delivery innovations, testing robot dogs, service robots, and early-

stage humanoid robots in Leerdam to understand how robotics can support delivery

professionals and enhance customer service.

now piloting a small mobile robot,

designed to support our warehouse

teams by autonomously hauling

containers and freeing up staff for

higher-value tasks. Additionally, at

many of our large parcel and not

machine-processable processes, we

have deployed tools such as the

‘buffetkar’, a movable cart that

helps with very large parcels. These

interventions build on the work of

the Physical Load programme,

which combines research,

Supporting the future of

parcel delivery

Looking ahead, we are exploring how innovative tools

can support colleagues on the road. Our tests with

robot dogs, envisioned as future helpers able to assist

carrying parcels to the doorstep, reflects our ambition

to reduce physical demands and reimagine support at

busy PostNL points. While humanoid robots are still

exploratory, these trials help us imagine how

technology could enable safe, sustainable delivery in

the future.


	PostNL Annual Report 2025			30

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Appendices

Delivery in 2025

Impact

Impact reflects our social and environmental responsibility,

creating positive outcomes for people, communities and the

planet. In 2025, we continued to embed sustainability across

our operations, making further progress towards our net-zero

targets, strengthening our social responsibility and supporting

an inclusive and safe workplace. We also engaged actively

with stakeholders such as regulators, policymakers, sector

associations and civil-society organisations to promote a

sustainable postal framework and to help shape the

regulatory and societal conditions needed for a low-carbon,

accessible and fair postal market.

Our culture is built on clear values that guide behaviour,

strengthen collaboration and support sustainable long-term

value creation. As part of our broader impact agenda, this

culture enables our people to contribute meaningfully to

society through safe, reliable and customer-focused services.

By fostering an environment in which colleagues feel

respected, informed and able to grow, we reinforce the

foundation for sustainable operations and positive societal

impact.

A healthy, engaged and stable workforce

We continued to work on strengthening workforce stability

and long-term employability amid a persistently tight labour

market. Although recruitment challenges for mail deliverers

remained, conditions improved slightly compared with 2024,

particularly for roles that are part-time and physically

demanding. Some urban regions continued to face structural

shortages despite successfully hiring over 4,000 new

colleagues during the year.

In the Netherlands, wage cost pressure continued following

statutory minimum wage increases. As a good employer, our

goal is to provide decent wages and fair employment

conditions for all our people. During the year, we also

prepared for upcoming changes in the ABU collective labour

agreement (CLA) for temporary workers, which came into

effect on 1 January 2026. PostNL is assessing its impact with

the aim of reducing dependency on temporary labour and

increasing the share of directly employed staff.

In parallel, discussions began with the trade unions on a new

CLA for our postal deliverers, with the current agreement

expiring at the end of 2025. Our goal is to establish a CLA that

offers stability and clarity during a period of significant

change and supports progress towards a future-proof postal

company. Postal deliverers emphasised the importance of

salary, alongside recognition and appreciation for their

essential work. We agreed with the unions to continue

discussions in early 2026. Ultimately, we share the same

objective: ensuring good and sustainable employment

conditions within a financially healthy PostNL.

Given the inherent physical nature of many roles across our

networks, occupational health and safety remained a top

priority. Through ongoing investments in ergonomics,

prevention and innovation, we continue to ensure a safe and

healthy workplace. We continued our programme to reduce

physical workload through mechanisation, task rotation and

ergonomic innovation, supported by investments in lifting aids

such as tilters. Additional measures included clearer labelling

of heavy parcels, testing new tools and closer cooperation

with customers to improve loading practices and safe

handovers. While early indications suggest positive

developments, these efforts are not yet fully measurable, as

many relate to processes staffed by temporary workers who,

by the nature of temporary employment, tend to have higher

turnover and often do not remain long enough for the impact

to be reliably measured. However, we expect clearer insights

to emerge as monitoring matures. We remain in open

dialogue with the Dutch Labour Inspectorate and unions to

ensure compliance and safety, as societal tolerance for

physically demanding work continues to decline.

This year, we renewed our focus on safety by emphasising

the use of mandatory protective footwear at large Mail

processing locations in the Netherlands, alongside

strengthened first-aid and fire-drill procedures and a

renewed emphasis on workplace discipline. To address one

of the most frequent accident risks, we ran a national dog-

bite awareness campaign for deliverers. We will continue to

combine targeted employability initiatives, data-driven health

management and a stronger performance culture.

We also established a new Health & Safety organisation on 1

April to further professionalise risk assessment and embed

safety structurally into daily operations. This reflects our view

that the health and wellbeing of our people come first and

that reducing absenteeism starts with a supportive and safe

working environment. Managers are being trained to take a

proactive approach, including facilitating adjusted duties or

reduced hours where appropriate, in line with the Dutch ‘Wet

Poortwachter’ requirements.

We continued annual driver training and supported national

road-safety initiatives, rolling out awareness tools such as

stickers and cyclist protection across the fleet. Although

delivery partners are not formally trained, shared awareness

materials and our ongoing focus underline that traffic safety

remains a long-term priority.

We expanded and strengthened our diversity, equity and

inclusion (DEI) networks, including the formalisation of the

Cross Culture Community (CCC) and the launch of the

Neurodiversity Network. We also continued DEI training

across six long-standing priority areas, implementing survey

recommendations and maintaining our core learning modules.

Despite fewer trainers, an increased subsidy rate helped

sustain tailored interventions, while development of a new

Cultural Barometer progressed for launch in early 2026. In

2025, the share of women in management positions was 34%,

including 26% in operational- and 35% in middle-management

roles, reflecting our continued ambition to build a more

inclusive and representative leadership structure.

We advanced our campaign on (un)desirable behaviour,

strengthening prevention, reporting and incident-management

processes across all workplaces. The campaign clarified


	PostNL Annual Report 2025			31

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Delivery in 2025

governance, enhanced awareness and will be followed by

dedicated management training in 2026. We also appointed a

Human Rights Officer.

Absenteeism remains one of our most significant internal

challenges. Absenteeism at PostNL was 8.5%, compared with

around 6.3% in the transport and logistics sector. Two factors

contribute to this gap: the physically demanding nature of our

work and the ageing profile of our workforce. In 2025, we

launched the Managing Employability programme (Sturen op

Inzetbaarheid), developed together with a third-party adviser,

to support a more proactive approach to managing absence.

Using data-driven insights, the programme enables a targeted

approach to illness prevention, helping us focus on the areas

where interventions can have the greatest impact. Looking

ahead, we expect the measures introduced under our

Managing Employability programme to support a meaningful

reduction in absenteeism, strengthening our ability to

safeguard a healthy, engaged and sustainable workforce. At

Mail in the Netherlands, we succeeded in bending the trend of

rising absenteeism by shifting the focus of local management

from change initiatives to reinforcing the fundamentals of

steady, reliable, day-in, day-out operations.

Turnover among parcel deliverers remains higher than in

other roles, reflecting the part-time, physically demanding

and often transitional nature of the work. Our focus is

therefore on building a more stable core workforce,

complemented by flexible capacity where needed, to support

continuity and operational reliability.

Since 2016, PostNL has monitored satisfaction and working

relationships with delivery partners through the annual

collaboration barometer. In 2025, we introduced multiple

measurement moments (Q2, Q3 and Q4) and tested different

research methods and targeted questions to better capture

the impact of system and process changes and to improve

response rates. In Q4, feedback was received from 186

delivery partners (38% response rate) and 1,092 parcel

deliverers (37% response rate). In the Netherlands, 63% of

delivery partners in Q3 reported being (highly) satisfied with

PostNL as a client (2024: 62%), while in Belgium satisfaction

decreased to 71% (2024: 80%). These insights support

improvement actions and will inform the development of an

enhanced collaboration barometer in 2026.

Employee engagement is a critical driver of sustainable

performance. In 2025, engagement levels averaged 69%,

slightly above our goal of 68%. Engagement was measured

three times in 2025, with results discussed at both corporate

and team levels, and we will increase this to four times in

2026. Managers play a key role in creating a positive working

environment. Through regular check-ins and open

conversations, they are encouraged to listen, recognise effort

and address issues constructively. Across several teams, we

also introduced small initiatives to celebrate achievements

and strengthen team spirit. In parallel, we advanced Talent

Management through the rollout of the

‘Leiderschapskompas’, defining what effective leadership at

PostNL looks like today and in the future. This framework is

closely linked to our Future Skills programme, currently in the

start-up phase, which will focus on developing the

competencies needed for tomorrow’s roles. We reviewed our

entire talent pipeline to ensure the right people are in the

right positions and that development opportunities are

aligned with business needs.

Although at an early stage of development, we are building a

culture of performance management, where accountability

and ownership are central. This cultural shift is not driven by

large-scale programmes but through consistent leadership

behaviour and practical application. We exceeded our 7.5%

target for mail delivery hours performed by people with a

distance to the labour market, achieving 7.9% in 2025. The

target will be maintained for 2026, with progress continuing to

be reviewed twice a year with the works council.

More detailed information on the above topics can be found

in the social disclosures within the sustainability statements

later in this report.

Fair and equal employment

PostNL strives to have fair and equal employment,

irrespective of gender or background, and stands for equal

opportunities for all employees. We comply with statutory

minimum wage requirements and apply a remuneration

policy that does not discriminate on the basis of gender or

background. As a company with a clear societal role, we

consider it essential to set an example in fair and equal pay

and to contribute positively to social impact. We strive for

equality, transparency and consistency in our pay policies,

which is reflected in our job grading system and salary

structure. These are largely embedded in CLAs, which are

agreed with trade unions.

The unadjusted gender pay gap reflects the difference

between the average gross hourly earnings of male and

female employees in the Netherlands. The adjusted gender

pay gap provides a more nuanced view, taking into account

different CLAs, job levels and age groups. By reporting this

adjusted figure, we aim to provide clearer insight into how we

ensure equal pay for equal work. In 2025, our unadjusted

gender pay gap amounted to 5.93%, compared with 6.67% in

2024, representing further progress. This gap primarily

reflects the higher proportion of male employees in higher

salary scales. PostNL continues to focus on fostering a

diverse working environment, supported by the expansion

and strengthening of our DEI networks and the continued

rollout of DEI training programmes, including initiatives aimed

at increasing the representation of women in senior

management and further developing our Women’s Inclusion

Network (WIN). After adjustment, the gender pay gap in 2025

amounted to -0.17% (2024: 0.15%), indicating that women and

men at PostNL are paid broadly equally. While we welcome

this outcome and the positive trend, we continue to conduct

in-depth analyses, including in preparation for the upcoming

implementation of the EU Pay Transparency Directive. We

are actively aligning our processes and policies with this

legislation and preparing for enhanced transparency and

reporting requirements.


	PostNL Annual Report 2025			32

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Appendices

Delivery in 2025

Our vision for a future-proof postal service

As mail volumes continue to decline, we are working towards a future-proof postal service that remains reliable, accessible and relevant for society, while

continuing to create meaningful social impact across the Netherlands. This page outlines our vision for how mail can continue to serve the Netherlands, and the

impact we aim to deliver for communities, businesses and society at large, building on the progress achieved internally in 2025. See page 25,

Delivery in 2025 describes how our approach is shaped by the requirements of the Postal Act, which define the framework within which we are required to

operate. At the same time, we balance our statutory universal service obligations with the need to adapt our operations to safeguard long-term sustainability and

to maximise social impact. Realising this vision and the intended impact of our postal service depends on changes to postal regulation, and updates on this topic

for 2025 can be found in the Regulatory developments chapter on page 53.


Prepared for the future	Predictable delivery	For everyone	Meaningful work

The role of mail continues to evolve, with urgent communication increasingly moving to digital channels, while non- urgent mail remains widely used for official communication that must be sent by post, and personal mail such as cards and letters. More than 80% of business mail is already non-priority, as customers deliberately choose lower-priced options. Well prepared for this shift, PostNL is proactively transitioning to a future- proof and sustainable postal service that keeps mail relevant for society.	Reliable and predictable delivery matters more to customers than delivering every day. By adjusting delivery frequency to today’s demand, focusing on a standard delivery timeframe of within two days, which will transition to within three days, and keeping next-day delivery for truly urgent items, we ensure important mail arrives on time while making the service efficient, sustainable and aligned with how people use mail today.	Mail remains essential for people and organisations across the Netherlands. It connects everyone, regardless of age, ability or location, and supports vital services such as medical post and voting cards, as well as personal messages like birth announcements and wedding invitations, where a tangible connection matters. Our nationwide network continues to provide accessible, inclusive communication for all.	A strong postal service continues to offer our people meaningful work, both during and after the transition. By building a sustainable model, we ensure that those who work with or for us in sorting and delivering mail can continue to carry out purposeful roles. Our mail deliverers remain a familiar and trusted presence in neighbourhoods, strengthening their connection with communities and the value they find in their work, as we continue to deliver essential services across the country.


	PostNL Annual Report 2025			33

Sustainability statements

Other information

Appendices

Delivery in 2025

Impact through brand and market presence

Throughout 2025, we further strengthened our position as a

recognisably Belgian brand, with communications, services

and customer touchpoints increasingly aligned with local

language and cultural expectations, reinforcing trust and

familiarity among consumers and businesses. We enhanced

brand visibility through the launch of the ‘Klaar voor je

ongeduld’ (Ready for your impatience) campaign, rolled out

across radio, television, outdoor and digital channels. The

campaign builds on a clear consumer insight: rising

expectations for fast and seamless delivery, positioning

PostNL as a provider that understands and responds to these

needs. By increasing our visibility and competitiveness in

Belgium, we support a healthier and more diverse e-

commerce market. A stronger PostNL presence contributes

to greater choice, higher service standards and competitive

pricing for customers and consumers, supporting the

effective functioning of the wider Belgian e-commerce

ecosystem. Together, these efforts strengthen brand

preference and reinforce our broader societal impact in

Belgium.

Environmental impact

We are implementing a company-wide transition plan that

integrates climate action, liveability and circularity, delivering

measurable environmental impact across our operations and

value chain. Guided by the Science Based Targets initiative

(SBTi), we aim to achieve net-zero emissions by 2040,

reducing scope 1 and 2 emissions by 90% and scope 3

emissions by 45% by 2030, while limiting residual emissions to

no more than 10%, in support of the EU’s climate neutrality

ambition for 2050. Further details are provided in our

transition plan in the sustainability statements.

Our transition focuses on the decarbonisation of transport

through electrification, the use of renewable fuels and

improved network efficiency, primarily addressing scope 1

and scope 3 emissions. In addition, we invest in sustainable

infrastructure powered by renewable electricity, contributing

to the reduction of scope 2 emissions, as outlined below.

We accelerated decarbonisation by expanding our fleet of

electric vans with 50%, as well as growing the number of

cargo bikes, directly reducing scope 1 emissions from last-

mile delivery. We also stimulate our delivery partners to use

electric vehicles, supporting scope 3 emissions reduction. By

year-end, 27 Dutch city centres, including Amsterdam’s entire

ring area, were served exclusively by zero-emission vehicles.

This milestone marks tangible progress towards our 2030

goal of emission-free delivery in the Benelux, covering the last

stage from sorting centre to delivery address. By year-end

2025, 33% of last-mile deliveries were zero-emission (2024:

28%).

We further expanded the use of renewable fuels in our own

fleet, reducing scope 1 emissions from line-haul transport. We

also equipped more depots with batteries and charging

infrastructure, supported by enhanced energy monitoring.

Other highlights included maintaining near-zero scope 2

emissions through Dutch Guarantees of Origin for electricity.

In addition, our ISO 14001 covers 98% (2024: 98%),

underscoring the effectiveness of our environmental

management system. We also strengthened supplier

requirements on CO₂ reduction and environmental

certification, supporting progress on scope 3 emissions in our

upstream value chain.

While last-mile delivery for Mail in the Netherlands is already

largely low-carbon through walking and cycling, in 2025 we

continued electrifying routes that still require vehicles.

Progress remains partly constrained by external charging

infrastructure and local grid capacity, affecting a limited part

of the network. We worked with municipalities and network

operators to find additional grid connections. Additionally, we

prepared for the introduction of kilometre-based road

charging in the Netherlands, which will take effect from 1 July

2026. Under this system, lorries over 3.5 tonnes will be taxed

per kilometre driven, with rates linked to vehicle weight and

emission class. In anticipation, we reviewed our fleet

composition, routing efficiency and data systems to ensure

smooth implementation and mitigate financial impact. The

measure encourages cleaner transport, with zero-emission

vehicles paying substantially less, while part of the proceeds

will be reinvested to support a more sustainable sector.

Spring Europe launched a new client-facing emissions

dashboard, consolidating shipment data and providing

customers with clear insights into their carbon footprint,

including breakdowns by destination and transport leg. To

decarbonise cross-border logistics, we continue to use

HVO100 exclusively for European line-haul transport and are

exploring opportunities for truck electrification. We are also

exploring lower-carbon solutions across the value chain,

including the use of Sustainable Aviation Fuel (SAF) for air

transport. We apply circular principles across our upstream

value chain, progressing towards our ambition of net zero

waste by 2040. During the year, we expanded the use of

reusable pallet boxes, reducing our reliance on virgin

materials. In addition, we enhanced our scope 3 emissions

insights to further increase transparency.

We also advanced our downstream circularity efforts by

supporting re-commerce, repair, reuse and recycling,

introducing solutions for e-waste and textiles, piloting

reusable packaging and deepening sector collaboration

through Circular Shopping 2030 and partnerships such as

Dobbi. These initiatives form part of a 2025–2030 strategy to

scale circular business models, expand material recovery and

strengthen cooperation with retailers and technology

partners. We also continued working towards our ambition of

no more than 10% residual waste by 2040 by conducting site-

level waste scans and developing a multi-year reduction

roadmap. Clearer sorting systems, an internal awareness

campaign and enhanced dashboard monitoring supported

resource optimisation across depots, sorting centres and

offices.

More detailed information can be found in the environmental

disclosures within the sustainability statements.


	PostNL Annual Report 2025			34

Sustainability statements

Other information

Appendices

Delivery in 2025

Impact along the value chain

Our collaboration with social partners and suppliers focused

on improving working conditions across the value chain.

Where we rely on contracted delivery partners, we

supported them with safety guidance and materials to

promote consistent standards.

In 2025, we carried out a Human Rights Salience Assessment

to systematically identify and prioritise the areas where

PostNL has the highest potential to impact people’s rights

across our operations and value chain. This assessment

ensures that we focus on the issues that are at risk of the

most severe negative impact through our activities and

business relationships. Among these salient risks are fair

working conditions, workload pressures, and safe

employment practices within our delivery partner networks.

We will continually explore opportunities to further enhance

our due diligence practices in 2026, taking into account

evolving regulatory expectations, including the upcoming

Corporate Sustainability Due Diligence Directive (CSDDD) as

well as our broader sustainability ambitions.

We also strengthened grievance mechanisms and

remediation efforts ensuring that employees and delivery

partners can raise issues safely and confidentially. Oversight

of delivery partners was expanded through due diligence

assessments and follow-up audits, helping us to identify risks

at an earlier stage and take corrective action where needed.

We set clear expectations for employees, delivery partners

and suppliers, supported by training, audits and our Third-

Party Risk Management (TPRM) tool. In 2025, we strengthened

implementation by embedding clear delivery guidelines

across our business segments in the Netherlands and

Belgium, and by further rolling out the TPRM tool to different

parts of the company, supporting greater consistency and

transparency in our supply chain.

More detailed information on the above topics can be found

in the social disclosures in the sustainability statements.

Community impact

In 2025, we again used our nationwide network to connect

people, communities and moments that matter.

Special Moments Fund

The Special Moments Fund is financed by PostNL, with our

multi-year commitment extended through 2028, and focused

on people in need of extra support, building on our presence

in every neighbourhood. During the year, we expanded the 'Ik

maak me zorgen' (Raising a concern) initiative nationally,

enabling deliverers to voluntarily and anonymously report

concerns about residents to local welfare organisations. By

year-end, we had partnerships with organisations in around

95% of Dutch municipalities, totalling more than 330, and

deliverers raised close to 1,000 concerns. Welfare

organisations report that many residents received help they

would otherwise have missed, and the programme has

attracted interest from parties wishing to adopt a similar

model.

The fund also used our network to support charities

promoting inclusion and wellbeing. Together with Stichting

Jarige Job, we delivered birthday boxes for children in low-

income families, supported by a consumer toy-collection

campaign and a parcel-locker initiative that triggered a

€250,000 donation from the fund. With the Nationaal

Ouderenfonds, schoolchildren created around 212,000

Christmas cards that PostNL delivered to older people who

may feel lonely.

We again enabled the nationwide Kinderpostzegels campaign

by providing free logistics for participating schools. We have

made a new stamp sheet of which 568,000 were sold. These

were being sold by 120,000 primary schoolchildren for the

benefit of other children.

Our deliverers continued to show their community

involvement by greeting people, stopping for brief

conversations or posting personal cards.

In 2025, they distributed an estimated 170,000 cards offering

congratulations, condolences or encouragement, gestures

funded by the fund but carried out voluntarily by our people,

and a distinctive expression of our social role. To further

support employee engagement, the fund awarded 150

donations of €250 to local clubs and organisations where

colleagues volunteer, helping finance items such as team kits

and shared equipment.

Proud sponsors of Team Picnic PostNL

We proudly continued our partnership with Team Picnic

PostNL, following a year of strong sporting results and

growing visibility in the Netherlands and Belgium. Since 2025,

Picnic has been co-title sponsor and the team has officially

competed as Team Picnic PostNL, providing a strong platform

to translate the partnership into concrete engagement and

activities for our employees and customers, wherever

possible. Examples include enabling customers to hand in

PostNL returns via Picnic delivery drivers and, during the

festive period, offering the option to send Christmas cards

through Picnic deliveries, illustrating how the collaboration

between the two co-title partners takes shape in practice.

In 2025, both the men’s and women’s programmes operated

under the same minimum-wage structure for the first full

season, a milestone that reflects our shared commitment to

fairness, inclusion and progress in professional sport.

Employee engagement also remained a key focus, with

cycling-loving employees participating in cycling events such

as the Amstel Gold Race, attending races to support the team

and contributing operational support where appropriate. In

addition, customer events were organised around major

cycling races, further strengthening engagement and

connection.

The team also expanded its community activities, promoting

healthy lifestyles and encouraging cycling, reinforcing our

support for vibrant, resilient communities.


	PostNL Annual Report 2025			35

“

Within PostNL, this

community is a place

where identity needs no

explanation and where

feeling at home starts

with being yourself.

Our objective is to create

a place where everyone

belongs.”

100 nationalities,

1 PostNL

Where every culture

has a place

Throughout the year, CCC organises

events celebrating the Hindu festival

Holi, Chinese New Year, the Surinamese

remembrance day Keti Koti, Islamic

holiday Eid al-Fitr and other cultural

moments. These gatherings centre on

three elements: connection, stories and

shared experiences, allowing colleagues

to taste new foods, learn about each

other’s heritage and build relationships

beyond their own teams that often

continue through conversations held

long after the event has ended.

Across PostNL, our people bring with them a world of languages, traditions and

perspectives. In 2025, the Cross Culture Community (CCC) helped turn this diversity

into daily connection, creating a workplace where everyone feels welcome and seen.

From our operational sites to our head office, cultural richness is not simply recognised,

it is experienced in everyday interactions, from conversations during breaks to team

discussions where different perspectives meet, and is actively recognised and

celebrated across the organisation.

Cross Culture Community Board

Growing a culture of belonging

Having begun as a grassroots initiative, CCC has grown into a thriving internal network

supporting colleagues from around 100 cultural backgrounds. It provides a bridge between

teams, enabling open conversations, practical support and opportunities for cultural learning.

We saw this come to life through stories like Olga Kalimulina’s who, having joined PostNL in

2020, found herself surrounded by colleagues from around the world, each with their own

experiences, languages and traditions. What started as curiosity soon became mutual

connection: colleagues explaining unfamiliar accents, sharing childhood stories, and laughing

together over cultural misunderstandings. These moments built understanding, trust and

a sense of belonging.

By embedding CCC into daily work, from

newsletters to lunch sessions, our people

gain a platform to voice perspectives and

celebrate identity. The result is a more

connected, resilient workforce that reflects

the communities we serve. An inclusive

work culture starts with understanding and

acknowledging everyone’s background. The

CCC is a network for and by our people, where we share cultures and perspectives.

Together, we are building a PostNL where everyone feels welcome and seen.

Celebrating together

Our structure now follows a clear member journey: from awareness to ambassador. New

employees are welcomed through CCC introductions; colleagues join low-threshold meet-ups,

and many go on to shape events themselves. This approach has strengthened inclusion

across the organisation, supporting PostNL’s commitment to equal opportunities every day,

through active recruitment and retention of multicultural talent, raising awareness around

cultural diversity and encouraging growth into leadership roles.

¹ Our new KPIs, introduced at the Capital Markets Day in September 2025 and applicable from reporting year 2026, are explained on page 19.


	PostNL Annual Report 2025			36

Sustainability statements

Other information

Appendices

Delivery in 2025

Performance on our financial KPIs

Following the overview of our 2025 developments in the

Delivery 2025 chapter, this section presents and explains our

performance on the financial key performance indicators

(KPIs) applicable for 2025. These KPIs reflect how we

delivered on our strategy across our financial priorities during

the year. 1

For a more elaborate explanation of our financial

performance, we refer to the Financial review chapter and

the Financial statements.

“We are proud to have achieved

our targets on normalised EBIT

and Free cash flow in 2025”

Revenue

In 2025, revenue increased by 2.2% to €3,324 million (2024:

€3,252 million). The global macroeconomic and geopolitical

environment as well as consumer behaviour impacted growth

in volumes at Parcels. The structural mail volume decline

continued.

Normalised EBIT and margin

Normalised EBIT was stable at €53 million and comprised a

lower result in Parcels (€5 million) and Mail in the Netherlands

(€1 million), offset by a higher result in PostNL Other (€6

million). The margin, being normalised EBIT divided by total

operating revenue, was stable at 1.6% in 2025 (2024: 1.6%).

Free cash flow

In 2025, free cash flow decreased by €37 million to €(25)

million (2024: €12 million). This decline is mainly caused by

higher investments in working capital and a lower change in

provisions, partly compensated by lower income taxes paid in

2025 compared to 2024.

Adjusted net debt

The increase of €27 million was mainly explained by new and

amended leases of €82 million in total and dividend payments

of €15 million, partly offset by positive net cash from

operating and investing activities (excluding the change in

short-term investments) of €74 million.

Dividend per share

The proposed dividend per ordinary share is €0.04 (2024:

€0.07). Since no interim dividend was distributed, the full

amount will, after approval by the AGM, be paid as a final

dividend in May 2026.



	Revenue in € million
	Revenue in € million		3,324 2024: 3,252



	Normalised EBIT and margin in € million
	Normalised EBIT and margin in € million		53 /1.6% 2024: 53 / 1.6%



	Free cash flow in € million
	Free cash flow in € million		(25) 2024: 12



	Adjusted net debt in € million
	Adjusted net debt in € million		501 2024: 474



	Dividend per share in €
	Dividend per share in €		0.04 2024: 0.07

¹ Our new KPIs, introduced at the Breakthrough 2028 strategy update and applicable from reporting year 2026, are explained on page 19.


	PostNL Annual Report 2025			37

Sustainability statements

Other information

Appendices

Delivery in 2025

Performance on non-financial KPIs

Following the overview of our 2025 developments in the

Delivery 2025 chapter, this section presents our performance

on the non-financial KPIs applicable for the 2025 reporting

year. These KPIs reflect how we delivered on our strategy

across our social and environmental priorities during the

year. 1

More information about these social and environmental

topics can be found under Growth, Value and Impact in the

Delivery in 2025 chapter and in the Consumers and end-

users, Own workforce & Climate change disclosures in the

sustainability statements. Additional information on the

methods used can be found in the Basis for preparation in the

sustainability statements.

“Parcels delivery quality remained

high in 2025 (97%), supported by

optimised network control”

Customer and consumer experience (NPS)

Customer and consumer satisfaction remains central to our

strategy, and we continued to track their satisfaction using

competitor NPS. We focus on reliability during both peak and

off-peak periods, and we constantly track consumer

preferences, innovate and optimise the customer and

consumer journeys. In 2025, our NPS continued to reflect our

strong market position and we again secured the average

number 1 position in our relevant markets. We aim to

maintain this position in 2026 by further enhancing service

quality, digital convenience and delivery flexibility. More

information on this topic can be found under Value in the

Delivery in 2025 chapter and in the Social inclusion of

consumers and/or end-users disclosures in the sustainability

statements.

Parcel volume growth

Parcel volumes grew in 2025, reflecting a gradual recovery in

e-commerce activity. We handled 376 million parcels, an

absolute increase of 4 million compared to 2024. This upward

trend highlights the resilience of the Dutch e-commerce

market and the strength of our network. More information on

this topic can be found under Growth in the Delivery in 2025

chapter and in the Social inclusion of consumers and/or end-

users disclosures in the sustainability statements.

Delivery quality Parcels and Mail in the

Netherlands

Parcels delivery quality remained high in 2025 (97%),

supported by optimised network control. These measures

strengthened reliability for business customers and

consumers across the Netherlands and cross-border lanes. At

Mail in the Netherlands, the preliminary next-day delivery

quality was 86%, in line with 2024. This outcome reflects the

reality that the current requirements are no longer achievable

under existing conditions. In particular, quality of service

standards have been affected by structural pressures on the

postal network, including a persistently tight labour market.

Labour shortages in both delivery operations and sorting

centres continue to impact performance, especially in certain

regions, making compliance with existing requirements

increasingly difficult. The proposed adjustment to D+2

delivery as of 1 July 2026 is expected to contribute to an

improvement in the current level of reliability..

More information on this topic can be found in the Value and

Regulatory developments chapter and in the Social inclusion

of consumers and/or end-users disclosures in the

sustainability statements.



	Net Promotor Score
	Net Promotor Score		Average No. 1 position in relevant markets



	Parcel volume growth
	Parcel volume growth		1.2% 2024: 7.2%



	Delivery quality Parcels in NL
	Delivery quality Parcels in NL		97% 2024: 97%



	Delivery quality Mail in NL (preliminary)
	Delivery quality Mail in NL (preliminary)		86% 2024: 86%


	PostNL Annual Report 2025			38

Sustainability statements

Other information

Appendices

Delivery in 2025

Employee engagement

Employee engagement averaged 69% in 2025. We are

pleased that employee engagement slightly increased

compared with 2024, though there are variations across

business segments. Engagement in Parcels showed limited

improvement, while Mail in the Netherlands recorded a

further increase, reflecting the impact of local initiatives.

More information on this topic can be found under Impact in

the Delivery in 2025 chapter and in the Equal treatment and

opportunities for all disclosures in the sustainability

statements.

“We further improved CO₂

efficiency compared with 2024,

driven by efficiency gains across

the network”

Absenteeism

Absenteeism remained structurally high at 8.5%, reflecting

broader trends in the Netherlands. We remain focused on our

Managing Employability programme, alongside targeted

measures to reduce long-term absenteeism, particularly

related to mental and physical strain.

More information on this topic can be found under Impact in

the Delivery in 2025 chapter and in the Working conditions

disclosures in the sustainability statements.

CO2 efficiency

In 2025, we further improved CO₂ efficiency (scope 1 and 2

emissions in grammes CO2e per kilometre) to 108 compared

with 2024, driven by efficiency gains across the network. Key

levers included electrification of our fleet, increase of

renewable fuels, route optimisation, and more sustainable

infrastructure, such as parcel lockers, that helped reduce

kilometres driven.

Emission-free last-mile delivery

By year-end 2025, 33% of last-mile deliveries were zero-

emission (2024: 28%). We increased our electric vans on the

road by 50%, alongside a growing fleet of cargo bikes and

light electric freight vehicles in city centres. These contributed

to cleaner urban environments by eliminating nitrogen oxide

emissions and reducing overall air pollution from delivery

traffic.

More information on these environmental topics can be found

under Impact in the Delivery in 2025 chapter and in the

Climate change mitigation and Air pollution disclosures in the

sustainability statements.



	Employee engagement
	Employee engagement		69% 2024: 67%



	Absenteeism
	Absenteeism		8.5% 2024: 8.5%



	CO 2 efficiency
	CO 2 efficiency		108 2024: 128



	Emission-free last- mile delivery
	Emission-free last- mile delivery		33% 2024: 28%

Financial

review



	In this chapter, we provide an overview of the financial developments that shaped our performance in 2025. We highlight the factors influencing our results, outline key trends in our markets, and explain how our choices support long- term value creation. This review offers a clear view of our financial position and the foundations for sustainable progress.


	PostNL Annual Report 2025			40

Sustainability statements

Other information

Appendices

Financial review

Following the overview of our 2025 developments in the

Delivery 2025 chapter, this section presents our performance

on the financial key performance indicators (KPIs) applicable

for 2025. These KPIs reflect how we delivered on our strategy

across our financial priorities. For more information on the

financial KPIs, see the financial statements.

Our new KPIs, introduced at the Capital Markets Day in

September 2025 and applicable from reporting year 2026,

are explained on page 19.

Revenue and normalised EBIT

PostNL applies three KPIs, revenue, normalised EBIT and free

cash flow, in its management analyses and reports on

financial performance. Normalised EBIT gives a reflection of

the operating income performance, adjusted for the impact of

project costs and incidentals. Free cash flow gives a

reflection of the ability to generate cash available for

dividend distributions, acquisitions, and/or debt repayments.

Normalised EBIT and free cash flow represent non-GAAP

financial measures and should not be viewed in isolation as

alternatives to the equivalent IFRS measures, which are

presented in the consolidated financial statements, but should

be used in conjunction with the most directly comparable

IFRS measures. Non-GAAP financial measures do not have a

standardised meaning under IFRS and therefore may not be

comparable to similar measures presented by other issuers.

PostNL Business performance in € million


		Volume		Revenue		Normalised EBIT ¹
Year ended at 31 December		2024	2025	2024	2025	2024	2025
Parcels²		371	376	2,393	2,457	65	61
Mail in the Netherlands ²		1,605	1,529	1,313	1,315	3	2
PostNL Other				240	251	(16)	(10)
Intercompany				(694)	(699)
PostNL				3,252	3,324	53	53
1	Normalised figures exclude one-off items of €42 million in 2025 and €15 million in 2024.
2	As from 1 January 2025, all activities and organisational responsibilities related to real estate are reported at Parcels (until 31 December 2024 at Mail in the Netherlands). The comparative figures have been adjusted accordingly.

Normalised EBIT excludes exceptional items, which amounted

to €(42) million in 2025 (2024: €(15) million), mainly due to a

goodwill impairment of €40 million in Mail in the Netherlands.

Further information on the bridge from operating income to

normalised EBIT can be found in note 2.7 Segment

information to the Consolidated financial statements.

Parcels

In 2025, we delivered 376 million parcels (2024: 371 million).

This resulted in a 1.2% volume growth compared to 2024.

Revenue grew to €2,457 million (2024: €2,393 million) driven

by volume growth and price increases, while the shift in

product and customer mix was unfavourable. Revenue at

Spring was up, mainly driven by our intra-European activities.

Normalised EBIT decreased by €5 million, from €65 million in

2024 to €61 million in 2025.

Normalised EBIT Parcels in € million

Organic costs increased by €61 million due to higher wage

costs following collective labour agreement increases and

indexation in contracts with delivery partners. Other costs

decreased by €35 million, mainly caused by efficiency

improvements.

Other results decreased by €9 million, primarily due to mix

effects at Spring and the impact of investments in expanding

international growth.


	PostNL Annual Report 2025			41

Sustainability statements

Other information

Appendices

Financial review

Mail in the Netherlands

In 2025, we delivered 1,529 million mail items (2024: 1,605

million items). This resulted in a reported volume decline of

4.8% compared to 2024, mainly due to ongoing substitution.

Volume development in the year was supported by election

mail and some large non-recurring mailings, for example from

pension funds.

Revenue at Mail in the Netherlands increased slightly to

€1,315 million (2024: €1,313 million). The volume decline,

combined with a negative mix effect due to a shift in products,

was more than offset by price increases, resulting in a total

positive impact of €8 million on the revenue of Mail in the

Netherlands.

Normalised EBIT Mail in the Netherlands in € million

Normalised EBIT decreased by €1 million, from €3 million in

2024 to €2 million in 2025.

Organic costs increased by €30 million mainly due to

collective labour agreement increases and inflation.

Other costs decreased by €8 million, as cost savings of €37

million were partly offset by a lower result on bilaterals and

several other, partly non-recurring, effects. Other results

were up €7 million, mainly explained by international mail.

PostNL's position on the Future of Mail in the Netherlands can

be found on the Our vision for a future-proof postal service

page in the Delivery in 2025 chapter.

Free cash flow

Free cash flow in € million

2025

¹Excluding goodwill impairment Mail in the Netherlands of €40 million

We prioritise capital allocation based on a sound financial

framework, taking into account developments in our results,

return on invested capital (ROIC) and cash conversion, to fund

further growth and provide sustainable shareholder returns.

Throughout the year we continued to invest in our business

and digital transformation, health and safety measures and

automated parcel locker (APL) network to strengthen our

competitive position. The strong focus on capex as well as

strict working capital management contributed to the cash

flow performance. The negative change in working capital

mainly reflects phasing effects from previous year. The

negative free cash flow performance in 2025 was in line with

expectations.

Free cash flow is defined as cash flow before dividend,

acquisitions, redemptions of bonds and other financing

activities, and after payment of leases. The repayment of

leases and related cash flows, reported as cash used in

financing activities following the adoption of IFRS 16, are as

such included in our calculation of free cash flow.

Return on invested capital

Our aim is to generate a positive spread of the ROIC over the

post-tax WACC. PostNL defines ROIC as net operating profit

less adjusted tax (NOPLAT) divided by invested capital. For

2025, the ROIC for the Group was 4.7% (2024: 3.4%). The

increase of the ROIC compared to 2024 is explained by an

increase in NOPLAT. Invested capital was stable at €804

million compared to 2024. Higher investments in working

capital were offset by lower goodwill following the goodwill

impairment at Mail in the Netherlands.

PostNL Return on invested capital in € million, unless

indicated otherwise


Year ended at 31 December		2024	2025
Operating income ¹		37	51
Less adjusted tax		(10)	(13)
Net operating profit less adjusted tax (NOPLAT)		28	37

Property, plant and equipment		467	449
Intangible fixed assets (incl. goodwill)		414	372
Right-of-use assets		281	289
Current assets/liabilities²		(255)	(217)
Other items		(102)	(89)
Invested capital		804	804

Return on invested capital (ROIC)		3.4%	4.7%
1	2025, excluding goodwill impairment Mail in the Netherlands of €40 million
2	As of 2025, only the assessed minimum operational cash needed is included in the calculation of invested capital. The comparative figures have been adjusted accordingly.


	PostNL Annual Report 2025			42

Sustainability statements

Other information

Appendices

Financial review

Adjusted net debt

At 31 December 2025, adjusted net debt amounted to €501

million (2024: €474 million). See note 4.1 Adjusted net debt to

the Consolidated financial statements for more information

and the breakdown of adjusted net debt.

In June 2025, PostNL completed a Schuldschein transaction,

securing €100 million in funding. In September 2025, a €300

million bond was issued with a term of five years and an

annual coupon of 4.000%. The proceeds will be used for

general corporate purposes, including refinancing. The bond

transaction marks a next step in aligning our funding with our

Breakthrough 2028 ambition, which aims to drive PostNL

towards a future of sustainable growth and innovation.

Additionally, PostNL repurchased €195 million of the

outstanding 0.625% eurobond maturing in September 2026.

Leverage ratio

The leverage ratio, being adjusted net debt divided by

adjusted EBITDA, slightly increased from 1.95 in 2024 to 1.99

in 2025 and is in line with our ambition to be properly

financed.

PostNL Leverage ratio in € million, unless indicated otherwise


Year ended at 31 December	2024	2025
Adjusted net debt	474	501

Operating income	37	11
Depreciation, amortisation and impairments	188	237
Proxy for short-term leases and leases of low-value assets	4	4
Normalisations on EBIT	15	42
Reversal of normalised depreciation, amortisation and impairments	(2)	(42)
Adjusted EBITDA	243	252

Leverage ratio	1.95	1.99

Normalised comprehensive income

In 2025, PostNL's normalised comprehensive income

amounted to €21 million (2024: €38 million). The decrease

mainly relates to higher net financial expenses (€20 million)

due to interest expenses from new Schuldschein loans and

eurobonds, interest on taxes and lower interest income from

cash and short-term investments.

PostNL Normalised comprehensive income in € million


Year ended at 31 December	2024	2025
Profit/(loss) for the year	18	(17)
Other comprehensive income	8	3
Comprehensive income	26	(14)

Normalisations on EBIT (less statutory tax)	11	37
Normalise result from discontinued operations	1	(1)

Normalised comprehensive income	38	21

Dividend

Our Dividend Policy states that dividend distribution is

conditional on being properly financed in accordance with our

financial framework. PostNL is steering for a solid balance

sheet with a positive consolidated equity, aiming at a leverage

ratio not exceeding 2.0 and applying strict cash flow

management. This condition was met at the end of 2025. As a

result, PostNL will recommend to the Annual General Meeting

of Shareholders, to be held on 14 April 2026, a pay-out of

80% of normalised comprehensive income for 2025. This

results in a proposed dividend of €0.04 per ordinary share

(2024: €0.07). Since no interim dividend was distributed, the

full amount will be paid as a final dividend in May 2026.

Outlook

2026 will be fully dedicated to the execution of the new

strategy. This year, PostNL expects to reach the inflection

point in the trajectory towards delivering on its Breakthrough

2028 ambition.

Our outlook for 2026 is:

PostNL Outlook in € million


Year ended at 31 December	2025	2026 outlook
Normalised EBIT	53	40 - 70
Free cash flow	(25)	0 - (30)

Revenue is expected to grow between 5% and 7% in 2026

(2025: €3,324m). Overall, targeted yield measures will gain

traction with significant price increases expected to more

than offset organic cost increases (~€140 million).

In 2026, PostNL will invest in its strategic initiatives, resulting

in a step-up in capex to around €125 million (2025: €106

million), while lease payments will be around the same level

as last year (2025: €99 million).

The outlook for 2026 assumes limited impact from changes in

treatment of de minimis thresholds in the EU and US, or in

related customs handling and clearance fee structures. The

scope and timing of these developments could evolve during

the year and could impact performance.

Main assumptions per segment

At E-commerce, PostNL assumes volume growth of 1%-3%

while maintaining its strong market position. Targeted yield

measures come into effect gradually and materially

contribute to the performance. Furthermore, the focus on

strict cost control is expected to bring between €40 million

and €50 million in cost savings. As of mid 2026, letterbox

parcels (D+1) will be transferred from the Mail infrastructure

to the delivery network of E-commerce. The related volumes

are not included in the aforementioned volume assumption.


	PostNL Annual Report 2025			43

Sustainability statements

Other information

Appendices

Financial review

The transition has limited impact on normalised EBIT in 2026

due to transition costs and is expected to be margin accretive

as of 2027.

At Platforms, PostNL will accelerate its plans to strengthen its

position in intra-European logistics (Spring and MyParcel) and

broaden its Asian base beyond China. The main drivers for

the 2026 performance are an assumed double digit revenue

growth, while at the same time PostNL will continue to invest

in further expansion of its international activities.

At Mail, PostNL assumes a volume decline of between 8% and

10%. Price increases are expected to offset organic cost

increases and part of the volume decline. In line with the

roadmap towards a future-proof postal service, PostNL

expects to achieve between €30 million and €40 million in

cost savings, which will be more than offset by additional

costs for letterbox parcels and higher other costs, related to

future-proof postal network. The transfer of letterbox parcels

(D+1) to the E-commerce network is a necessary step to

enable the transition to D+3 in 2027.

Risk

management



	This chapter provides an overview of our approach to risk management, describing our risk appetite, the key risks identified across our organisation, and the measures we take to manage and monitor them effectively. It explains how we embed risk awareness in our decision-making processes and how our governance structures support timely oversight and response.


	PostNL Annual Report 2025			45

Sustainability statements

Other information

Appendices

Risk management

Introduction

Our internal risk management and control systems are

designed to identify, prioritise and evaluate our main risks

and develop appropriate responses. This framework is based

on COSO ERM 2017 and is in line with the principles of the

Dutch Corporate Governance Code 2025. Understanding

strategic, operational, financial, compliance, financial

reporting and sustainability reporting risks is a vital element

in our management decision-making process. Our internal risk

management and control systems are designed to reduce the

likelihood of errors, incorrect decisions and unforeseen

circumstances as much as possible. They provide the

substantiation for our evaluation of the effectiveness of the

operation of our internal controls.

Management of the business segments and head office

departments are responsible for the effectiveness of the

internal risk management and control process, including

timely identification and assessment of significant risks and

the development of appropriate risk response plans. For the

disclosures required by the Dutch Corporate Governance

Code and chapter 5.1a of the Dutch Financial Markets

Supervision Act (Wet op het financieel toezicht) please refer

to chapter 14, Statements of the Board of Management.

Our internal risk management and control systems operate

on the basis of the Three Lines Model:

a. The first line involves operational management, which is

responsible for identifying, assessing, managing and

controlling risks at the operational level.

b. The second line includes risk management and compliance

functions that provide expertise, support, monitoring and

challenge to ensure that the first line effectively manages

risks and opportunities.

c. The third line is the internal audit function, which

independently evaluates the effectiveness of the internal

risk management and control systems as designed and

operated by the first and second lines.

Risks are identified in our structured risk management

process through both a bottom-up (line management) and a

top-down (executive management) approach, covering the

entire business. For those risks deemed material,

management develops and reviews comprehensive risk-

response plans, taking into consideration our risk appetite.

When management decides to mitigate a risk by implementing

an internal control, these controls are formalised in our

internal control framework and assessed regularly through

internal control management self-assessment.

All business segments and head office departments are

engaged in this company-wide risk management process,

which includes:

• Mandatory participation in risk management workshops by

relevant management team members

• Assessing risks based on impact and likelihood of

occurrence

• Developing appropriate risk response plans, including

mitigation actions for the significant risks

• Inclusion of the key mitigating risk actions in the internal

control framework, including management self-assessment

• Mandatory e-learning on integrity for management and key

risk functions.

We have built a comprehensive portfolio of group policies

and controls, ensuring discipline in our business processes.

These support the Board of Management in its statutory and

fiduciary obligations to stakeholders in developing and

achieving its strategic, operational, financial, compliance and

reporting objectives.

The Board of Management and the Supervisory Board

monitor the effectiveness and efficiency of the internal risk

management and control systems. They are supported by

Internal Audit.

“Our internal risk management

and control systems are designed

to identify, prioritise and evaluate

our main risks and develop

appropriate responses”

In 2025, in line with the requirements of the Corporate

Sustainability Reporting Directive (CSRD), we have explored

integrating the double materiality assessment (DMA), the

Climate Risk and Human rights salience assessment into our

Enterprise Risk Management (ERM) framework. For more

details on DMA please refer to the General disclosures in the

Sustainability statement. This enables an annual review of

value chain developments, stakeholder feedback and ESG-

related impacts, risks and opportunities (IROs), helping to

embed ESG considerations in our decision-making and keep

our risk appetite aligned with our ESG priorities. In parallel, in

accordance with the Dutch Corporate Governance Code

2025, we included the Risk Management Statement

(‘Verklaring Omtrent Risicobeheersing’ – VOR) in the

Statements of the Board of Management chapter.


	PostNL Annual Report 2025			46

Sustainability statements

Other information

Appendices

Risk management

Internal risk management and control

systems

Senior management is responsible for the effectiveness of the

design and operation of the internal risk management and

control systems within their area of responsibility. They are

required to perform self-assessments on the design and

operating effectiveness of our internal controls. This is

regularly measured and monitored by the Risk Management

and Internal Control department, and the results are

discussed in the Internal Control Committee (ICC) meetings.

The ICC is composed of the CFO, the director Audit &

Security, the director Group Finance, and the director

Accounting & Reporting. The external auditor also attends the

ICC meetings. The ICC met five times in 2025. Internal risk

management and control reports are discussed with the

Board of Management and the Audit Committee of the

Supervisory Board. As part of this process, management is

required to follow up on risks deemed to be inadequately

mitigated by internal controls. In some cases, this may require

additional actions, including performing and evaluating

compensating controls and activities, to reduce the risks of

misstatements in financial or sustainability reporting or to

manage operational or compliance risks.

In 2025, PostNL integrated, in accordance with the revised

Dutch Corporate Governance Code, the Risk Management

Statement into its Board Report. This statement confirms,

within the limitations set out in the Code, the design and the

level of operating effectiveness of our internal risk

management and control systems covering operational,

compliance, financial reporting and sustainability reporting

risks.

In accordance with this new risk reporting requirement, we

have made explicit the levels of assurance or certainty per

risk type within our internal risk management and control

systems.

The systems are designed and operating to be able to provide

reasonable assurance that the financial reporting under IFRS

in this annual report does not contain any material

inaccuracies. Furthermore, these systems provide limited

assurance that the sustainability reporting under the CSRD

and the EU Taxonomy in this annual report is free from

material misstatements.

The operational and compliance risk management and

control systems are designed and operating to be able to

provide appropriate comfort that the identified operational

and compliance risks are effectively managed in line with

PostNL’s risk appetite, the complexity of our enterprise, the

inherent limitations of these systems and other disclosures on

these systems.

The scope of the operational risk management and control

system is set to cover the core business processes like

customer-to-cash, purchase-to-pay, hire-to-retire, business

resilience and continuity management in operations, IT

general controls and cybersecurity.

The scope of the compliance risk management and control

system is set to cover the laws and regulations and the

related internal policies and procedures on business conduct,

Dutch postal law, human rights and labour conditions, the

environment, transportation, Dutch privacy law (GDPR) and

the upcoming Dutch cybersecurity law (NIS2). Our compliance

risk management and control system is structured in

accordance with the ‘Levers of Control’ model, in addition to

COSO ERM (2017) requirements.

Looking ahead, we will continue to work closely with the

business to evaluate the need for additional or revised

controls and assess the implications of these changes on the

effectiveness of the design and operation of newly

established (automated) controls. This ongoing collaboration

ensures that our control environment remains robust and

aligned with evolving business needs.

Risk appetite

Risk appetite is the level of residual risk we deem acceptable

to achieve our objectives. The risk appetite is set per main

risk topic by the Board of Management in close cooperation

with the Executive Committee, based on our strategic goals,

our Code of Conduct, our policies and procedures, and taking

into consideration the highly regulated markets we operate in.

The risk profile is compared with PostNL's established risk

appetite after each risk management workshop. Where there

is a difference between the actual risk level and the risk

appetite bandwidth, management is required to initiate an

action plan. The risk appetite is discussed with and endorsed

by the Audit Committee.

When determining the risk appetite per risk, we take into

account factors such as geopolitical uncertainties, the tight

labour market, and economic rationalisation. PostNL

categorises risks into five main types: strategic, operational,

financial, compliance and reporting risks. Each has its own

appetite, management approach and oversight structure.


	PostNL Annual Report 2025			47

Sustainability statements

Other information

Appendices

Risk management

PostNL Risk appetite

Low

Behaviour towards risk

High

Averse

Prudent

Balanced

Considerable

Seeking

Strategic risk

We aim to deliver on our strategic ambitions and priorities and are willing to accept balanced and considerable risks to

achieve this.

Competition and client concentration

Geopolitical tensions and economic consequences

Implementation of strategic change projects

Financial sustainability of Mail in the Netherlands

Network capacity and flexibility

Climate change

Data excellence and integrity

Operational risk

We face operational challenges which require an appropriate level of management attention. The overall objective is to avoid

risks that could negatively impact our aim to achieve operational effectiveness and efficiencies.

Employee attraction, development and retention

Operational excellence

Availability of energy resources

Information Technology and Cybersecurity

Total cost of labour

Liability for loss or damage

Compliance risks

We strive to be fully compliant with our Code of Conduct as well as national and international laws and regulations in relation

to the markets in which we operate, and we do not accept deviations

Supply chain accountability

Legal and regulatory developments

Reporting risks

We ensure accurate, reliable, and timely reporting of information critical to stakeholders, and do not tolerate inaccuracies or

delays that could compromise decision-making or accountability

Sustainability reporting

Financial Reporting


	PostNL Annual Report 2025			48

Sustainability statements

Other information

Appendices

Risk management

Main Risks

PostNL Main risks


Topic	Risk summary	Risk level	Trend	Main response
Strategic risks
Competition and client concentration	Competitive pressure in the e-commerce market remains intense, with established players expanding market share and new entrants further intensifying dynamics. Rising client concentration increases exposure to a limited number of dominant platforms, amplifying pricing pressure and dependency risks. These developments continue to challenge market share, volumes and profitability across key segments.			• Deepen customer centricity by ensuring network flexibility during peak periods and maintaining sustainable labour agreements to safeguard delivery quality and service levels. • Accelerate digital transformation and embrace AI to boost competitiveness through data-driven insights and differentiated service propositions to enhance NPS. • Strengthen yield management and operational efficiency by leveraging economies of scale, performance steering, and integrated capacity and revenue management.
Geopolitical tensions and economic consequences	Geopolitical tensions arising from trade, regional conflicts, and regulatory changes create macroeconomic uncertainty that continues to influence PostNL’s operating environment. With an increasing international footprint across Europe and Asia, and greater dependence on China–Europe trade lanes, PostNL faces risks from changing trade policies, currency fluctuations, and economic pressures that may affect consumer spending, parcel volumes and margin development.			• De-risk via diversification - spread across different countries in Asia and Europe to minimise concentration risk (i.e., reduce dependability on China-EU flows). • Assess regulatory and geopolitical exposures across PostNL’s operations and implement measures – such as diversifying cloud service providers – to mitigate potential business impacts.
Implementation of strategic change projects	Strategic change projects are critical to PostNL’s transformation but remain exposed to execution and resource risks. The main challenge lies in prioritising limited resources across multiple initiatives. Constrained financial flexibility, scarcity of IT capacity and transformation capabilities and forecast uncertainties may delay implementation, impacting operational efficiency, profitability, and competitiveness in a rapidly evolving logistics landscape.			• Maintain stable cash flow and invest in digitalisation. • Strengthen management practices and accelerate strategic priorities by becoming a performance-driven organisation with a transformational mindset.
Financial sustainability of Mail in the Netherlands	Ongoing uncertainty regarding the revision of the Postal Act and the rejection of temporary government subsidies continue to threaten the long-term financial sustainability of Mail in the Netherlands. Structural volume decline, increasing costs and a tight labour market continue to put additional pressure on profitability. Without the necessary regulatory adjustments, operational changes to the postal network cannot be implemented. Even in the transition to a D+2 (i.e. delivery within two days) model, the universal service obligation and the financial position of PostNL’s Mail segment remain loss-making. Therefore, regulatory adjustments need to be made as soon as possible to initiate the required transition, including a financing model that supports this transition.			• We continue to urge policymakers to accelerate reform of the Postal Act to secure a sustainable universal service obligation framework. The proposal to amend the Postal Decree and proposed change to D+2 as of July 2026 are positive developments. However, there is still no long-term sustainability of the mail segment. PostNL will continue to advocate for a regulatory framework that reflects structural market developments, and pursue appropriate legal remedies regarding the rejection of the subsidy request. Given the current long-term uncertainty, PostNL is appealing the rejection of the withdrawal of the USO designation. • Structural cost and network optimisation programmes are being expanded, but remain insufficient to offset continuously declining mail volumes and structurally rising costs. Therefore, further major adjustments are needed. • Targeted workforce initiatives focus on improving absenteeism management, strengthening employee engagement, and ensuring operational continuity amid a tight labour market.


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Risk management


Topic	Risk summary	Risk level	Trend	Main response
Network capacity and flexibility	Although PostNL’s network capacity has become more robust, limited flexibility in daily operations could still lead to inefficiencies and higher costs related to volume fluctuations. A possible delay in the implementation of the ‘Best Day’ delivery model may result in missed opportunities to optimise parcel flows, potentially causing temporary imbalances, increased operational pressure, and a decline in overall network performance.			• Further optimise volume planning and resource allocation through dynamic forecasting and flexible processing strategies to accommodate demand fluctuations. • Implement the ‘Next Day to Best Day’ transition, enabling balanced parcel flows and enhanced operational efficiency across the network. • Strengthen collaboration between commercial, operational, and IT functions to maintain high service quality while maximising network utilisation and sustainability.
Climate change	PostNL’s progress toward its 2030 and 2040 decarbonisation targets depends on reducing emissions from outsourced transport, adopting low-carbon technologies, and maintaining an agile logistics model. Limited availability of zero-emission vehicles, charging infrastructure, or renewable energy, combined with stricter climate regulations and cost pressures, could delay progress, increase compliance costs, or harm PostNL’s reputation and competitiveness if sustainability expectations are not met.			• Execute decarbonisation roadmap 2030 and 2040 through fleet electrification, zero- emission delivery, and partnerships with transport providers to accelerate electric vehicle adoption and charging infrastructure development. • Improve network efficiency using innovative planning and equal-flow logistics to reduce kilometres travelled, optimise transport utilisation, and lower the carbon intensity of operations. • Enhance energy efficiency of buildings and facilities by using 100% renewable electricity and continuously reducing operational emissions through sustainable design and technology upgrades.
Data excellence and integrity	PostNL aims to digitally transform by embracing AI-first to accelerate innovation, boost competitiveness and reduce costs (increase efficiency). Data quality, integrity, and governance are critical to driving this digital transformation. Challenges in data completeness, quality, integrity, timeliness and availability may hinder the ability to drive decision-making through data and to enhance AI-based use cases that create real impact. At the same time, weaknesses in data governance or regulatory compliance may expose PostNL to financial, operational and reputational risks.			• Strengthen data management through continuous oversight and strategic guidance from the Data Governance Board to enhance data quality, integrity, and organisational accountability by making data foundation a key strategic priority. • Implement a digital compliance programme to ensure ongoing adherence to current and emerging regulatory requirements across all PostNL data processes and systems. • Embedding AI in high-impact business domains to build products and services with AI at their core.
Operational risks
Employee attraction, development and retention	Labour market constraints, absenteeism and persistent challenges in attracting and retaining skilled employees continue to pressure productivity and service quality. Sustaining employee wellbeing, engagement and long- term employability is essential to maintain operational stability and PostNL’s reputation as an attractive and responsible employer.			• Strengthen employee health and wellbeing through the new partnership with Zorg van de Zaak, focusing on sustainable employability and reducing absenteeism across all business units. • Implement the new Managing Employability programme to reduce absenteeism and improve reintegration and support for employees returning to work after illness. • Further embed the new Health & Safety organisation and strengthen leadership accountability to structurally reduce absenteeism and promote a safe, supportive work environment.
Operational excellence	Planned efficiency improvements and cost synergies may not be fully realised if progress on Operational Excellence initiatives were to fall behind expectations. This could slow the execution of cost-reduction programmes and result in continued pressure on the cost base, with limited flexibility to further reduce operational expenses in the short term. Margin pressure, tightening regulatory requirements and rising labour expenses further increase this risk and may adversely affect our ability to maintain operational competitiveness in a structurally high-cost environment.			• Strengthen performance management to enhance visibility, accountability and consistency in executing Operational Excellence initiatives across all organisational layers. • Drive steering through Strategic Performance Plans to reinforce execution discipline and enable sustainable efficiency improvements. • Improve operational effectiveness through workforce optimisation, simplification of end-to-end processes and removal of structural inefficiencies.


	PostNL Annual Report 2025			50

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Risk management


Topic	Risk summary	Risk level	Trend	Main response
Availability of energy resources	The availability and affordability of energy resources are critical to PostNL’s operations and sustainability ambitions. Rising energy prices, grid congestion, and limited electricity capacity in the Netherlands increase the risk of disruption to business processes and delay the transition to an electric fleet. Exceeding grid capacity may result in penalties and higher costs, while energy scarcity could impact cost efficiency, service continuity, and progress toward PostNL’s sustainability and emission-reduction targets.			• Secure energy needs through futures contracts and local supply agreements. • Increase self-generation through renewable energy and self-sufficient buildings, explore alternative or temporary energy solutions, and extend sustainable energy options to delivery partners over time. • Reduce overall energy use by improving asset efficiency and develop on-site energy (storage) solutions to mitigate the impact of grid congestion and capacity limits.
Information technology and cybersecurity	PostNL’s increasing digitalisation and reliance on interconnected systems heighten exposure to cyber threats and IT disruptions. Although overall resilience has improved, risks related to legacy systems, data breaches, and third-party dependencies remain.			• Strengthen cybersecurity governance through continuous improvement, clear accountability, and central oversight supported by decentralised cybersecurity coordinators. • Enhance resilience of critical IT applications via regular penetration testing, patch management, and incident response reviews. • Progressively phase out legacy systems and accelerate transition to modern, secure platforms with improved monitoring and access controls.
Total cost of labour	Higher labour costs and related expenses could significantly impact our financial performance, particularly if we are unable to efficiently adjust pricing within our operating model. Operational disruptions from trade union actions or negative media attention may further intensify these challenges. In a high-inflation environment, rising labour indexations and salary expectations continue to pressure our cost structure and resilience. Proposed legislation mandating equal benefits for temporary workers by 2026 could further increase total labour costs.			• Establishing collective labour agreements with robust wage agreements in the future. • Maintaining good relations with trade unions and social partners based on mutual recognition of shared interests. • Balance the need for fair pay to remain a good employer with generating sufficient cash flow to continue investing in our future. PostNL has adjusted its pricing strategy to address higher minimum wage costs, supporting efforts to keep rising labour costs, including temporary labour, within manageable limits.
Liability for loss or damage	Rising parcel volumes and higher average shipment values continue to expose PostNL to loss and damage claims. Exposure to such claims adversely impact our financial performance.			• Strengthen contractual frameworks with customers by refining liability terms, enforcing clear claim limits, and ensuring consistent communication on delivery conditions. • Enhance physical and digital security through additional metal detection gates, improved parcel tracking, and new tools to monitor losses among delivery and retail partners. • Continue targeted loss-prevention initiatives such as dedicated handling for high- value shipments and receiver verification, ensuring sustained reduction in damage- related payouts.


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Risk management


Topic	Risk summary	Risk level	Trend	Main response
Compliance risks
Supply chain accountability	PostNL depends on third-party suppliers and partners to deliver key products and services, which heightens accountability across the supply chain. Non- compliance by suppliers or their subcontractors with labour laws, environmental standards, or ethical guidelines may expose PostNL to legal, operational, and reputational risks. Ensuring compliance across multiple layers of the supply chain—particularly within delivery, IT, and staffing partners—adds complexity. Disruptions, underperformance, or regulatory breaches could impact service quality, customer trust, and the company’s ability to meet growing societal expectations.			• We are modifying contracts with staffing agencies to include a ‘right to audit’ clause, for regular monitoring and assurance of compliance with labour conditions and other compliance requirements. • New due diligence process for delivery partners to thoroughly assess their operational and compliance capabilities. • Management of cloud suppliers through robust assessments based on a strict control framework. • Closely monitoring emerging societal expectations and increasing compliance demands to proactively anticipate and respond to them.
Legal and regulatory developments	Regulatory requirements and oversight remain extensive and complex across the markets in which we operate, covering postal, transport, competition, labour, data protection and environmental standards. Uncertain regulatory reform, including the revision of the Postal Act and evolving USO obligations, present ongoing legal and compliance risks. Maintaining compliance is essential to safeguard licence to operate. Misinterpretation of new or amended laws or ineffective internal controls could result in sanctions or reputational damage affecting PostNL’s financial performance.			• Strengthen the compliance framework across all relevant domains (such as postal, transport, environmental and labour) through periodic process reviews and updates of internal controls. • Operate a robust integrity programme that embeds our Code of Conduct and promotes awareness and adherence across the organisation, supported by mandatory integrity e-learning modules. • Ensure timely adaptation of our operations to changes in legal and regulatory requirements.

Emerging risks

Emerging risks are risks we do not expect to materially impact the company in the short term,

but which do require prompt mitigation actions to prevent them from exceeding our risk

appetite in the mid to long term. In 2025, we pinpointed two such risks: 'AI-driven workforce

and organisational transition' and 'Disruption of data sovereignty and digital infrastructure

dependence'. These are seen as exacerbating our main operational and strategic risks, namely

'IT and cybersecurity' and 'Data excellence and integrity', respectively.


Risk description	Response
AI-driven workforce and organisational transition As PostNL accelerates its AI-first and automation agenda as part of its Breakthrough 2028 strategy, the company faces a significant organisational transition risk. AI integration is reshaping job roles, skills requirements and operational decision-making. While automation drives efficiency and cost competitiveness, it also introduces uncertainty around workforce adaptation, capability gaps and organisational acceptance. This rapid shift may create misalignment between technological progress and organisational readiness. This risk is amplified by tight labour markets, short AI maturity cycles and evolving ethical standards in AI governance.	• Implement AI (up)skilling programme or framework that embeds retraining, inclusion and AI ethics principles in workforce planning. • Continuous monitoring of employee sentiment and engagement linked to automation roll-outs. • Integration of AI impact assessments in HR, legal, and risk governance processes. • Collaboration with labour representatives, policymakers, and educational partners to foster transparent AI adoption pathways.
Disruption of data sovereignty and digital infrastructure dependence As PostNL increasingly digitises its operations and customer interactions, reliance on cloud-based infrastructure, AI-driven analytics and external technology providers has grown substantially. However, emerging global data sovereignty frameworks—particularly EU data residency and protection requirements (such as GDPR), cross-border data flow restrictions and the geopolitical fragmentation of technology standards—pose potential risks to continuity, compliance and competitiveness. Growing dependence on non-European hyperscalers for cloud services introduces systemic risks in the event of regulatory disputes, cyber incidents or service disruptions. Moreover, the rapid evolution of generative AI technologies, while providing operational efficiencies, heightens concerns around algorithmic transparency, data bias and intellectual property exposure.	• Diversification of cloud vendors to reduce dependency on single providers and enhance resilience i.e., investments in European-based digital infrastructure and partnerships with EU-compliant cloud and cybersecurity providers. • Implement technologies such as client-side encryption to prevent even cloud providers from accessing organisational data. • Ongoing assessment of data residency obligations under the EU Data Act and AI Act.

Regulatory

developments



	In this chapter we cover the key regulatory developments that affected PostNL and the sector in 2025, and interactions we had with policymakers and stakeholders on developments in the sector and the development and implementation of rules and regulations.


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Appendices

Regulatory developments

Introduction

PostNL operates in a highly regulated environment. This is,

among other reasons, due to the fact that PostNL is

designated as the provider of the universal service obligation

(USO) and the only postal transport company with a

nationwide network in the Netherlands. PostNL is also a

transport company and a labour-intensive company, with

sustainability high on its agenda, areas in which there are

many rules and regulations at local, national, EU and

international level. Politicians, public authorities and other

relevant stakeholders have a major impact on rules and

regulations that affect our sector and our business.

Consequently, PostNL maintains contacts with policymakers

and stakeholders on developments in the sector, social

developments, as well as changes to and the implementation

of rules and regulations. We strongly believe that advocacy

by stakeholders is crucial to the development of high-quality

and meaningful new rules and regulations that will benefit all

stakeholders in society. PostNL is always available to share its

sector-specific knowledge and market experiences.

As many regulatory issues affect not only PostNL but also

other companies in our sector or region, we work with

different industries and trade associations. These

associations address various issues of relevance to our

sector from different perspectives (a list of associations and

contributions can be found in the Content index later in this

chapter). Within these associations, we not only develop

common positions on future regulation, but also exchange

knowledge and best practices and create voluntary sectoral

initiatives. PostNL holds various board positions and actively

participates in working groups and events organised by these

associations. We do not make any financial contributions to

political parties or politicians’ election campaigns. We are

registered in the EU Transparency Register and apply its code

of conduct. This chapter elaborates on the most impactful

regulatory developments.

Postal developments

Revision of Dutch postal legislation

Dutch postal legislation, including the Postal Act and

secondary legislation, sets standards for the USO. Due to the

structural decline in mail volumes, evolving customer needs

and rising autonomous costs, the current postal network

through which USO and non-USO mail is delivered is no longer

financially viable. As a result, further significant adjustments

to the postal network are necessary. However, within the

current legal framework, PostNL can no longer sufficiently

adapt its postal operations. The legal framework for the USO

therefore determines the current network set-up, even

though the USO represents less than 15% of total postal

volumes. Without adjustments to the legal requirements,

PostNL is unable to take the necessary steps to transition

towards a financially sustainable and future-proof postal

service.

In 2025, PostNL therefore continued its efforts to

constructively contribute to ongoing policy discussions

regarding Dutch postal legislation and urged the Dutch

government to amend the Postal Act to help secure a suitable

postal service for everyone in the Netherlands – one that is

aligned with market dynamics and maintains financial

sustainability.

On 30 June, supported by a study by the Authority for

Consumers and Markets (ACM) showing that the current

situation is unsustainable and that change is urgently needed,

the government proposed amendments to the Postal Act.

These changes mainly relate to access to the network and the

continuity of the Universal Postal Service. PostNL considered

the proposed changes to be insufficient, due to a combination

of high remaining standards and the absence of financial

compensation. As a result, the postal service would remain

loss-making until at least 2029, jeopardising the continuity of

postal services in the Netherlands. Parliament was not ready

to debate the proposed revision of the Postal Act in 2025. A

further amendment by the Minister to the proposed revision

of the Postal is expected in 2026.

Secondary legislation proposes changes to transit time and

quality standard

On 3 October 2025, the Minister proposed an amendment to

the Postal Decree to adjust the transit time to delivery within

two days (D+2) from July 2026 with a 90% quality standard,

and to delivery within three days (D+3) from July 2027 with a

92% quality standard. The Minister is able to make these

changes under the current legislation. The Council of

Ministers approved the proposed amendment. PostNL

considers this amendment to be an important first step

towards a future-proof USO that meets the needs of postal

users, in line with adjustments already made in other

European countries. However, it does not yet result in a

future-proof USO. Even with the proposed adjustments, the

remaining USO requirements continue to result in high net

costs and a disproportionate financial burden for PostNL. The

proposed amendment was subject to a preliminary

parliamentary review procedure (voorhangprocedure) in the

Dutch Parliament. Parliament concluded the procedure in

February 2026 by adopting a motion explicitly supporting the

amendment. This marked an important step towards

implementation as of July 2026. The Postal Decree will

subsequently be submitted to the Council of State for advice.

PostNL has already initiated internal preparations to ensure

timely implementation of the D+2 model.

Request for financial compensation for the USO

Despite ongoing efforts to modernise Dutch postal legislation,

political decision-making on the future of the postal market

takes time, while the costs of the USO continue to rise.


	PostNL Annual Report 2025			54

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Regulatory developments

Therefore, in February 2025, PostNL requested that the

government reimburse the costs of the USO, as these impose

an unreasonable financial burden on the company. The

request for financial compensation amounts to €30 million in

2025 and €38 million in 2026 and concerns only the net costs

of the USO. These net costs, and thus the requested

compensation, have been determined as follows.

The USO regulation contains requirements intended to ensure

that postal operators maintain a minimum level of service to

the public. While these requirements provide societal

benefits, they may also impose costs on postal operators.

Some services may be economically unviable and would not

be provided in the absence of government regulation. Net

costs of the USO represent the costs incurred by a postal

operator that could be avoided without legal requirements,

minus the benefits of the USO. For example, for non-USO

mail, PostNL already delivers under a D+2 model (mail

delivered within two working days). The USO regulation

prevents PostNL from aligning USO mail with this frequency,

creating costs that could otherwise be avoided. Furthermore,

PostNL provides services such as collecting and delivering

mail from the country’s orange postboxes five days a week,

maintaining a specific distribution of postboxes, and

delivering specialised services including braille letters,

bereavement mail and medical mail.

Under European legislation, the provider responsible for the

USO is entitled to receive compensation for the net cost of

the service if this constitutes a disproportionate financial

burden. PostNL incurs significant net costs that result in such

a burden. The structural decline in mail volumes, changing

customer needs and rising costs have turned the USO into a

loss-making activity in its current form. In several other

European countries, including Italy, Spain and France,

compensation has also been provided to the designated USO

provider. In June 2025, the Minister rejected PostNL’s request

for financial compensation. PostNL objected to this decision.

In December, the Minister rejected the objection, and PostNL

filed an appeal with the court.

Rejection of advance payment for financial compensation of

the USO

After the rejection of financial compensation by the Minister

in June 2025, PostNL submitted a request to the

Administrative High Court for Trade and Industry (CBb) for an

advance payment of €15 million per year for 2025 and 2026.

The CBb rejected this request on 5 September, but explicitly

noted that PostNL has substantiated, with concrete

documentation, the increasing need to take measures with

regard to the USO and that there was an element of urgency.

In this context, the CBb stated that it is the responsibility of

the Minister and the legislator to shape and implement the

necessary structural measures with due care and diligence.

Withdrawal of USO designation

On 5 September, PostNL formally requested the Minister of

Economic Affairs to withdraw its designation as USO provider.

Submitting this request was a necessary step, but not an easy

decision for PostNL. It followed the absence of a short-term

solution for the high net costs of the USO, after the subsidy

request was rejected by the Minister and the CBb rejected

the requested advance payment. Furthermore, despite the

important step taken by the Minister to amend the Postal

Decree, there remains no prospect of a regulatory framework

that sufficiently reflects market developments. This creates

an unsustainable situation for PostNL and puts the continuity

of postal service provision in the Netherlands at risk. This is

irresponsible for people who rely on postal services and for

the thousands of people working in the postal sector. It is also

unreasonable to expect a commercial company to absorb

such losses while carrying out a mandatory public service. On

19 December, the Minister rejected PostNL’s request for

withdrawal of the USO designation. PostNL filed an objection

to this decision.

Adherence to USO requirements

In 2025, PostNL met the required coverage requirements for

the number of postboxes and continued to make adjustments

to the nationwide postbox network. For example, in February

2025, PostNL introduced staggered collection from postboxes

throughout the day. This approach is more efficient, reduces

kilometres driven, is more sustainable and lowers costs,

helping to maintain affordable postal services in the

Netherlands. This ensures that services remain accessible

while contributing to necessary cost savings. In 2025, PostNL

also met the legal standards regarding the accessibility of

postal locations in the Netherlands.

However, meeting the quality-of-service standard requiring

95% next-day delivery of consumer mail has become

infeasible. In 2025, PostNL achieved a next-day delivery

performance of 86%, with 95% of mail delivered within two

working days. Delivery performance for funeral

announcements and medical mail reached 94% in 2025, close

to the target of 95%. Taking into account the confidence

interval, the quality-of-service performance of funeral

announcements and medical mail met the 95% target.

Quality-of-service performance continued to be impacted by

the tight labour market, resulting in performance pressure in

both delivery operations and sorting centres. Labour

shortages remain particularly severe in certain regions due to

economic factors, making the recruitment and retention of

postal workers difficult and further exacerbating delivery

challenges in those areas. Regional information is provided in

the table below, where D+1 refers to USO mail delivered

within one working day and D+2 refers to USO mail delivered

within two working days.


	PostNL Annual Report 2025			55

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Regulatory developments


Transit time in 2025 per delivery region	D+1	D+2
Amsterdam and North Holland North	85%	95%
Central and East Gelderland	87%	96%
East Brabant	83%	94%
Groningen, Drenthe and North Friesland	90%	97%
Haarlem and het Gooi	84%	94%
Limburg	82%	94%
Rotterdam	83%	94%
Utrecht	90%	98%
West Brabant, Zeeland and Zuid Hollandse islands	80%	92%
Overijssel, North-East-polder and South Friesland	91%	98%
The (preliminary) scores per delivery region reflect the highly diverse labour market challenges.

In addition to the tight labour market, quality-of-service

performance was also negatively affected by relatively high

sick leave rates. The stringent USO requirement to deliver

mail next day throughout the Netherlands leaves no

operational flexibility to make the delivery model less labour-

intensive. These challenges underline the need to transition to

a delivery model based on delivery within two days, followed

by delivery within three days, which would support more

reliable delivery performance.

In 2019, 2020, 2021, 2022, 2023 and 2024, next-day delivery

was below the 95% target due to circumstances beyond

PostNL’s control, such as the Covid pandemic and a tight

labour market. For 2019, PostNL paid a fine imposed by the

ACM for not meeting the quality-of-service target. PostNL

appealed this decision at the CBb. In December 2025, the

CBb ruled that PostNL had not committed a violation. Certain

sample letters should have been excluded from the

measurement study because it could not be determined

whether PostNL was responsible for the delayed delivery. The

cause could also have been the sender or recipient. This

resulted in an adjusted confidence interval, under which

PostNL did meet the 95% standard. The imposed fine was

cancelled and repaid in December 2025. The CBb ruling is

also relevant for subsequent years. For 2021, 2022, 2023 and

2024, the (re)assessment of facts and circumstances and any

decision on the imposition of fines remain with the ACM.

Revision of the EU Postal Service Directive

The European Commission plans to introduce the EU Delivery

Act in the fourth quarter of 2026. This legislation is expected

to replace the existing Postal Services Directive and the

Cross-Border Parcel Regulation. In November 2025, the

Commission launched a Call for Evidence to assess whether

the market recognises several key challenges, including the

sustainability of the USO, recipients’ rights, a level playing

field and cross-border parcel delivery. The Call for Evidence

outlines policy options ranging from maintaining the status

quo to extending regulation to the entire delivery market.

A more detailed public consultation on the future of the EU

postal and delivery services framework was launched by the

European Commission on 11 December 2025. PostNL is

closely monitoring these developments, engaging in

stakeholder dialogue and actively preparing for potential

implications for postal regulation and possible future

legislation on (cross-border) parcel delivery.

CBb's ruling on the Sandd takeover

On 2 December, the CBb ruled that PostNL’s appeal against

the ACM’s decision not to grant a permit for the takeover of

Sandd was unfounded. The ACM’s decision therefore remains

in force. The ruling clarifies the ACM's application of the

assessment framework to the situation as it existed six years

ago. The merger has been effective since 2019. At that time,

PostNL had permission from the Ministry of Economic Affairs

to merge. Although that decision was later annulled, there

was no unlawful situation at the time of the merger, as the

ACM also stated immediately after the ruling in a press

release. On 13 February 2026, the ACM announced that it will

launch an investigation into PostNL in relation to the Sandd

acquisition, following the aforementioned CBb ruling. We do

not believe a new investigation contributes to the necessary

progress and clarity in a sector that requires stability and

forward-looking decision-making for customers and

employees.

Other postal developments

PostNL aims to keep mail delivery accessible, reliable and

future-proof for everyone. In a shrinking postal market, a

level playing field is essential. PostNL considers that Spotta’s

delivery of personalised flyer packages qualifies as a postal

service and that Spotta should therefore comply with the

relevant obligations under postal legislation. The ACM

concluded that Spotta is not a postal transport company, as

the postal items are not offered by a third party but compiled

by Spotta itself, and because Spotta also collects the

addresses. PostNL appealed this decision at the CBb after the

court followed the ACM’s reasoning.

PostNL also filed an appeal with the Supreme Court regarding

the Rotterdam Waste Regulation. This regulation requires

customers to include a name, in addition to the address, on

Direct Mail sent to addresses in Rotterdam, leading

customers to avoid Rotterdam for Direct Mail campaigns.

Proceedings before the Supreme Court will continue in 2026.

Reducing physical labour risks

In 2024 and 2025, the Netherlands Labour Inspectorate

conducted investigations into physical workload in parcel

sorting centres. Following these investigations, the

Inspectorate initiated enforcement actions against several

major market players including, PostNL.

PostNL has made significant progress in recent years and has

accelerated the implementation of measures to reduce

physical strain. In the coming years, PostNL will continue to


	PostNL Annual Report 2025			56

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Other information

Appendices

Regulatory developments

invest in and further develop automation and mechanisation

in parcel sorting centres in the Netherlands and Belgium. For

more information, refer to the Physical Workload programme

paragraph on page 227 in the sustainability statements. The

pace of implementation largely depends on developments in

automation and mechanisation, which PostNL will support to

the full extent possible. The comprehensive action plan

combines risk assessment, alignment with health and safety

objectives and continuous monitoring to deliver both

immediate and long-term improvements. PostNL regularly

informed the Inspectorate of progress.

Sustainability

PostNL is committed to reducing the environmental impact of

its activities. As government policies at all levels can either

support or hinder progress towards sustainability objectives,

we maintain regular contact with different public authorities

regarding the impact and effectiveness of measures aimed at

supporting the green transition. PostNL monitors regulatory

developments related to, for example, green fleets,

deforestation and packaging, to ensure compliance and

implementation.

Cybersecurity

For more information on cybersecurity, refer to the

Cybersecurity paragraph on page 78 in the Corporate

governance chapter.

Customs and e-commerce measures

In response to increasing volumes of parcels from China, the

European Commission plans to introduce an e-commerce

handling fee to compensate for rising customs costs. The

introduction of a €3 fee per parcel is planned for July 2026.

Further details remain subject to clarification. PostNL

recognises the importance of ensuring a level playing field,

strengthening product safety and modernising customs

operations, but effective and workable implementation is

essential. Key concerns for PostNL include the collection of

fees, the associated operational risks for PostNL as USO

provider, the administrative burden for postal operators and

the availability of sufficient implementation time.

Prior to the EU-wide announcement, several Member States

considered introducing such fees at a national level as early

as January 2026, including the Netherlands and Belgium. Both

countries have since decided to postpone national

implementation. Several other Member States are still

considering introduction or have recently implemented a

handling fee. For PostNL, it is essential that a level playing

field between Member States is maintained through

harmonised European-level implementation.

Content index

PostNL is actively involved in key industry associations across

the Benelux and Europe to represent our interests and

contribute to the development of the sector.

The Netherlands

PostNL is a member VNO-NCW and of Transport en Logistiek

Nederland (TLN), enabling us to engage on topics such as

mobility, sustainability and labour market developments.

PostNL is also a member of DDMA, the Dutch data-driven

marketing and sales association, as well as Thuiswinkel.org,

the Dutch e-commerce representative organisation. At a local

level, PostNL actively participates in The Hague Connected,

the network of large employers in The Hague.

Belgium

PostNL is affiliated with Febetra, TLV, UPTR and the

Werkgeversorganisatie, four organisations representing the

transport and logistics sector, supporting fair competition and

innovation. Furthermore, PostNL is board member of the

Belgian Courier association (BCA) and a member of the

Flanders Chamber of Commerce and Industry (VOKA), the

Central Economic Council (CRB), the Belgian e-commerce

representative Becom and the Belgian Cycle Logistics

Federation (BCLF).

Europe

PostNL participates in PostEurop, the association of European

postal operators, where PostNL collaborates on regulatory

developments, sustainability initiatives and cross-border

delivery solutions. PostNL is also a member of Ecommerce

Europe.

Governance



	We encourage bold innovation powered by data, technology and intelligence, ensuring we remain resilient and well-governed in a dynamic environment. Testing small and scaling when effective enables us to innovate responsibly and with speed. Cybersecurity and data integrity remain central, supported by an AI-first mindset that safeguards our operations and stakeholders. This section explains how our governance framework supports responsible decision-making and long-term value.


Report of the Supervisory Board	58
Corporate governance	68
Remuneration report	82
Our tax strategy and policy provisions	96
PostNL on the capital markets	102
Statements of the Board of Management	106

Report of the

Supervisory

Board



	This Report of the Supervisory Board sets out the manner in which the Supervisory Board fulfilled its duties and responsibilities in 2025. PostNL's organisational structure and remuneration report forms part of the Report of the Supervisory Board and is disclosed in the Corporate governance and Remuneration report chapters.


	PostNL Annual Report 2025			59

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Appendices

Report of the Supervisory Board

Reflecting on 2025 with Jan

Nooitgedagt

A new Board of Management, a new strategy?

No, that would be too easy. As early as February 2025, it was

announced that changing market dynamics, and their impact

on our performance, underscored the need for an adjustment

to our strategy. At the same time, this created the opportunity

for the new Board of Management to define a renewed

strategy during the Capital Markets Day in September 2025,

together with the related medium-term financial ambitions. As

Supervisory Board, we have discussed the new strategy and

financial ambitions extensively in several sessions with the

Board of Management, as well as the associated

organisational changes. As the new strategy is already

comprehensively explained throughout this annual report, I

will not elaborate further on its individual elements. The

Supervisory Board fully supports the new strategy, which

aims to steer PostNL towards a future of sustainable growth

and innovation. We are delighted with the appointments of

Pim and Linde, who have already demonstrated to form a

strong Board of Management, capable of successfully

advancing the strategy. It is impressive to see them

performing so effectively in their new roles.

Looking back on 2025, how do you feel about the year and

PostNL’s performance and financial position?

As expected, the external environment remained difficult in

2025, as reflected throughout this annual report. As the

Supervisory Board, we believe that the Board of Management

has taken all necessary steps and demonstrated relentless

commitment to adapting operations and offerings with

ongoing attention for customers, while improving efficiency

and capacity utilisation. Against this backdrop, we are

pleased that PostNL delivered within its communicated

outlook for 2025. Normalised EBIT ended up at €53 million,

revenue increased by 2.2% to €3,324 million and parcel

volumes showed a gradual recovery in line with e-commerce

trends. Free cash flow of €(25) million remained within the

communicated range.

Notwithstanding these circumstances, there were clear

opportunities and many achievements to be proud of,

including the continued progress made in areas such as ESG.

Tangible progress was made on sustainability and people

ambitions, with the share of emission-free last-mile deliveries

increasing to 33%, further improvements in CO₂ efficiency

across the network and a modest rise in employee

engagement to 69%. PostNL successfully placed a €100

million Schuldschein, launched a new €300 million bond, and

completed a tender offer for its outstanding 2026 notes.

Furthermore, the company’s digital transformation continued

to progress and contributed positively to results. In addition,

through disciplined cash and balance sheet management, the

outlook for free cash flow and normalised comprehensive

income was achieved, and, thanks to the dedication and

commitment of our employees, the company delivered a

strong operational performance in the fourth quarter. The

favourable net promoter score (NPS) results reaffirm PostNL’s

strong competitive position and demonstrate our continued

commitment to customers, thereby supporting our strategic

direction. We remain fully focused on delivering our

Breakthrough 2028 ambition, as presented at the Capital

Markets Day. We aim to grow our business, create

sustainable long-term value, lead through innovation, and

make an impact that matters.

Given the challenging macroeconomic environment, the

Supervisory Board fully supports the Board of Management in

securing the company’s robust financial position, and the

measures taken to mitigate the impact from cost increases.

Throughout the year, we held in-depth and constructive

discussions with the Board of Management, particularly in

relation to business performance and financial results. The

balance sheet position, and consequently the financial

resilience of the company, was a recurring topic of

discussion, alongside considerations regarding the company’s

credit rating. As a Supervisory Board, we were particularly

proud of our people and our partners, who worked tirelessly

to ensure that we continued to deliver mail and parcels

responsibly, every day.

What is the Supervisory Board’s view on the future of mail?

The urgent need to transform the current unsustainable

business model of the Mail segment is clearly reflected in its

results. Structural trends, including ongoing volume decline,

the shift towards delivery within two days, and continued cost

increases, persist. The future of mail services has therefore

been a recurring topic of discussion at several Supervisory

Board meetings. We fully support the necessary and

unavoidable actions taken by the Board of Management to

safeguard a future-proof and financially sustainable postal


	PostNL Annual Report 2025			60

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Appendices

Report of the Supervisory Board

service in the Netherlands, while continuing to provide

employment security for tens of thousands of people. We are

pleased with the Dutch government’s announcement to

extend delivery times through amendments to the USO under

the Postal Decree, supported by a majority of the House of

Representatives, which we regard as an important first step

towards a future-proof postal service.

Could you share some insights into other topics discussed

by the Supervisory Board?

Absolutely. We regularly discussed the company’s new

strategy, as well as PostNL’s competitive position, market

dynamics, competition and market share, in close dialogue

with the Board of Management. In June, we held our annual

strategic plan update with the Board of Management and the

Executive Committee, including in-depth sessions on the

future of Mail and the E-commerce strategy. In addition, the

Supervisory Board was involved in discussions on the asset-

light business models, the development of international

opportunities, and the status and acceleration of the OOH

strategy. In the context of our digital transformation and

accelerating digitalisation across the company, we frequently

discussed PostNL's IT strategy, the speed of digitalisation, the

potential use and impact of AI, and cybersecurity with the

Board of Management, the Executive Committee, and senior

management. We also recognise the importance of

compliance with the General Data Protection Regulation

(GDPR) and digital ethics.

Furthermore, changes in customer and consumer needs and

expectations, as well as the speed at which these changes

occur, remain recurring topics in Supervisory Board

discussions. Throughout 2025, the Supervisory Board was

regularly informed and engaged on initiatives launched by

PostNL to further enhance customer value, and received

updates on the development of digital KPIs and investments in

digitalisation. A key indicator for PostNL is NPS, which serves

as an important measure of customer satisfaction and a core

KPI for the company. The Supervisory Board was kept

informed of NPS developments and measurement outcomes

within PostNL and will continue to receive regular updates on

future NPS results.

And how is the Supervisory Board involved in ESG

developments?

ESG remains a key topic, encompassing a wide range of

dimensions relating to the environment, the responsibility

companies have towards their employees, their impact on

society, and governance. ESG is a fundamental element of

PostNL’s strategic development and will continue to be so.

Since 2023, the Supervisory Board has established an ESG

Committee to discuss and challenge dilemmas arising from

the balance between ESG ambitions and financial feasibility.

In terms of environmental progress during 2025, PostNL

continued to steadily reduce its environmental footprint, and

improved the average carbon efficiency of its own fleet

compared with 2024. The Supervisory Board discussed the

importance of tackling climate change and the environmental

goals set by the company with the Board of Management and

senior management, including the underlying plans on how to

reach those goals. Furthermore, with PostNL as one of the

largest employers in the Netherlands, the social dimension of

ESG is of particular importance to PostNL. The Supervisory

Board was closely involved in developments connected to the

scarcity of labour and absenteeism, the actions taken by the

company and the impact these issues have on the company’s

operations and finances. In June, an HR deep dive was held,

focusing on programmes aimed at staffing mail deliverers and

managing employability. The Supervisory Board also

discussed compliance as a whole, labour conditions along our

value chain, employee engagement, diversity, equity and

inclusion (DEI), and PostNL's culture. On the governance side,

we remained focused on being transparent, responsible and

accountable. PostNL has clear code of conduct and

acknowledges the importance of stakeholder dialogue.

Furthermore, through the Audit Committee, the Supervisory

Board is continuously updated on the progress the company

is making in relation to the reporting obligations of the EU

Taxonomy and the CSRD. In addition, the Supervisory Board

discussed the setting of targets for the Board of Management

and senior management to promote gender diversity, as well

as succession planning, through the Nomination Committee.

Several members of the Supervisory Board also met with the

daily management of the Central Works Council, and regular

informal sessions were held between Supervisory Board

members, PostNL employees and senior management to gain

insights into perspectives across the organisation. The

Supervisory Board members also maintained regular contact

with the members of the Executive Committee. Finally,

performance reviews were conducted with Pim and Linde.

How do you see the future?

2025 was a year of continuing challenging circumstances with

rising costs, a tight labour market, geopolitical volatility,

evolving consumer behaviour and client concentration. And a

further pressure on postal services. 2026 will be about

executing on our strategic actions and taking further action to

safeguard a future-proof and financially viable postal service

whilst awaiting the decisions from government. We are

confident that the Board of Management will continue to

make the right decisions and take appropriate actions to

steer the company forward, supported by talented and highly

motivated employees and management teams, and that

PostNL is well positioned to deliver. As I will be stepping down

as Chair and member of the Supervisory Board following the

AGM in April 2026, Koos Timmermans will succeed me as

Chair. This therefore marks my final reflection on the past

year. I have taken great pleasure in fulfilling this role and am

fully confident that the Supervisory Board is in safe and

capable hands under Koos’s leadership.

In closing, I would like to once again thank Herna Verhagen

for her dedication in her many years as CEO of PostNL, and

once again thank our people for their hard work and

dedication throughout 2025. I also want to thank our other

stakeholders for their trust in PostNL and for their

constructive feedback, which helps us to continuously

improve how we deliver on our purpose and our strategy.


	PostNL Annual Report 2025			61

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Report of the Supervisory Board

Board structure, composition and

responsibilities

At the Annual General Meeting of Shareholders held on 15

April 2025, shareholders reappointed Nienke Meijer and Koos

Timmermans as members of the Supervisory Board for a

further term of four years. For the Annual General Meeting of

Shareholders to be held in April 2026, the Supervisory Board

has nominated Hannie Vlug for reappointment as a member

of the Supervisory Board for a four-year term and has

nominated Natasja Laheij for appointment as a member of the

Supervisory Board for a four-year term. Jan Nooitgedagt will

step down as Chair and member of the Supervisory Board,

with Koos Timmermans proposed for appointment as the new

Chair. As at year-end 2025, the Supervisory Board consisted

of eight members, seven of whom (88%) qualified as

independent within the meaning of the Supervisory Board’s

by-laws and the Dutch Corporate Governance Code. Three

members were female (37.5%).

Jan Nooitgedagt (1953, Dutch, male) – Chair

Jan Nooitgedagt was appointed member of the Supervisory

Board on 17 April 2018 and Chair of the Supervisory Board

on 19 June 2018. His current term expires in 2026. Jan

qualifies as independent within the meaning of the by-laws of

the Supervisory Board and the Dutch Corporate Governance

Code. He holds one position as referred to in article 2:142a of

the Dutch Civil Code*.

Marike van Lier Lels (1959, Dutch, female) – Vice chair

Marike van Lier Lels was appointed member of the

Supervisory Board on 16 April 2019. Her current term expires

in 2027. Marike qualifies as independent within the meaning of

the by-laws of the Supervisory Board and the Dutch

Corporate Governance Code. She holds one position as

referred to in article 2:142a of the Dutch Civil Code*.

Jeroen Hoencamp (1966, Dutch, male)

Jeroen Hoencamp was appointed member of the Supervisory

Board on 14 April 2020. His current term expires in 2028.

Jeroen qualifies as independent within the meaning of the by-

laws of the Supervisory Board and the Dutch Corporate

Governance Code. He holds one position as referred to in

article 2:142a of the Dutch Civil Code*.

Nienke Meijer (1965, Dutch, female)

Nienke Meijer was appointed member of the Supervisory

Board on 20 April 2021. Her current term expires in 2029.

Nienke is member of the supervisory board of Achmea, and

chair of the board of Foundation De Volkskrant. Nienke

qualifies as independent within the meaning of the bylaws of

the Supervisory Board and the Dutch Corporate Governance

Code. She holds two positions as referred to in article 2:142a

of the Dutch Civil Code*.

Ad Melkert (1956, Dutch, male)

Ad Melkert was appointed member of the Supervisory Board

on 14 April 2020. His current term expires in 2028. His

positions include chair of the Dutch Association of Hospitals,

the supervisory board of Florence and the supervisory board

of De Alliantie, and Extraordinary Councillor at the Council of

State. Ad qualifies as independent within the meaning of the

by-laws of the Supervisory Board and the Dutch Corporate

Governance Code. He holds one position as referred to in

article 2:142a of the Dutch Civil Code*.

Martin Plavec (1988, Czech, male)

Martin Plavec was appointed member of the Supervisory

Board on 18 April 2023. His current term expires in 2027.

Martin is member of the supervisory board of Metro AG,

member of the executive board of DODO Group, investment

manager at VESA Equity Investment and investment associate

at Czech Media Invest. Martin qualifies as non-independent

within the meaning of the by-laws of the Supervisory Board

and the Dutch Corporate Governance Code. He holds one

position as referred to in article 2:142a of the Dutch Civil

Code*.

Koos Timmermans (1960, Dutch, male)

Koos Timmermans was appointed member of the Supervisory

Board on 20 April 2021. His current term expires in 2029. He

is a member of the supervisory board of NN Group, FMO and

KWF (Dutch Cancer Society), and chair of the supervisory

board of Port of Rotterdam Authority. Koos qualifies as

independent within the meaning of the by-laws of the

Supervisory Board and the Dutch Corporate Governance

Code. He holds five positions as referred to in article 2:142a

of the Dutch Civil Code*.

Hannie Vlug (1964, Dutch, female)

Hannie Vlug was appointed member of the Supervisory Board

on 19 April 2022. Her current term expires in 2026. She is

chair of the Samenwerkingsorganisatie Beroepsonderwijs

Bedrijfsleven and member of the supervisory board of the

Groene Hart Ziekenhuis. Hannie qualifies as independent

within the meaning of the by-laws of the Supervisory Board

and the Dutch Corporate Governance Code. She holds one

position as referred to in article 2:142a of the Dutch Civil

Code*.

*In the Appendix: Glossary and definitions, this item is defined as the

“number of supervisory positions”.


	PostNL Annual Report 2025			62

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Report of the Supervisory Board

Competences Supervisory Board members

The following matrix provides an overview of the

competences of the Supervisory Board members in line with

the profile as drawn up by the Supervisory Board.

a. International and national developments in markets in

which PostNL operates and the relevant products and

technologies, particularly in the areas of:

1. Digital & marketing and innovation

2. IT and cyber security

3. Logistics

b. International/national developments in government policy

and legislation, public affairs and tax

c. Financial administration, accounting policies and internal

controls of listed multinationals

d. International and national acquisitions and joint ventures

e. ESG Developments

1. Sustainability

2. Social and political conditions in all key countries where

PostNL operates, with specific knowledge of and

attention to the interests of employees and HR

processes

3. (Corporate) Governance

f. Capital markets & Investor relations.


Competences matrix Supervisory Board PostNL
Competences *	A1	A2	A3	B	C	D	E1	E2	E3	F	Indep. **
Jan Nooitgedagt (m)	¢	¢	ò	¢	ò	ò	ò	¢	ò	ò	✔
Marike van Lier Lels (f)	ò	¢	ò	ò	ò	ò	ò	¢	ò	ò	✔
Ad Melkert (m)	¢	¢	¢	ò	¢	¢	¢	ò	ò	¢	✔
Jeroen Hoencamp (m)	ò	ò	¢	¢	¢	ò	¢	ò	ò	ò	✔
Nienke Meijer (f)	ò	ò	ò	ò	¢	¢	ò	ò	ò	¢	✔
Koos Timmermans (m)	ò	ò	¢	ò	ò	ò	¢	¢	ò	ò	✔
Hannie Vlug (f)	¢	¢	¢	ò	¢	¢	ò	ò	ò	¢	✔
Martin Plavec (m)	ò	ò	ò	ò	ò	ò	¢	¢	ò	ò	−
¢ Has sufficient/advanced knowledge, skills and experience in the area and can make a balanced independent judgement on the matter ò Is in addition considered an expert in relation to previous or current roles

* Competences Supervisory Board PostNL

** Independent within the meaning of the Dutch Corporate Governance Code 2022


	PostNL Annual Report 2025			63

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Report of the Supervisory Board

Committees of the Supervisory Board

PostNL’s Supervisory Board has an Audit Committee,

Nomination Committee, Remuneration Committee and ESG

Committee. The committees have an advisory role based on a

mandate from the Supervisory Board. Only the Supervisory

Board has decision-making powers. Each committee reports

its deliberations, findings and recommendations after each

meeting to the full Supervisory Board. The committees

operate pursuant to terms of reference set by the

Supervisory Board in accordance with the law and the Code.

The terms of reference are available on our website.

In the description of the committees below the composition of

each committee is mentioned per the date of this report.

Audit Committee

The Audit Committee assists and advises the Supervisory

Board and prepares the decision-making of the Supervisory

Board on the monitoring of the integrity and quality of the

financial reporting by the company and on the effectiveness

of the internal risk management and control systems of the

company. The Audit Committee focuses inter alia on the

supervision of the Board of Management concerning (i) the

integrity of the company’s financial and corporate

responsibility reporting (including but not limited to the choice

of accounting policies, application and assessment of the

effects of new rules, information about the handling of

estimated items in the financial statements and forecasts); (ii)

the external auditor's qualifications and independence,

remuneration and non-audit services for the company; (iii) the

relationship with the external auditor and the compliance by

PostNL with the recommendations from the external auditor

and the internal audit function; (iv) the company’s financing; (v)

the company's tax strategy; (vi) the application of information

and communication technology by the company, including the

risks related to cybersecurity, and; (vii) compliance with

relevant legislation and codes of conduct.

The Audit Committee consists of at least three members. All

members of the Audit Committee are members of the

Supervisory Board. A member of the Audit Committee shall

not simultaneously serve on the Audit Committee of more

than two other companies unless the Supervisory Board

determines that this simultaneous service would not impair

the ability of such a member to serve effectively on the Audit

Committee.

Each member of the Audit Committee must be financially

literate and at least one member of the Audit Committee shall

be a financial expert, with relevant knowledge and expertise

of financial accounting and reporting for listed companies or

other large companies.

At the date of this report, the Audit Committee consisted of

Koos Timmermans (Chair), Jan Nooitgedagt, Marike van Lier

Lels, Martin Plavec and Ad Melkert.

Nomination Committee

The Nomination Committee assists the Supervisory Board on

matters relating to the appointment procedures for members

of the Supervisory Board and the Board of Management and

procedures to secure adequate succession of members of

the Board of Management and the assessment of such

candidates, and with assessing the size and composition of

the Supervisory Board and the Board of Management. The

Nomination Committee prepares proposals for nominations,

appointments and reappointments. At least once a year, the

size and composition of the Supervisory Board and the Board

of Management and the functioning of the individual members

are assessed by the Nomination Committee and discussed by

the Supervisory Board.

The Nomination Committee consists of at least three

members, including the chair (or vice chair) of the Supervisory

Board. All members of the Nomination Committee are

members of the Supervisory Board and are independent

within the meaning of the by-laws of the Supervisory Board

and the applicable corporate governance rules.

At the date of this report, the Nomination Committee

consisted of Jan Nooitgedagt (Chair), Marike van Lier Lels,

Jeroen Hoencamp and Koos Timmermans.

Remuneration Committee

The Remuneration Committee proposes at least once every

four years a clear and understandable remuneration policy

for the Board of Management and Supervisory Board to be

pursued (such policies to be adopted by the General Meeting

of Shareholders). It proposes the individual remuneration of

the members of the Board of Management, prepared in

accordance with the applicable remuneration policy, sets out

proposals for common performance targets for the members

of the Board of Management for the forthcoming three-year

period, prepares the remuneration report, reviews the

granting of company shares or options for company shares to

other senior management pursuant to the Company’s share-

based incentive plans, and prepares a clear and

understandable proposal regarding the remuneration of the

Supervisory Board in accordance with the remuneration

policy.

The Remuneration Committee consists of at least three

members. The Chair of the Remuneration Committee may not

simultaneously serve as Chair of the Supervisory Board. All

members of the Remuneration Committee are members of

the Supervisory Board and qualify as independent within the

meaning of the by-laws of the Supervisory Board and the

applicable corporate governance rules. Members of the

Supervisory Board appointed pursuant to the enhanced right

of recommendation of the Central Works Council become, by

operation of law, members of the Remuneration Committee.

The other members of the Remuneration Committee are

appointed by, and may be replaced at any time by, the

Supervisory Board.

At the date of this report, the Remuneration Committee

consisted of Ad Melkert (Chair), Hannie Vlug, Koos

Timmermans and Nienke Meijer.


	PostNL Annual Report 2025			64

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Report of the Supervisory Board

ESG Committee

The ESG Committee assists the Supervisory Board on matters

where these relate to and/or concern the strategic areas of

ESG and what these mean for PostNL, including but not

limited to (a) the environment, including carbon impact,

renewable energy and biodiversity, (b) social sustainability,

including (i) human rights, (ii) fair wages and (iii) community/

stakeholder engagement, (c) relationship with stakeholders in

relation to ESG, (d) periodic review and evaluation of, and

progress against, the long-term strategic objectives of PostNL

in relation to ESG and (e) external ESG developments relevant

for PostNL and its reputation. In addition, the ESG Committee

shall assist the Supervisory Board with generally monitoring

and advising on relevant ESG developments in order to be

able to advise and challenge the Board of Management with

respect to ESG on a regular basis and advise on any other

action to be taken by the Supervisory Board in the context of

ESG. Explicitly excluded from the tasks / responsibilities of

the ESG Committee is the setting of ESG-related KPIs and

connected target setting, the sustainability reporting, and all

other aspects which are part of the responsibility of the Audit

Committee.

The ESG Committee consists of at least three members. All

members of the ESG Committee are members of the

Supervisory Board.

At the date of this report, the ESG Committee consisted of

Nienke Meijer (Chair), Hannie Vlug, Martin Plavec and Jeroen

Hoencamp.

Information by external parties

The Supervisory Board and its committees may hire

independent advisors as it deems appropriate. There is an

agreed procedure for members of the Supervisory Board to

obtain independent professional advice paid for by the

company, if so required.

Meetings of the Supervisory Board

The Supervisory Board met six times in person and held six

digital meetings in 2025. All meetings were attended by the

full Board of Management, except for agenda items reserved

exclusively for the Supervisory Board. In addition, a dinner to

discuss the self-evaluation was held in February, a dinner

featuring an in-depth discussion on HR matters was held in

June, and an informal dinner involving members of the

Supervisory Board, the Board of Management and the

Executive Committee took place in December. The individual

attendance records and overall attendance percentages per

meeting are presented in the table below.

In addition to the topics mentioned in the Q&A with the Chair,

the Supervisory Board discussed a wide range of other topics

during the year. These included developments in PostNL’s

business segments, financial and market developments,

regulatory developments, and progress on and refinement of

the Strategic Plan. An overview of these topics is set out

below.

Business

In-depth sessions were held, involving internal and external

experts, on yield measures, the future of mail, digital

developments, the SME proposition, e-commerce

developments, OOH solutions, and the expansion of asset-

light platforms into new markets. In addition, the competitive

position, competitive dynamics, market share, cost-saving

initiatives and growth opportunities were discussed on a

regular basis. The Supervisory Board also discussed potential

acquisitions and divestments.

Financial

Financial topics discussed included the 2024 annual results

and the 2025 quarterly and half-year results, including

investor feedback following management roadshows,

executive remuneration, and the 2026 budget. Further topics

included PostNL’s financial position, the €100 million

Schuldschein placement, the issuance of €300 million notes,

and the tender offer for the outstanding 2026 notes. In

addition, the financial ambitions linked to the new strategy, as

presented during the Capital Markets Day, were discussed,

including (interim) dividend targets and PostNL’s Dividend

Policy. Progress on the implementation of the CSRD was

discussed extensively within both the Audit Committee and

the Supervisory Board.

Non-financial

The Supervisory Board fulfils an oversight role with respect to

non-financial matters, supported by PostNL’s internal audit

function, which monitors the non-financial governance

structure and reporting. In addition, the Supervisory Board

discussed various non-financial topics, including the

company’s culture, pensions, career and management

development, the reputation of PostNL, customer satisfaction

and NPS, and the relationship between the Supervisory Board

and the Board of Management with the works councils and

trade unions. Changes to the composition of the Executive

Committee were also discussed. The Supervisory Board

received updates on feedback from and interactions with

investors and analysts, as well as developments in the

Company’s share price, analyst recommendations, and

changes in the shareholder base.

Risk, compliance & IT

Topics discussed include IT developments and cyber security,

business continuity and compliance in general. Furthermore,

the Supervisory Board discussed the preparation of the AGM

and compliance with the Code. Twice a year, the Supervisory

Board reviews a litigation overview, describing claims

(including tax-related claims) against PostNL and litigation

involving PostNL, subject to a reporting threshold of

€250,000.

The Supervisory Board also receives biannual updates on

integrity, including the fraud and whistle-blower report. The

outcomes of the risk management process, the main risks

identified and the mitigation plans in place were shared with

both the Audit Committee and the Supervisory Board. A

description of PostNL’s major risks and its risk management


	PostNL Annual Report 2025			65

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Appendices

Report of the Supervisory Board

framework can be found in the Risk and opportunity

management chapter. The annual internal audit plan was also

discussed, as were the quarterly internal audit reports.

Auditor

In addition, the 2024 auditor’s report prepared by PostNL’s

external auditor, KPMG, and the 2024 Annual Report

(including the Financial Statements and Non-Financial

Performance Statements) were discussed. In 2025, KPMG

reported on its overall assessment of internal control, with a

particular focus on IT and ESG-related CSRD reporting. KPMG

also outlined relevant developments, views and observations

related to the VOR, and provided recommendations for

further improvements to internal control. These observations

were linked to the soft-controls framework and were based

on interviews, on-site observations and available

documentation. The audit work performed by KPMG was

carried out on site, with conversations and discussions taking

place in a co-operative and constructive manner. In light of its

role as external auditor, KPMG attends at least one

Supervisory Board-only meeting each year.

Supervisory Board composition and discussions

The Supervisory Board discussed its composition and that of

its committees and the profile of the Supervisory Board. In

this context, the search for a new Supervisory Board member

and subsequent nomination of Natasja Laheij as new member

per the AGM in April 2026 were discussed on a regular basis.

More details about the Supervisory Board can be found in the

Corporate governance chapter. During 2025, all regular

meetings between the Supervisory Board and the Board of

Management were held face to face, while additional

meetings were predominantly held digitally. Overall, the

quality of the meetings was good and constructive. Building

on earlier evaluations, the Supervisory Board ensures that

sufficient time is reserved for Supervisory Board-only

discussions, by including this as a recurring agenda item at

each meeting. Further information on the 2025 evaluation of

the Supervisory Board is included in the Evaluation of the

Supervisory Board section.

Meetings of the committees of the

Supervisory Board

Audit Committee

The Audit Committee met five times in 2025. In general, all

meetings are attended by the CFO, director Audit & Security,

director Group Finance, director Accounting & Reporting and

the external auditor, KPMG. The CEO attends the Audit

Committee meetings when the half-year and full-year results

are being discussed. The chair of the Audit Committee

regularly meets the external auditor without management

present. Additionally, the director Audit & Security regularly

meets the chairman of the Audit Committee without

management, and meets the chairman of the Supervisory

Board at least once a year.

At each meeting, the Audit Committee discusses the results of

and developments in PostNL’s business segments, as well as

the progress in relation to reporting under the CSRD,

including the outcome of the DMA. In 2025, the Audit

Committee discussed PostNL’s full-year 2024 results, the

outlook for 2025, the 2025 first-quarter, half-year and third-

quarter results, and the related press releases, and the

preliminary 2026 budget.

In addition, the €100 million Schuldschein placement, the

issuance of a €300 million bond, and the tender offer for the

outstanding 2026 notes were discussed. Furthermore, the

Audit Committee reviewed the Eumedion, VEB and VBDO

focus letters, the risk paragraph, and the quantity and quality

of the explanatory notes in the financial reports included in

the 2024 Annual Report, as well as the preparation of

PostNL’s 2025 Annual Report. In addition, the Audit

Committee was presented with a further analysis of the

Verklaring Omtrent Risicobeheersing (VOR), the newly

incorporated risk management statement required under the

Code.

The main financial factors influencing the strategic plan and

PostNL’s financial performance, including volume

developments, pricing, cost savings, competition and market

share, regulatory developments, economic developments,

pensions, and employee conditions, were discussed. The

Audit Committee also discussed the development of working

capital, the strategy of Parcels, development of cost savings

at Mail in the Netherlands, cost savings at Head Office,

Parcels and Digital, (interim) dividend and dividend policy, the

capital allocation framework, and the relevant 2025 tax

matters, including matters such as transparency, tax planning,

and tax risk management. Cybersecurity and IT, including

digital ethics, were also recurring items on the agenda of the

Audit Committee. The Audit Committee discussed reports on

internal control and risk management, and reported its

deliberations and findings to the Supervisory Board in

connection to its assessment of the substantiation of the

evaluation by the Board of Management on the effectiveness

of the design and operation of the internal risk management

and control systems. Reports from the internal audit function

and the external auditor, including the internal audit and

KPMG's audit plan and KPMG’s board reports, were

discussed regularly. The Audit Committee receives and

discusses half-yearly updates on integrity issues (including the

fraud & whistle-blower report), claims and litigation,

compliance and any actions taken by management, if

applicable. No material fraud-related incidents were reported

in 2025.

The external audit fees were discussed and approved, and

the evaluation of the performance of KPMG over the financial

year 2024 was discussed, as well as the (terms of the)

contract extension with KPMG and the lead audit partner

rotation schedule. Furthermore, contemplated changes in the

laws and regulations governing financial reporting, the quality

assessment and performance of PostNL’s internal audit

function, and the development of the actions to mitigate the

deficiencies reported by the external auditor and internal

auditor function over 2024, were also discussed. In relation to

changes in laws and regulations governing financial reporting,

the reporting obligations of the EU Taxonomy and the status

of the reporting obligations of the CSRD, as well as the role of

the Audit Committee, were addressed and discussed.


	PostNL Annual Report 2025			66

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Report of the Supervisory Board

Nomination Committee

The Nomination Committee met four times in 2025. The

Nomination Committee discussed the overall composition and

profile of the Supervisory Board and its committees, as well

as succession planning for the Board of Management. In

connection with the planned stepping down of CEO Herna

Verhagen, the Committee discussed the appointment of Pim

as her successor and the appointment of Linde as the new

CFO. In addition, the Committee discussed the composition of

the Executive Committee.

The Nomination Committee also discussed succession

planning and talent management covering the Supervisory

Board, the Board of Management and senior management, as

well as diversity, equity and inclusion within the Company. In

this context, the Nomination Committee discussed ambitious

yet appropriate target figures for the Board of Management

and senior management to promote gender diversity.

Furthermore, the Committee led the search for a new

Supervisory Board member, resulting in the subsequent

nomination by the Supervisory Board of Natasja Laheij.

Remuneration Committee

In 2025, the Remuneration Committee met five times. The

Remuneration Committee discussed the remuneration

policies for the Board of Management and the Supervisory

Board, and reviewed the remuneration of the members of the

Board of Management, the Executive Committee and senior

management. The Committee also discussed PostNL’s

remuneration policies more broadly and the preparation of

the discussion of the Remuneration Policy at the 2025 AGM.

As in previous years, investor feedback was sought regarding

their views on the remuneration report included in the 2024

Annual Report. Further details on the discussions held by the

Remuneration Committee, as well as on the remuneration of

the Board of Management and the Supervisory Board, are

provided in the Remuneration report chapter. This chapter

includes a detailed explanation of the Remuneration Policy,

the actual remuneration awarded, and the relationship

between remuneration and performance of the members of

the Board of Management for 2025, and also provides further

insight into the remuneration policies as adopted at the AGM

in 2024.

ESG Committee

The ESG Committee met three times in 2025. The ESG

Committee discussed the ESG strategy of PostNL and the

governance structure set up in relation to ESG. At each

meeting, the ESG Committee discussed several key

challenges and dilemmas in relation to ESG topics, including

the balance between further reducing PostNL's environmental

footprint on the one hand and meeting market expectations

on the other. In addition, in 2025 the ESG Committee,

together with the Audit Committee, carried out a joint

evaluation of PostNL’s first CSRD-compliant annual report.

PostNL Attendance Supervisory Board members


Name	Supervisory Board (incl. calls and digital meetings)	Audit Committee	Nomination Committee	Remuneration Committee	ESG Committee
Jan Nooitgedagt	12/12	5/5	4/4	-	-
Marike van Lier Lels	12/12	5/5	4/4	-	-
Ad Melkert	12/12	5/5	-	5/5	-
Jeroen Hoencamp	11/12	-	4/4	-	3/3
Nienke Meijer	11/12	-	-	5/5	3/3
Koos Timmermans	11/12	5/5	3/3	4/5	-
Hannie Vlug	12/12	-	-	5/5	2/3
Martin Plavec	12/12	5/5	-	-	3/3
Overall attendance rate	97%	100%	100%	95%	92%


	PostNL Annual Report 2025			67

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Appendices

Report of the Supervisory Board

Evaluation of the Supervisory Board

The Supervisory Board is responsible for the quality of its

own performance. As such, the Supervisory Board evaluates

and discusses its functioning and that of its committees and

members annually, and at least every four years with the help

of an external evaluator. For 2025, the evaluation was done

with the help of an external evaluator. The evaluation process

consisted of completing an online questionnaire providing

personal insights and views on Supervisory Board and

Committee effectiveness, completing an online peer review

questionnaire and virtual interviews with each member of the

Supervisory Board and Board of Management conducted by

the external evaluator. The results have been presented to

the Supervisory Board as a report on the overall

effectiveness of the Supervisory Board and its Committees,

based on overall performance, strengths and development

areas, identified areas for improvement and

recommendations.

In 2025, the Supervisory Board reflected positively on its

overall functioning and effectiveness. The Supervisory Board

continues to operate in a constructive, open, and professional

manner, with discussions characterized by transparency,

meaningful engagement, and room for differing viewpoints.

Board processes and meetings are viewed as well-structured

and effective. The relationship between the Board of

Management and the Supervisory Board remains healthy and

based on mutual trust, with good alignment on the key

challenges and priorities for PostNL.

The Supervisory Board is satisfied with the quality, clarity,

and timeliness of information provided by Management. The

Board of Management continues to demonstrate

professionalism, dedication, and openness, supporting

effective supervision and enabling thorough discussions on

strategic, operational, and people‑related matters.

Deep‑dives and bilateral interactions with the Board of

Management and other leaders within the organisation are

viewed as valuable in strengthening the Supervisory Board’s

understanding of the business and its talent. At the same time,

the Board acknowledges the importance of further

strengthening its role in providing challenge.

In 2025, the Supervisory Board devoted considerable time to

strategic topics, including PostNL’s long‑term direction and

the balance between addressing short‑term pressures and

shaping the company’s future. The Breakthrough 2028

strategy remain well supported. Scenario planning and risk

management are well established, and the Supervisory Board

appreciates Board of Management’s proactive stance in

navigating a dynamic and competitive environment. At the

same time, the Supervisory Board notes that the balance

between addressing short‑term pressures and pursuing

long‑term opportunities remains a challenge.

The Supervisory Board recognises that the organisation

operates in a shifting market with increasing complexity. It

therefore underlines the importance of maintaining focus on

core priorities, ensuring execution at a high level, and

continuing to explore opportunities for innovation, efficiency,

and data‑driven decision‑making. The ongoing development

of the parcels and mail businesses, as well as broader

industry developments, remain key areas of attention.

People and culture continue to feature prominently on the

Supervisory Board’s agenda. The Board values the

organisation’s commitment, cohesiveness, and strong values,

as well as the increased exposure to talent across different

levels of leadership. The Supervisory Board notes the

progress made in strengthening the performance culture and

supports ongoing investment in leadership development and

succession planning. The organisation’s ability to attract and

retain diverse talent in a competitive market remains an

important focus area.

Looking ahead, the Supervisory Board acknowledges the

importance of continued renewal and development within the

Supervisory Board itself. Upcoming changes in composition

will require careful attention to preserving a strong mix of

skills, experience, and perspectives, in line with the needs of

the business. The Supervisory Board also recognises the

importance of ongoing reflection on its own dynamics,

including how it can continue to balance support and

challenge in an effective manner.

Finally, the Supervisory Board remains committed to fulfilling

its duties with due regard for all stakeholders and in the

context of PostNL’s public mandate. The broader regulatory

and market environment continues to evolve, and the

Supervisory Board underscores the importance of continued

reflection on the long‑term implications of these constraints

and on how the organisation can best position itself for

sustainable success amid evolving market circumstances.

The outcome of the evaluation will be followed up in 2026.

Concluding remarks

We observed that 2025 continued to be a year characterised

by challenging circumstances, including rising costs, a tight

labour market, geopolitical volatility, evolving consumer

behaviour, and client concentration, as well as further

pressure on postal services. Looking ahead, 2026 will focus

on executing the new strategy and taking additional actions to

safeguard a future-proof and financially viable postal service,

while awaiting decisions from government. We are confident

that our highly motivated people and strong management

teams are well equipped to address the challenges ahead.

We would like to take this opportunity to thank the Board of

Management, the Executive Committee and all other PostNL

employees worldwide for their continued commitment and

dedication throughout the year. We look ahead to 2026 with

confidence.

Additional information

More information can be found in the Corporate governance

and the Remuneration report chapters, which are deemed to

be incorporated by reference here.

The Hague, the Netherlands, 23 February 2026

Corporate

governance



	In this chapter we cover corporate governance- related topics of PostNL, including our board structure, composition and responsibilities, policies and procedures and ethics and compliance.


	PostNL Annual Report 2025			69

Sustainability statements

Other information

Appendices

Corporate governance

PostNL N.V. is a limited liability company listed on Euronext

Amsterdam and governed by Dutch corporate law. PostNL

has a two-tier governance structure with a Board of

Management entrusted with executive management under the

supervision of an independent Supervisory Board. PostNL is a

so-called large company (structuurvennootschap). The large

company regime provides for a legal framework, which

determines the corporate management structure as well as

the powers and duties of the Boards.

Board structure, composition and

responsibilities

Board of Management

The Board of Management is responsible for the day-to-day

management of PostNL. It holds collective responsibility for

defining, implementing, and continuously evaluating our

mission, vision, strategy, objectives, and corporate culture.

This includes oversight of our Code of Conduct, group

policies, and procedures, such as our whistleblowing policy

and anti-corruption and anti-bribery procedures. Additionally,

the Board manages the company’s risk profile as defined by

our strategic direction, the company’s financing structure,

non-financial policies, external communication, and ensures

compliance with all relevant laws and regulations.

By enforcing our group policies and procedures across the

entire value chain, the Board of Management ensures a solid

foundation for ethical business conduct. This approach

mitigates potential regulatory, legal, and reputational risks

arising from misconduct and reinforces our corporate culture.

The Board of Management acts in the best interests of

PostNL, with a focus on sustainable long-term value creation.

In doing so, it carefully considers the interests of all

stakeholders and is dedicated to leading the company in a

transparent manner.

The Board of Management performs its activities under the

supervision of the Supervisory Board. It informs the

Supervisory Board of significant developments and discusses,

inter alia, risk management, internal control, integrity and

compliance systems with the Supervisory Board and its Audit

Committee.

The Supervisory Board conducts an annual assessment of the

performance of the Board of Management, including its

individual members. The outcomes of this evaluation are

discussed, particularly in the context of succession planning

for members of the Board of Management. Additionally, the

Board of Management undertakes a self-assessment of its

collective performance as well as that of its individual

members.

Specific staff departments – Audit & Security, Legal, Tax,

Procurement & Services, Human Resources, Investor

Relations, Treasury, Public Affairs, Corporate Strategy,

Communication and Finance – support the Board of

Management and the business segments in the performance

of their duties and ensure compliance with applicable laws

and regulations.

The Board of Management incorporated the following bodies

to ensure compliance with applicable corporate governance

requirements: a Disclosure Committee and an Integrity

Committee.

The Disclosure Committee advises and assists the Board of

Management in ensuring compliance with regulations relating

to the publication of price-sensitive information. The

Disclosure Committee is composed of the CFO, director

Legal, director Communication, Investor Relations, and the

corporate secretary. The Disclosure Committee reports

directly to the Board of Management. The terms of reference

of the Disclosure Committee can be found on our website.

The Integrity Committee advises and assists the Board of

Management in developing, implementing and monitoring

group policies aimed at enhancing integrity and ethical

behaviour and at preventing irregularities, misconduct and

fraud. The Integrity Committee oversees investigations based

on reports of possible breaches under our Code of Conduct

and related policies. More information on integrity and the

Integrity Committee can be found later in this chapter.

Members of the Board of Management are appointed and can

be suspended or dismissed by the Supervisory Board. A

decision by the Supervisory Board to dismiss a member of the

Board of Management can only be taken after the General

Meeting of Shareholders has been consulted on the intended

dismissal.

Further details on the appointment and dismissal of members

of the Board of Management can be found in our articles of

association, which are available on our website. The by-laws

of the Board of Management also can be found on our

website.

At year-end 2025, the Board of Management consisted of two

members: the chief executive officer (CEO) Pim Berendsen

and the chief financial officer (CFO) Linde Jansen.


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Corporate governance

Pim Berendsen (1973, Dutch, male) – Chief Executive Officer

Pim Berendsen became chief executive officer on 15 April

2025. Prior to this, Pim had served as member of the Board of

Management since 18 April 2018. Pim Berendsen joined

PostNL and its legal predecessors in 2000 and went on to

hold various positions, including Financial Director and,

successively, Managing Director of the Data and Document

Management unit, Financial Director of Euromail, and

Manager of Strategy and M&A at Cendris. Between 2013 and

2015, he was director of corporate development at Van

Gansewinkel Group before returning to PostNL in 2015 to

become a member of the Executive Committee, responsible

for international, M&A and growth. He started his career as

an international tax adviser at Arthur Andersen.

Pim Berendsen is responsible for corporate strategy, public

affairs, communications, corporate responsibility, human

resources and internal audit. He also is responsible for E-

commerce, Mail in the Netherlands, Platforms and IT.

In addition, he is chair of the board of advice of Endeit

Investment Fund, chair of the Johan Cruyff Foundation, non-

executive member of the board of Whistl, non-executive

member of the board of Oranje Fonds and a member of the

executive committee and general board of the Confederation

of Netherlands Industry and Employers (VNO-NCW).

Pim Berendsen holds no positions as referred to in article

2:132a of the Dutch Civil Code. This article is described as

"number of supervisory positions" in Appendix Glossary and

definitions.

Linde Jansen (1981, Dutch, female) – Chief Financial Officer

Linde Jansen joined Heineken in 2007, holding a variety of

leadership roles in finance, enhancing financial processes and

played a pivotal role in transformation initiatives, business

strategy, mergers and acquisitions, and supply chain

optimisation. After 18 years, she concluded her tenure as

Director of Financial & ESG Reporting, where she led the

global implementation of CSRD.

Her career began in 2004 as an auditor at PwC, where she

earned her chartered accountant title. During that time, she

also served as a teacher at the University of Amsterdam’s

chartered accountancy programme.

Linde Jansen is responsible for finance, legal, procurement &

services, investor relations, M&A, and tax.

Linde Jansen holds no positions as referred to in article

2:132a of the Dutch Civil Code. This article is described as

"number of supervisory positions" in Appendix Glossary and

definitions.

Executive Committee

PostNL has an Executive Committee established to advise and

support the Board of Management in the execution of its

duties and responsibilities. The Executive Committee assists

the Board of Management in achieving the company’s

business objectives and implementing its strategic priorities,

providing additional expertise and support where needed.

The Executive Committee also oversees the development and

management of PostNL's senior leadership talent, ensuring a

consistent approach to talent management across all

business segments.

Members of the Executive Committee maintain regular

contact with the Supervisory Board, both formally during

Supervisory Board meetings and informally, at the initiative of

either a member of the Executive Committee or the

Supervisory Board. The CEO serves as the primary liaison

between the Executive Committee and the Supervisory

Board, including its chair.

At year-end 2025, the Executive Committee was composed of

the following eight members:

• Pim Berendsen (CEO and chair)

• Linde Jansen (CFO)

• Maurice Unck, responsible for Mail in the Netherlands

• Tijs Reumerman, responsible for Cross Border Solutions

• Jeroen Veldstra, responsible for HR

• Iris van Wees, responsible for E-commerce Operations

• Stephan van den Eijnden, responsible for E-commerce

Commerce

• Willem-Jan van Tongeren, Chief Information Officer,

responsible for IT.

As per 1 February 2026 the composition of the Executive

Committee has changed in line with the organisational

changes following the introduction of the new strategy. As per

that date Selma Postma has been appointed and is

responsible for E-commerce, Tijs Reumerman is responsible

for Platforms, and Iris van Wees and Stephan van den Eijnden

have stepped down as members of the Executive Committee,

reducing the number of members to seven.

Each Executive Committee member bears responsibility for

the operations and management in their business unit or staff

function, in line with PostNL’s policies, values and principles

and compliance standards. The Board of Management

reviews and assesses the performance of the Executive

Committee, as well as the effectiveness of the governance

structure of the Executive Committee, at least once a year. In

doing so, the Board of Management shall take account of the

checks and balances that are part of PostNL’s two-tier

system, such as whether the Supervisory Board is informed

adequately. With the exception of the members of the Board

of Management, Executive Committee members are

appointed, suspended and dismissed by the Board of

Management.

The by-laws of the Executive Committee can be found on our

website.

Supervisory Board

The Supervisory Board is charged with supervising the Board

of Management and the general course of affairs of PostNL,

as well as assisting the Board of Management with advice.

The Supervisory Board evaluates the main organisational

structure and the risk management, internal control, integrity


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Corporate governance

and compliance systems established by the Board of

Management, as well as the general and financial risks.

In performing its duties, the Supervisory Board acts in

accordance with the interests of PostNL and considers the

relevant interests of the company’s stakeholders. The

responsibility for proper performance of its duties is vested in

the Supervisory Board as a whole. Members of the

Supervisory Board perform their duties without mandate and

independent of any particular interest in the company's

business. Members of the Supervisory Board may take views

that differ from those of the Board of Management. PostNL’s

Supervisory Board is responsible for the quality of its own

performance, which is reviewed annually.

The Supervisory Board performs an oversight role with

respect to corporate responsibility issues supported by

PostNL’s internal audit function and the company’s external

auditors who provide assurance on non-financial reporting.

The Board of Management provides the Supervisory Board

with the information necessary for the proper performance of

its duties in a timely manner. In addition, the Board of

Management is required to provide the means to allow the

Supervisory Board and its individual members to obtain all

information necessary to be able to function as the

supervisory body of PostNL. The Board of Management seeks

full transparency in its communication with the Supervisory

Board.

The by-laws of the Supervisory Board can be found on our

website.

Appointment and dismissal

Members of the Supervisory Board are appointed by the

General Meeting of Shareholders following nomination by the

Supervisory Board. The General Meeting of Shareholders can

dismiss the Supervisory Board in its entirety by an absolute

majority of the votes cast representing at least one-third of

the issued share capital. According to the by-laws and the

profile of the Supervisory Board, a person may be appointed

to the Supervisory Board for a maximum period of four years

and may then be reappointed once for another four-year

period.

The Supervisory Board member may subsequently be

reappointed again for a period of two years, and this

appointment may be extended by at most two years. PostNL’s

articles of association provide that members of the

Supervisory Board shall resign periodically in accordance

with a rotation plan drawn up by the Supervisory Board in

order to limit the number of simultaneous appointments or

reappointments. The rotation plan is available on our website.

Further details on the appointment and dismissal of members

of the Supervisory Board can be found in our articles of

association.

Composition

Pursuant to our articles of association, the Supervisory Board

has at least three members. Taking this requirement into

account, the Supervisory Board decides on the number of its

members. At the date of this report, the Supervisory Board

consisted of eight members. The Supervisory Board prepared

a profile of its size and composition, taking into account the

nature of PostNL’s business and activities and the desired

expertise, competences, diversity and background of the

members of the Supervisory Board. Since PostNL is a so-

called large company (structuurvennootschap), the Central

Works Council, composed of elected employees from the

workforce, has an enhanced right of recommendation

(versterkt recht van aanbeveling) with regard to one third of

the total number of Supervisory Board members. The

Supervisory Board shall nominate a person recommended by

the Central Works Council pursuant to the enhanced right of

recommendation unless the Supervisory Board objects to the

recommendation because it considers the recommended

person unsuitable for the exercise of the duties of a

Supervisory Board member or because the Supervisory

Board shall not be composed properly if the recommended

person would be appointed. At the date of this report, two

members of the Supervisory Board are appointed taking into

account such enhanced right of recommendation: Ad Melkert

and Hannie Vlug.

The Supervisory Board also adopted a diversity, equity and

inclusion (DEI) policy for PostNL addressing the composition

of the Supervisory Board and Board of Management, which

also applies to the Executive Committee. The Diversity, Equity

and Inclusion Policy can be found on our website.

The Supervisory Board ensures that its composition meets

the required profile and is as independent and diverse as

possible, assuring sufficient knowledge of mail and

communication, logistics, corporate responsibility,

digitalisation, sustainability, management, public affairs, IT,

finance, corporate governance and the capital markets. A

Supervisory Board member must be capable of assessing the

broad outline of the company’s overall policy and should

have the specific expertise required to fulfil the duties

assigned to their designated role within the framework of the

profile. Each member should have sufficient time available for

the proper performance of their duties. The Supervisory

Board evaluates its profile regularly and discusses the profile

at the Annual General Meeting of Shareholders and with

PostNL’s central works council when it amends the profile.

The profile of the Supervisory Board is available on our

website.

Chair

The chair of the Supervisory Board determines the agenda

and presides over meetings of the Supervisory Board, and is

responsible for the proper functioning of the Supervisory

Board and its committees. The chair arranges an introduction

and training programme for new members of the Supervisory

Board and initiates the evaluation of the performance of the

members of the Supervisory Board and the Board of

Management. The chair of the Supervisory Board may not be

a former member of PostNL’s Board of Management.


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Corporate governance

Corporate secretary

The Executive Committee, Board of Management and

Supervisory Board are assisted by PostNL’s corporate

secretary. All members of the Executive Committee, Board of

Management and Supervisory Board have access to the

advice and services of the corporate secretary, who is

responsible for ensuring that the Executive Committee, Board

of Management and Supervisory Board procedures are

followed and that each of these bodies acts in accordance

with the law, the articles of association and the relevant by-

laws.

Business conduct - Policies and

procedures

Code of conduct

We are a large company with tens of thousands of

employees, multiple business segments and an international

network. Our Code of Conduct forms the foundation for our

actions and guides our decisions regarding doing business

with others or entering into joint ventures.

To provide further clarity on specific situations, we have

developed a range of group policies, such as our integrity

policy. These policies detail the appropriate actions to take in

particular scenarios and specify the points of contact for any

questions or concerns.

In this chapter we provide more insights into our Code of

Conduct, policies and procedures, including links to our

policies on our website.

Diversity, equity and inclusion

As outlined in the social disclosures, PostNL recognises the

power of DEI. We respect and value individual differences,

which strengthen our organisation, enhance innovation, and

make us more appealing as an employer and partner. This

commitment extends to fostering diversity within the

composition of the Executive Committee, Board of

Management, and Supervisory Board. The Supervisory Board

and Board of Management actively promote DEI within these

bodies and the Executive Committee, with consideration given

to factors such as age, gender, expertise, experience, and

nationality. Our aim is to strike a balanced representation,

ensuring that diversity is reflected wherever possible, while

meeting, as a minimum, the statutory requirements. Further

details can be found in our Diversity, Equity and Inclusion

Policy, available on our website.

At year-end 2025, PostNL’s Board of Management had two

members, of which one was female, i.e. 50% of the seats filled

by women. The Executive Committee had eight members, of

which two were female, i.e. 25% of the seats filled by women.

The Supervisory Board has eight members, of which three are

female, i.e. 37.5% of the seats filled by women. As follows

from PostNL’s Diversity, Equity and Inclusion Policy and the

profile of the Supervisory Board, diversity is taken into

account when selecting candidates in case of a vacancy in the

Executive Committee, Board of Management and Supervisory

Board. Ultimately, the capacities of the selected candidates

are assessed irrespective of the candidate's gender and the

most qualified candidates will be nominated for appointment.

Per 1 January 2022, new legislation in the Netherlands came

into force in relation to a balanced representation of men and

women in Supervisory Boards, Boards of Management and

senior management. The legislation introduced a binding

diversity quota for the Supervisory Board, whereby at least

one third of the members of the Supervisory Board should be

male, and at least one third of the members should be female.

Additionally, large companies such as PostNL should

determine an ambitious and appropriate target (in the form of

a target number) to promote gender diversity in the Board of

Management and senior management. As mentioned above,

PostNL complies with the binding diversity quota for the

Supervisory Board. PostNL has determined ambitious and

appropriate target numbers for the Board of Management

and senior management. More information on the

implementation of the DEI Policy can be found in the Diversity,

Equity and Inclusion Policy paragraph of the social

disclosures in the sustainability statements.

Procurement policy

At PostNL, we are working towards ensuring that our

procurement and service activities align with our

procurement policy, applicable legislation and regulations,

social and ethical standards, and sustainability requirements.

In collaboration with our suppliers, we continuously strive to

strengthen and enhance the supply chain, making it as

sustainable as possible. This reflects our focus on protecting

the environment, promoting social responsibility, and

upholding robust governance standards.

Our approach begins with the careful selection of suppliers

and the design of procurement processes that are aligned

with our ESG responsibilities. In addition to price, quality, and

delivery timelines, we also incorporate social and

environmental factors into our decision-making.

To support this, we can employ a risk-assessment matrix

when evaluating potential suppliers. Should a supplier fail to

meet our standards following this assessment, we will not

proceed with a contract. In situations where suppliers are

equally suitable, we prioritise those demonstrating stronger

sustainability performance.

The Procurement Policy can be found on our website, and

contains, for example, guidelines, risk classification, follow-up

measures and checklists. These protocols also include a

description of how to use our Conditions of Purchase, the

PostNL Code of Conduct and the PostNL Set of Guidelines for

Suppliers, in which our sustainability and biodiversity

requirements for suppliers are set out.

We regularly update our guidelines for suppliers and

contractors, providing a clear interpretation of the PostNL

Code of Conduct and the OECD guidelines. These

refinements emphasise our expectations regarding proactive

approaches to improving the environmental impact of goods

and services supplied to us.


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Corporate governance

Biodiversity is explicitly addressed within the PostNL Set of

Guidelines for Suppliers. Procurement or production

processes must not result in, or contribute to, land

conversion or deforestation. The same principle applies to

financial investments. Suppliers are expected to ensure that

ecosystems remain undisturbed, thereby avoid significant

adverse impacts on biodiversity.

Our updated guidelines are applicable to all new contracts

and reflect our dedication to promoting sustainable practices

across our operations and supply chain. PostNL expects its

suppliers to both take responsibility for these issues within

their own organisation, and take responsibility further up the

supply chain and monitor how well these issues are dealt with

by their own suppliers (sub-suppliers). In most cases

contractors (i.e. agents or direct manufacturers) are likely to

work with sub-suppliers and subcontractors; this represents

an additional step that renders the link between PostNL and

any risks affecting PostNL less manageable. Nevertheless,

PostNL holds the view that involving an agent does not affect

its own responsibility for risks and regulation. More

information on our procurement policy can be found in the

Procurement Policy paragraph of the governance disclosures

in the sustainability statements.

Conflict of interest

Each member of the Board of Management and the

Supervisory Board must immediately report and provide all

relevant information to the chairman of the Supervisory

Board about any conflict of interest or potential conflict of

interest, material or not to the company and/or to the

relevant member. A member of the Board of Management

also informs the other members of the Board of Management

(as applicable).

If the chairman of the Supervisory Board has a conflict of

interest or potential conflict of interest that is material to the

company and/or to them, they are required to report this

immediately to the vice chairman of the Supervisory Board

and to provide all relevant information. In all situations, this

includes information concerning a spouse, registered partner

or other life companion, (foster) child or other relatives by

blood or marriage up to the second degree.

The Supervisory Board is responsible for deciding how to

resolve a conflict of interest between members of the Board

of Management, members of the Supervisory Board and/or

the external auditor on the one hand and the company on the

other.

In the event of a conflict of interest between PostNL and a

member of the Board of Management, the company will be

represented by another member of the Board of Management

or a member of the Supervisory Board appointed by the

Supervisory Board for this purpose.

A decision to enter into a transaction involving a conflict of

interest with a member of the Board of Management or the

Supervisory Board, material or not, to the company or to the

relevant member requires the approval of the Supervisory

Board. No such transactions were entered into in 2025 so

best practice provisions 2.7.3 and 2.7.4 of the Code did not

apply.

The by-laws of the Board of Management and the Supervisory

Board also include a provision that a member of the Board of

Management or the Supervisory Board does not participate in

any discussion or decision-making that involves a subject or

transaction in relation to which the member has a conflict of

interest with the company.

Shareholders and their rights

General Meeting of Shareholders

PostNL is required to hold an Annual General Meeting of

Shareholders within six months of the end of the financial

year. The agenda for this meeting includes the adoption of the

financial statements, a proposal on dividend and the release

from liability of the members of the Board of Management

and the Supervisory Board for the performance of their

respective duties during the financial year. This release only

covers liability for matters reflected in the relevant financial

statements or otherwise disclosed to the General Meeting of

Shareholders prior to the adoption of the relevant financial

statements.

General Meetings of Shareholders are held as often as the

Board of Management or the Supervisory Board deem

necessary, and shall be convened in case of a decision

entailing a significant change in the identity or character of

PostNL or its business.

Furthermore, the Supervisory Board and the Board of

Management are in principle required to convene a

shareholders meeting in case one or more shareholders

representing at least 10% of PostNL’s issued share capital so

request in writing, stating the proposed agenda in detail.

General Meetings of Shareholders may be held in Amsterdam,

The Hague, Hoofddorp or in the municipality of

Haarlemmermeer (Schiphol).

One or more shareholders representing at least 1% of

PostNL’s issued share capital are entitled to request that the

Board of Management or the Supervisory Board place items

on the agenda of a General Meeting of Shareholders. Such a

request must be honoured by the Board of Management or

the Supervisory Board, provided that the request is received

in writing at least 60 days before the date of such a meeting.

In the event a request is made by one or more shareholders

to either convene a meeting or to place an item on the agenda

of a General Meeting of Shareholders that may result in a

change of the company’s strategy, the Board of Management

is entitled to a reasonable period in which to respond, which

shall not exceed 180 days.

The Central Works Council of PostNL has the right to form an

opinion on proposals to determine or modify the policy on the

remuneration of the Board of Management, proposals that

entail a significant change in the identity or character of the

company or its business and proposals to appoint a member


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Corporate governance

of the Supervisory Board. The Central Works Council has the

right to explain its position during the General Meeting of

Shareholders.

General Meetings of Shareholders are convened at least 42

days in advance by a notice published on the company’s

website.

Each shareholder is entitled to attend a General Meeting of

Shareholders, either in person or by written or electronic

proxy, to address the meeting and to exercise voting rights,

subject to the provisions of PostNL’s articles of association.

An eligible shareholder has the aforementioned rights if

registered as a shareholder on the applicable record date to

the extent described by Dutch law.

Each PostNL share carries the right to cast one vote. Unless

Dutch law or PostNL's articles of association stipulate

otherwise, resolutions are passed by a simple majority of

votes cast by the shareholders present or represented at the

meeting. Pursuant to PostNL’s articles of association, there

are no limitations to the rights of Dutch, non-resident or

foreign shareholders to hold or exercise voting rights in

respect of PostNL’s securities.

General Meeting of Shareholders 2025

On 15 April 2025, PostNL held its Annual General Meeting of

Shareholders in The Hague, the Netherlands. The attendance

rate was 38.48% of the total outstanding share capital. The

agenda, resolutions and voting results for each resolution, the

presentations given during the meeting and a webcast of the

meeting are available on our website in Dutch and English.

Minutes of the meeting are available in Dutch only.

Liquidation rights

In the event of PostNL’s dissolution and liquidation, the assets

remaining after payment of all debts and liquidation expenses

are to be distributed in the following order of preference:

firstly, to the holders of all outstanding preference shares B (if

any), the nominal amount paid up on these shares plus

accumulated dividends for preceding years that have not yet

been paid; and secondly, to holders of ordinary shares in

proportion to their shareholdings.

Changes to the rights of shareholders

Rights of shareholders may change by way of an amendment

to the articles of association, a statutory merger or demerger

within the meaning of book 2 of the Dutch Civil Code, or

dissolution of the company. A resolution of the General

Meeting of Shareholders is required to effect these changes.

Under PostNL's articles of association, such a resolution may

only be adopted upon a proposal by the Board of

Management that has been approved by the Supervisory

Board.

Major shareholders

To PostNL’s knowledge, it is not directly or indirectly owned

or controlled by another company or by any government.

PostNL does not know of any arrangements of which the

operation might, at a subsequent date, result in a change of

control, except as described under ‘Foundation Continuity

PostNL and preference shares B’ below.

The Financial Markets Supervision Act (Wet op het financieel

toezicht) imposes a duty to disclose percentage holdings in

the capital and/or underlying financial instruments and/or

voting rights in the company when such holding reaches,

exceeds or falls below 3%, 5%, 10%, 15%, 20%, 25%, 30%,

40%, 50%, 60%, 75% and 95%. Such a disclosure must be

made to the Dutch Financial Markets Authority (AFM) without

delay. The AFM then notifies the company and discloses the

(change in) holding on its website.

Articles of association, share acquisition,

reduction and increase of issued share

capital

Amendment of the articles of association

The company’s articles of association can be amended upon

a proposal by the Board of Management, approved by the

Supervisory Board and adopted by the General Meeting of

Shareholders. A proposal to amend the articles of association

must be stated in a notice convening a General Meeting of

Shareholders and announced in such a manner as permitted

by law at the time. The proposal shall be passed upon an

absolute majority of the votes cast in the General Meeting of

Shareholders. PostNL’s articles of association are available

on our website.

Ability of the company to acquire its own shares

Under its articles of association, PostNL may acquire its own

shares, provided that they are fully paid up. If such shares are

acquired for consideration, the following conditions apply:

• PostNL’s shareholders' equity less the purchase price may

not fall below the sum of the paid-up capital and any

reserves required to be maintained by Dutch law or

pursuant to the articles of association.

• Following the share acquisition, PostNL may not hold

shares with an aggregate nominal value exceeding half of

its issued share capital. The Board of Management is

authorised to decide to acquire PostNL shares. Such a

resolution requires the approval of the Supervisory Board.

In addition, the Board of Management requires prior

authorisation by the General Meeting of Shareholders. This

authorisation may be valid for a period not exceeding 18

months and must specify:

– The number of shares that may be acquired

– The manner in which shares may be acquired

– The price limits within which shares may be acquired.

Authorisation by the General Meeting of Shareholders is not

required if the PostNL shares are acquired for the purpose of

transferring those shares to PostNL employees pursuant to

any arrangements applicable to such employees.


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Corporate governance

Reduction of issued share capital in general

The issued share capital may be reduced by the cancellation

of shares following a repurchase. PostNL’s issued share

capital may also be reduced if the nominal value of its shares

is reduced by amendment of PostNL’s articles of association.

The resolution to reduce PostNL’s issued share capital

requires the approval of the General Meeting of

Shareholders. Pursuant to PostNL’s articles of association,

such a resolution may be adopted pursuant to a proposal of

the Board of Management that has been approved by the

Supervisory Board. The latter requirement is more stringent

than Dutch law.

Increase of issued share capital by issuance of shares/pre-

emptive rights

PostNL’s Board of Management has been designated as the

body authorised to resolve on the issuance of shares and to

grant rights to subscribe for shares, including options and

warrants. Such a resolution is subject to the approval of the

Supervisory Board. The scope and duration of this authority of

the Board of Management are determined by the General

Meeting of Shareholders. The Board of Management cannot be

authorised to issue more shares than the number of authorised

shares that have not been issued (i.e. the number of authorised

shares minus the number of issued shares). The authority may

not be granted for a period longer than five years.

The term of designation of the Board of Management as the

body authorised to resolve on the issuance of shares may

also be extended by amendment of PostNL’s articles of

association.

If no extension is given, the issue of shares or granting of

rights to subscribe for shares requires a resolution of the

General Meeting of Shareholders. Such a resolution may only

be adopted pursuant to a proposal by the Board of

Management that has been approved by the Supervisory

Board. In principle, each holder of ordinary shares has a pre-

emptive right in case of any issue of ordinary shares or the

granting of rights to subscribe for these shares.

Pursuant to PostNL’s articles of association, shareholders’

pre-emptive rights may be restricted or excluded by a

resolution of the Board of Management, provided and as long

as the Board of Management has been designated as the

body authorised to resolve on the issuance of shares. Such a

resolution is subject to the approval of the Supervisory

Board. Pursuant to PostNL’s articles of association, the

provisions relating to the scope and duration of the authority

to issue shares and grant rights to subscribe for ordinary

shares are also applicable to the scope and duration of the

authority to exclude or restrict pre-emptive rights.

Dividend

The Board of Management may determine, subject to

approval by the Supervisory Board, that any dividend on

ordinary shares will be paid wholly or partly in PostNL

ordinary shares instead of cash, or that any dividend will be

paid by giving shareholders the option to choose between

PostNL ordinary shares or cash (optional dividends).

If and when dividends are declared, PostNL pays dividends

out of its profits, or by exception out of the distributable part

of its shareholders’ equity as shown in PostNL’s financial

statements. PostNL is not allowed to pay dividends if the

payment would reduce shareholders’ equity below the sum of

the paid-up capital and any reserves required by Dutch law or

the company's articles of association.

The Board of Management may, subject to approval by the

Supervisory Board and to provisions of Dutch law, distribute

interim dividend. No dividend shall be paid on shares held by

PostNL. Such shares shall not be included for the calculation

of the profit distribution, unless the Board of Management

resolves otherwise. Such a resolution is subject to the

approval of the Supervisory Board.

Under PostNL’s articles of association, if preference shares B

have been issued, PostNL must pay dividends on the paid-up

portion of the nominal value of the preference shares B.

Payment is made at a rate of the average 12-month EURIBOR

(Euro Interbank Offered Rate), weighted to reflect the number

of days for which the payment is made, plus a premium to be

determined by the Board of Management, subject to approval

by the Supervisory Board, of at least one percentage point and

at most three percentage points. The Board of Management

then determines, subject to the approval of the Supervisory

Board, the part of the remaining profits to be appropriated to

reserves. The profit that remains after appropriation is at the

disposal of the General Meeting of Shareholders.

More information about PostNL’s Dividend Policy can be

found in the PostNL on the Capital Markets chapter, and on

our website. Any changes to these guidelines shall be

explained in a separate agenda item at the Annual General

Meeting of Shareholders.

Foundation Continuity PostNL and

preference shares B

Stichting Continuïteit PostNL (Foundation Continuity PostNL)

was formed to safeguard the interests of PostNL, the

undertaking connected with PostNL and all parties involved. It

does this by, among other things, preventing any influences

that could threaten PostNL’s continuity, independence and

identity, as far as possible. Foundation Continuity PostNL is an

independent legal entity and is not owned or controlled by

PostNL or any other legal person.

PostNL’s articles of association provide for protective

preference shares B that can be issued to Foundation

Continuity PostNL. The preference shares B have a nominal

value of €0.08 and have the same voting rights as PostNL’s

ordinary shares.

PostNL and Foundation Continuity PostNL have entered into a

call option agreement, which enables Foundation Continuity

PostNL to acquire a number of preference shares B not

exceeding the total issued number of ordinary shares minus

one and minus any shares already issued to Foundation

Continuity PostNL. The call option agreement is meant as a

preventive measure against influences that might threaten the


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continuity, independence and identity of the company.

Preference shares B will be outstanding no longer than strictly

necessary. As at 31 December 2025 and at the date of this

Annual Report, there were no preference shares B issued. The

exercise price with respect to the call option is the nominal

value of €0.08 per preference share B, although upon

exercise only €0.02 per preference share B is required to be

paid.

The additional €0.06 is due when the Board of Management,

subject to the approval of the Supervisory Board, requests

payment. Foundation Continuity PostNL has a credit facility in

place to enable it to exercise the call option.

Six months after the issuance of preference shares B,

Foundation Continuity PostNL may require PostNL to convene

a General Meeting of Shareholders to discuss cancellation of

these shares. However, if within these six months Foundation

Continuity PostNL should receive a demand for repayment

under the credit facilities referred to above, it may also

require PostNL to convene a General Meeting of

Shareholders. In accordance with PostNL’s articles of

association, a General Meeting of Shareholders must be

convened no later than 12 months after the first date of

issuance of any preference shares B to Foundation Continuity

PostNL. The agenda for that meeting shall include a resolution

regarding the repurchase and/or cancellation of the

preference shares B.

PostNL has granted Foundation Continuity PostNL the right to

file an application for an inquiry into the policy and conduct

of PostNL’s business with the Enterprise Chamber of the

Amsterdam Court of Appeal (Ondernemingskamer). Should

such an inquiry be granted, the Enterprise Chamber may

impose immediate provisions.

At 31 December 2025, the members of the Board of

Foundation Continuity PostNL were Mr M.P. Nieuwe Weme

(chair), Ms Y.C.M.T. van Rooy, Ms C.M.C. Mahieu and Mr P.S.

Overmars. All members of the Board of Foundation

Continuity PostNL are independent from PostNL. This means

that Foundation Continuity PostNL is an independent legal

entity as referred to in section 5:71 paragraph 1 sub c of the

Dutch Financial Markets Supervision Act (Wet op het

financieel toezicht).

Integrity Committee

The Integrity Committee advises and assists the Board of

Management in developing, implementing, and monitoring

group policies and procedures aimed at enhancing integrity

and ethical behaviour as well as preventing fraud, corruption

and bribery. The Integrity Committee is composed of the

director Audit & Security (chairman), the manager Integrity

Office, the Corporate Security Officer, the director Legal, the

director HR Legal & Reward, the director Communications,

the director Strategy Mail, and the managing director E-

commerce Operations.

The Integrity Committee oversees investigations based on

reports of possible breaches filed under the PostNL Code of

Conduct, the PostNL Group procedure on whistleblowing and

the PostNL Group procedure on fraud prevention, anti-

bribery, and anti-corruption.

The Director of Audit & Security engages in regular

discussions with the Board of Management on a quarterly

basis, and semi-annually with the Audit Committee. These

discussions cover the activities of the Integrity Committee,

providing an overview of all significant reported and

investigated misconduct cases, as well as updates on the

progress of the annual PostNL Integrity Plan. This plan

addresses key areas such as governance, training and

awareness, and response and maintenance. Insights gained

from these activities are leveraged to recommend

improvements, supporting PostNL in its ongoing efforts to

mitigate potential integrity risks across its value chain.

Integrity Reporting to Board of Management, Executive

Committee, and Supervisory Board

PostNL’s administrative, management, and supervisory bodies

are instrumental in fostering a robust corporate culture. The

Integrity Report is shared quarterly with the Integrity

Committee, Board of Management, and Executive Committee,

and semi-annually with the Audit Committee and Supervisory

Board.

This report provides a detailed account of the activities

undertaken by the Integrity Committee, offering a

comprehensive overview of irregularities related to

misconduct and loss prevention. It also outlines the actions

taken by the Integrity Office and security investigations, along

with updates on the progress of the Integrity Plan. This plan

includes governance developments, training and awareness

initiatives, and response and maintenance activities, such as

analysis, root cause assessments, and continuous

improvement efforts.

The responsibility for executing, implementing, and

monitoring this group policy has been delegated by the Board

of Management to the Director Audit & Security. This

delegation includes ownership of the PostNL Code of

Conduct, the PostNL Group fraud prevention procedure, and

the PostNL Group whistleblowing procedure. Monitoring

processes are supported by continuous review and reporting

by the Corporate Security Officer, regular audits, compliance

checks, and incident reporting. The Integrity Committee

reviews these reports and processes on a quarterly basis.

Business conduct and integrity approach

The focus of our integrity approach is to regularly ensure our

employees are familiar with and are working in accordance

with the PostNL Code of Conduct.

Our Code of Conduct informs how we act and make our

decisions and, as early as 2012, PostNL signed up to the ten

principles of the United Nations Global Compact on such

issues as human rights, labour, climate and anti-corruption.


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We further endorse the OECD guidelines for multinational

enterprises on responsible business conduct, while our

sustainability strategy aligns us with the United Nations’

Sustainable Development Goals (SDGs). At the same time, our

Code of Conduct influences our behaviour and helps us steer

our organisation in the way we want to do business,

supporting us as we create the right environment for people

to carry out their work effectively and feel connected.

Our business conduct and integrity approach is laid down in

the following group policies and procedures:

• PostNL Code of Conduct

• Group Policy on Integrity

• Group Policy on Security

• Group Procedure on Incident Reporting

• Group Procedure on Whistleblowing

• Group Procedure on Conflict of Interest

• Group Procedure on Gifts and Hospitality

• Group Procedure on Fraud Prevention - Guidance on anti-

bribery and anti-corruption

• Code of Conduct for the use of business assets.

All integrity related incident reports are received at a single

point by designated and trained staff and are checked for

whether an alleged breach of the law has occurred, a formal

whistleblowing report is received, or any other type of

reported breach or indicator. These other reports and signals

are evaluated for further handling by responsible functions

(such as Security, line management or HR). This provides a

smoother follow-up of reported incidents, cases and

indicators, and ensures the best care for our employees. Our

whistleblowing procedure, updated in August 2025,

reinforces confidentiality, safeguards identity and reiterates

our zero-tolerance approach to retaliation. The process

provides a clear framework for stakeholders to report

concerns and for investigations to be conducted in a

structured and impartial manner.

Any PostNL stakeholder who reports suspected misconduct,

which the PostNL stakeholder reasonably believes, or may

reasonably believe, to be true, will be given protection for

such reporting. This protection means that PostNL will not

discharge, demote, suspend, threaten, harass or in any

manner discriminate against any PostNL stakeholder in the

terms and conditions of employment. PostNL does not

tolerate any form of threat, retaliation or other action against

a PostNL stakeholder who has made or assisted in the making

of a report of suspected misconduct. Any such threat,

retaliation or other action must immediately be reported to

the director of Audit & Security. Any person entitled to

protection from retaliation who considers themself to be a

victim of or is threatened with reprisals may submit a

reasoned complaint to the local authorities, who will initiate

an extrajudicial protection procedure.

During the year, we initiated 586 investigations in response to

integrity-related issues. These investigations covered issues

such as the theft of parcels or mail, bribery and corruption, or

failure to follow workplace practices. The investigations

resulted in 226 discontinued work relationships. At year-end

2025, 62 investigations were ongoing.

Integrity-related investigations include cases of alleged

(sexual) harassment and discrimination. For more information

about reported incidents and complaints please see

Measures against violence and harassment in the workplace

in the Our workforce section of the Social disclosures.

PostNL continuously works to raise awareness of integrity-

related topics. This includes supporting employee

communication on inappropriate conduct, encouraging

dialogue with line management and HR representatives, and

following up on reported integrity incidents. Our main

business conduct and integrity policies and procedures are

embedded in the onboarding process for new employees. In

addition, we use insights from the Employee Engagement

Monitor, investigation outcomes, and other signals to identify

opportunities for continuous improvement of our integrity

approach and related activities across PostNL Group

companies. In October 2025, PostNL launched a new integrity

e-learning programme aimed at educating both management

and employees on our Code of Conduct, expected

behaviours, and available reporting channels, including the

whistleblowing procedure.

Our Code of Conduct and integrity-related policies form part

of our contractual agreements with suppliers and

contractors. For delivery partners in the Netherlands and

Belgium, we have implemented a dedicated due diligence

process aligned with a specific business conduct guideline for

delivery partners. The rollout of this due diligence process

was supported by targeted communication and awareness

activities.

We continuously work to foster a company environment in

which people feel safe and empowered to speak up. In

addition to conducting case-specific investigations, we

perform trend analyses of all reported incidents to identify

structural issues and determine where further preventive

actions are required. Information on alleged bribery and

corruption cases is included in the Governance performance

disclosures within our sustainability statements. More

information about our business conduct is included the

Business conduct section of the governance disclosures in the

sustainability statements.

Prevention of fraud, bribery and corruption

PostNL recognises the importance of maintaining robust fraud

prevention, anti-bribery, and anti-corruption policies,

procedures, and reporting mechanisms. These measures are

essential for safeguarding the integrity of our business and

ensuring compliance with all applicable laws and regulations.

Our policies are particularly focused on employees in key risk

areas such as executive and general management, sales

(including government-related sales), procurement (capex and

opex), temporary labour sourcing, delivery partnerships,

transport charters, people management within operations,

and finance and accounting. For employees in these at-risk

functions, the integrity e-learning programme is mandatory.

Additionally, pre-employment screening procedures are in


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place for these functions to further mitigate risks. More

information on how we institute and monitor integrity e-

learning can be found in the Our actions section of the

governance disclosures in the sustainability statements.

Compliance with anti-bribery and anti-corruption legislation,

both domestically and internationally, is a top priority for

PostNL as we conduct business on a global scale. Any

incidents of actual or suspected bribery or corruption

involving our employees, suppliers, or delivery partners are

promptly investigated and handled appropriately.

The Integrity Committee plays a vital role in advising the

Board of Management and line management on mitigating

fraud risks and ensuring adherence to ethical standards, anti-

bribery, and anti-corruption practices. The Committee

provides quarterly reports to the Board of Management and

submits a comprehensive report to the Supervisory Board

every six months.

All alleged breaches of our anti-bribery and anti-corruption

policies are investigated by Audit & Security. Our security

investigators are recruited based on a clearly defined job

profile and undergo regular training to ensure they possess

the necessary skills to carry out thorough investigations. In

addition, Internal Audit systematically addresses fraud,

corruption, and bribery risks during the execution of internal

audits.

Cybersecurity

PostNL places cybersecurity at the heart of its operations. As

our business and customer services continue to digitalise,

protecting critical systems and data is essential to maintaining

continuity, trust, and regulatory compliance. In 2025, we

strengthened our governance, risk management, and control

environment, prepared for upcoming NIS2 obligations, and

further advanced our cybersecurity capabilities across both

IT and operational technology (OT), ensuring a resilient and

secure foundation for the organisation’s ongoing growth. In

line with this approach, our Board actively oversees

cybersecurity as a strategic enterprise risk, with the Audit

Committee receiving regular reporting on threats, incidents,

remediation progress, and third-party risk, ensuring robust

oversight and alignment with our organisational priorities.

Our cybersecurity operating model is structured around a

multi-layered approach, designed to protect the critical

information, systems, and applications that underpin our

business. The first line continuously assesses the cyber-risk

posture of key IT assets, implements secure-by-design

principles, and updates risk treatment plans in response to

emerging threats and evolving business priorities. In 2025, we

further strengthened the first line by expanding our Business

Information Security Officer (BISO) community, ensuring that

every business unit now has a dedicated BISO to drive local

execution and alignment with our central cybersecurity

governance. The second line provides independent oversight,

challenge, and monitoring, verifying that risk assessments,

controls, and remediation initiatives meet both our

organisational standards and the latest regulatory

expectations. This layered structure ensures that

cybersecurity is not only embedded across all levels of the

organisation but also continuously adapted to the dynamic

threat landscape, safeguarding our resilience, reputation, and

long-term value creation.

Governance and Risk Management

In 2025, we advanced our risk-based approach with the

launch of a new Cyber Security Control Framework, aligned

with the international standards ISO/IEC 27001/27002 and

the NIST Cybersecurity Framework, reinforcing the resilience

of our critical systems and processes. Simultaneously, we

implemented a Cyber Risk Management Framework, based

on IRAM2 and ISO 27005, establishing a consistent and

structured process to identify, assess, and mitigate cyber

risks across the organisation. Also in 2025, we transitioned to

a central Governance, Risk, and Compliance (GRC) platform,

providing a unified view of risk, improving reporting and

oversight, and embedding cyber-risk management

consistently across all business segments.

NIS2 readiness

In anticipation of the EU’s NIS2 Directive, expected to take

effect in the Netherlands with the Cybersecurity Act in 2026,

PostNL has proactively strengthened its cybersecurity

posture and is actively preparing for ISO/IEC 27001

certification of critical IT services, targeting completion in

2026 with expert guidance. As part of this effort, many NIS2

requirements have already been implemented, while

additional measures are being embedded to ensure full and

sustainable compliance once the legislation comes into force.

Throughout the year, the boardroom training programme

continued, with NIS2 awareness sessions delivered to

executives and senior managers across IT and business

functions. In countries where NIS2 has already entered into

force and is applicable to PostNL, measures have been

implemented to align with the NIS2 requirements. These

initiatives demonstrate that PostNL is fully on track to meet

regulatory obligations and strengthen overall cybersecurity

resilience.

Cybersecurity Capability assessment

In 2025, we further advanced our cybersecurity capabilities

by expanding our knowledge, expertise, team, and supporting

tools. At the same time, we progressed with the cybersecurity

programme launched in 2024, a structured two-year initiative

with its own dedicated governance. Within this programme,

we defined several workstreams to provide focused attention

on the areas where we aim to excel or achieve significant

improvements.

The workstreams are focused on key areas including:

• Asset management: enhancing visibility and control over

our digital and physical assets.

• Access management: strengthening identity and access

controls by expanding Single Sign-On and completing

Privileged Access Management rollout to secure

appropriate access across the organisation.

• Network security and monitoring: improving network

resilience and real-time monitoring for proactive threat

detection.


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• Vulnerability and patch management: a harmonised

vulnerability management process is now in place across

all business segments. We improved coverage for both

cloud and traditional IT environments and introduced a

more risk-based prioritisation model to accelerate

remediation of critical vulnerabilities.

• Operational technology (OT) security: we implemented a

dedicated OT security governance framework and defined

minimum standards for all sorting and logistics systems.

Network segmentation and monitoring work has begun and

will be rolled out to all locations per the implementation

plan.

• Third-party risk management: oversight of our critical

suppliers was strengthened through a new monitoring

process tracking cybersecurity posture and NIS2 readiness.

Risk assessments for key IT vendors were completed, with

targeted follow-ups in 2026 to ensure timely

implementation of agreed improvements.

Incident landscape and assurance

In 2025, we observed an increase in detected security events,

reflecting both a more advanced threat landscape and

improved monitoring and classification capabilities. Our

layered security controls and response processes remained

effective, and no cyber incidents with a material impact on

the financial statements were identified.

Outlook

In 2026, we will focus on completing the remediation actions

from the 2025 risk assessments and control testing, achieving

ISO/IEC 27001 certification in support of NIS2 compliance,

and accelerating progress on OT security. We will also

strengthen continuous control monitoring and third-party

oversight. These efforts will further enhance our resilience,

support regulatory readiness and safeguard the trust of our

customers and stakeholders as we continue our digital

transformation.

Protecting data and privacy

PostNL believes that it is vital to handle the personal data of

its customers and consumers with due care and adheres to

applicable laws and regulations. The most notable of these is

the General Data Protection Regulation (GDPR) and its

Implementation Act.

We have established a Group Policy on Privacy which outlines

the fundamental principles we adhere to as a company

regarding the use of personal data. These principles are in

line with PostNL's Code of Conduct. We strive to provide high-

quality services, in which reliability is an important factor. We

therefore view the protection and careful handling of

personal data as an important precondition for further

innovation and development of our services. To help achieve

this, we have set up governance, processes, and procedures

to adequately implement 'accountability' in the field of the

protection of personal data. This includes a processing

handling the rights of the person concerned, implementation

of data privacy impact assessments, and the application of

the Privacy by Design principle in development of new

processes and systems.

PostNL also established a Data Governance Board to provide

oversight on how we use and protect data and in which

different data-related topics are discussed.

Asset protection and loss prevention

In order to prevent any threat which could adversely affect

the business of PostNL and its stakeholders, PostNL focuses

on ensuring its operations are secure. The Group Policy on

Security outlines the mandate of the security function within

PostNL and to define the responsibilities relating to security

matters. In other words, to ensure that adequate measures,

procedures, checks and balances are in place, regarding

asset protection, loss prevention and security information

management.

The PostNL programme on loss prevention is focused on

addressing the specific commercial and operational aspects

that may impact the rate of missing parcels. In our continuing

efforts to lower the number of missing parcels, the

commercial and operational management of Parcels works

closely together with PostNL Security to develop and

implement dedicated fraud and theft-risk mitigating actions.

Regulatory compliance management

PostNL believes that laws and regulations are essential tools

that govern behaviour, protect rights and promote fairness.

Laws and regulations are fundamental to the functioning of

society in general, and large companies such as PostNL.

Compliance forms part of our internal risk management and

control systems and governance framework, and we operate

in a sector that is defined by continually developing

regulations. In this paragraph we outline our approach, our

focus, and the main regulatory developments in 2025.

Our Approach to compliance

We manage compliance as part of our internal risk

management and control systems. These systems cover

explicit controls connected to business conduct, postal law,

human rights and labour conditions, environmental laws and

regulations, transportation laws and regulations, NIS2 and

GDPR. With these controls, we aim to provide a level of

comfort we deem sufficient to properly fulfil the duty of the

Board of Management to assume accountability for the

management of the related compliance risks identified within

our risk appetite.

Business management is responsible for the compliance risk

management ensuring adherence to regulatory requirements

as well as monitoring performance for the mentioned

compliance areas, and is supported by staff functions.

Management is required to confirm its responsibility for the

compliance with laws and regulations by its legal entities. As a

final step, we assess and report the status of compliance on a

quarterly basis as part of our regular risk management and

internal control reporting to our governance bodies.


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Focus areas in 2025

Based on our internal control assessments and internal audit

findings, for the vast majority of laws and regulations we did

not identify significant deficiencies relating to compliance

mitigating activities that require follow-up. Our focus areas

for 2025 were implementation of the risk management

statement (‘Verklaring Omtrent Risicobeheersing’) and

compliance in our value chain with a particular focus on

delivery partners and transport partners.

Risk Management Statement

In 2025, as part of the implementation of the risk

management statement we continued to strengthen our

internal control framework (ICF) for sustainability reporting.

The ICF already covered for the main operational risks,

covering key business processes, business resilience and

continuity and cybersecurity. We also transitioned towards a

more holistic and structured approach to compliance risk

management covering multiple areas - Business conduct,

Postal law, Environment, Human rights and labour conditions,

Transport laws and regulations, Cybersecurity and Privacy.

By focusing on these areas, PostNL aims to strengthen its

internal controls, enhance accountability, and meet the

growing expectations of our stakeholders regarding

transparency and ethical conduct.

Compliance in our value chain

Stakeholders increasingly expect large companies such as

PostNL to lead by example through their influence on value

chains. Responsibility along the value chain is a relevant topic

in the public arena. As a large company, we proactively

contribute to improvements in our value chain across a broad

range of topics, even when this goes beyond our own

responsibility under applicable laws and regulations.

This applies to areas such as the transport and handling of

dangerous goods, environmental compliance, responsible

(international) procurement, Foreign Nationals Employment

Act (Wet Arbeid Vreemdelingen), and the Labour Market

Fraud Act (Wet Aanpak Schijnconstructies).

In 2025, we focused on streamlining and optimising the due

diligence process for delivery partners across the business

segments and phase-wise implementation of a Third-party

Risk Management IT system.

Summary of instances of non-compliance

PostNL operates in a sector with a wide variety of compliance

topics, where both the number and complexity of laws and

regulations is increasing. While this requires a robust

approach to compliance (as described earlier in this chapter)

we are, on occasion, confronted with instances of

noncompliance. When these instances are discovered, we

take immediate steps to remedy them.

While there are a number of cases ongoing linked to PostNL’s

compliance with laws and regulations, there were no

significant reportable instances of non-compliance identified.

We did incur two lower fines from the Labour Inspectorate

for violations of the Foreign Nationals Employment act which

took place in 2022, in the amounts of EUR 8,000 and EUR

12,000. In both cases, the foreign nationals in question were

hired by an Employment Agency.

We have implemented measures to improve our processes in

order to prevent these violations from occurring, and we will

continue to monitor, evaluate and update our processes on a

regular basis. For the purpose of this report, we did not take

relatively small fines such as traffic-related fines into account.

Insider trading – share ownership

Members of the Supervisory Board, the Board of

Management and PostNL’s senior management are subject to

the PostNL Group Policy on Prevention of Insider Trading,

which sets rules to prevent insider trading in our financial

instruments and in securities other than PostNL’s financial

instruments.

Under the current remuneration policies, share ownership is

mandatory for members of the Board of Management and not

required for members of the Supervisory Board. Further

details are provided in the Remuneration Report, which also

discloses the total number of PostNL shares held by each

member of the Board of Management. At the date of this

Annual Report, none of the members of the Supervisory

Board holds PostNL shares, with the exception of Martin

Plavec, who holds 6,000 PostNL shares.

Internal audit

PostNL's internal audit function provides independent and

objective assurance to the Board of Management and the

Supervisory Board on the effectiveness of the internal risk

management and control systems, and performs financial, IT,

sustainability and operational audits for the various units

within the PostNL Group. Each audit is followed by a formal

audit report to the management responsible. Adequate

follow-up on audit findings is assured. A summary report of

audit-related topics (findings, follow-up, and so on) is issued

every quarter to the Board of Management and the Audit

Committee. Audit planning, the quality and professionalism of

the audit team and the effectiveness and efficiency of the

execution of the audits are supervised by the Board of

Management and approved by the Audit Committee. The

internal audit function reports to the CEO, with open

communication to the CFO and the Audit Committee.

Transparent reporting

Transparency is a cornerstone of our corporate

responsibility. We understand that clear, comprehensive, and

truthful reporting is essential for maintaining trust with our

stakeholders, including investors, employees, customers, and

the communities in which we operate. This is reflected in our

approach to integrated reporting, where we aim to provide a

holistic view of our financial and sustainability performance.

More information on how we use the Integrated Reporting

framework and align with other standards and frameworks is

included in Basis for preparation section of the General

disclosures in the sustainability statements.


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Corporate governance

In 2025, we were once again ranked as one of the most

sustainable companies in the transport and logistics sector

worldwide by the Dow Jones Sustainability Index (DJSI). This

benchmark evaluates listed companies on economic, social

and environmental transparency and performance. We also

achieved an A score in the CDP benchmark, a global

environmental disclosure system and we were awarded a

Platinum rating by EcoVadis, placing the company in the top

1% of the postal, courier and multi-modal freight transport

activities industry surveyed globally in terms of sustainability

performance and corporate social responsibility with a focus

on sustainable procurement.

External auditor

PostNL’s external auditor, KPMG Accountants NV, is

appointed by the General Meeting of Shareholders. The lead

partner rotates after a maximum period of five years, and the

key assurance partners rotate after a maximum period of

seven years. Mr Roland Smeets is the lead audit partner since

the financial year 2022. The Supervisory Board recommends

to the General Meeting of Shareholders the appointment or

replacement of the external auditor. In doing so, it considers

the Audit Committee’s advice regarding the external auditor’s

nomination for appointment/reappointment or dismissal. The

Audit Committee prepares the selection of the external

auditor. The Audit Committee reports annually to the

Supervisory Board on the functioning of, and relevant

developments in the relationship with the external auditor.

The Audit Committee gives due consideration to the Board of

Management’s observations in this respect. At the Annual

General Meeting of Shareholders held on 20 April 2021,

KPMG Accountants NV was appointed as the external auditor

for PostNL for the financial years 2022, 2023 and 2024. At the

Annual General Meeting of Shareholders held on 16 April

2024, KPMG Accountants NV was appointed as the external

auditor for PostNL for the financial years 2025 and 2026.

The Audit Committee, supported by the internal audit

function, is required to pre-approve all services the external

auditor provides to ensure these do not impair the auditor’s

independence from PostNL. The Audit Committee grants a

general pre-approval for certain routine services every year.

By Dutch law, the external auditor is in principle prohibited to

render non-audit services.

Conflicts and potential conflicts of interest between the

external auditor and PostNL are settled in accordance with

the terms of reference of the Audit Committee and Dutch law.

See note '2.3.4 Other operating expenses' to the Consolidated

financial statements for more information.

The Audit Committee requires a formal written statement

from the external auditor confirming its independence.

Remuneration

report



	In this chapter, we outline and explain both the Remuneration Policy and the remuneration in 2025 of our Board of Management and our Supervisory Board.


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Remuneration report

In conversation with our chairman

Remuneration Committee Chairman Ad Melkert reflects on

2025.

The Supervisory Board is responsible for the Remuneration

Policy of both the Board of Management and the Supervisory

Board, as well as for its implementation. The Remuneration

Committee oversees and ensures the implementation of the

remuneration policies as approved by the shareholders at the

Annual General Meeting (AGM), and ensures that decision-

making is aligned with these policies, PostNL’s performance,

and its strategic priorities. This report provides an overview

of the implementation of the remuneration policies for the

Board of Management and the Supervisory Board in 2025.

How do you look back on 2025 as chairman of the

Remuneration Committee?

The year 2025 was a challenging year for PostNL, marked by

difficult external circumstances and changing market

dynamics that impacted operating costs and influenced

customer behaviour. At the same time, important steps were

taken in numerous areas.

To safeguard a future-proof and financially viable postal

service, PostNL continued its efforts to constructively

contribute to ongoing discussions with the government,

actively advocating the need for legislative adjustments and

taking additional steps to accelerate the change process. In

mid-September, a new strategic direction was announced at

the Capital Markets Day, setting out clear objectives to steer

PostNL towards sustainable growth and innovation. This was

followed by the successful placement of a €300m Eurobond

on 25 September, to strengthen the company’s financial

position and supporting the creation of a resilient foundation

for long-term value creation.

Despite the challenging environment, growth and innovation

continued throughout the year. In line with the new strategy,

we made a clear move towards an AI-first approach to

accelerate innovation, strengthen competitiveness, empower

talent and support cost reduction across the organisation.

In terms of performance, normalised EBIT was in line with the

outlook for 2025. Although free cash flow decreased

compared to 2024, as anticipated, a strong focus on capital

expenditure discipline and strict working capital management

contributed positively to cash flow performance.

From a non-financial perspective, I am pleased to see that our

customer satisfaction (NPS) and employee engagement scores

increased compared to 2024, in line with our strategic

ambitions, and that further progress was made towards 2030

and 2040 sustainability goals. These results are reflected in

the STI and LTI realisation.

Last but certainly not least, I would like to acknowledge the

departure of Herna Verhagen in 2025 after many years of

service, leadership and dedication. For all of us, the

appointment of the new Board of Management, together with

PostNL’s new strategy, marks the start of a new chapter in

PostNL’s exceptional history.

In April 2025 a new CEO and CFO were appointed. Can you

reflect on this?

After careful consideration, in November 2024 we announced

the intended appointment of Pim Berendsen as CEO of

PostNL, as from the 2025 AGM. Pim, who had served as CFO

in the Board of Management for many years, brings extensive

experience, expertise and stability in a rapidly evolving

environment.

In December 2024, following a thorough selection process,

we announced the intended appointment of Linde Jansen as

CFO. In addition to her strong financial background, Linde

brings executional strength, extensive experience in

transformation processes and has a distinct people-focused

approach.

I am pleased to see that, after the start in their tenures, our

new Board of Management has demonstrated its ability to

operate as a strong and cohesive team, delivering on the new

strategy with a clear focus on collaboration and value

creation. The change in Board composition has been reflected

in this remuneration report.


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Remuneration report

At the Capital Markets Day in September 2025, PostNL

introduced a new strategy. Is there any impact on

remuneration?

As part of PostNL’s new strategy, several important steps

have been taken that affect the remuneration of the Board of

Management. The new strategy is built around four important

pillars: Growth, Value, Innovation and Impact. PostNL is

committed to growing its business, creating sustainable value,

leading through innovation and delivering meaningful impact,

while taking care of our people and the environment. The

strategy also provides clear direction on PostNL’s key

performance indicators (KPIs) going forward, supporting the

new strategic focus.

As the financial LTI performance measures included in the

2024 Remuneration Policy are not yet fully aligned with these

KPIs, a slightly amended policy is intended to be submitted for

voting at the 2026 AGM. More detailed information is included

in the Board of Management performance measures 2026

section in this Remuneration report. The policy will be

adjusted to ensure alignment between the Board of

Management’s LTI and PostNL’s renewed strategy, following

consultation that took place with key stakeholders. The

proposed adjustment is limited to changes in the financial LTI

performance measures and their respective weightings. A

broader (regular) evaluation of the Remuneration Policy

remains scheduled for 2027, in preparation for the 2028

AGM.

Moreover, it is worth mentioning that the non-financial,

climate-related, performance measure in the LTI will be

further aligned with PostNL’s strategic objectives as of 2026.

The new performance measure, which focuses on the

reduction of absolute CO₂ emissions, will also cover scope 3

emission reduction going forward, and therefore better

reflects PostNL’s broader sustainability ambitions. More

detailed information on this adjustment is included in the

Board of Management performance measures 2026 section in

this Remuneration report.

On a final note, looking at 2026, is there anything you would

like to add or highlight?

From a remuneration perspective, a significant milestone will

be reached with the implementation of the new PostNL

pension plan, which will transition before the summer of 2026,

following a long and intensive period of careful preparation

involving multiple parties.

As announced in the 2024 Remuneration Report, the

Supervisory Board will begin in 2026 adjusting variable

remuneration parameters for the Board of Management

towards the new policy levels, as previously approved by the

AGM, in 2024. Implementation of the updated variable

remuneration opportunities will commence in 2026 by setting

the STI and LTI target opportunity levels at the policy values

of 40% and 50%, respectively. As a second step, from 2027

onwards, a stretch opportunity in the event of

overperformance will be implemented for both the STI and

LTI, in line with the Remuneration Policy and market practice.

In connection with these changes, the minimum share

ownership level for new members of the Board of

Management will be increased to 100% from 2027 onwards.

These steps align with PostNL’s renewed strategic focus and

financial ambitions and have been taken following a careful

and well-considered decision-making process. As these

changes relate to the implementation of variable

remuneration elements, they do not involve any guaranteed

compensation; all outcomes remain fully contingent on (high)

performance delivered.

On a final note, given the strong support for the 2024

remuneration report at the AGM in April 2025 and the

feedback received from stakeholders, no material

adjustments were implemented in this Remuneration report.


	PostNL Annual Report 2025			85

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Other information

Appendices

Remuneration report

Remuneration Policy of the Board of

Management

This section of the Remuneration report provides an overview

of the Board of Management Remuneration Policy, which was

adopted by the AGM on 16 April 2024 and became effective

as of 1 January 2024. The objective of the Remuneration

Policy is to attract, reward, and retain qualified members of

the Board of Management to set and implement PostNL’s

purpose, ambition, strategy, objectives, and culture.

PostNL’s purpose, ambition, and strategy are translated into

the objectives and guiding principles of the Board of

Management Remuneration Policy (the Policy) and its

application across the various remuneration components.

This ensures that remuneration practices are aligned with the

interests of all stakeholders, balance financial and non-

financial performance, and reflect PostNL’s strategic

objectives in the performance measures of variable

remuneration.

• Alignment: the Policy is aligned with the interests of

multiple stakeholders and supports both short- and long-

term objectives, while taking into account the broader

societal context

• Transparent: the Policy and its execution are clear and

practical

• Compliant: PostNL applies the highest standards of good

corporate governance and complies with laws and

regulations

• Simple: the Policy and its execution are straightforward and

easy to understand for all stakeholders

• Sustainable: the Policy is aligned with PostNL’s

sustainability goals and fosters corporate responsibility.

External perspective

Market perspective is one of the factors considered by the

Supervisory Board when determining adequate remuneration

levels to attract and retain qualified leaders. To this end, the

Supervisory Board reviews a peer group to ensure a balanced

representation of the relevant labour market. The main

criteria used to define the peer group are a Dutch stock

exchange listing and comparability to PostNL in terms of size

(including revenue, employees, market capitalisation and

assets), board structure and geographical focus. PostNL

benchmarks its remuneration against a reassessed peer

group at least once every four years. The current peer group

is presented in the table below.

PostNL Peer group


Current peer group
Aalberts	Arcadis	Bam groep	Basic Fit
Brunel	For Farmers	Fugro	Heijmans
KPN	Signify	Sligro Food Group	TKH Group
TomTom	Vopak

“The objective of the

Remuneration Policy is to attract,

reward and retain qualified Board

of Management members to set

and implement PostNL's purpose,

ambition, strategy, objectives and

culture”

Internal perspective

The remuneration of PostNL’s Executive Committee, other

senior management, and employees covered by a collective

labour agreement (CLA) is intended to align with the principles

underlying the Board of Management Remuneration Policy.

This alignment supports internal consistency in salary

structures, the design of incentive plans, and guidelines for

salary increases. In this context, the Supervisory Board

monitors the development of pay ratios.


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Summary of the Remuneration Policy 2024

The Remuneration Policy of the Board of Management was adopted by the AGM on 16 April 2024 and became effective as of 1 January 2024. The remuneration of the Board of Management

consists of the following elements: base salary, variable income (STI and LTI) and pensions and benefits. We have further explained these elements in the table below.


Type of remuneration	2024 policy	Link to strategy
Fixed remuneration (Base salary)	Remuneration is set in line with the opportunity and takes multiple factors into consideration (e.g., environment/societal context of PostNL, nature and responsibility of the role, individual/business performance, pay conditions within PostNL, market positioning).	Provides a fixed level of earnings to attract and retain Board of Management members to execute PostNL's strategy.
	Possible regular annual salary increase is capped at the salary increase of the broader workforce, as agreed upon in the CLA.
	Base salary levels are set at around the median level of the peer group.
STI (cash bonus)	The performance period is one year.	Rewards the delivery of short- term performance and takes into account the interests of multiple stakeholders.
	The STI is paid on an annual basis in cash.
	The Supervisory Board selects on an annual basis the most relevant financial and non-financial performance measures which will be disclosed in the remuneration report at the beginning of the performance period.
	Financial performance measures count for 60% of the performance measures and may consist of measures that are: profit-related, cash-related, and revenue- related and/or market/volume related. Non-financial performance measures count for 40% of the performance measures and may consist of measures that are: sustainability-related, people-related, customer-related, and strategy-related.
	At the end of the performance period, the Supervisory Board reviews the performance and assesses to what extent each of the target has been achieved to determine pay-out levels. STI levels are set with a reference to the 25th percentile of the peer group.
LTI (shares)	The performance period is three years.	Rewards sustainable long-term value creation to PostNL’s strategy, stakeholder landscape, and reinforces alignment with shareholder interests by granting shares.
	Ordinary PostNL shares will be conditionally granted on an annual basis and at the beginning of the performance period.
	Financial performance measures count for 66.66% of the performance measures.
	Non-financial performance measures count for 33.33% of the performance measures.
	For each annual award, the Supervisory Board selects the most relevant non-financial performance measure(s), which are ESG-related. The selected performance measures, together with the underlying rationale, are disclosed in the remuneration report at the start of the relevant performance period.
	Upon vesting, performance shares and their conditional dividend equivalent are subject to a holding period of two years. Therefore, the performance shares are blocked for a total period of 5 years.
	At the end of the performance period, the Supervisory Board reviews the performance and assesses to what extent each of the targets have been achieved to determine vesting levels.
	LTI levels are set with a reference to the 25th percentile of the peer group.
Benefits	Board of Management members are entitled to benefits such as pension benefits, risk insurance, company car (allowances), tax and social security, a fixed expense allowance and possible service costs. Pension and benefits are in line with the Dutch market practice and are aligned with the elements applicable to the wider workforce.	Remain competitive with the market


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Remuneration report

The table below presents an overview of the short-term

incentive (STI) payout and the long-term incentive (LTI) vesting

of conditionally awarded shares, both expressed as a

percentage of annual base salary. As 2024 was the year of

introduction of the Policy, the start scenario applied. The

Supervisory Board may decide to gradually increase STI and

LTI levels towards the policy maximum. Reference is made to

our website, regarding the 2024 Remuneration Policy of the

Board of Management.


Performance	STI		LTI
Performance	Pay-out (policy start)	Pay-out (policy maximum)	Vesting (policy start)	Vesting (policy maximum)
Below threshold	0%	0%	0%	0%
At threshold	18.75%	20%	18.75%	25%
At target	37.50%	40%	37.50%	50%
At stretch	0%	60%	0.00%	75%

2025 Board of Management actual

remuneration

The following section provides insight into how our

Remuneration Policy was implemented in 2025 for the Board

of Management. The presented figures are at market value,

unless stated otherwise. For IFRS-based figures on the

remuneration, see note '5.1 Remuneration of Supervisory

Board, Board of Management and senior management' to the

Consolidated financial statements for more information.

Implementation of the remuneration policies

In 2025, we ensured that all decisions regarding the

remuneration of the Board of Management were aligned with

the Remuneration Policy approved by the AGM in 2024 and

with the applicable decision-making processes. No deviations

from the Policy occurred. All remuneration is paid directly to

the members of the Board of Management by PostNL N.V. As

such, no remuneration has been granted and/or allocated by

subsidiaries or other companies whose financials are

consolidated by PostNL N.V.

Furthermore, PostNL did not grant any severance payments

to the Board of Management. No loans, advance payments or

guarantees were granted to members of the Board of

Management in 2025 either. Lastly, the Supervisory Board did

not claw back any variable remuneration from the Board of

Management.

Scenario analysis

In conformity with the Corporate Governance Code

(hereafter: the Code), scenario analyses have been performed

regarding the possible results of the variable remuneration

elements and the impact thereof on the remuneration of the

Board of Management members. Based on these analyses,

the Supervisory Board deems the remuneration levels to be

appropriate in view of the performance. Hence, no further

measures are required in this regard. The analyses, amongst

others, include a minimum performance scenario (0%), a

maximum performance scenario (100%) and share price

variations.

PostNL Remuneration Board of Management in €


Name of Director - position		Reported Year	Fixed remuneration			Variable remuneration		Total remuneration	Fixed-variable remuneration
Name of Director - position		Reported Year	Base salary ¹	Other benefits ²	Pension costs ³	One year variable	Multi-year variable ⁴	Total remuneration	Fixed-variable remuneration
Pim Berendsen - CEO ⁵		2025	531,145	119,227	28,456	197,427	0	876,255	77% - 23%
Pim Berendsen - CEO ⁵		2024	0	0	0	0	0	0
Pim Berendsen - CFO ⁵		2025	166,218	49,094	11,717	61,783	25,631	314,443	72% - 28%
Pim Berendsen - CFO ⁵		2024	550,617	135,335	41,014	122,237	27,474	876,677	83% - 17%
Linde Jansen - CFO ⁵		2025	403,219	29,286	24,803	149,876	0	607,184	75% - 25%
Linde Jansen - CFO ⁵		2024	0	0	0	0	0	0
Herna Verhagen - Former CEO ⁵		2025	218,707	51,028	13,418	81,293	33,726	398,172	71% - 29%
Herna Verhagen - Former CEO ⁵		2024	724,495	193,630	47,036	160,838	36,148	1,162,147	83% - 17%
1	Base salaries 2025 were indexed with 3.5%.
2	Other benefits include company costs such as tax and social security, pension allowances, company car and other compensation.
3	Pension costs represent the cash out for the collective defined contribution plan (net of employee contributions), and risk premium for a net pension plan.
4	The 2025 amounts give the value of the shares that vested in May 2025 which relate to the LTI 2022-2024. The 2024 amounts give the value of the shares that vested in May 2024 which relate to the LTI 2021-2023.
5	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 €687,657 (base salary €531,145, other benefits €123,926, pension costs €32,586). This remuneration and these components are in line with PostNL’s remuneration policy.


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External perspective

In line with the Remuneration Policy, the remuneration of the

BoM is benchmarked against a reassessed peer group at least

every four years. Interim adjustments in the composition of

the peer group are permitted, but have not taken place so far.

Internal perspective

In 2025, we continued to monitor the development of the

internal pay ratios which show a relatively consistent

development over the years. In conformity with the Code, the

ratio is calculated between the annual total remuneration for

the CEO and the average annual total remuneration of an

employee, which for 2025 was 22.2. The ratio between the

annual total remuneration of the CFO and the average annual

total remuneration of an employee was 16.7 for 2025. In the

'Performance/ remuneration/internal pay ratio' table, more

detailed information is provided on the calculation method

and the development of the BoM remuneration versus the

wider workforce.

Base salary

The base salaries for the members of the BoM were indexed

in 2025 (3.5%) in line with the 2024 CLA increases of the wider

workforce as further laid-down in the Remuneration Policy.

The total remuneration of the BoM in 2025 (and 2024) is

outlined in the table on the previous page. In view of the

appointment of the new BoM as per 15 April 2025, an

extended remuneration table is included in this year’s report.

Short-term incentive (STI) 2025

The STI, which rewards the achievement of short-term

performance while considering the interests of multiple

stakeholders, is based on annual financial and non-financial

performance measures for which targets are set over a one-

year performance period. As vesting schemes apply,

performance below target may still result in a partial STI

payout. No payout is made if performance falls below the

threshold level for the relevant performance measure. The

STI payout is based on actual performance, as assessed by

the Remuneration Committee, and is summarised in the table

below. The 2025 STI realisation amounts to 37.17% out of a

maximum of 37.50%, which equals a pay-out ratio of 99.12%.

For Herna Verhagen and Linde Jansen, a pro-rata time-based

STI applies. For Pim Berendsen, the STI is partially based on

his CFO salary (until 15 April 2025) and partially on his CEO

salary (from that date).

For 2025, normalised EBIT was €53 million, slightly higher

than 2024 and in line with the outlook. In 2025, free cash flow

decreased by €37 million to €(25) million. This decline was

mainly caused by higher investments in working capital and a

lower change in provisions, partly compensated by lower

income taxes paid in 2025. In 2025, PostNL again secured the

average number 1 NPS position in the relevant markets,

reflecting trust in PostNL’s reliability and service quality.

Employee engagement levels increased to 69% in 2025,

slightly above the target of 68%, mainly resulting from

improvements within Mail in the Netherlands, reflecting the

impact of local initiatives. Separate delivery quality

performance measures for consumer mail and business mail

were selected for 2025 (based on delivery within 2 days), in

anticipation of the government’s approval on the future

service proposition for consumer mail and, for business mail,

in line with the adjusted standard service proposition

applicable as from 2025. Consumer mail quality for delivery

within 2 days was 95.3%, below target level. In comparison

with the preliminary next-day delivery quality score of 86%,

the outcome reflects the necessity to adjust legislative quality

requirements. Business mail quality was 91.4%, above the

2025 target. Parcels delivery quality was high in 2025 (97.3%),

exceeding the target, driven by improved forecasting,

planning and monitoring in the supply chain.

PostNL Short-term Incentive


Name of Director - position	Performance measure	Definition	Link to strategic objective	Relative weight	Threshold level	Target level	Actual performance	Actual remuneration (% of base salary)
Pim Berendsen - CEO Linde Jansen - CFO (started 15 April 2025) Herna Verhagen - former CEO (until 15 April 2025)	Profitability	Normalised EBIT	Generate sustainable growth and cash flow	30%	30m	50m	53m	11.25%
	Cash generation	Free cash flow	Generate sustainable growth and cash flow	30%	(50)m	(30)m	(25)m	11.25%
	Total Financial performance measures							22.50%
	NPS	Realise the average no 1 NPS position on the for PostNL relevant markets	Accelerate our customers' success	10%	nr1 (1.5)	nr1 (1.417)	nr1 (1.17)	3.75%
	Employee engagement	The share of engaged employees	Our people take pride in the work we do	10%	66.0%	68.0%	69.0%	3.75%
	Quality Mail improvement	'- Consumer Mail quality (2 day delivery)	Secure a sustainable mail business	5%	94.0%	96.0%	95.3%	1.54%
	Quality Mail improvement	- Business Mail quality (2 day delivery)	Secure a sustainable mail business	5%	88.0%	90.0%	91.4%	1.88%
	Quality Parcels	The share of parcels with an on-time, first-time delivery attempt	Consumers can count on us	10%	96.0%	97.0%	97.3%	3.75%
	Total Non-financial performance measures							14.67%
				100%	Total	Total		37.17%


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Long-term Incentive (LTI) 2023-2025

The long-term incentive (LTI) rewards long-term value

creation in support of PostNL’s strategy and reinforces

alignment with shareholder interests through the granting of

shares. The plan is based on financial and non-financial

performance measures for which targets are set over a three-

year performance period. As vesting schemes apply,

performance below target may still result in a partial LTI

payout. At year-end 2025, the LTI performance period 2023–

2025 concluded. The Remuneration Committee assessed the

performance of the Board of Management over this three-

year period. The relative weighting, threshold and target

levels, and actual performance for each performance

measure, are summarised in the table below. The LTI 2023–

2025 was granted in 2023 and therefore falls under the

previous Remuneration Policy adopted by the AGM in 2022.

For Herna Verhagen and Linde Jansen, a pro-rata (time-

based) LTI applies.

Both earnings attributable to shareholders (cumulative

normalised comprehensive income) of €106 million and cash

generation (free cash flow) of € (3) million, unfortunately

ended below target and threshold level.

The LTI 2023-2025 also includes climate impact reduction as

a performance measure, to strengthen alignment with

PostNL's sustainability goals. Climate impact is defined as

‘CO₂ efficiency of our own operations’, measuring the relative

CO₂ reduction in grammes CO₂e per kilometre compared to

base year 2017. This metric reflects the most important

reduction lever in PostNL’s climate transition plan: the

decarbonisation of transport through fleet electrification and

the use of low-carbon fuels. Improving CO₂ efficiency directly

reduces scope 1 emissions and supports broader emission

reductions across the value chain, thereby contributing to

progress against PostNL’s Science Based Targets. In addition

to a threshold level and a target level, the climate impact

performance measure also contains a qualifier. The qualifier

for the LTI 2023–2025 was defined as ‘the absolute CO₂

emission in 2025 is lower than in 2022’, further reinforcing the

link between remuneration outcomes and absolute emission

reduction. With CO₂ emissions of 108.5 grammes CO₂e per

kilometre in 2025, compared to 152 grammes CO₂e per

kilometre in 2022 and a 52.0% CO₂ reduction compared to the

base year 2017, both the qualifier and target level were

exceeded. The progress made in the period 2023–2025 was

mainly driven by the electrification of our fleet and the use of

biofuels.

The LTI 2023-2025 realisation, which is linked to the climate

impact performance measure, amounts to 12.50% out of a

maximum of 37.50%, which equals a pay-out ratio of 33.33%.

The applicable number of performance shares will vest in

2026 and are subject to a two-year holding period. The

holding period (together with the minimum shareholding

requirement as described in section 'Share ownership’) aligns

the long-term interest of the members of the Board of

Management with our shareholders. Furthermore, the holding

period ensures that the performance shares are held for a

period of at least 5 years.

Departure CEO

Herna Verhagen decided to step down as CEO as per 15 April

2025. Her employment with PostNL started in 1991 and ended

on 31 December 2025. As outlined in the remuneration policy,

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. Salary payments and other regular benefits (e.g.

car, pensions) have been continued until the end date of

employment. Herna Verhagen has a good leaver status. In

accordance with the remuneration policy, the STI and LTI

awards are subject to a pro rata time based and performance

based vesting until 15 April 2025. The LTI performance is

based on the average of the last 10 years as lower limit. From

15 April up to 31 December 2025 Herna Verhagen was not

entitled to any variable remuneration.

PostNL Long-term Incentive


Name of Director - position	Performance measure	Definition	Relative weight	Threshold level	Target level	Actual performance	Actual remuneration (% of base salary)
Pim Berendsen - CEO Linde Jansen - CFO (started 15 April 2025) Herna Verhagen - former CEO (until 15 April 2025)	Earnings attributable to shareholders	Cumulative normalised comprehensive income	33.33%	185m	309m	106m	0%
	Cash generation	Cumulative Free cash flow	33.33%	92m	154m	(3)m	0%
	Total Financial performance measures						0%
	Climate impact	CO 2 efficiency of our own operations (base year 2017 = 0%)	33.33%	35.0%	45.1%	52.0%	12.50%
	Total Non-financial performance measures						12.50%
					Total		12.50%


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PostNL Shares (market value) in €


Name of Director - position		Specification of plan	Value of shares held at 1 Jan 2025	Value of shares granted during 2025 ¹	Value of dividend shares ²	Value of shares settled during 2025	Value of shares forfeited during 2025	Value of net shares under a holding period at 31 Dec 2025	Value of shares subject to a performance condition at 31 Dec 2025
Pim Berendsen - CEO ³		PSP 2025		315,001					315,001
		PSP 2024	171,756		7,905				179,661
		PSP 2023	141,666		6,520				148,185
		PSP 2022	73,511		3,384	(25,631)	(51,263)	13,264
		PSP 2021	14,395					14,395
		PSP 2020	87,713
		Total shares	489,041	315,001	17,809	(25,631)	(51,263)	27,659	642,847

Linde Jansen - CFO ³		PSP 2025		224,937					224,937
		PSP 2024		143,142					143,142
		PSP 2023		61,347					61,347
		Total shares		429,426					429,426

Herna Verhagen - Former CEO ³		PSP 2025		26,026					26,026
		PSP 2024	225,994		10,401				236,395
		PSP 2023	186,401		8,578				194,979
		PSP 2022	96,724		4,451	(33,726)	(67,450)	17,453
		PSP 2021	18,940					18,940
		PSP 2020	115,411
		Total shares	643,470	26,026	23,430	(33,726)	(67,450)	36,393	457,400
Total market value			1,132,511	770,453	41,239	(59,357)	(118,713)	64,052	1,529,673
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 (€0.917). 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 this chapter.
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.


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Other information

Appendices

Remuneration report

Shares held by the Board of Management

PostNL Share ownership as percentage of the minimum

shareholding in %


Board of Management	2024	2025
Pim Berendsen - CEO	66	53
Linde Jansen - CFO		0

The table above provides an overview of the shares held as a

percentage of the minimal at year-end 2025 (and 2024) by the

CEO and CFO. All members of the Board of Management are

required to hold a specified value of PostNL shares. This

minimum shareholding requirement fosters the identification

of Board of Management members with PostNL’s strategy and

its shareholders and aims to ensure a sustainable link to the

performance of the company. The minimum after-tax

shareholding requirement in 2024 and 2025 is equivalent to

75% of the average annual base salary. These minimum

shareholdings can be built up over 7 years, in line with the

Remuneration Policy.

As shown in the table above, at year-end 2025 the CEO held

53% of the minimum shareholding requirement, representing

a decrease compared with 2024. This decrease reflects the

increase in base salary following his appointment as CEO, as

well as developments in the share price. As the CFO does not

yet hold any unconditional shares, her shareholding at year-

end 2025 amounted to 0%.

The former CEO is no longer included in this table. She met

the minimum shareholding requirement from the introduction

of this obligation in 2020 until her departure.

Information on the change of remuneration and company

performance

The table on the following page provides an overview on the

change of remuneration, company performance, average

remuneration per FTE and internal pay ratios over the last 5

financial years (IFRS based).

PostNL Shares held by Board of Management in shares


Board of Management		2024	2025
Pim Berendsen - CEO	Conditional shares	367,074	609,854
	Unconditional shares under a holding period	96,867	26,239
	Unconditional shares not subject to a holding period	110,524	193,735
		574,465	829,828
Linde Jansen - CFO	Conditional shares	0	407,385
	Unconditional shares under a holding period	0	0
	Unconditional shares not subject to a holding period	0	0
		0	407,385


	PostNL Annual Report 2025			92

Sustainability statements

Other information

Appendices

Remuneration report

PostNL Performance/remuneration/internal pay ratio


			2021	2022	2023	2024	2025
Profitability ¹		in € million	308	84	92	53	53
		Delta in %	23%	(73)%	10%	(42)%	(1)%
Earnings attributable to shareholders ²		in € million	285	90	52	38	21
		Delta in %	43%	(68)%	(42)%	(27)%	(45)%
Revenue PostNL		in € million	3,466	3,144	3,165	3,252	3,324
		Delta in %	6%	(9)%	1%	3%	2%
Total remuneration CEO ³		in €	1,237,076	1,177,485	1,189,664	1,247,558	1,366,198
		Delta in %	0%	(5)%	1%	5%	10%
Total remuneration CFO ³		in €	927,541	880,509	898,214	929,680	1,028,195
		Delta in %	0%	(5)%	2%	4%	11%
Average remuneration per FTE ⁴		in €	51,905	54,753	55,110	58,266	61,535
		Delta in %	0%	5%	1%	6%	6%

Internal pay ratio ⁵
CEO			23.8	21.5	21.6	21.4	22.2
		Delta in %	0%	(10)%	0%	(1)%	4%
CFO			17.9	16.1	16.3	16.0	16.7
		Delta in %	0%	(10)%	1%	(2)%	5%
1	Profitability is equal to normalised EBIT (see chapter 6 Financial review).
2	Earnings attributable to shareholders is equal to normalised comprehensive income (see chapter 6 Financial review).
3	IFRS based remuneration, for more information see note 5.1 of the performance statements.
4	Based on the total salaries, pensions and social security contributions (excluding the CEO and CFO) increased with the external temporary staff cost (from 2021 onwards) divided by the average number of FTE's (total of own personnel and external temporary staff) minus two as reported in the chapter 'Financial Statements' of the relevant years.
5	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.

Internal pay ratios

As described in the Board of Management — Actual

remuneration paragraph, PostNL calculates the ratios

between the annual total remuneration of the CEO and CFO

and the average annual total remuneration of an employee.

The pay ratio was 22.2 for the CEO in 2025 (2024: 21.4) and

16.7 for the CFO in 2025 (2024: 16.0). The increase results

from a higher STI realisation than last year and the change in

board composition (resulting in an increase in shares granted,

in line with the Remuneration Policy).

As of 2021, external temporary staff have been included in

the internal pay ratio calculation. Accordingly, all full-time

equivalents (FTEs) of hired external staff are included when

determining the average number of FTEs. The related costs

(see note '2.3.1 Work contracted out and other external

expenses' to the Consolidated Financial Statements) are

included in the calculation of average remuneration per FTE.

For administrative reasons, it is not feasible to distinguish

between external staff who worked for shorter or longer than

three months during the calendar year. As a result, no

differentiation is made based on the duration of activities

performed by external staff for PostNL. The pay ratios for

2025, excluding external temporary staff, would have been

22.7 (2024: 22.0) for the CEO and 17.1 (2024: 16.4) for the

CFO.


	PostNL Annual Report 2025			93

Sustainability statements

Other information

Appendices

Remuneration report

Board of Management performance

measures 2026

Based on the variable remuneration framework set out in the

Remuneration Policy, the Supervisory Board has reviewed

and selected the most appropriate performance measures

for 2026 in line with PostNL’s renewed strategy. In doing so,

the Supervisory Board has balanced the interests of PostNL’s

relevant stakeholders and taken into account key

developments, including the transition towards a future-proof

postal service in the Netherlands.

The performance measures for the STI 2026 and the LTI

2026–2028 are presented in the tables on this page. The

weighting of financial and non-financial performance

measures for the STI is set in accordance with the

Remuneration Policy, at 60% financial and 40% non-financial.

The weighting of financial and non-financial performance

measures for the LTI is set at 75% financial and 25% non-

financial, in line with the to be adjusted Remuneration Policy

which will be submitted for approval at the 2026 AGM.

PostNL STI 2026


STI performance measure	Definition	Weight
Profitability	Normalised EBIT	30%
Cash generation	Free cash flow	30%
NPS	Realise the average no 1 cNPS position on the for PostNL relevant markets	10%
Employee engagement	The average engagement of our employees	10%
Quality Mail	Percent of consignments that are delivered within D+2 timeframe for consumer mail	5%
Quality Mail	Percent of consignments that are delivered within D+2 timeframe for business mail	5%
Quality Parcels	Percent of consignments that are delivered within the timeframe set for parcels	10%

STI 2026

The STI performance measures for this year remain

unchanged compared to 2025, as these measures are aligned

with PostNL’s new strategy. For more information, please see

the Our strategy chapter. Both financial performance

measures, normalised EBIT and free cash flow, qualify as key

performance indicators, which are crucial in assessing the

progress made on our objectives. The same applies to the

non-financial performance measures NPS and employee

engagement. As PostNL continues to focus on delivering

excellent customer experiences and on engaging and

empowering its people, these performance measures remain

central to the strategy and therefore have been selected for

the STI. Additionally, delivery quality performance measures

for both mail and parcels remain part of the STI in 2026 as

they are key in determining the reliability of our services,

underpin our strategic priorities and reflect the importance of

predictable delivery.

LTI 2026-2028

As mentioned in the interview with the Chairman of the

Remuneration Committee in this chapter, the Supervisory

Board intends to slightly adjust the (financial LTI performance

measures in the) Remuneration Policy as from 2026 to ensure

continued alignment with PostNL’s renewed strategy.

Subject to approval by the AGM in April 2026, the adjusted

Remuneration Policy will as of 2026 include normalised profit

and return on invested capital (ROIC) as financial

performance measures, in addition to free cash flow.

• Under the amended Dividend Policy, which applies from

2026 onwards, dividend determination will be based on

normalised profit, in line with market practice, rather than

on normalised comprehensive income, which applied until

2025. Aligning the LTI performance measures with the

revised Dividend Policy by selecting normalised profit as a

performance measure from 2026, ensures a clear link

between business performance, dividend determination,

and LTI vesting outcomes.

• As part of the renewed strategy, PostNL places increased

focus on ROIC. To promote efficient capital allocation and

support long-term value creation for shareholders, a strong

ROIC ambition has been set towards 2028. In light of

PostNL’s strategic priorities and ambition, ROIC has been

selected as a financial performance measure.

• With four LTI performance measures in total instead of the

current three, the weighting of the LTI performance

measures will be adjusted accordingly, with each measure

weighting equally (25%). This change supports the guiding

principles of the Remuneration Policy, simplicity and

transparency, and underlines the equal strategic

importance of each performance measure in addressing

PostNL’s objectives and challenges in the coming years.

PostNL LTI 2026-2028


LTI performance measure	Definition	Weight
Earnings attributable to shareholders	Normalised profit	25%
Cash generation	Free cash flow	25%
Capital efficiency	Return on Invested Capital (ROIC)	25%
Climate impact	The reduction of absolute CO₂ emissions (scope 1, 2 and 3), compared to base year 2021	25%

Towards the end of 2025, PostNL engaged with the Central

Works Council, investors, proxy advisors and investor

representatives. The proposed adjustments to the Policy,

although limited, were well received in view of the enhanced

alignment with PostNL’s strategy. Our conversations have not

resulted in adjustments to our proposal.

The non-financial, climate-related, performance measure in

the LTI will also be further aligned with PostNL’s strategic

objectives. In line with PostNL’s SBTi targets, ‘the reduction of

absolute CO₂ emissions (scope 1, 2 and 3) compared to the

2021 base year’ has been selected as climate-related

performance measure as of 2026. This measure captures the

total reduction in emissions across the full value chain and

better reflects PostNL’s broader sustainability ambitions, as it

encompasses the impact of both PostNL’s own operations

and those of its delivery partners and suppliers. No

Remuneration Policy adjustment is required for this.


	PostNL Annual Report 2025			94

Sustainability statements

Other information

Appendices

Remuneration report

Remuneration Policy of the

Supervisory Board

This section provides a high-level overview of the

Remuneration Policy of the Supervisory Board as adopted by

the 2024 AGM and effective as per 1 January 2024.

Objective and guiding principles

The objective of the Policy is to attract and retain qualified

talent to perform the Supervisory Board’s duties and act in

accordance with the interests of PostNL and its stakeholders.

The Policy is built on the following principles:

• Alignment

• Independence

• Transparent

• Compliant

• Simple.

The Remuneration Committee takes multiple factors into

account when determining compensation levels, including the

type of role, the pay conditions of PostNL’s employees,

societal context and relevant market developments.

Compensation levels will be benchmarked at least every four

years against the same peer group that is used for the Board

of Management benchmark. PostNL aims to position

compensation between the lower quartile and median levels

of the peer group for all compensation elements of the Policy.

In line with the Code, the remuneration of the Supervisory

Board is not related to the company performance and paid in

cash only.

Fee Structure

The Remuneration Policy contains the following compensation

elements:

• Board fees for chairman and members

• Committee fees for chairman and members

• Other benefits

• Expenses.

The fee structure is included in the table below.

PostNL Fee Structure Supervisory Board


Annual Board fees
Chair	€65,000
Member	€47,500

Annual Committee fees
Chair Audit Committee	€10,000
Chair Remuneration / Nomination / ESG Committee	€9,000
Member Audit Committee	€7,500
Member Remuneration / Nomination / ESG Committee	€6,000

For more details regarding the 2024 Remuneration Policy of

the Supervisory Board, we refer to our website.

2025 Supervisory Board actual

remuneration

This section provides insight into the implementation of the

Remuneration Policy for the Supervisory Board in 2025.

Unless stated otherwise, the figures presented are at market

value. For remuneration figures prepared in accordance with

IFRS, reference is made to note ‘5.1 Remuneration of the

Supervisory Board, Board of Management and senior

management’.

In 2025, we ensured that all decisions regarding the

remuneration of the Supervisory Board were fully aligned

with the Remuneration Policy approved by the AGM in 2024

and with the applicable decision-making processes. No

deviations from the Policy occurred. All remuneration is paid

directly to the members of the Supervisory Board by PostNL

N.V. As such, no remuneration has been granted and/or

allocated by subsidiaries or other companies whose financials

are consolidated by PostNL N.V.

The total remuneration of the Supervisory Board in 2025 (per

individual member) and 2024 (as a total) is presented in the

table on the following page. In accordance with the

Remuneration Policy, members of the Supervisory Board are

entitled to a Board fee and, where applicable, one or more

fixed committee fees.

Members of the Supervisory Board do not receive

performance-related remuneration and do not accrue

pension rights with PostNL. Accordingly, their remuneration is

fully fixed. No severance payments are payable in the event

of termination. PostNL does not grant loans, including

mortgage loans, advance payments, guarantees, or options or

shares to members of the Supervisory Board.

With the exception of Martin Plavec, who holds 6,000 PostNL

shares, none of the members of the Supervisory Board hold

shares in PostNL N.V.

A five-year overview of the total remuneration of the

Supervisory Board is presented in the table on the following

page.


	PostNL Annual Report 2025			95

Sustainability statements

Other information

Appendices

Remuneration report

PostNL Total remuneration Supervisory Board in €,

2024, 2025


Supervisory Board member		Board fee	Committee fees				Total fees
Supervisory Board member		Board fee	Nomination	Remuneration	Audit	ESG	Total fees
Jan Nooitgedagt		65,000	9,000		7,500		81,500
Marike van Lier Lels		47,500	6,000		7,500		61,000
Ad Melkert		47,500		9,000	7,500		64,000
Jeroen Hoencamp		47,500	6,000			6,000	59,500
Nienke Meijer		47,500		6,000		9,000	62,500
Koos Timmermans		47,500	3,000	6,000	10,000		66,500
Hannie Vlug		47,500		6,000		6,000	59,500
Martin Plavec		47,500			7,500	6,000	61,000¹
Total 2025		397,500	24,000	27,000	40,000	27,000	515,500
Total 2024		397,500	21,000	27,000	40,000	27,000	512,500
1	Excluding mandatory social security and health insurance contributions.

PostNL Five-year overview total remuneration Supervisory Board in €,

2021-2025


Supervisory Board member	2021	2022	2023	2024	2025
Jan Nooitgedagt	69,236	70,000	70,000	81,500	81,500
Marike van Lier Lels	52,500	52,500	52,500	61,000	61,000
Ad Melkert	55,000	55,000	55,000	64,000	64,000
Jeroen Hoencamp	45,000	45,000	47,500	59,500	59,500
Nienke Meijer	35,312	45,000	48,750	62,500	62,500
Koos Timmermans	38,194	55,000	55,000	63,500	66,500
Hannie Vlug		35,437	47,500	59,500	59,500
Martin Plavec			34,250	61,000	61,000
Total current members	295,242	357,937	410,500	512,500	515,500
Agnes Jongerius	13,750
Thessa Menssen	16,806
Eelco Blok	16,042
Total former members	46,598
Total remuneration	341,840	357,937	410,500	512,500	515,500

Our tax

strategy and

policy provisions



	In this chapter we provide an overview of our tax strategy, its underlying policy provisions, and their application.

Sustainability statements

Other information

Appendices

Our tax strategy and policy provisions

Introduction

PostNL’s tax strategy and policy are based on the mandate

granted by the Board of Management to the Group Tax

department. The strategy and policy set out the principles

applicable across the PostNL Group and define and allocate

roles and responsibilities in the area of taxation.

The objective of this tax strategy and policy is aligned with

the Tax Governance Code (TGC) developed under the

umbrella of VNO-NCW. This objective is to ensure a coherent,

responsible and compliant approach to taxation in the

broadest sense. Our conduct and approach to tax matters, as

well as the related principles and procedures, are

consistently aligned with this objective.

Tax strategy and risk management

Our approach to tax is fully aligned with PostNL’s overall

strategy, whereby tax is viewed not solely as a cost factor,

but as a contributor to socio-economic cohesion, sustainable

growth and long-term prosperity. Accordingly, a coherent,

responsible and compliant approach to taxation is considered

an integral part of doing business, supported by a moderate

tax risk appetite. Group Tax is mandated by the Board of

Management to oversee this tax approach. In this role, Group

Tax advises and supports the Board of Management on tax

matters and acts as the central tax business partner for all

stakeholders. Group Tax comprises specialists in direct and

indirect taxes, payroll taxes, government grants, tax

compliance and reporting.

Our approach to tax risk management is based on a tax

control framework (TCF), which forms part of PostNL’s

internal control framework. Key elements include periodic tax

reports provided to the CFO, at least quarterly reviews of the

tax position, and the execution of a quarterly tax risk

management cycle, including (key) control execution and

testing. In addition, Group Tax ensures adherence to the tax

strategy and policies within the team and across the PostNL

Group, thereby strengthening tax awareness. To support this

approach, PostNL maintains ongoing dialogue with

governmental and non-governmental stakeholders, industry

groups and employer organisations on the interpretation of

and compliance with tax laws and regulations.

Policy provisions

Approach to tax: tax strategy and tax policy

provisions

We see tax not as a cost factor alone, but as a means for

socio-economic cohesion, sustainable growth and long-term

prosperity.

• Our approach to tax is based on a tax strategy and a set of

policy provisions approved by our Board of Management

• Group Tax reports at least semi-annually to the Board of

Management and at least annually to the Audit Committee

on tax risks, adherence to the tax strategy and its

underlying policy provisions

• Our tax strategy and its underlying policy provisions apply

to all PostNL Group entities

• Our tax policy provisions apply to how we operate in our

relationships with employees, customers, contractors and

suppliers.

Accountability and tax governance

Tax is a core part of corporate social responsibility and

governance and is overseen by our Board of Management.

• Our Board of Management is accountable for the tax

strategy, the underlying policy provisions and tax risk

management

• We have a tax control framework that sets out our tax

controls and risk management

• Internal and external auditors regularly review tax controls

as part of the audit of our financial results.

Tax compliance

We are committed to comply with the letter, the intent and

the spirit of tax legislation in the countries in which we

operate and to pay the right amount of tax at the right time.

• We prepare and file all tax returns required, providing

complete, accurate and timely disclosures to all relevant

tax authorities

• Our responsible tax planning is based on reasonable

interpretations of applicable law and is aligned with the

substance of the economic and commercial activity of our

business

• We will not undertake transactions or engage in

arrangements of which the sole purpose is to create a tax

benefit that is in excess of a reasonable interpretation of

relevant tax rules

• We will only claim tax incentives in line with the policy

intent of such tax incentives and provided such incentives

are generally available

• If we seek certainty in advance from tax authorities to

confirm an applicable tax treatment, we do so based on full

disclosure of all relevant facts and circumstances.

¹ For the definition of offshore jurisdictions (e.g. tax havens), PostNL uses the following sources: the EU black list of non-cooperative jurisdictions; the OECD list of jurisdictions committed to improving transparency and establishing

effective exchange of information in tax matters; and, the Dutch Ministry of Finance’s list of low-tax states and non-cooperative jurisdictions for tax purpose.


	PostNL Annual Report 2025			98

Sustainability statements

Other information

Appendices

Our tax strategy and policy provisions

Business structure

We will only use business structures that are driven by

commercial considerations, are aligned with business

activities, and have genuine substance.

• We do not use so-called tax havens 1 for tax avoidance. All

entities in tax havens exist for substantive and commercial

reasons

• We pay tax on profits according to where value is created

within the normal course of commercial activity

• We use the arm’s length principle, in line with guidelines

issued by the OECD, and apply this consistently across our

businesses, contingent on local laws.

Relationships with tax authorities and other

external stakeholders

Mutual respect, transparency and trust drive our

relationships with tax authorities and other relevant external

stakeholders.

• We seek to develop cooperative relationships with tax

authorities, and relevant other authorities, based on mutual

respect, transparency and trust

• We seek to engage constructively in national and

international dialogue with governments, business groups

and civil society to support the development of effective

tax systems, legislation and administration

• We will work collaboratively with tax authorities to achieve

early agreement on disputed issues and certainty on a real-

time basis, wherever possible. Where there is controversy,

we will strive to resolve the controversy by applying these

principles.

Tax transparency and reporting

We regularly provide information to our stakeholders,

including investors, policy makers, employees, civil society

and the general public, about our approach to tax and taxes

paid. We therefore publish the following information:

• A tax strategy or policy and our approach to tax risk

management

• A list of group entities, with ownership information and a

brief explanation of the type and geographic scope of

activities

• Annual information on the corporate income tax we accrue

and pay on a cash basis at a country level

• The total tax borne and collected by us, globally or per

country, including corporate income taxes, property taxes,

(non-creditable) VAT and other sales taxes, employer/

employee- related taxes, and other taxes that constitute

costs to us or are remitted by us on behalf of customers or

employees, by category of taxes

• Information on financially material tax incentives (e.g. tax

holidays), including an outline of the incentive requirements

and when it expires

• An outline of the advocacy approach we take on tax issues,

the channels through which we engage in regard to policy

development, and the overall purpose of its engagement.

Managing tax

Group Tax operates in line with recognised best practices in

tax governance and compliance. It manages all relevant taxes

and ensures the optimal use of available subsidy

opportunities, in strict accordance with PostNL’s tax

governance framework, strategy and principles. A key priority

is promoting tax awareness across the organisation,

supported by regular meetings and targeted communication

initiatives. A cornerstone of PostNL’s tax governance is the

tax control framework. The TCF is designed to identify,

monitor and mitigate tax risks, while ensuring complete,

accurate and timely tax reporting and compliance, and is fully

embedded within the internal control environment. To

maintain a robust and effective TCF, the Internal Audit

department performs an annual audit of the TCF. When

engaging third-party tax expertise, PostNL applies the

principles set out in its tax governance framework and

expects external advisors to adhere to these principles when

providing tax-related services. Group Tax is responsible for

identifying, assessing and managing the tax risks of PostNL.

Identified tax risks and the effectiveness of the TCF are

reviewed quarterly with the CFO.

PostNL has a moderate appetite for tax risk. Nevertheless,

PostNL operates on a global basis and, as such, is potentially

exposed to different types of risks, including those related to

taxation. Examples of such tax risks that occur or have

occurred for PostNL are:

• Adverse decisions or interpretations of tax authorities on

pending disputes;

• Changes in tax treaties, tax laws, OECD Guidelines, EU

Directives and other rules could have a material adverse

effect on PostNL’s net result and cash flow; and

• Potential DTA impairments, due the fact that business

results do not meet expectations or changes in applicable

national and international (tax) legislation.

In 2025, PostNL participated for the third time in the peer

review of the TGC initiated by VNO-NCW. In this process,

PostNL acted both as a reviewer of another company’s

compliance with the TGC and was subject to review itself. The

outcome of the peer review was positive: the reviewer

confirmed our assessment that PostNL was fully compliant

with the TGC. PostNL will continue to participate in these

monitoring initiatives.


	PostNL Annual Report 2025			99

Sustainability statements

Other information

Appendices

Our tax strategy and policy provisions

Taxes in more details

An (inter)national trend is the increasing call for more

transparency. PostNL assesses continuously its level of

transparency in context of this trend. In 2025, the following

developments and projects impacted PostNL’s tax position:

• The tax deductibility of liquidation losses arising from the

winding-up of (former) Italian subsidiaries

• The carry-forward of tax losses

• Implementation of processes and controls regarding Pillar

Two, as well as adhering to the first filing requirements.

• A goodwill impairment recognised in relation to Mail in the

Netherlands

• A thorough review and update of our TCF

• The determination and implementation of tax and reporting

implications of various treasury transactions.

• A new pension arrangement currently under discussion

with the Dutch tax authorities.

The tax metrics (quantitative side of things) for 2025 will be

expressed in more details in the next paragraph.

Total tax contribution

PostNL is transparent about its plans, activities, results and

contributions to society. Tax follows the business and we

consider our tax payments as a contribution to the

communities in which we operate. PostNL’s total tax

contribution (TTC) endorses our values in this matter: tax is

paid in the country where we operate. As PostNL mainly

operates from the Netherlands and Belgium, the TTC is

predominately paid to the Dutch and Belgian tax authorities.

Additionally, PostNL strives to be sustainable, which

underpinned by the fact that we did not pay any material

environmental taxes in 2025. For more information, we refer

to the tables set out below.

PostNL General information in € million, unless indicated

otherwise


Year ended at 31 December	2024	2025
Number of employees (average FTE)	20,151	19,398
Total revenue including interest	3,275	3,343
Profit before income taxes	25	(18)
Total income tax expense	6	1
Effective income tax rate	25.2%	(5.5)%

The table below presents our total tax contribution for 2025.

Given the different activities of PostNL, we pay a number of

different taxes. In 2025, we paid €453 million in taxes (2024:

€475 million). Below, we also present certain metrics per

country.

Total revenue including interest by country

2025: €3,343 million (2024: €3,275 million)

Taxes paid by country

2025: €453 million (2024: €475 million)

Taxes paid by type

2025: €453 million (2024: €475 million)


	PostNL Annual Report 2025			100

Sustainability statements

Other information

Appendices

Our tax strategy and policy provisions

PostNL Taxes paid by type in € million


Year ended at 31 December	2024	2025
Corporate income tax	31	(8)
Wage tax and social security contributions	296	307
VAT and sales tax	128	126
Dividend withholding tax	2	1
Other taxes	19	26
Total	475	453

The comparison between 2024 and 2025 indicates several

changes in PostNL’s tax metrics. Corporate income tax

differed from 2024, primarily as a result of the finalization of

prior-year positions. Wage tax and social security

contributions, VAT and sales tax, as well as other taxes, were

broadly comparable to 2024.

Tax information per country

The vast majority of our business is currently concentrated in

the Benelux. To provide transparency of our business, results

and corresponding taxes on a per country basis, we provide

a breakdown with general information and total tax

contribution (borne and collected) as well as a list of group

entities in appendix 4.

PostNL General information by country in € million, unless

indicated otherwise


Country	Number of employees (average FTE)	Total revenue including interest	Profit/(loss) before income taxes	Total income tax expense	Effective income tax rate (in %)
Netherlands	18,288	2,745	(24)	(1)	2.5%
Belgium	630	84	5	2	38.5%
France	21	17	0	0	(1.1)%
Germany	130	62	0	0	(64.8)%
Italy	29	23	0	0	6.6%
Great Britain	72	45	0	0	25.2%
Switzerland	6	5	0	0	0.1%
Spain	99	58	0	0	52.0%
Hungary	12	2	0	0	(20.3)%
Czech Republic	15	28	0	0	21.0%
Poland	11	7	0	0	13.2%
United States	21	8	1	0	27.9%
Canada	16	32	0	0	(93.8)%
Hong Kong	46	227	0	(1)	(180.8)%
Singapore	2	0	0	0	84.6%
Total 2025	19,398	3,343	(18)	1	(5.5)%


	PostNL Annual Report 2025			101

Sustainability statements

Other information

Appendices

Our tax strategy and policy provisions

PostNL Total tax contribution (born & collected) in € million


Country		Corporate income tax		Wage tax and social security contributions		VAT and sales tax		Dividend withholding tax		Other taxes		Total tax contribution ¹
		borne ⁴	collected	borne	collected	borne	collected	borne	collected	borne	collected	borne ²	collected ³
Netherlands		10	12	132	(281)	16	(137)	0	(1)	10	(26)	168	(433)
Belgium		2	(2)	12	(19)	0	21	0	0	1	(1)	14	(1)
France		0	0	0	(1)	0	(2)	0	0	0	0	0	(2)
Germany		(0)	0	1	(3)	0	(7)	0	0	(0)	0	1	(10)
Italy		0	(0)	0	(0)	0	2	0	0	(0)	0	0	1
Great Britain		0	0	0	(1)	0	1	0	0	0	0	1	(0)
Switzerland		0	(0)	0	(0)	0	0	0	0	0	0	0	(0)
Spain		0	(0)	1	(1)	0	(4)	0	0	0	0	1	(5)
Hungary		0	(0)	0	0	1	0	0	0	0	(0)	1	0
Czech Republic		0	0	0	(0)	0	(0)	0	0	0	(0)	0	(1)
Poland		0	(0)	0	(0)	0	(1)	0	0	(0)	(0)	0	(1)
United States		(0)	(1)	0	0	0	0	0	0	0	0	0	(1)
Canada		0	(1)	0	0	0	0	0	0	(0)	1	(0)	(0)
Hong Kong		0	(0)	0	0	0	0	0	0	0	0	0	(0)
Singapore		(0)	(0)	0	0	0	0	0	0	0	0	(0)	(0)
Total 2025		12	8	148	(307)	17	(126)	0	(1)	11	(26)	187	(453)
1	Zero amounts in this table are mainly the result of rounding in € million and therefore representing smaller amounts
2	Taxes borne represent the taxes that are an expense/(income) item as included in the income statement.
3	Taxes collected represent the taxes (paid)/received included in our cash flow, also representing payments made on behalf of other parties.
4	The difference between the corporate income tax borne (€12 million) and the total income tax expense (€1 million) is due to changes in deferred taxes, see note 2.4.2 to the Consolidated financial statements.
5	In 2025, there are no material allowances (such as the energy- and investment allowance in the Netherlands) and/or tax incentives applicable.

PostNL on the

capital markets



	PostNL is a listed company and endeavours to maintain close contact with its financial stakeholders. The main goal of our investor relations' activities is to build the financial brand of PostNL. This chapter provides information on the company's capital structure, its investor relations activities, the dividend policy, and the financial calendar for the year ahead.

Sustainability statements

Other information

Appendices

PostNL on the capital markets

Shares and share ownership

Ordinary shares in PostNL N.V. (ticker: PNL, ISIN code NL0009739416) are listed on Euronext

Amsterdam and included in the AMS Next 20-index. Options on PostNL shares are traded on

Euronext Derivatives Amsterdam and the European Options Exchange in Amsterdam.

PostNL Relative performance PostNL compared to AMS Next 20-index

2025

31/12/2024

31/12/2025

PostNL’s authorised share capital is divided into 1,500,000,000 shares of €0.08 each and

consists of 750,000,000 ordinary shares and 750,000,000 preference shares B. The number of

issued and outstanding ordinary shares was 508,680,625 on 31 December 2025 (2024:

502,111,291 shares). No preference shares B were issued and outstanding. See note '4.6

Equity' to the Consolidated financial statements for more information on PostNL’s equity.

Major shareholders

Under the Dutch Financial Supervision Act, holdings of 3% or more must be disclosed to the

Dutch Authority for the Financial Markets (AFM). Such disclosure must be made to the Dutch

Financial Markets Authority (AFM) without delay.

PostNL Overview of substantial shareholders

31 December 2025


Company	(In)direct voting rights		Date AFM notification
	Real	Potential
Vesa/EP ¹	29.90%	1.5%	22 November 2022
Talpa Beheer BV	4.91%		14 May 2021
Saba Capital Management, L.P.	3.00%		06 November 2024
¹Vesa Equity Investment Sarl/EP Investment Sarl

These interests are reported to the AFM’s register of substantial interests per 31 December

2025 and do not necessarily reflect the actual shareholding in the company.

Shareholder base

PostNL has a broad shareholder base. We estimate that 24% of the outstanding shares is

owned by retail investors. Institutional investors hold 76% of the total shares, of which the

main part is held outside the Netherlands.

PostNL Institutional shareholders by region in %

2025


	PostNL Annual Report 2025			104

Sustainability statements

Other information

Appendices

PostNL on the capital markets

Bonds and credit rating

PostNL currently has three Eurobonds outstanding, all listed on Euronext Amsterdam

• POSTNL 4.750% 2031 (ISIN XS2803804314), nominal value outstanding €300 million

• POSTNL 4.000% 2030 (ISIN XS3145729557), nominal value outstanding €300 million

• POSTNL 0.625% 2026 (ISIN XS2047619064), nominal value outstanding €105 million

In 2025, a new bond of €300 million was issued, with maturity date in October 2030. The net

proceeds are used for general corporate purposes.

The 4.750% 2031 bond is sustainability-linked. The three key performance indicators in the

Sustainability-Linked Financing Framework are closely related to PostNL’s ESG strategy.

PostNL is committed to reducing its absolute scope 1 and 2 GHG emissions by over 90% and its

absolute scope 3 GHG emissions by 45% by 2030 from base year 2021. Alongside, the

company aims to increase its share of females in senior management positions to 36% in 2030.

Please refer to page 180 for the annual update on sustainability-linked key performance

indicators.

The 0.625% 2026 bond is a Green Bond, based on PostNL's Green Bond Framework. The

eligible green projects focus on green kilometres, sustainable buildings, and innovation and

efficiency. The company will annually publish a separate Green Bond Report in line with the

framework until an amount equal to the net proceeds of the Green Bond has been allocated to

the eligible green projects. The latest Green Bond Report was published on 4 April 2025. After

issuance of the new bond, the company repaid €195 million, bringing the outstanding nominal

value of the Green Bond to €105 million per 31 December 2025.

The sustainability-linked bond and the Green Bond highlight the company’s ambition towards

becoming a truly sustainable e-commerce logistics provider and enables the company to

contribute meaningfully to the United Nations Sustainable Development Goals ‘Decent work

and economic growth’, ‘Climate action’, and infrastructure’ and ‘Responsible consumption and

production’.

Furthermore, in 2025 a Schuldschein transaction, nominal value €100 million was issued, with

maturities of 3 and 5 years, at both fixed and floating interest rates, supporting the

optimisation of PostNL’s capital structure and funding profile.

In accordance with PostNL’s financial framework, the company is aiming to be properly

financed. Currently, PostNL is rated by Standard & Poor’s (S&P) at BBB- with stable outlook.

Investor relations

PostNL endeavours to stay in regular contact with its shareholders. The main goal of our

investor relations’ activities is to build our financial brand. To achieve that, we inform the

financial markets about relevant company developments in a transparent, consistent and

timely way. The Board of Management and the investor relations team maintain an active

dialogue with the financial community, and comply with applicable laws and rules and

regulations of Euronext Amsterdam and the AFM and other relevant bodies.

PostNL communicates with the financial community through press releases, the Annual Report,

General Meetings of Shareholders and the company’s website. The company meets with

(potential) investors regularly to ensure they receive a balanced and complete view of the

company’s strategy, performance and the issues faced by the business, and to listen to their

feedback, while always observing applicable rules concerning selective disclosure, equal

treatment of (potential) shareholders and insider trading. Explanation by the Board of

Management of quarterly results is given at conference calls, accessible by phone and via the

website. Additionally, General Meetings of Shareholders are broadcast via audiocast.

Contact between the Board of Management, the financial markets and the media is carefully

handled and structured. The company will not compromise the independence of analysts in

relation to the company and vice versa. Contact with financial stakeholders is taken care of by

the Board of Management and PostNL’s investor relations team. The Board of Management has

adopted investor relations and media guidelines.

Dividend 2025

PostNL aims to pay a dividend that develops substantially in line with operational performance.

Dividend distribution is conditional on PostNL being properly financed in accordance with its

financial framework. PostNL is steering for a solid balance sheet with a positive consolidated

equity, aiming at a leverage ratio (adjusted net debt/EBITDA) not exceeding 2.0. The dividend

pay-out ratio is around 70% - 90% of normalised comprehensive income. Shareholders are

offered a choice to opt for cash or shares.

The current Dividend Policy is to be applied on any profits over the financial year 2020 and

subsequent years thereafter (until adjusted). As of 2026, the Dividend Policy will be adjusted to

better align with the company’s strategy. The adjustments will be discussed in the 2026 Annual

General Meeting of Shareholders.


	PostNL Annual Report 2025			105

Sustainability statements

Other information

Appendices

PostNL on the capital markets

Important dates in 2026

PostNL Financial calendar


23 February	Results fourth quarter and full year 2025
14 April	Annual General Meeting of Shareholders
28 April	Trading update first quarter 2026
3 August	Results second quarter and half year 2026
26 October	Trading update third quarter 2026

PostNL Dividend calendar (final dividend 2025)


16 April	Ex-dividend date
17 April	Record date
20 April	Start election period
4 May	End election period
6 May	Payment date

Contact details

Visiting address:

Waldorpstraat 3

2521 CA The Hague

The Netherlands

E-mail: ir@postnl.nl

Website: postnl.nl/en

Mail address:

PostNL Investor Relations

PO 30250

2500 GG The Hague

The Netherlands

Statements of

the Board of

Management



	In this chapter we cover our application of the principles and best practices of the Dutch Corporate Governance Code.


	PostNL Annual Report 2025			107

Sustainability statements

Other information

Appendices

Statements of the Board of Management

Dutch Corporate Governance Code

PostNL applies the principles and best practices of the Dutch

Corporate Governance Code (the Code), as referred to in

article 391, paragraph 5, book 2 of the Dutch Civil Code

(DCC). Future developments might justify deviations from the

Code at the moment of occurrence. In such case, we will

explain such deviations in the Annual Report. Each substantial

change in the corporate governance structure of the

company and in the compliance of the company with the

Code shall be discussed with the General Meeting of

Shareholders. The full text of the Code can be found on our

website.

Tax Governance Code

PostNL voluntarily applies the principles of the Dutch tax

governance code developed under the umbrella of VNO-

NCW. More information can be found in chapter Our tax

strategy and policy provisions.

Risk management statement under

the Code

The Board of Management is responsible for establishing and

maintaining adequate internal risk management and control

systems. During the financial year, the Board has assessed

the design and effectiveness of these systems, and the results

have been discussed with the Audit Committee, the

Supervisory Board, and the external auditor.

The Board of Management recognises the inherent limitations

of internal risk management and control systems. Whilst

PostNL continuously works towards improving its processes

and procedures, these systems cannot provide absolute

certainty that all risks have been identified or are effectively

managed. The level of certainty that they provide is

influenced by, among other things, inherent limitations to risk

management, business considerations such as the company’s

risk appetite, the complexity of the company’s operations,

and the dynamic nature of the business environment. Certain

risks remain outside the company’s direct control, as they

depend on third parties or external circumstances beyond

the company’s influence.

The principal risks the company faces, the company’s risk

management framework and the company’s risk appetite are

described in chapter 7 Risk management of this Board report.

Statement by the Board of Management

Based on its assessment and with reference to Best Practice

Provision 1.4.3 of the 2025 Dutch Corporate Governance

Code, the Board of Management of PostNL N.V. confirms to

the best of its knowledge:

I. that the report provides sufficient insights into failings in

the effectiveness of the internal risk management and

control systems;

II. that these systems provide reasonable assurance that the

financial reporting does not contain material inaccuracies;

III. that these systems provide limited assurance that the

sustainability reporting in the sustainability statements

does not contain material inaccuracies;

IV. that the Board of Management at balance sheet date is

not aware that the internal risk management and control

systems do not provide sufficient comfort that the

operational and compliance risks identified in section 10

of this report are effectively managed considering the

company’s risk appetite, where “sufficient comfort” is to

be read as: comfort considering our risk appetite, the

complexity of our enterprise, inherent limitations to these

systems and other disclosures on these systems in our

Board report;

V. that, based on the current state of affairs, it is justified

that the financial reporting is prepared on a going concern

basis; and

VI. that the Board report states the material risks, as referred

to in Best Practice Provision 1.2.1, and the uncertainties,

to the extent that they are relevant to the expectation of

the company’s continuity for a period of twelve months

after the preparation of the report.

Due to inherent limitations to risk management and control

systems, the above does not imply that these systems and

procedures provide certainty as to the realisation of strategic,

operations, compliance and reporting objectives, nor that they

can prevent all misstatements, inaccuracies, fraud, operational

issues, and non-compliance with laws and regulations.

Responsibility statement under the

Dutch Financial Markets Supervision

Act

With reference to section 5:25c paragraph 2 under c of the

Dutch Financial Markets Supervision Act, the Board of

Management confirms to the best of its knowledge that:

• The annual financial statements for the year ended 31

December 2025 give a true and fair view of the assets,

liabilities, financial position, and profit or loss of PostNL and

its consolidated companies.

• The Report of the Board of Management gives a true and

fair view of the situation on the balance sheet date and of

developments during the financial year of PostNL and its

consolidated companies, together with a description of the

main risks facing PostNL.

The members of the Supervisory Board and the Board of

Management have signed the financial statements pursuant to

their statutory obligation under article 2:101(2) of the DCC.

The Hague, the Netherlands, 23 February 2026

The Board of Management

Financial

statements


Consolidated primary statements	109
Section 1: Basis of preparation	113
Section 2: Result for the year	116
Section 3: Operating assets and liabilities	128
Section 4: Capital structure and financing costs	144
Section 5: Other notes	155
Section 6: Corporate financial statements	164


	PostNL Annual Report 2025			109

Sustainability statements

Other information

Appendices

Consolidated primary statements

PostNL Consolidated statement of profit or loss in € million


For the year ended 31 December	Notes	2024	2025
Revenue from contracts with customers	2.1	3,243	3,309
Other operating revenue		9	15
Total revenue		3,252	3,324

Other income	2.2	3	10

Cost of materials		(74)	(72)
Work contracted out and other external expenses	2.3.1	(1,703)	(1,751)
Salaries, pensions and social security contributions	2.3.2	(1,120)	(1,138)
Depreciation, amortisation and impairments	2.3.3	(188)	(237)
Other operating expenses	2.3.4	(133)	(125)
Total operating expenses		(3,218)	(3,324)

Operating income		37	11

Interest and similar income		23	19
Interest and similar expenses		(31)	(47)
Net financial income/(expense)	2.4.1	(8)	(29)

Results from investments in JVs/associates		(4)	0

Profit/(loss) before income taxes		25	(18)

Income taxes	2.4.2	(6)	(1)

Profit/(loss) from continuing operations		19	(19)

Profit/(loss) from discontinued operations		(1)	1

Profit/(loss) for the year		18	(17)
Attributable to:
Non-controlling interests		1	(1)
Equity holders of the parent		17	(16)

PostNL Earnings per share in € cents


For the year ended 31 December		Notes	2024	2025
Earnings per ordinary share ¹		2.4.3	3.4	(3.2)
Earnings per diluted ordinary share ²		2.4.3	3.4	(3.2)
Earnings from continuing operations per ordinary share ¹			3.6	(3.5)
Earnings from continuing operations per diluted ordinary share ²			3.5	(3.5)
Earnings from discontinued operations per ordinary share ¹			(0.1)	0.3
Earnings from discontinued operations per diluted ordinary share ²			(0.1)	0.3
1	Earnings per ordinary share are in 2025 based on an average of 506,376,859 outstanding ordinary shares (2024: 498,332,152).
2	Earnings per diluted ordinary share are in 2025 based on an average of 508,385,687 ordinary shares on a fully diluted basis in the year (2024: 499,156,545).

PostNL Consolidated statement of comprehensive income in € million


For the year ended 31 December	Notes	2024	2025
Profit/(loss) for the year		18	(17)

Actuarial gains/(losses) pensions, net of tax		(0)	0
Change in value of financial assets at fair value through OCI	4.2	3	6
Other comprehensive income that will not be reclassified to the income statement		2	6

Currency translation adjustment, net of tax		1	(1)
Gains/(losses) on cash flow hedges, net of tax		5	(2)
Other comprehensive income that may be reclassified to the income statement		6	(3)

Total other comprehensive income for the year		8	3

Total comprehensive income for the year		26	(14)
Attributable to:
Non-controlling interests		1	(1)
Equity holders of the parent		25	(13)


	PostNL Annual Report 2025			110

Sustainability statements

Other information

Appendices

PostNL Consolidated statement of cash flow in € million


For the year ended 31 December	Notes	2024 restated	2025
Profit/(loss) before income taxes		25	(18)

Adjustments for:
Depreciation, amortisation and impairments		188	237
Share-based payments		1	3

(Profit)/loss on disposal of assets		(2)	(4)
(Profit)/loss on sale of Group companies		0	(5)
Interest and similar income		(23)	(19)
Interest and similar expenses		31	47
Results from investments in JVs/associates		4	(0)
Investment income		10	19

Changes in provisions		21	5

Inventory		(1)	1
Trade accounts receivable		(4)	(22)
Other accounts receivable		(1)	2
Other current assets		(9)	18
Trade accounts payable		(35)	(14)
Other current liabilities excluding short-term financing and taxes		33	(63)
Changes in working capital		(17)	(78)

Cash generated from operations		227	168

Interest paid		(28)	(35)
Income taxes received/(paid)		(31)	8

Net cash (used in)/from operating activities	2.5.1	168	142


For the year ended 31 December	Notes	2024 restated	2025

Interest received		21	17
Dividend received		0	4
Disposal of group companies			10
Disposal of JVs/associates		1	1
Capital expenditure on intangible assets		(69)	(71)
Capital expenditure on property, plant and equipment		(31)	(35)
Proceeds from sale of property, plant and equipment		16	8
Investments in short-term investments		(205)	(101)
Repayments from short-term investments		55	150
Changes in other loans receivable		2	2
Other changes in (financial) fixed assets		(2)	(2)

Net cash (used in)/from investing activities	2.5.2	(211)	(18)

Dividends paid		(22)	(15)
Changes related to non-controlling interests		(1)	0
Proceeds from long-term borrowings		297	398
Proceeds from short-term borrowings		0	1
Repayments of short-term borrowings		(364)	(205)
Repayments of leases/incentives		(84)	(89)

Net cash (used in)/from financing activities	2.5.3	(173)	90

Total change in cash from continuing operations		(216)	213

Cash and cash equivalents at the beginning of the year		518	303
Cash transfers relating to discontinued operations		1	(1)
Total change in cash from continuing operations		(216)	213
Cash and cash equivalents at the end of the year		303	515


	PostNL Annual Report 2025			111

Sustainability statements

Other information

Appendices

PostNL Consolidated statement of financial position in € million


For the year ended 31 December	Notes	2024 restated	2025
Assets
Goodwill		207	167
Other intangible assets		206	205
Intangible fixed assets	3.3	414	372

Land and buildings		290	277
Plant and equipment		156	148
Other equipment		11	11
Construction in progress		10	13
Property, plant and equipment	3.2	467	449

Right-of-use assets	3.4	281	289

Investments in joint ventures/associates		1	1
Loans receivable	4.1	13	12
Deferred tax assets	3.6	9	10
Financial assets at fair value through OCI	4.2	20	29

Total non-current assets		1,204	1,162

Inventory		10	9
Trade accounts receivable	3.1.1	325	341
Accounts receivable	3.1.1	16	13
Income tax receivable		23	1
Prepayments and accrued income		88	60
Short-term investments	4.1	150	101
Cash and cash equivalents	4.1	303	515
Total current assets		915	1,039

Assets classified as held for sale		1	3

Total assets		2,120	2,204


For the year ended 31 December	Notes	2024 restated	2025
Equity and liabilities
Equity attributable to the equity holders of the parent		202	176
Non-controlling interests		3	2
Total equity	2.6	205	178

Deferred tax liabilities	3.6	39	26
Provisions for pension liabilities		2	2
Other provisions	3.5	56	59
Long-term debt	4.1	596	696
Long-term lease liabilities	3.4	221	215
Other long-term liabilities	4.1	67	57
Total non-current liabilities		982	1,056

Trade accounts payable		177	160
Other provisions	3.5	29	31
Short-term debt	4.1	10	115
Short-term lease liabilities	3.4	78	84
Other current liabilities	3.1.2	148	115
Income tax payable		2	1
Contract liabilities	3.1.3	53	51
Accrued current liabilities	3.1.4	436	412
Total current liabilities		933	970

Total equity and liabilities		2,120	2,204


	PostNL Annual Report 2025			112

Sustainability statements

Other information

Appendices

PostNL Consolidated statement of changes in equity in € million


		Issued share capital	Additional paid-in capital	Other reserves ¹	Retained earnings	Attributable to equity holders of the parent	Non-controlling interests	Total equity
Balance at 1 January 2024		40	165	(40)	34	198	2	200

Total comprehensive income				8	17	25	1	26
Appropriation of net income				23	(23)	0		0
Final dividend previous year		0	(0)		(11)	(11)		(11)
Interim dividend current year		0	(0)		(11)	(11)		(11)
Share-based compensation		0	1	(0)		1		1
Other				(1)		(1)	0	(1)

Balance at 31 December 2024		40	166	(10)	6	202	3	205

Total comprehensive income				3	(16)	(13)	(1)	(14)
Appropriation of net income				(9)	9	0		0
Final dividend previous year		0	(0)		(15)	(15)		(15)
Share-based compensation		0	1	2		3		3

Balance at 31 December 2025		41	166	(14)	(16)	176	2	178
1	The other reserves include the currency translation reserve, the hedge reserve and the reserve relating to financial assets at fair value through OCI. Reference is made to note 2.6.


	PostNL Annual Report 2025			113

Sustainability statements

Other information

Appendices

Section 1: Basis of preparation

1.1 General information

PostNL N.V. is a public limited liability company with its registered seat and head office in The

Hague, the Netherlands . PostNL provides businesses and consumers in the Benelux with an

extensive range of services for their mail and parcels needs. Through our international sales

network Spring, we connect local businesses around the world to consumers globally.

PostNL’s services involve collecting, sorting, transporting and delivering letters and parcels for

the company’s customers within specific timeframes. The company also provides services in

the area of data management, direct marketing and fulfilment.

The consolidated financial statements include the financial statements of PostNL N.V. and its

consolidated subsidiaries (hereafter referred to as ‘PostNL’, ‘Group’ or ‘the company’). The

consolidated financial statements were authorised for issue by PostNL’s Board of Management

and Supervisory Board on 23 February 2026 and are subject to adoption at the Annual

General Meeting of Shareholders on 14 April 2026.

1.2 Accounting principles applied

The consolidated financial statements of PostNL:

• Have been prepared in accordance with IFRS Accounting Standards as endorsed by the

European Union (EU-IFRS) and with Section 2:362(9) of the Dutch Civil Code, and

• Have been prepared under the historical cost convention, except for financial instruments.

The material accounting policies applied in the preparation of these consolidated financial

statements are included at the relevant notes to the consolidated financial statements or, in

case of more general policies, see note 5.4 Summary of all other accounting policies to the

Consolidated financial statements for more information. These policies have been consistently

applied to all the years presented, unless stated otherwise. All amounts included in the

consolidated financial statements are presented in euros, unless stated otherwise. Note that

the numbers presented in the financial statements and disclosures thereto may not sum

precisely to the totals provided and percentages may not precisely reflect the absolute figures

due to rounding.

Restatement

Per 31 December 2024, PostNL had short-term investments in time deposits with a maturity

longer than three months of €150 million. These investments were classified as ‘cash and cash

equivalents’. PostNL has restated the comparative statement of financial position and the

comparative statement of cash flows for the reclassification of these investments to ‘short-

term investments’. In the statement of cash flows, the related movements in short-term

investments are reported under net cash (used in)/from investing activities. The reclassification

did not impact profit or loss, comprehensive income or equity, nor did it impact key

performance indicators and ratios relevant to PostNL. Refer to note 4.1 for further information.

Going concern

The financial statements of the company have been prepared on the basis of the going

concern assumption.

1.3 Critical accounting estimates and judgements

The preparation of PostNL's consolidated financial statements in accordance with IFRS

requires management to make estimates and assumptions that affect the reported amounts of

assets and liabilities, revenue and expenses, and related disclosure of contingent assets and

liabilities. It also requires management to exercise its judgement in the process of applying

PostNL’s accounting policies.

Estimates, assumptions and judgements are based on historical experience and other factors,

including expectations of future events that are believed to be reasonable under the

circumstances. The resulting accounting positions will, by definition, seldom equal the related

actual results. On a continuous basis, we evaluate our expectations with the actual results, and

include the learnings going forward.

The areas involving a higher degree of judgement or complexity, or areas where assumptions

and estimates are significant to the consolidated financial statements, are disclosed below.

Other provisions

Other provisions mainly include expected costs related to jubilee, illness, long-term disability

and termination employee benefit obligations and claims & indemnities. The provisions

recorded reflect the present value of management's best estimate of the expenditure required

to settle the obligation. Given the uncertain outcome, management must use a certain degree

of judgement in this respect. This includes the thorough analysis and concluding view of our

position and that of the third party. See note 3.5 Other provisions to the Consolidated financial

statements for more information on the other provisions.


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Impairment of non-current assets

In determining impairments of intangible assets including goodwill and software, tangible fixed

assets and financial fixed assets, management must make significant judgements and estimates

to determine whether the recoverable amount is less than the carrying value. The recoverable

amount is the higher of the fair value less costs of disposal and value in use. In assessing the

value in use, the estimated future cash flows are discounted to their present value using a pre-

tax discount rate that reflects current market assessments of the time value of money and the

asset-specific risks. Determining cash flows requires the use of judgements and estimates that

have been included in PostNL’s strategic plans and long-term forecasts. The data necessary

for the execution of the impairment tests are based on management estimates of future cash

flows, which make it necessary to estimate revenue growth rates and profit margins.

Goodwill impairment of €40 million in CGU Mail in the Netherlands

Triggered by insufficient progress towards economically viable adjusted postal regulation,

based on the proposed changes to the Universal Service Obligation as announced by the

Dutch Minister of Economic Affairs on 30 June 2025, management performed a mid-year

goodwill impairment test of the cash generating unit Mail in the Netherlands as part of interim

reporting, showing negative headroom of €40 million. Per year-end 2024, the test already

showed limited available positive headroom. Per year-end 2025, taking into account the

goodwill impairment of €40 million recorded mid-year, the test again showed limited available

positive headroom. See note 3.3 Intangible fixed assets to the Consolidated financial

statements for more information on the impairment test of goodwill.

Impact assessment of climate related risks

Climate change may impact PostNL’s operations and valuation of its non-current assets.

Management evaluated the potential impacts of climate-related physical risks. In relation to

the financial statements, management concluded that these risks have no current impact on

the valuation of the non-current assets.

Deferred revenue and revenue-related accruals

PostNL has to estimate the deferred revenues from stamps sold but not yet used by its

customers. The company uses a seasonal model based on historical figures in order to

account for the seasonal effects on sales from stamps (for example, stamp sales for Christmas

greetings in November and December). Additionally, the company handles large quantities of

international mail and parcel volumes to and from foreign postal operators. Although the net

outstanding accrual positions reflect our best estimate, given the assumptions involved, final

settlements might deviate from the outstanding positions. See note 3.1 Working capital to the

Consolidated financial statements for details on the current positions.

Income taxes and deferred tax assets

The company is subject to income taxes in a number of jurisdictions. Significant judgement is

required in determining the provision and liability for income taxes. PostNL recognises

liabilities for potential tax issues based on estimates of whether additional taxes will be due,

based on its best interpretation of the relevant tax laws and rules. PostNL recognises deferred

tax assets to the extent that it is probable that future taxable profits will allow the deferred tax

asset to be recovered. This is based on estimates of taxable income by jurisdiction in which the

company operates and the period over which deferred tax assets are recoverable. See notes

2.4.2 Income taxes and 3.6 Deferred income tax assets and liabilities to the Consolidated

financial statements for more information on income taxes and deferred tax assets.

Contingent liabilities

Legal proceedings covering a range of matters are pending against the company in various

jurisdictions. The cases and claims often raise difficult and complex factual and legal issues

that are subject to many uncertainties and complexities, including but not limited to the facts

and circumstances of each particular case and claim, the jurisdiction and the differences in

applicable law. PostNL consults with legal counsel and certain other experts on matters

related to litigation. PostNL recognises a liability when it is determined that an adverse

outcome is probable and the amount of the loss can be reasonably estimated. See note 3.7

Commitments and contingencies to the Consolidated financial statements for more

information on commitments and contingencies.

1.4 Changes in accounting policies and disclosures

There are no IFRS standards, amended standards or IFRIC interpretations taking effect for the

first time for the financial year beginning 1 January 2025 that would have a material impact on

the 2025 accounts of the Group.

Standards issued but not yet effective

The new and amended standards and interpretations that are issued, but not yet effective, up

to the date of issuance of the financial statements have been reviewed by the Group. The

Group intends to adopt these new and amended standards and interpretations, if applicable,

when they become effective.

IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial

Statements. IFRS 18 introduces new requirements for presentation within the statement of

profit or loss, including specified totals and subtotals. Furthermore, entities are required to

classify all income and expenses within the statement of profit or loss into one of five

categories: operating, investing, financing, income taxes and discontinued operations, whereof

the first three are new. It also requires disclosure of newly defined management-defined


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performance measures, subtotals of income and expenses, and includes new requirements for

aggregation and disaggregation of financial information based on the identified ‘roles’ of the

primary financial statements and the notes. Entities’ net profit will not change.

In addition, narrow-scope amendments have been made to IAS 7 Statement of Cash Flows,

which include changing the starting point for determining cash flows from operations under the

indirect method, from ‘profit or loss before income taxes’ to ‘operating profit or loss’ and

removing the optionality around classification of cash flows from dividends and interest. In

addition, there are consequential amendments to several other standards.

IFRS 18, and the amendments to the other standards, is effective for reporting periods

beginning on or after 1 January 2027, but earlier application is permitted and must be

disclosed. IFRS 18 will apply retrospectively.

The Group is in the process of identifying the impacts the amendments will have on the

consolidated primary financial statements and notes to these statements. The currently

expected main impacts on our Group’s financial statements are as follows:

• Currently, all foreign exchange rate differences on balance sheet positions, including related

hedging results, and all expenses related to our banking arrangements, are classified as

financial income and expense. As of 1 January 2027, these results will be included in the

operating category of the statement of profit or loss, which is the current basis for our KPI

normalised EBIT. The amounts involved are not expected to have a material impact.

• Additional disclosures will be required for management-defined performance measures. For

the KPI Normalised EBIT, the reconciliation to IFRS results is already disclosed in the

financial statements.

• The statement of cash flows will start with operating income instead of profit before tax, and

interest paid will be classified to cash flows from financing activities instead of cash flows

from operating activities. This change is not expected to affect our Free Cash Flow

performance.

There are no other IFRS standards, amended standards or IFRIC interpretations that would be

expected to have a material impact on the future accounts of the Group.


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Section 2: Result for the year

2.1 Operating revenue

Accounting policies

Revenue recognition

PostNL's revenue from contracts with customers consist of the provision of postal and

logistics services. Revenue from contracts with customers is recognised when the goods

are transferred or the services are rendered to the customer at an amount that reflects

the consideration to which PostNL expects to be entitled in exchange for those goods or

services. Revenue is the gross inflow of economic benefits during the current year that

arise from ordinary activities and result in an increase in equity, other than increases

relating to contributions from equity participants.

Variable consideration/volume discounts

If the consideration in a contract includes a variable amount, PostNL estimates the amount

of consideration to which it will be entitled in exchange for transferring the goods or

rendering the services to the customer. The variable consideration is estimated at

contract inception and constrained until it is highly probable that a significant revenue

reversal in the amount of cumulative revenue recognised will not occur when the

associated uncertainty with the variable consideration is subsequently resolved. PostNL

provides volume discounts to certain customers once the quantity of goods transferred or

services rendered during the period exceeds a threshold specified in the contract.

Discounts are offset against amounts invoiced to the customer. To estimate the variable

consideration for the expected future discounts, PostNL applies the expected value

method. The variable consideration can be reasonably accurately determined from

achieved volumes and contract agreements.

Contract liabilities

A contract liability is the obligation to transfer goods or render services to a customer for

which PostNL has received consideration (or an amount of consideration is due) from the

customer. If a customer pays consideration before PostNL transfers goods or renders

services to the customer, a contract liability is recognised when the payment is made or

the payment is due (whichever is earlier). Contract liabilities are recognised as revenue

when PostNL performs under the contract and relate to amongst others deferred revenue

from unused stamps, deferred revenue from franking machines and the rental of

mailboxes. See note 3.1.3 Contract liabilities to the Consolidated financial statements for

more information.

Revenue from contracts with customers

Revenue from contracts with customers represent revenue from the transfer of goods and

rendering of services to third parties less discounts, credit notes and taxes levied on

sales. Accumulated experience is used to estimate and provide for the discounts.

Other operating revenue

Other operating revenue relates to the sale of goods and rendering of services not related

to PostNL’s ordinary postal and logistics services and mainly include rental income of

temporarily leased-out property and custom clearance income.

The company’s business involves the logistical service of delivering mail, parcels and other

consignments. Nearly all of the company’s revenues are represented by a single performance

obligation being ‘logistic services’. Revenue is being recognised at a point in time when the

goods are transferred or services are rendered to the customer, generally on delivery of the

mail, parcels or other consignments. Other performance obligations within the company’s

business comprise fulfilment services with storage (revenue recognition over time) and

packing/shipping (revenue recognition at a point in time), the rental of post-boxes (revenue

recognition over time) and stamp collection services (revenue recognition at a point in time).

The following table presents PostNL's revenue from contracts with customers relating to the

reported operating segments. See note 2.7 Segment information to the Consolidated financial

statements for the segment information of the other revenue and eliminations.


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PostNL Revenue from contracts with customers in € million


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

The increase in revenue mainly related to volume growth within Parcels. Revenue within Mail in

the Netherlands was impacted by the continued decline in addressed mail volumes offset by

price increases and one-off mailings. In 2025, revenue from contracts with customers includes

intercompany sales of €311 million for Parcels (2024: €310 million), €144 million for Mail in the

Netherlands (2024: €150 million) and €245 million for PostNL Other (2024: €234 million).

The following table presents the geographical segmentation of revenue from contracts with

customers. The basis of allocation of revenue by geographical area is the country or region in

which the entity recording the sales is located. The increase in revenue from the rest of Europe

was mainly due to volume growth in Spring.

PostNL Geographical segmentation in € million


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

2.2 Other income

Accounting policies

Other income mainly relates to the profit or loss from the sale of group companies, the

sale of assets held for sale and the sale or sale-and-leaseback of property, plant and

equipment. Other income is recognised when the significant risks and rewards (economical

ownership) are transferred, which will be the moment of the actual transfer of the

property from PostNL to the buyer or when the contract is signed and all conditions for

recognition are met.

In 2025, other income of €10 million (2024: €3 million) relates for €5 million to the book profit

on the sale of PS Nachtdistributie and for €4 million (2024: €2 million) to the sale of real estate

in the Netherlands. The cash proceeds from the sale of PS Nachtdistributie amounted to €10

million and the buyer was granted a loan of €2 million.

2.3 Operating expense

2.3.1 Work contracted out and other external expenses

Accounting policies

Operating expenses related to ordinary activities are recognised on an accrual basis. In

case it is not possible to directly relate the operating expenses to a particular income

earned or expected future income, these expenses are recognised in the period incurred.

Lease expenses

Lease expenses relate to short-term leases and leases of which the underlying assets are

of low value. Payments made (net of any incentives received from the lessor) are charged

to the income statement as incurred during the period of the lease.


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PostNL Work contracted out and other external expenses in € million


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

Costs of work contracted out and other external expenses increased by €48 million in 2025

mainly due to cost increases caused by inflation and service expansion within Parcels.

2.3.2 Salaries, pensions and social security contributions

PostNL Salaries, pensions and social security contributions in € million


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

See note 3.5 Other provisions for the net additions from restructuring provisions and note 3.3

Intangible fixed assets for the capitalised salary costs, pensions and social security

contributions related to IT investments.

Pensions

PostNL’s main Dutch pension plan (main plan) covers the employees subject to PostNL’s

collective labour agreement and staff with a personal labour agreement in the Netherlands.

The main plan is externally funded in ‘Stichting Pensioenfonds PostNL’, an independent legal

entity which is not owned or controlled by any other legal entity and which falls under the

regulatory supervision of De Nederlandsche Bank.

The main plan is a collective defined contribution plan. In 2025, total employer operating

expenses amounted to €93 million (2024: €96 million). Total employer cash contributions in

2025 amounted to €101 million (2024: €88 million) and included the December 2024 invoice of

€8 million paid early January 2025.

In June 2024, PostNL signed an agreement with Stichting Pensioenfonds PostNL for a payment

of €20 million to resolve a dispute between the pension fund and De Nederlandsche Bank. As

part of the agreement, the payment is expected to take place in 2026 and will then be exactly

offset by a lower regular pension contribution payable.

PostNL Workforce¹ as indicated


		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.

The total headcount of PostNL decreased by 874 employees. The decrease within Mail in the

Netherlands mainly relates to the impact of volume decline and cost savings initiatives. In

addition, staffing at Mail in the Netherlands was affected by an ongoing tight labour market.

The workforce is also measured in FTEs based on the hours worked divided by the local


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standard. In 2025, the average number of FTEs decreased by 753 FTEs compared to 2024.

The average number of employees working in the Netherlands was 18,288 FTEs (2024: 19,125)

and outside the Netherlands was 1,110 FTEs (2024: 1,026).

2.3.3 Depreciation, amortisation and impairments

PostNL Depreciation, amortisation and impairments in € million


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

In 2025, amortisation of intangible assets related to software for €66 million (2024: €59 million)

and other intangibles for €3 million ( 2024: €3 million). The increase in amortisation of software

relates to increased investments in IT projects in previous years. In 2025, the impairment of

intangible assets relates to the impairment of goodwill of CGU Mail in the Netherlands, see

note 3.3 Intangible fixed assets.

2.3.4 Other operating expenses

The other operating expenses of €125 million (2024: €133 million) consist of IT, communication,

office, travel, consulting and training expenses and other shared services costs.

In 2025, total incurred KPMG audit fees amounted to €3.2 million (2024: €3.0 million).

PostNL Audit fees in € million


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

Audit fees include fees from the audit of the financial statements. Audit-related services

include fees from assurance engagements related to the non-financial information, regulatory

reporting obligations, employee benefit plan data and Green Bond report.

In accordance with Dutch legislation, article 2:382a of the Dutch Civil Code, the total audit and

audit-related fees charged by the auditor KPMG based in the Netherlands amounted to €3.0

million (2024: €2.8 million), subdivided into audit services of €1.8 million and audit-related

services of €1.2 million.


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2.4 Net profit and earnings per share

2.4.1 Net financial expense/(income)

Accounting policies

Interest income and expense are recognised on a time-proportionate basis using the

effective interest method. All borrowing costs are recognised in profit or loss using the

effective interest method, except to the extent that they can be capitalised as cost of a

qualifying asset.

PostNL Net financial expense/(income) in € million


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

Interest expenses on long-term borrowings increased mainly due to a new bond as of June

2024, which replaced a bond with a lower interest rate that was repaid in November 2024, new

Schuldschein loans of €100 million as of June 2025 and a new bond as of October 2025, which

partially replaced a bond with a lower interest rate. The decrease of other interest and similar

income of €4 million relates to €11 million of lower interest on cash, cash equivalents and

short-term investments, partly offset by €4 million of dividend received from our stake in

Whistl and €3 million of interest income due to the buyback of a nominal €195 million

eurobond, of which the repurchase price was lower than the book value.

2.4.2 Income taxes

Accounting policies

The tax expense for the period comprises current and deferred tax. Tax is recognised in

the income statement, except to the extent that it relates to items recognised directly in

other comprehensive income. The amount of income tax included in the income statement

is determined in accordance with tax rules and legislation, based on which income taxes

are payable or recoverable.

When interest or a penalty is a separately identifiable financing charge or an operating

expense, then it is measured at the amount the entity would be required to pay to settle

the obligation at the reporting date. The liability is discounted if the effect of the time

value of money is material.

PostNL Income taxes in € million


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)

The difference between the total income taxes in the income statement and the current tax

expense is due to temporary differences. These differences are recognised as deferred tax

assets or deferred tax liabilities. See note 3.6 Deferred income tax assets and liabilities to the

Consolidated financial statements for more information.

In 2025, the income taxes paid relate mainly to income taxes paid and received in the

Netherlands regarding prior years and Belgium regarding current year. On a net basis, we have

received an amount of approximately €8 million, primarily resulting from the carryback of a

loss to earlier financial years.

The 2025 difference between the total income tax expense (€1 million) and the income taxes

received (€8 million) can mainly be explained by the 2025 movements of the net income tax

payable position (€21 million) and by changes in deferred taxes (€11 million).


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PostNL Effective income tax rate in %


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)

The effective income tax rate is (5.5)%. This effective income tax rate, being lower compared to

the Dutch statutory tax rate 25.8%, can be explained as follows:

The line ‘Non and partly deductible costs’ mainly relates to the so-called mixed expenses (e.g.

meals, entertainment) (-6.0%), a non-deductible goodwill impairment (-57.5%) and several other

smaller effects (-1.5%). The line ‘Exempt income’ relates to the non-taxable treatment of our

(negative) results from (former) participations. The line ‘Other’ consists in 2025 mainly of the

impact of the movement of deferred tax positions on tax losses (-3.9%), as well as other

deferred tax effects subsequent to the non-deductible goodwill impairment (30.2%) and several

smaller effects (1.7%).

Pillar Two

On 19 December 2023, the government of the Netherlands enacted the Pillar Two income

taxes legislation effective from 31 December 2023. PostNL NV is the ultimate Dutch parent

company (UPE in Pillar Two terms). The UPE will be responsible for the payment of top-up tax

on profits of group entities that are taxed at an effective tax rate of less than 15%. The main

jurisdictions in which material Pillar Two exposures may arise for PostNL are the Netherlands

and Belgium.

Based on the analysis made, PostNL will be able to make use of the transitional country-by-

country safe harbour regime during 2025 for its most material countries and therefore no

material top-up tax is expected. This information is based on the PostNL Group’s consolidated

financial statements and country-by-country report of 2025.

2.4.3 Earnings per ordinary share: (3.2) eurocents (2024:

3.4 eurocents)

Accounting policies

PostNL presents (diluted) earnings per share (EPS) for its ordinary shares. EPS is calculated

by dividing the profit or loss attributable to the equity holders of the parent by the

weighted average number of ordinary shares outstanding during the period. Diluted EPS is

calculated by dividing the profit or loss attributable to the equity holders of the parent by

the weighted average number of ordinary shares outstanding, including the effects for

dilution of ordinary shares following the obligations to employees under existing share

plans.

The following table summarises the outstanding shares for PostNL’s calculation related to

earnings per share.

PostNL (Average) number of outstanding ordinary shares in shares


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

At 31 December 2025, PostNL had potential obligations under share plans to deliver 2,008,828

shares (2024: 824,393 shares), calculated based on the share price of €1.059 as at 31

December 2025 (31 December 2024: €1.042).


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2.5 Cash flow performance

Accounting policies

The consolidated statement of cash flows is prepared in accordance with IAS 7 using the

indirect method. Cash flows in foreign currencies are translated at average exchange

rates. Receipts and payments with respect to taxation on profits and interest payments

are included in the cash flow from operating activities. Interest receipts and the cost of

acquisition of subsidiaries, associates and investments, insofar as it was paid for in cash,

are included in cash flows from investing activities. Acquisitions of subsidiaries are

presented net of cash balances acquired. Cash flows from derivatives are recognised in

the statement of cash flows in the same category as those of the hedged item.

2.5.1 Net cash (used in)/from operating activities

In 2025, net cash from operating activities of €142 million (2024: €168 million) resulted from

€168 million of cash generated from operations (2024: €227 million) and €8 million income tax

received (2024: €31 million income tax paid) reduced by €35 million interest paid (2024: €28

million).

Cash generated from operations

The decrease in cash generated from operations of €59 million is explained by a lower change

in working capital of €60 million and a lower change in other provisions of €16 million, partly

offset by €18 million higher profit before income tax adjusted for non-cash items and

investment income.

PostNL Cash generated from operations in € million


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

For the changes in provisions, reference is made to note 3.5 Other provisions. The higher

investments in working capital mainly relate to decreases in accruals for terminal dues and

social security contributions payable.

Interest paid

The interest paid is explained as follows:

PostNL Interest paid in € million


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

Income taxes received/(paid)

The income taxes received of €8 million (2024: €31 million income taxes paid) and the interest

paid on taxes of €1 million (2024: €7 million) mainly related to income tax settlements in the

Netherlands concerning prior years.


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2.5.2 Net cash (used in)/from investing activities

PostNL Net cash investing activities in € million


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)

Disposal of subsidiaries

In 2025, the disposal of subsidiaries of €10 million related to the proceeds of the sale of PS

Nachtdistributie.

Capital expenditure on intangible assets and property, plant and equipment

In 2025, capital expenditures on intangible assets of €71 million (2024: €69 million) mostly

related to software. Capital expenditures on property, plant and equipment of €35 million

(2024 : €31 million) mainly related to automated parcel lockers, the sorting and delivery centres

within Parcels and to various other equipment. Capital expenditures are funded primarily by

cash generated from operations and are part of strict cash control and review.

Proceeds from sale of property, plant and equipment

In 2025, proceeds from the sale of property, plant and equipment amounted to €8 million

(2024: €16 million) and mainly related to the sale of real estate in the Netherlands.

Interest received

In 2025, interest received decreased by €4 million mainly due to lower interest on cash, cash

equivalents and short-term investments.

Changes in short-term investments

In 2025, changes in short-term investments related to time deposits and repos with a lifetime

at investment date longer than three months.

Changes in other loans receivable

In 2025, changes in other loans receivable mainly related to proceeds from a lessor loan

relating to the lease of a sorting machine by Bol.com.

Other

In 2025, an amount of €4 million is included for a dividend received from our stake in Whistl, a

financial asset at fair value through OCI (2024: €1 million for the disposal of CB Healthcare, an

associated company).

2.5.3 Net cash (used in)/from financing activities

PostNL Net cash financing activities in € million


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

In 2025, net cash from financing activities of €90 million (2024: €(173) million) mainly related to

the final 2024 cash dividend paid of €15 million (2024: €22 million related to the final 2023 and

interim 2024 cash dividend), net cash from debt financing activities of €194 million (2024: €(67)

million) and the repayments of leases of €89 million (2024: €84 million).

In 2025, net cash from debt financing activities included proceeds of new Schuldschein loans

of €100 million and a new eurobond loan of €298 million (2024: €297 million), partly offset by

the buyback of a eurobond loan of €195 million (2024: repayment of a eurobond loan of €353

million) and the repayment of (legal) lease loans relating to Parcels' sorting centres and sorting

machines of €10 million (2024: €10 million). Refer to note 3.4 for further information on leases.

Reference is also made to note 4.1 Adjusted net debt and note 4.5 Financial instruments.


	PostNL Annual Report 2025			124

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Other information

Appendices

2.6 Other comprehensive income and equity development

The decrease of total equity from €205 million on 31 December 2024 to €178 million on 31

December 2025 is mainly explained by a net loss for the year of €17 million and the payment

of cash dividend of €15 million, partly offset by other comprehensive income of €3 million.

Other comprehensive income mainly consisted of increases in value of financial assets at fair

value through OCI of €6 million mainly related to the investment in Whistl, partly offset by

losses on cash flow hedges of €2 million.

Issued share capital and Additional paid-in capital

As at 31 December 2025, issued share capital amounted to € 41 million (2024: €40 million) and

additional paid-in capital amounted to €166 million (2024: €166 million). For details on Issued

share capital and Additional paid-in capital, reference is made to note 4.6.

The following table presents the reserves included in the other reserves.

PostNL Other reserves in € million


	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)

Currency translation reserve

As at 31 December 2025, the translation reserve amounted to €1 million (2024: €2 million),

mainly reflecting the movement in exchange rate differences on converting subsidiaries of

Spring within Parcels into euros.

Hedge reserve

As at 31 December 2025, the hedge reserve amounted to €1 million (2024: €2 million). The tax

impact on the cash flow hedges included in the hedge reserve as at 31 December 2025 is €0

million (2024: €(2) million). For more information, see note 4.5 to the Consolidated financial

statements.

Financial assets at fair value through OCI

As at 31 December 2025, the reserve related to the financial assets at fair value through OCI

amounted to €15 million (2024: €8 million). The increase in 2025 of €6 million mainly related to

the increase in value of the investment in Whistl (2024: €3 million). For more information, see

note 4.2 to the Consolidated financial statements.

Other reserves

As at 31 December 2025, the other reserves amounted to €(30) million (2024: €(23) million). In

2025, the other reserves decreased by €7 million mainly resulting from the appropriation of

net income from 2024 of €(9) million.

Retained earnings

As at 31 December 2025, retained earnings amounted to €(16) million (2024: €6 million). In

2025, retained earnings decreased by €23 million due to the total loss for the year attributable

to the shareholders of the parent of €16 million in 2025 and the payment of a cash dividend of

€15 million, partly offset by the appropriation of net income from 2024 of €9 million.

The Board of Management has proposed to make an amount of €20 million out of the

distributable part of the shareholders' equity available for distribution of dividend. Refer to

note 6.4 for more details of this proposal.


	PostNL Annual Report 2025			125

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Other information

Appendices

2.7 Segment information

Accounting policies

PostNL reports two operating segments: Parcels and Mail in the Netherlands and one

other segment: PostNL Other. Operating segments are reported in a manner consistent

with the internal reporting provided to the chief operating decision-makers. These chief

operating decision-makers, who are responsible for allocating resources and assessing

the performance of the operating segments, have been identified as the Board of

Management of PostNL that makes strategic decisions. Transfer prices between

operating segments are on an arm's length basis and intercompany sales relate to similar

activities as revenue. PostNL Other represents head office entities.

The following table presents the reconciliation of the 2025 segment information relating to the

income statement of the reportable segments. Segment information relating to the balance

sheet is reported in note 3.8.

PostNL Segmentation in € million


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

The key financial performance indicator for management of the reportable segments is

normalised EBIT. Normalised EBIT is derived from the IFRS-based performance measure

operating income adjusted for the impact of project costs and incidentals. Normalised EBIT is

reported on a monthly basis to the chief operating decision-makers. The following table

presents the reconciliation from reported operating income to normalised EBIT.


	PostNL Annual Report 2025			126

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Other information

Appendices

PostNL From operating income to normalised EBIT in € million


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

From operating income to normalised EBIT

In 2025, normalised EBIT totalled €53 million (2024: €53 million). Normalised EBIT excludes

exceptional items, which amounted to €42 million in 2025 (2024: €15 million). Reference is

made to note 3.3 for further information on the impairment of goodwill of €40 million. The

normalisation for project costs and other included results mainly related to legal and other

advisory costs (€8 million) in PostNL Other, the book profit on the sale of PS Nachtdistributie

(€5 million) in Parcels, and amortisation costs related to prior fiscal years (€2 million) and a

refund of disputed claim-related costs related to prior fiscal years (€2 million) in Mail in NL.

Normalised EBIT was stable at €53 million and comprised a lower result in Parcels (€5 million)

and Mail in the Netherlands (€1 million) offset by a higher result in PostNL Other (€6 million).

As of 1 January 2025, following the decision to combine all activities and organisational

responsibilities related to real estate in one segment, the financial results and positions of

PostNL Real Estate are included in the segment Parcels. Previously, the entity was part of the

segment Mail in NL. The related operating income/normalised EBIT in 2024 amounted to €16

million. The comparative 2024 figures have been restated.

The following tables present the reconciliation of the 2024 segment information relating to the

income statement of the reportable segments. Segment information relating to the balance

sheet is reported in note 3.8.

PostNL Segmentation in € million


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


	PostNL Annual Report 2025			127

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Appendices

PostNL From operating income to normalised EBIT in € million


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

In 2024, the normalisation for project costs and other included results related to legal and

other advisory costs (€8 million), disputed claim-related costs related to prior fiscal years (€6

million), and depreciation costs related to prior fiscal years (€2 million).


	PostNL Annual Report 2025			128

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Other information

Appendices

Section 3: Operating assets and liabilities

3.1 Working capital

Accounting policies

Trade receivables are recorded where PostNL has the unconditional rights to

consideration from the customers. Trade receivables that do not contain a significant

financing component or for which PostNL has applied the practical expedient are

measured at the transaction price determined under IFRS 15.

PostNL recognises an allowance for expected credit losses (ECLs). ECLs are based on the

difference between the contractual cash flows due in accordance with the contract and all

the cash flows that PostNL expects to receive, discounted at an approximation of the

original effective interest rate. For trade receivables, PostNL applies a simplified approach

in calculating ECLs. Therefore, PostNL does not track changes in credit risk, but instead

recognises a loss allowance based on lifetime ECLs at each reporting date.

PostNL has established a provision matrix that is based on its historical credit loss

experience, adjusted for forward-looking factors specific to the debtors and the economic

environment. The amount of the ECLs is recognised in the income statement. Any reversal

of the ECLs is included in the income statement on the same line as where the original

expense was recorded.

The risk of uncollectability of accounts receivable is primarily estimated based on prior

experience with, and the past due status of, doubtful debtors adjusted for forward-looking

factors. Large accounts are assessed individually based on factors that include ability to

pay, bankruptcy and payment history. In addition, debtors in certain countries are subject

to a higher collectability risk, which is taken into account when assessing the overall risk

of uncollectability.

Prepayments and accrued income

Prepayments and accrued income mainly relates to prepaid expenses, accrued income for

receivables where PostNL has not the unconditional rights to the consideration,

receivables for terminal dues and the positive fair value of the outstanding foreign

exchange hedges and interest rate swaps.

3.1.1 Accounts receivable

PostNL Accounts receivable in € million


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

Trade accounts receivable are non-interest bearing and are generally on terms of 7 to 30 days.

Trade accounts receivable includes an amount of €126 million (2024: €110 million) that was

unbilled at 31 December 2025.

The main part of the allowance for expected credit losses related to a collective loss

component established for groups of similar trade accounts receivable balances. This

collective loss component is largely based on the ageing of the trade accounts receivable and

is reviewed periodically. The fair value of the total (trade) accounts receivable approximated

its carrying value.

Trade accounts receivable increased slightly from €333 million on 31 December 2024 to €351

million on 31 December 2025. The trade accounts receivable past due decreased from €143

million on 31 December 2024 to €74 million on 31 December 2025 (see table expected credit

losses below).


	PostNL Annual Report 2025			129

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Other information

Appendices

The top 10 trade accounts receivable accounted for 20% of the outstanding balance as at 31

December 2025 (2024: 24%). The concentration of the trade accounts receivable portfolio over

the different regions can be summarised as follows:

• The Netherlands €265 million (2024: €257 million)

• Rest of Europe €51 million (2024: €46 million)

• The rest of the world €26 million (2024: €22 million).

The movements in the allowance for expected credit losses of trade accounts receivable were

as follows:

PostNL Statement of changes in the allowance for expected credit losses of trade

accounts receivable in € million


	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

Set out below is the information about the credit risk exposure on the trade accounts

receivable using a provision matrix.

PostNL Expected credit losses in € million


		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


	PostNL Annual Report 2025			130

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Appendices

3.1.2 Other current liabilities

PostNL Other current liabilities in € million


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

The decrease in social security contributions payable and pensions payable is mainly related

to amounts due in December 2024 which have been paid in early January 2025.

3.1.3 Contract liabilities

PostNL Contract liabilities in € million


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

We expect to perform almost all services related to the outstanding contract liabilities at 31

December 2025 within one year. For the estimated refund of €11 million, mainly related to

retailers for their unsold stamps for Christmas greetings, no service is expected to be

performed in 2026. However, note that within one year we expect outstanding contract

liabilities more or less in line with the amounts currently reported.

3.1.4 Accrued current liabilities

PostNL Accrued current liabilities in € million


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

Main items within the expenses to be paid to third parties included payables to business

partners of €17 million (2024: €13 million), payables for the onward postage of €13 million

(2024: €12 million) and claims of €3 million (2024: €4 million), the remainder are various other

expenses to be paid.

Expenses to be paid to personnel included accrued wages and salaries of €16 million (2024:

€17 million) and accruals for employee profit-sharing of €15 million (2024: €9 million).

The accrual for terminal dues relates to payables to foreign postal operators relating to the

years 2025 and before, partly consisting of positions in SDR currency. The net payable

position, including the receivable for terminal dues of €28 million (2024: €47 million) included in

prepayments and accrued income, amounted to €128 million (2024: €133 million). The change

reflects both the regular course of business as well as settlements of outstanding positions.

The positions where there is no price multi- or bilateral agreement on price are based on our

best estimate of the price for which we expect to settle.


	PostNL Annual Report 2025			131

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Other information

Appendices

3.2 Property, plant and equipment

Accounting policies

Property, plant and equipment is valued at historical cost, less depreciation and

impairment losses. The initial costs of an asset comprises its purchase price, costs of

bringing the asset into working condition, handling and installation costs and non-

refundable purchase taxes.

Land is not depreciated. System software is capitalised and amortised as a part of the

tangible fixed asset for which it was acquired to operate.

Other property, plant and equipment is depreciated on a straight-line basis over its

expected useful life, taking into account any residual value. The asset’s residual value and

useful life is reviewed on an annual basis and, if necessary, changes are accounted for

prospectively.

For the accounting policy concerning impairments, reference is made to note 5.4.

PostNL Property, plant and equipment in € million


	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

Capital expenditures 2025 were above the level of 2024. Investments were made in automated

parcel lockers, the sorting and delivery centres within Parcels, and in various other equipment.

Both developments also impacted the internal transfers and reclassifications from

construction in progress to land and buildings and plant and equipment.


	PostNL Annual Report 2025			132

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Other information

Appendices

In 2025, the disposals of €3 million (2024: €4 million) mainly related to the sale of buildings in

the Netherlands.

The property, plant and equipment assets include a number of Parcels' sorting centres and

sorting machines financed and legally owned by an entity especially set up for this purpose by

a third party. The term of the related lease contracts and liabilities is 10 years. Since 2018 to

31 December 2025, 7 sorting centres and sorting machines have been finalised and leased

from this special entity, for which the related property, plant and equipment assets for 4

locations with a total book value of €83 million at 31 December 2025 and corresponding (legal)

lease loan have been recorded. For the other 3 locations right-of-use assets and

corresponding lease liabilities have been recorded, reference is made to note 3.4.

The table below shows the movements in property, plant and equipment in 2024:

PostNL Property, plant and equipment in € million


	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


	PostNL Annual Report 2025			133

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Other information

Appendices

3.3 Intangible fixed assets

Accounting policies

Goodwill

Goodwill represents the excess of the cost of acquisition over the fair value of PostNL’s

share of the identifiable net assets acquired. Goodwill on acquisitions of subsidiaries is

included in intangible assets. Goodwill on acquisition of joint ventures and associates is

included in investments in joint ventures/associates and is not separately recognised or

tested for impairment. Gains and losses on disposal of an entity include the carrying

amount of goodwill relating to the entity sold.

Separately-recognised goodwill arising on acquisitions is capitalised and subject to an

annual impairment review. Goodwill is carried at cost less accumulated impairment

losses.

Other intangible fixed assets

Costs related to the development and installation of software for internal use are

capitalised at historical cost and amortised over the estimated useful life. Other

intangible assets acquired in a business combination are recognised at fair value at the

acquisition date.

An asset under construction is transferred to its respective intangible asset category at

the moment it is ready for use and is amortised using the straight-line method over its

estimated useful life. Other intangible assets are valued at the lower of historical cost

less amortisation and impairment. The asset’s residual value and useful life is reviewed

on an annual basis and, if necessary, changes are accounted for prospectively.

For the accounting policy concerning impairments of goodwill and other intangible fixed

assets, reference is made to note 5.4.

PostNL Intangible fixed assets in € million


	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

PostNL Intangible fixed assets in € million


	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


	PostNL Annual Report 2025			134

Sustainability statements

Other information

Appendices

Goodwill

Goodwill is allocated to the Group’s cash-generating units (CGUs) and annually tested for

impairment. The CGUs correspond to an operation in a particular country or region and the

nature of the services provided. The CGU Mail in the Netherlands relates to our mail activities

in the Netherlands. The CGU Parcels relates to our e-commerce and logistic services activities

in the Benelux. The CGU Spring relates to our cross-border mail and parcels activities.

Compared to 2024, the CGU structure had one change. As of 1 January 2025, the financial

results and positions of PostNL’s fulfilment services are included in the CGU Spring. Previously,

the entity was part of the CGU Parcels. A proportionate share of goodwill was transferred

accordingly.

PostNL Goodwill per CGU in € million


Year ended at 31 December	2024	2025
Parcels	64	61
Mail in the Netherlands	143	103
Spring		3
Total	207	167

General

Management performed a detailed review of the recoverable value of each CGU. The

recoverable value is the higher of the value in use and fair value less costs of disposal. Fair

value less costs of disposal represents the best estimate of the amount PostNL would receive

if it sold the CGU. The recoverable value of each CGU is determined based on the value in use.

The value in use has been calculated on the basis of the present value of estimated future net

cash flows.

The estimated future net cash flows are based on a five-year (2024: five-year) management

forecast and business plan, which forecast period has been assessed as adequate to reach a

sustainable basis for the calculation of the continuing value. The cash flows include working

capital. Management has determined the forecasted cashflows based on past performance

and its expectations for market and regulatory development. The cash flow projections have

been approved by management.

Key assumptions used to determine the recoverable values for each individual CGU are the

following:

• The discount rate to be applied following the nature of the underlying cash flows and foreign

currency and inflation-related risks.

• The (long-term) growth rate to be applied following the maturity of the underlying market,

regulatory developments, market share and volume development.

• The implementation of our strategic roadmap for Mail, including anticipated changes to

postal regulations as announced by the Dutch government on 19 December 2025 of among

others, the adjustment of the service level for standard USO mail from next-day delivery to

delivery within 2 days as of 1 July 2026, moving towards within 3 days as of 1 July 2027.

The pre-tax discount rate used was around 11.5% (2024: around 11.0%) for the CGU Parcels

(post-tax: around 9.0% for 2025; around 8.5% for 2024) and around 11.0% (2024: around 10.5%)

for the CGU Mail in the Netherlands (post-tax: around 7.0% for 2025; around 6.5% for 2024).

The (long-term) growth rate used was based on a long-term assumed inflation rate of 2.0%

(2024: 2.0%) for all CGUs, with a downward adjustment of 5.0% (2024: 5.0%) for the CGU Mail in

the Netherlands to reflect the assumed long-term mail volume decline.

CGU Parcels and CGU Spring

Management has carried out an impairment test for each individual CGU and concluded that

the recoverable amount of the individual CGUs of Parcels and Spring are significantly higher

than their carrying amounts. Management has also assessed that a reasonably possible change

in key assumptions, being discount rate and growth rate, would not cause the carrying amount

of any of these CGUs to exceed the recoverable amount.

CGU Mail in the Netherlands

Triggered by insufficient progress towards economically viable adjusted postal regulation,

based on the proposed changes to the Universal Service Obligation as announced by the

Dutch Minister of Economic Affairs on 30 June 2025, management performed a mid-year

goodwill impairment test of the CGU Mail in the Netherlands as part of the interim reporting.

The impairment test performed per mid-year 2025 resulted in a goodwill impairment of €40

million as recorded in June 2025. This impairment was based on our strategic roadmap for

Mail, including anticipated changes to postal regulations as announced by the Dutch

government on 30 June 2025, and excluded any compensation by means of a financial

contribution from the Dutch government.


	PostNL Annual Report 2025			135

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Appendices

Per year-end 2025, goodwill of the CGU Mail in the Netherlands was tested again for

impairment. With a positive headroom of €11 million, management concluded no additional

impairment was needed. The recoverable value is €77 million negative as at 31 December

2025. This recoverable value excludes any compensation by means of a financial contribution

from the Dutch government, which has been formally requested for 2025 and 2026.

The following sensitivities apply:

• If the post-tax discount rate would increase or decrease by 1.0%, this would have no

material impact on the current recoverable amount of the CGU Mail in the Netherlands,

irrespective of the movement.

• If the long-term expected volume decline would increase or decrease by 1.0%, this would

impact the current recoverable amount of the CGU Mail in the Netherlands by around €15

million to €20 million decrease or increase.

• If the Dutch government would (have to) grant a compensation by means of a financial

contribution towards the USO costs, this would positively impact the (current) recoverable

amount of the CGU Mail in the Netherlands.

Software and other intangibles

The closing balance of software and other intangibles is built up as follows:

PostNL Software and other intangibles in € million


Year ended at 31 December	2024	2025
Internally-generated software	180	185
Purchased software	1	1
Customer lists	26	19
Total	206	205

The additions to software mainly concerned IT investments related to replacement and

improvement of sorting and delivery processes within Mail in the Netherlands and Parcels,

software licences and costs of internally-generated software for various IT projects including

investments in our online landscape, logistic service platform and back-office functionality. The

decrease in customer lists included €4 million resulting from the sale of PS Nachtdistributie.

The estimated amortisation expenses for software and other intangible assets are:

• 2026: €63 million,

• 2027: €50 million,

• 2028: €35 million, and

• thereafter: €57 million.

Software and other intangible assets include an amount of €2 million (2024: €3 million) of

capitalised development costs.


	PostNL Annual Report 2025			136

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Other information

Appendices

3.4 Leases

Accounting policies

PostNL leases sorting centres, sorting machines, distribution centres, offices, warehouses,

trucks, vans, cars, transport equipment and other equipment. Leases are recognised as a

right-of-use asset and a corresponding liability at the date at which the leased asset is

available for use by the group. At the commencement date of the lease, the lease liabilities

are measured at the present value of lease payments to be made over the lease term.

Right-of-use assets are measured at cost, less any accumulated depreciation and

impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of

right-of-use assets includes the amount of lease liabilities recognised, initial direct costs

incurred, and lease payments made at or before the commencement date less any lease

incentives received.

The lease payments are discounted using the interest rate implicit in the lease. If that rate

cannot be readily determined, the incremental borrowing rate is used, being the rate that

would have to be paid to borrow the funds necessary to obtain an asset of similar value to

the right-of-use asset in a similar economic environment with similar terms, security and

conditions.

The lease payments include the exercise price of a purchase option reasonably certain to

be exercised by PostNL and payments of penalties for terminating the lease, if the lease

term reflects PostNL exercising the option to terminate. Lease payments to be made

under reasonably certain extension options are also included in the measurement of the

liability.

PostNL elected to apply the practical expedient not to separate non-lease components

from lease components, and instead account for each lease component and any

associated non-lease components as a single lease component. PostNL also elected the

practical expedient not to apply the requirements for short-term leases (with a lease term

of 12 months or less and which do not contain a purchase option) and leases for which the

underlying asset is of low value (<€5,000). The lease payments associated with these

leases are recognised as an expense on a straight-line basis over the lease term.

PostNL Right-of-use assets in € million


	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

PostNL Right-of-use assets in € million


	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

In 2025, the new leases of €42 million (2024: €47 million) mainly related to the replacement

and expansion of buildings, vans and trucks. In 2025, the lease modifications/reassessments of

€47 million (2024: €18 million) mainly reflected changes to the lease payments and lease terms.

In 2024, the disposals of €2 million mainly related to several disposed contracts from trucks.


	PostNL Annual Report 2025			137

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Other information

Appendices

The right-of-use assets include a number of Parcels' sorting centres and sorting machines

financed and owned by an entity especially set up for this purpose by a third party. The term

of the related lease contracts and liabilities is 10 years. Since 2018 to 31 December 2025, 7

sorting centres and sorting machines have been finalised and leased from this special entity,

for which the related right-of-use assets for 3 locations and corresponding lease liabilities have

been recorded. For the other 4 locations property, plant and equipment assets with a total

book value of €83 million at 31 December 2025 and corresponding (legal) lease loan have been

recorded, reference is made to note 3.2.

Additionally, the right-of-use assets include four mail sorting centres and the international

sorting centre with lease terms varying between 7 and 10 years (started in 2020 and including

an extension for one sorting centre) and the head office in The Hague with a lease term of 15

years (started in 2021).

PostNL Lease liabilities in € million


At 31 December	2024	2025
Long-term lease liabilities	221	215
Short-term lease liabilities	78	84
Total	299	300

The total cash outflow from leases amounted to €98 million (2024: €96 million) and related for

€89 million to repayments of lease liabilities (2024: €84 million), and for €10 million to rent and

lease expenses (2024: €12 million). Refer to note 4.1 for further information on the lease

liabilities.

In 2025, rent and lease expenses of €10 million (2024: €12 million) relate for €9 million (2024:

€11 million) to short-term leases and for €1 million (2024: €1 million) to leases for which the

underlying asset is of low value. The interest expenses on lease liabilities amounted to €11

million (2024: €10 million).

3.5 Other provisions

Accounting policies

Provisions are recognised when there is a present obligation as a result of a past event,

making it probable that an outflow of resources embodying economic benefits will be

required to settle the obligation and a reliable estimate can be made of the amount of the

obligation. Provisions are measured at the present value of management’s best estimate

of the expenditure required to settle the present obligation on the balance sheet date. The

discount rate used to determine the present value reflects current market assessments of

the time value of money and the risks specific to the liability. The gross-up of the provision

following the discounting of the provision is recorded in the income statement as interest

expense.

PostNL recognises termination benefits when the company has committed to terminating

the employment of current employees according to a detailed formal plan without

possibility of withdrawal or provides termination benefits as a result of an offer made to

encourage voluntary redundancy. Benefits falling due more than 12 months after the

balance sheet date are discounted to their present value.

Provisions for onerous contracts are recorded when the unavoidable costs of meeting the

obligation under the contract exceed the economic benefits expected to arise from that

contract, taking into account impairment of fixed assets first. The provision includes both

incremental costs and an allocation of other direct costs.

A liability arising as a result of written claim or litigation against PostNL group companies

is recorded as a provision. An asset arising as a result of a written claim against a third

party (PostNL is claimant) is recorded in Other accounts receivable.


	PostNL Annual Report 2025			138

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Other information

Appendices

The following table presents the changes in the short-term and long-term provisions.

PostNL Other long-term and short-term provisions in € million


	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

The estimated utilisation of the other provisions in 2026 is €31 million, in 2027 €22 million, in

2028 €11 million and in 2029 and thereafter €26 million.

Other employee benefit obligations

As at 31 December 2025, the other employee benefit obligations mainly related to a provision

for expected disability costs for the WGA benefits, as PostNL became self-insured in 2021, of

€41 million (2024: €38 million), jubilee benefits of €10 million (2024: €11 million), expected costs

related to continued salary payments during illness of €8 million (2024: €8 million) and

termination benefits for early retirement of €1 million (2024: €1 million).

Restructuring

The additions in restructuring provision of €5 million mainly related to changes in organisation

structures in line with our strategy. The withdrawals in restructuring provisions of €1 million

concerned severance payments under the cost-saving programmes.

Claims and indemnities

The provision for claims and indemnities includes provisions for claims from third parties with

respect to PostNL's ordinary business activities, exposure related to not being able to meet the

prescribed quality of postal delivery, as well as indemnities and disputes related to business

disposals. The assessment of related exposure contains a high degree of uncertainty and

management estimation.

The exposure regarding the postal delivery quality relates to the Dutch Postal Act 2009, which

among others requires a 95% next-day delivery level for regulated consumer mail, funeral

announcements and medical mail. Since 2019, next-day delivery of consumer mail was below

the 95% target, due to circumstances beyond our control, such as the Covid pandemic and the

impact of the tight labour market. In 2024 and 2025, next-day delivery of funeral

announcements and medical mail was also close to 95%. The exposure includes uncertainty on

the proper application of the loss of value to consumers and the assessment of severity and

recidivism. For 2019, the ‘College van Beroep voor het bedrijfsleven’ ruled that there had been

no actual violation, as the loss of quality related to undelivered test letters can be disregarded.

The fine of €2 million imposed and paid for has been refunded by the ACM in December 2025.

For 2020, the ACM refrained from imposing a fine. For the years 2021-2024, the

(re)assessment of facts and circumstances and the decision to impose a fine lies with the ACM.

For 2025, PostNL is still in process of the relevant regulatory reporting.

The company has made provisions for probable liabilities to the extent a reliable estimate of

the future cash outflows can be made. More detailed information relating to these provisions is

not provided, as such information could prejudice the company's position with respect to these

claims and indemnities.


	PostNL Annual Report 2025			139

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Other information

Appendices

3.6 Deferred income tax assets and liabilities

Accounting policies

Deferred tax assets and liabilities arising from temporary differences between the

carrying amounts of assets and liabilities and the tax base of assets and liabilities are

calculated using the substantively enacted tax rates expected to apply when they are

realised or settled. Deferred tax assets are recognised if it is probable that they will be

realised. At the end of each reporting period the amounts of deferred tax assets and the

amounts of unrecognised deferred tax assets are reassessed. Deferred tax assets and

liabilities within the same tax group, where a legally enforceable right to offset exists, are

presented net in the balance sheet.

PostNL has applied a temporary mandatory exception from deferred tax accounting for

the impacts of the top-up tax and accounts for it as a current tax when it is incurred.

The following table shows the movements in deferred taxes in 2025:

PostNL Statement of changes deferred taxes in € million


	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

Of the deferred tax assets at 31 December 2025, before offsetting, €23 million (2024: €58

million) is to be recovered within 12 months and €121 million (2024: €72 million) after 12

months. Of the deferred tax liabilities at 31 December 2025, before offsetting, an amount of

€40 million (2024: €39 million) is to be settled within 12 months and an amount of €120 million

(2024: €121 million) after 12 months.

The other changes of €2 million (2024: €(0) million) represent an adjustment of the Dutch

deferred tax asset position in connection with the finalized liquidation of the former Nexive

entities.


	PostNL Annual Report 2025			140

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Other information

Appendices

The total accumulated losses available for carry forward at 31 December 2025 amounted to

€246 million (2024: €95 million). The increase is caused by tax losses incurred in the years

2023 and 2025; years in which we recognised liquidation losses in connection with the

unwinding of our Nexive (Italy) and Postcon (Germany) organisations.

With these losses carried forward, future tax benefits of €63 million could be recognised

(2024: €25 million). Tax deductible losses give rise to deferred tax assets at the statutory tax

rate in the relevant country. Deferred tax assets are recognised if it is probable that they will

be realised. The probability of the realisation is impacted by uncertainties regarding the

realisation of such benefits, for example as a result of the expiration of tax losses carried

forward and projected future taxable income.

As a result, PostNL has not recognised €17 million (2024: €17 million) of the potential future tax

benefits and has recorded deferred tax assets of €46 million at 31 December 2025 (2024: €8

million).

The expiration of total accumulated losses is as follows:

• 2026: €0 million

• 2027: €0 million

• 2028: €0 million

• 2029: €0 million

• 2030 and thereafter: €4 million, and

• Indefinite: €242 million.

The table on the above right shows the accumulated losses and tax credits per jurisdiction as

well as the corresponding gross deferred tax assets.

PostNL Statement of deferred tax assets per jurisdiction in € million


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

The table below shows the movements in deferred taxes in 2024:


	PostNL Annual Report 2025			141

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Other information

Appendices

PostNL Statement of changes deferred taxes in € million


	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

3.7 Commitments and contingencies

Accounting policies

Commitments are probable obligations that arise from past events whose existence will

only be confirmed by the occurrence (or non-occurrence) of one or more probable future

events.

Contingencies are possible obligations (contingent liabilities) or possible assets (contingent

assets) that arise from past events whose existence will only be confirmed by the

occurrence (or non-occurrence) of one or more uncertain future events, not wholly within

the control of the entity.

PostNL Off balance sheet commitments in € million


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

As at 31 December 2025, €95 million of the commitments indicated above are of a short-term

nature (2024: €86 million).

Short-term leases and leases of low-value assets

In 2025, short-term leases mainly consisted of leases of depots in Mail in the Netherlands.

Leases of low-value assets were mainly related to the lease of scooters.

Leases, not commenced

Leases, not commenced as at 31 December 2025, commitments in connection with leases not

commenced amounted to €0 million (2024: €7 million). These commitments related mainly to

new leases of vans and cars.

Capital expenditure

As at 31 December 2025, commitments in connection with capital expenditure amounted to

€19 million (2024: €11 million) and were related to property, plant and equipment. These

commitments mainly related to the expansion in automated parcel lockers and the (new)

sorting centres of Parcels.

Purchase commitments

As at 31 December 2025, PostNL had unconditional purchase commitments of €124 million

(2024: €98 million), primarily related to various service and maintenance contracts for

information technology, security, salary registration and cleaning.


	PostNL Annual Report 2025			142

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Other information

Appendices

Other commitments

As at 31 December 2025, other commitments related to parking lots and social/ community

investments.

Contingent tax assets and liabilities

Multinational groups of the size of PostNL are exposed to varying degrees of uncertainty

related to their tax planning, their (changes in) transfer pricing models, regulatory reviews and

tax audits, fuelled by tax regulations and relevant practices in the countries where PostNL

operates being subject to change. PostNL accounts for its (income) taxes on the basis of its own

internal analyses, if needed, supported by external advice. PostNL continually monitors its

global tax position, and whenever uncertainties arise, assesses the potential consequences

and either records the receivable, discloses a contingent asset, accrues the liability or

discloses a contingent liability in its financial statements, depending on the strength of the

company’s position and the resulting chance of income or risk of loss.

Guarantees

As at 31 December 2025, PostNL, on behalf of its subsidiaries, had various bank and insurance

guarantees outstanding. None resulted in an off-balance sheet commitment for the Group.

Contingent legal liabilities

The company is involved in several legal proceedings relating to the normal conduct of its

business, such as claims for loss of goods, delays in delivery, contracting and employment

issues, and general liability. The majority of these claims are for amounts below €1 million and

are insured and/or provided for. PostNL does not expect any liability arising from any of these

legal proceedings to have a material impact.

The company is also involved in regulatory proceedings. While it is not feasible to predict or

determine the ultimate outcome of these proceedings, the company is of the opinion that they

may have an impact on the company’s financial position, result of operations and cash flows

going forward.

On 2 December 2025, the Administrative High Court for Trade and Industry (CBb) ruled on the

acquisition of Sandd. In relation hereto, the Authority for Consumers and Markets (ACM)

announced an investigation into PostNL on 13 February 2026. The possible consequences and

outcome of this investigation are currently unknown.

3.8 Segment information

Accounting policies

PostNL reports two operating segments: Parcels and Mail in the Netherlands and one

other segment: PostNL Other. Operating segments are reported in a manner consistent

with the internal reporting provided to the chief operating decision-makers. These chief

operating decision-makers, who are responsible for allocating resources and assessing

the performance of the operating segments, have been identified as the Board of

Management of PostNL that makes strategic decisions. Transfer prices between operating

segments are on an arm's length basis.

Balance sheet information

A reconciliation of the segment information relating to the balance sheet of the reportable

segments is presented below. Segment information relating to the income statement is

reported in note 2.7.

PostNL Segmentation - balance sheet and capital expenditures in € million


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


	PostNL Annual Report 2025			143

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Other information

Appendices

As of 1 January 2025, following the decision to combine all activities and organisational

responsibilities related to real estate in one segment, the financial results and positions of

PostNL Real Estate are included in the segment Parcels. Previously, the entity was part of the

segment Mail in NL. The related total assets at 31 December 2024 amounted to €73 million.

The comparative 2024 figures have been restated.

A reconciliation of the segment information relating to the balance sheet of the reportable

segments as at 31 December 2024 is presented in the following table.

PostNL Segmentation - balance sheet and capital expenditures in € million


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

PostNL Geographical segmentation - assets in € million


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

The segment information from a geographical perspective is derived as follows: the basis of

allocation of assets and investments by geographical area is the location of the assets.


	PostNL Annual Report 2025			144

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Other information

Appendices

Section 4: Capital structure and financing costs

Accounting policies

PostNL distinguishes the following categories of financial assets and liabilities:

• Financial assets and liabilities at fair value through profit or loss

• Financial assets and liabilities measured at amortised costs

• Financial assets at fair value through other comprehensive income.

Management determines the classification of PostNL’s financial assets and liabilities at

initial recognition.

Derivative financial instruments and hedge accounting

PostNL uses derivative financial instruments, such as forward currency contracts, interest

rate swaps to hedge its foreign currency risks and interest rate risks. Such derivative

financial instruments are initially recognised at fair value on the date on which a derivative

contract is entered into and are subsequently remeasured at fair value.

Fair value hedges

The change in the fair value of a hedging instrument is recognised in the statement of

profit or loss as financial income or expense.

Cash flow hedges

Cash flow hedges (hedges of a particular risk associated with a recognised asset or

liability or a highly probable forecasted transaction).

At the inception of a hedge relationship, PostNL formally designates and documents the

hedge relationship to which it wants to apply hedge accounting and the risk management

objective and strategy for undertaking the hedge. For all cash flow hedges, PostNL wants

to apply hedge accounting.

The effective portion of the change in the fair value of the hedging instrument is

recognised in OCI in the cash flow hedge reserve, while any ineffective portion is

recognised immediately in the statement of profit or loss. The cash flow hedge reserve is

adjusted to the lower of the cumulative gain or loss on the hedging instrument and the

cumulative change in fair value of the hedged item.

Amounts accumulated in OCI are recycled in the income statement in the periods when

the hedged item will affect profit and loss (for example, when the forecast sale that is

hedged takes place). However, when the forecast transaction that is hedged results in the

recognition of a non-financial asset, the gains and losses previously deferred in equity are

transferred from equity and included in the initial measurement of the asset or liability.

When a hedging instrument expires or is sold, or when the hedge no longer meets the

criteria for hedge accounting, any cumulative gains or losses existing in equity at that time

remain in equity until the underlying transaction is ultimately recognised in the income

statement. When an underlying transaction is no longer expected to occur, the cumulative

gains or losses that were reported in equity are immediately transferred to the income

statement.

Fair value measurement

Fair value measurement is based on the following fair value measurement hierarchy:

1. Quoted prices (unadjusted) in active markets

2. Inputs other than quoted prices that are observable either directly (prices) or indirectly

(derived from quoted prices)

3. Inputs not based on observable market data. Valuation techniques used include the use

of recent arm’s-length transactions, reference to other instruments that are

substantially the same, statutory/management reports and discounted cash flow

analysis.

Financial assets and liabilities measured at amortised costs using the effective interest

method

A financial asset is measured at amortised cost if both of the following conditions are met:

• The asset is held within a business model whose objective is to hold assets in order to

collect contractual cash flows; and

• The contractual terms of the financial asset give rise on specified dates to cash flows

that are solely payments of principal and interest on the principal amount outstanding.

All financial liabilities are measured at amortised cost, except for financial liabilities at fair

value through profit or loss. Financial liabilities are recognised initially at fair value net of

transaction costs incurred and are subsequently stated at amortised cost. Any difference

between the proceeds (net of transaction costs) and the redemption value is recognised in

the income statement over the period of the financial liability using the effective interest

method.


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Other information

Appendices

Financial assets designated at fair value through other comprehensive income

PostNL's equity investments are classified as equity instruments designated at fair value

through OCI. Gains and losses on these financial assets are never recycled to profit or

loss. Dividends are recognised as financial income in the statement of profit or loss when

the right of payment has been established, except when PostNL benefits from such

proceeds as a recovery of part of the cost of the financial asset, in which case such gains

are recorded in OCI. Equity instruments designated at fair value through OCI are not

subject to impairment assessment.

4.1 Adjusted net debt

PostNL Adjusted net debt in € million


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 €1 million (2024: €11 million).
2	The deferred tax assets relate for €11 million (2024: €10 million) to the WGA self-insurance provision, for €72 million (2024: €69 million) to on balance lease liabilities, see note 3.6 Deferred income taxes and for €0 million (2024: €2 million) to off balance lease liabilities.

As at 31 December 2025, adjusted net debt amounted to €501 million ( 2024: €474 million). The

increase of € 27 million was mainly explained by new leases and lease modifications/

reassessments of €82 million in total and dividend payments of €15 million, partly offset by

positive net cash from operating and investing activities (excluding the change in short-term

investments) of €74 million.

Reference is made to note 3.4 Leases, note 3.5 Other provisions and note 3.7 Commitments

and contingencies for more detailed information on leases (on and off balance) and provisions.

Long-term interest bearing assets

As at 31 December 2025, long-term interest-bearing assets of €12 million (2024: €13 million)

mainly included a lessor loan of €9 million (2024: €11 million) relating to the finance lease of a

sorting machine by Bol.com. The expected credit loss amounts to €0 million.

Short-term investments

Short-term investments of €101 million at 31 December 2025 (2024: €150 million) relate to

time deposits and repos with a lifetime at investment date longer than three months. The

decrease mainly relates to the expected repayment amount of the €300 million eurobond 2026

being decreased to €105 million due to an early repayment in 2025.

PostNL Short-term investments in € million


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%

Cash and cash equivalents

PostNL Cash and cash equivalents in € million


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


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As at 31 December 2025, included in cash and cash equivalents was €0 million (2024: €0

million) of restricted cash. The fair value of cash and cash equivalents approximated the

carrying value.

Debt

As at 31 December 2025, the total of debt-related liabilities consisted of long-term debt of

€969 million (2024: €884 million) and short-term debt of €199 million (2024: €88 million).

PostNL Total borrowings - maturity schedule in € million


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

In 2025, the other loans of €68 million included the liability of future (legal) lease payments for

land, buildings and machinery of four Parcels' sorting centres and sorting machines with an

effective interest rate of 1.3% up until 3.9%.

The following table presents the cash and the non-cash changes in debt during 2025.

PostNL Reconciliation debt in € million


	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

The increase in debt in 2025 is due to the placement of €100 million of Schuldschein loans

2028/2030 and the issuance of a €300 million eurobond 2030 with an annual coupon of

4.000%, partly offset by a €195 million buyback of the €300 million eurobond 2026. Refer to

note 4.5 for more details on the current outstanding eurobonds.


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The following table presents the cash and the non-cash changes in debt during 2024.

PostNL Reconciliation debt in € million


	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

The decrease in debt in 2024 is due to the repayment of a eurobond of €353 million and the

issuance of a €300 million sustainability-linked eurobond with an annual coupon of 4.750% in

June 2024.

In 2024, a pre-financing balance during the building phase of a sorter of €4 million was

replaced by a finance lease from a bank.

4.2 Financial assets at fair value through OCI

The following table presents the changes in the carrying value of the financial assets at fair

value through OCI.

PostNL Financial assets at fair value through OCI in € million


	2024	2025
Balance at 1 January	16	20
Additions	1	3
Remeasurement recognised in OCI	3	6
Balance at 31 December	20	29

As at 31 December 2025, the investments in financial assets at fair value through OCI related

to investments in equity shares of non-listed companies. PostNL holds non-controlling interests

in Whistl Group Holdings Limited, Endeit Fund II Coöperatief U.A., Endeit Fund III Coöperatief

U.A., Clean Clothes B.V. and Machool Technologies Inc. The assessment of fair value is based

on key performance indicators included in related management and statutory reports and

derived from the expected development of business and financial performance and external

valuation insights, if available, like EBITDA multiples. In 2025, the fair value remeasurement of

€6 million mainly related to our stake in Whistl.

4.3 Capital management

The capital structure consists of the following components:

• Structural availability of €100 million to €200 million of undrawn committed facilities out of

our revolving credit facility (reference is made to note 4.4)

• Structural funding via a combination of public and bank debt, with a risk-weighted mix of

fixed and floating interest

• Cash pooling systems that ensure optimal cash requirements for the PostNL Group by

facilitating centralised funding and surplus cash concentration at group level

• Tax-optimal internal and external funding focused on optimising the cost of capital for

PostNL, within boundaries that are sustainable on a long-term basis.


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4.4 Financial risk management

PostNL’s activities expose the company to a variety of financial risks, such as interest rate risk,

foreign currency exchange risk, commodity risk, credit risk and liquidity risk. All these risks

arise in the normal course of business and PostNL therefore uses various techniques and

financial derivatives to mitigate them.

The following analyses provides quantitative information regarding PostNL’s exposure to the

financial risks described above. There are certain limitations and simplifications inherent in the

analyses presented, primarily due to the assumption that rates change in a parallel fashion and

instantaneously. At the same time, for example, the impact of changes in interest on foreign

exchange exposures and vice versa is ignored. In addition, the analyses are unable to reflect

the complex market reactions that would normally arise from the market shifts assumed.

PostNL uses derivative financial instruments solely for the purpose of hedging currency,

commodity and interest exposures. The company enters into contracts related to derivative

financial instruments for periods commensurate with its underlying exposures and does not

take positions independent of these exposures. None of these financial instruments are

leveraged or used for trading purposes or to take speculative positions.

Financial risk management is carried out by Group Treasury under policies approved by the

Board of Management. Group Treasury identifies, evaluates and hedges financial risks and

exposures in close cooperation with operating units. The Board of Management provides

written principles for overall risk management, as well as written policies covering the financial

risks. Periodic reporting on financial risks is embedded in the overall risk framework and is

provided to the Board of Management in a structural way.

Group Treasury matches and manages the intragroup and external financial exposures.

Although the company generally enters into hedging arrangements and other contracts to

reduce its exposures, these measures may be inadequate or may subject the company to

increased operating or financing costs.

Interest rate risk

PostNL actively manages its balance sheet and identifies interest rate risk associated with its

financial assets and borrowings. Virtually all borrowings except for the Schuldschein loans are

at fixed rates. In total PostNL has €94 million (2024: €0 million) of Schuldschein loans at floating

rates and €1,074 million (2024: €972 million) of fixed rate borrowings. For all fixed rate

borrowings, a movement in the rate will therefore only affect the cost base per the moment of

fixing the rate of the debt instrument. The term of the lease debt is in line with market practice

for the underlying assets. The Schuldschein loans were agreed with a three and five year

maturity. The eurobonds were agreed with a five and seven year maturity. PostNL enters into

hedging arrangements to mitigate the interest exposure, at the moment the execution of

material lease and other fixed rate debt instruments becomes more certain. As at 31

December 2025, PostNL’s gross interest-bearing borrowings, including lease obligations,

totalled €1,168 million (2024: €972 million). Financial assets are, on average, of a short-term

nature and are therefore more exposed to interest rate fluctuations.

At 31 December 2025, if interest rates on borrowings and financial assets had been 1% higher

with other variables held constant, the profit before income tax would have been €5 million

higher (2024: €5 million). The potential profit increase is mainly attributable to interest income

on the cash and cash equivalents. Equity would be positively affected by €4 million (2024: €3

million), mainly due to the interest income on cash and cash equivalents.

Foreign currency exchange risk

PostNL has international operations that generate foreign currency exchange risks arising from

future commercial transactions, recognised assets and liabilities, investments and divestments

in foreign currencies other than functional currencies of the respective business segments of

PostNL, irrespective of whether it is the euro (PostNL’s functional and reporting currency) or

another functional currency. For accounting purposes, the European Central Bank is used as

the source.

The main currencies of PostNL’s external hedges are the British pound, Chinese Renminbi,

Hong Kong dollar and US dollar.

The Board of Management has set a policy requiring group companies to manage their foreign

exchange risk against the functional currency. Group companies are required to hedge

material exposures via the use of foreign exchange derivatives with Group Treasury, whereby

a financing company operated by Group Treasury trades these foreign exchange derivatives

with external banks. The foreign exchange derivatives used are plain vanilla forward and spot

contracts. As at 31 December 2025, PostNL had no net investment hedges outstanding.

Significant acquisitions and local debt are usually funded in the currency of the underlying

assets.

As at 31 December 2025, if the euro had weakened 10% against the British pound, the Chinese

Renminbi, the Hong Kong dollar and the US dollar with all other variables held constant, the

profit before income taxes on the foreign exchange exposure on financial instruments would

have been €0 million lower/higher (2024: €0 million). In 2025, the net income sensitivity to

movements in euro/pound sterling, euro/HK dollar and euro/US dollar exchange rates is

negligible and did not change compared to 2024. Equity would have been positively impacted

by €2 million (2024: €1 million), all related to the move in the hedge reserve.


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Commodity risk

During 2023 it was agreed that a group company was exposed to potential price fluctuations

on LNG. The group company is required to hedge its commodity risk with Group Treasury.

Group Treasury trades these commodity derivatives with external banks. As at 31 December

2025, PostNL had no LNG hedges outstanding (2024: 6,100 MwH). The exposure on LNG related

to a limited number of trucks running on LNG.

Credit risk

Credit risk represents the potential losses that the company would incur if counterparties are

unable to fulfil the terms of underlying agreements. Credit risk arises from cash and cash

equivalents, derivatives and deposits with banks and financial institutions as well as credit

exposures relating to customers. The credit risk exposure is minimised by only transacting with

financial institutions, ensuring established credit guidelines are met and by managing its

customer portfolio. The top 10 trade accounts receivable accounted for 20% of outstanding

trade receivables as at 31 December 2025.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding

through an adequate amount of committed credit facilities and the ability to close out market

positions. Due to the dynamic nature of the underlying businesses, PostNL attempts to maintain

flexibility in funding by keeping a committed multi-currency revolving credit facility of €200

million available, which expires in 2028.

As at 31 December 2025, the company’s current assets and current liabilities amounted

€1,039 and €970 million respectively resulting in a net current asset position. Despite the

negative free cash flow performance in 2025 of €(25) million, current assets contained €515

million of cash and cash equivalents. This position does not contain any restricted cash. A €105

million eurobond repayment is due in September 2026. The company’s outstanding cash and

cash equivalents position, its ability to realise its assets and its future cash flow will be

sufficient to discharge its liabilities in the normal course of business. Should the need arise, the

company has (re)financing options available, backed by its committed credit facility of €200

million and an investment grade credit rating.

A downgrade in PostNL’s credit rating may negatively affect its ability to obtain funds from

financial institutions and banks and increase the interest rates at which the company is able to

refinance existing debt or incur new debt. The terms and conditions of PostNL’s material long-

term and short-term debts, as well as its material drawn, or undrawn credit facilities do not

include any financial covenants. There are no obligations to accelerate repayments of these

material debts and committed facilities in the event of a credit rating downgrade.

At 31 December 2025, the €200 million committed credit facility (maturity date: December

2028) was undrawn (2024: undrawn).

The following table analyses PostNL’s financial liabilities, categorising them into relevant

maturity groupings based on the remaining period on the balance sheet to the contractual

maturity date. The outgoing flows disclosed in the table are the contractual undiscounted cash

flows that contain the redemptions and interest payments.

PostNL Maturity liquidity risks in € million


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


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4.5 Financial instruments

In line with IFRS 9 and IFRS 13, the following categories of financial assets and financial

liabilities can be distinguished.

PostNL Financial instruments - assets in € million


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.

Fair value represents the price that would be received when selling an asset in an orderly

transaction between willing market participants. For the level 3 financial assets at fair value

through OCI, our valuations have been measured by using the market approach as per 31

December 2024 and 31 December 2025.


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PostNL Financial instruments - liabilities in € million


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 €45 million (2024: €43 million) and 'Other' for €4 million (2024: €4 million), refer to note 3.1.2.

All financial instruments are reported on a gross basis per instrument. Netting of financial

instruments per contractual counterparty will not have a material impact on the outstanding

balances.

Eurobonds

For the details on the outstanding eurobonds, see the table below.

PostNL Outstanding eurobonds in € million


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

The 4.750% eurobond of €300 million is a Sustainability-Linked Financing. Within the terms and

conditions of the €300 million sustainability-linked notes, a Step-Up Event is included, which

depends on achieving the underlying three Sustainability Performance Targets (SPT) conditions.

The initial rate of interest payable on the notes will increase 1.000 per cent per annum, a "Rate

Adjustment", in case of a Step-Up Event. The Rate Adjustment (if any) shall be effective and


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Appendices

accrue from and including 12 June 2030 and the amount of interest payable on the final

interest payment date shall be adjusted accordingly.

The SPT Conditions are:

• SPT Condition 1: means the scope 1 and scope 2 GHG emissions reduction percentage,

measured as a percentage change at the end of the financial year from the financial year

ended 31 December 2021, as reported by PostNL pursuant to the reporting requirements as

of the SPT observation date being greater than 90%;

• SPT Condition 2: means the scope 3 GHG emissions reduction percentage, measured as a

percentage change at the end of the financial year from the financial year ended 31

December 2021, as reported by PostNL pursuant to the reporting requirements as of the

SPT observation date being equal to or greater than 45%;

• SPT Condition 3: means the senior management positions percentage as reported by PostNL

pursuant to the reporting requirements as of the SPT observation date being equal to or

greater than 36%.

For progress on achieving these conditions, reference is made to the Sustainability statements.

Leases

For the details on the outstanding leases, see the table below.

PostNL Outstanding leases in € million


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

Derivatives - Foreign currency exchange contracts

For the details on the outstanding foreign exchange contracts, see the table below.

PostNL Outstanding foreign exchange contracts in € million


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

The fair value of these outstanding foreign exchange hedges is recorded as a current asset in

‘prepayments and accrued income’ or as a current liability in ‘other current liabilities’ and

includes credit valuation adjustments.

In 2025, the total ineffective portion on all derivatives recognised in the income statement that

arises from the use of fair value and cash flow hedges amounted to €0 million (2024: €0

million).

Derivatives - Interest rate swaps

In 2025, there are no interest rate swaps outstanding (2024: €0 million). An amount of €1

million relating to terminated interest rate swaps is outstanding in OCI. This amount will be

amortised to financial income and expense for the term of the 4.000% eurobond 2030, the

4.750% eurobond 2031 and lease contracts relating to 5 underlying Parcels sorting centres.


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4.6 Equity

Accounting policies

Ordinary shares are classified as equity. Incremental costs directly attributable to the

issuance of new shares or options are shown in equity as a deduction, net of tax, from the

proceeds.

Where any group company purchases PostNL’s equity share capital (treasury shares), the

consideration paid, including any directly attributable incremental costs (net of income

taxes), is deducted from equity until the shares are cancelled, reissued or disposed of.

Where such shares are subsequently sold or reissued, any consideration received, net of

any directly attributable incremental transaction costs and the related income tax effects,

are included in equity.

Authorised share capital

Since 4 August 2011, the company’s authorised share capital amounts to €120 million, divided

into 750,000,000 ordinary shares and 750,000,000 preference shares B, both of €0.08 nominal

value each.

Form of shares

The ordinary shares are in deposit or registered form. Deposit shares are represented by a

global note held by the Dutch clearing system Euroclear Netherlands and are transferable

through Euroclear Netherlands’ book entry system. Ordinary shares in registered form are

transferred by means of a deed of transfer and PostNL’s written acknowledgement of the

transfer. PostNL does not have share certificates for ordinary shares represented by the

global note. The preference shares B are in registered form.

Issued share capital

At 31 December 2025, the company's issued share capital amounted to €41 million (2024: €40

million). The number of authorised, issued and outstanding shares by class of share is as

presented in the following table.

Issuance/repurchase of shares to cover share plans

For all equity-settled share plans, PostNL intends to perform the settlement by issuing new

shares or assigning repurchased shares to 'Stichting Managementparticipatie

PostNL' (Foundation Management Participation PostNL). In 2025, the company issued 982,798

ordinary shares (2024: 1,217,113 shares) under its incentive schemes to 'Stichting

Managementparticipatie PostNL' (Foundation Management Participation PostNL).

In 2025, no shares were repurchased (2024: 0 shares). As at 31 December 2025, the company

held no shares to cover its obligations under the existing share plans or for cancellation (2024:

0 shares).

PostNL Shares number of shares


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

Incentive scheme and Foundation Management Participation

PostNL

For administration and compliance purposes, since May 2013 all shares belonging to PostNL

employees under PostNL incentive schemes are held by Stichting Managementparticipatie

PostNL (Foundation Management Participation PostNL). These shares are held on an omnibus

securities account with ABN AMRO Bank, the Netherlands. Foundation Management

Participation PostNL legally owns the shares, while the beneficial ownership of the shares is

vested in the employees, who are also entitled to dividend received by Foundation

Management Participation PostNL on their behalf. At 31 December 2025, the number of PostNL

shares involved amounted to 3,129,147 shares (2024: 2,923,670 shares) with a nominal value

of €0.08 per share.


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Foundation Continuity PostNL and preference shares B

Stichting Continuiteit PostNL (Foundation Continuity PostNL) was formed to safeguard the

interests of PostNL, the undertaking connected with PostNL and all parties involved. It does

this by, among other things, preventing any influences that could threaten PostNL’s continuity,

independence and identity, as far as possible. Foundation Continuity PostNL is an independent

legal entity and is not owned or controlled by PostNL or any other legal person.

PostNL’s articles of association provide for protective preference shares B that can be issued

to Foundation Continuity PostNL to serve these interests. The preference shares B have a

nominal value of €0.08 and have the same voting rights as PostNL’s ordinary shares.

PostNL and Foundation Continuity PostNL have entered into a call option agreement, which

enables Foundation Continuity PostNL to acquire a number of preference shares B not

exceeding the total issued amount of shares minus one and minus any shares already issued to

Foundation Continuity PostNL. The call option agreement is meant as a preventive

countermeasure against influences that might threaten the continuity, independence and

identity of the company. Preference shares B will be outstanding no longer than is strictly

necessary. At 31 December 2025, no preference shares B had been issued.

Additional paid-in capital

At 31 December 2025, additional paid-in capital of €166 million (2024: €166 million) is in

principle exempt for Dutch tax purposes to the extent that this has been paid in by

shareholders of the company.


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Appendices

Section 5: Other notes

5.1 Remuneration of Supervisory Board, Board of

Management and other share based payments

Accounting policies

Equity-settled share-based compensation plans

PostNL operates a number of equity-settled share-based compensation plans, under

which the employees receive (conditional) shares of the group for services rendered. The

fair value of the employee services received, as measured at the grant date in exchange

for the grant of the shares, is recognised as an expense, with a corresponding increase in

equity.

Non-market performance and service conditions are included in assumptions about the

number of (conditional) shares that are expected to vest. The total expense is recognised

over the vesting period, which is the period over which all the specified vesting conditions

are to be satisfied. In addition, for some share-based compensation plans, employees

provide services in advance of the grant date and therefore the grant date fair value is

estimated for the purposes of recognising the expense between service commencement

date and grant date. At the end of each reporting period, the group revises its estimates

of the number of shares that are expected to vest based on the non-market vesting

conditions. It recognises the impact of the revision to original estimates, if any, in the

income statement, with a corresponding adjustment to equity.

Remuneration of members of the Supervisory Board

Total remuneration of the Supervisory Board in 2025 amounted to €515,500 (2024: €512,500).

For details see the 'Remuneration report'.

The members of the Supervisory Board receive no compensation related to performance and/

or equity and accrue no pension rights with the company. The members of the Supervisory

Board receive no severance payments in the event of termination. PostNL does not grant

loans, including mortgage loans, advance payments, guarantees and options or shares to any

member of the Supervisory Board.

Remuneration of members of the Board of Management

In 2025, the total remuneration of the Board of Management amounted to €2,394,392 (2024:

€2,177,238). The following table presents total remuneration of the Board of Management:


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Appendices

PostNL Remuneration of the Board of Management in €


			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
Pim Berendsen - CEO ⁴		2024
Pim Berendsen - CFO ⁴		2025	166,218	49,094	11,717	61,783	26,142	314,954
Pim Berendsen - CFO ⁴		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
Linde Jansen - CFO ⁴		2024
Herna Verhagen - Former CEO ⁴		2025	218,707	51,028	13,418	81,293	62,008	426,454
Herna Verhagen - Former CEO ⁴		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 €687,657 (base salary €531,145, other benefits €123,926, pension costs €32,586). The total remuneration for Herna Verhagen in 2025 amounted to €1,114,111. 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 €3,082,050 in 2025.

Base salary

The base salaries for both members of the Board of Management were increased by 3.5% in

2025 compared to 2024 in line with the Remuneration Policy.

Accrued for short-term incentive

PostNL accounts for the short-term incentive on the basis of the performance of the year

reported. In 2025, an amount of €490,379 was accrued for. In accordance with the

Remuneration Policy, this amount will be paid in cash in 2026. In 2025, an amount of €283,075

was paid to the members of the Board of Management in relation to the short-term incentive of

2024.

Accrued for long-term incentive

In 2025, the total share-based payment costs relating to the long-term incentive performance

share plan for the members of the Board of Management amounted to €257,695 (2024:

€202,036).

Performance share plan (PSP)

The members of the Board of Management are awarded a long-term incentive, which

represents a maximum potential reward of 37.5% of the annual base salary in the form of a

performance share plan. The characteristics of this performance share plan are:

• It is a conditional equity-settled share plan based on a three-year performance period

• Each year shares are conditionally allocated to members of the Board of Management

• A conditional dividend equivalent is added to the conditional shares equal to the dividend

rights of ordinary shares

• The conditional shares and their conditional dividend equivalents will vest after a

performance period of three years

• Vesting is subject to the achievement of targets set on each of the long-term performance

measures supportive to the attainment of PostNL’s strategy

• If a member of the Board of Management leaves the company during the performance

period due to circumstances involving fraud or gross misbehaviour, any accrued rights on

the long-term incentive plan will terminate and become void

• If a member of the Board of Management leaves the company due to other reasons, a pro

rata performance and time-based vesting applies, unless decided otherwise by the

Supervisory board.


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In compliance with the Dutch Corporate Governance Code, following a three-year

performance period, the holding period for vested shares expires two years thereafter. For

compliance reasons, a sale of shares may not occur within six months following the date of

termination of the employment/service. Any sale of shares for the purpose of using the

proceeds to pay for the tax due at vesting of these shares is exempted.


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PostNL Performance share plan Board of Management number of shares


Name of Director - position		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	Net number of shares under a holding period at 31 Dec 2025	Number of shares subject to a performance condition at 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 (€0.917). 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.


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PostNL The main conditions of share award plans


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

The vesting date is generally equal to grand date plus three years. Subsequently, a holding

period of two years applies.

Note that the number of outstanding conditional shares does not represent the total number of

shares held by each member of the Board of Management, which includes vested shares under

PostNL's performance share plan and variable remuneration. Reference is made to chapter 11

Remuneration, section actual remuneration, table 'Shares held by Board of Management'.

In 2025 an amount of €257,695 (2024: €202,036) was expensed for the cost of the

performance shares of the Board of Management. The costs are determined by multiplying the

number of granted performance shares by the fair value of such shares on the date of the

grant (PSP 2025: €0.852 per share; PSP 2024: €1.256 per share; PSP 2023: €1.606 per share;

PSP 2022: €2.817 per share) and by taking into account expected vesting percentages.

Other periodic compensation

Other periodic compensation included company costs related to tax and social security,

pension allowances, company car and other compensation.

Pension costs

The pension costs consist of the pension contribution for the reported year (net of employee

contributions) and risk premium for the net pension plan. The members of the Board of

Management are participants in a collective defined contribution plan.

Loans, advance payments of guarantees

No loans, advance payments or guarantees were granted to members of the Board of

Management in 2025 (2024: nil).

Other share based payments

Short-term incentive

The short-term incentive for senior management represents a potential reward of a

percentage of the annual base salary (the percentage depending on the job level), which is

based on annual performance measures. Of the realised achievements, 50% is paid in cash and

50% is paid in PostNL shares in the following year. Shares will be granted unconditionally and

will be delivered without restrictions or a restricted period, other than those defined in the

PostNL Insider Trading Policy.

The 50% of the short-term incentive settled in shares is accounted for as an equity-settled

share-based payment. The accrued share-based payment costs relating to this short-term

incentive amounted to €1.8 million in 2025 (2024: €0.6 million). The realised amounts will be

granted and paid in PostNL shares in 2026.

Performance share plan

A select group of senior management is awarded a long-term incentive, which represents a

potential reward of 37.5% of the annual base salary in the form of a performance share plan

that contains three-year performance measures. The long-term incentive is part of the

remuneration package for this select group of senior management. It is aimed particularly at

aligning their interests with the long-term interests of the company and its shareholders.

The performance share plan contains the same characteristics as the performance share plan

of the Board of Management with the exception that there is no holding period applicable for

senior management.


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PostNL Performance share plan senior management number of shares


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	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 (€0.917).
2	Conditional dividend shares were granted following the final dividend 2024.

In 2025, an amount of €251,426 (2024: €208,088) was expensed for the cost of the

performance shares of senior management. The costs are determined by multiplying the

number of granted performance shares by the fair value of such shares on the date of the

grant (PSP 2025: €0.852 per share; PSP 2024: €1.256 per share; PSP 2023: €1.606 per share;

PSP 2022: €2.817 per share) and by taking into account expected vesting percentages.

Bonus matching share plan

Since 2011, senior management have had the opportunity to participate, on a voluntary basis,

in a bonus/matching plan. The company sees the bonus matching plan as part of the

remuneration package for the members of senior management, particularly aimed at aligning

their interests with the long-term interests of the company and shareholders. At the discretion

of the Supervisory Board, grants are made on an annual basis in accordance with the bonus

matching plan which has been approved by the Supervisory Board. The significant aspects of

the plan are:

• Bonus shares are purchased by the participant using 25% of the gross (cash) variable

remuneration and delivered upon the grant of the right on matching shares

• The number of bonus shares is calculated by dividing 25% of an individual’s gross annual

cash bonus relating to the preceding financial year by the share price on Euronext

Amsterdam on the date the grant is made

• The rights to matching shares are granted free of charge. The number of matching shares is

equal to the number of bonus shares (equity settled scheme)

• The matching rights vest three years after the delivery of the bonus shares

• For each bonus share that is sold within three years, the associated right to one matching

share lapses. If more than 50% of the bonus shares are sold within three years, the entire

right to matching shares lapses with immediate effect

• If a participant leaves the company for certain reasons (retirement, certain reorganisations,

disability or death), the right to matching shares will vest immediately and he/she can

exercise his/her right pro rata

• A participant loses the right to exercise his/her right on matching shares when he/she leaves

the company for reasons other than those mentioned

The exercise of the rights to matching shares is subject to the PostNL Insider Trading Policy.


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PostNL Bonus matching plan senior management number of shares


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

In 2025, an amount of €44,656 (2024: €70,890) was expensed for the cost of the equity-settled

bonus matching shares. The costs are determined by multiplying the number of granted

matching shares by the fair value of such shares on the date of the grant (2025: €0.852 per

share; 2024: €1.256 per share; 2023: €1.606 per share; 2022: €2.817 per share) and by taking

into account expected vesting percentages.

Financing of equity-settled plans

For all equity-settled plans, PostNL intends to perform the settlement by issuing new shares or

assigning repurchased shares. Accordingly, the company does not need to actively hedge the

risk in connection with its obligations. As a result, the company did not purchase any additional

shares in 2025 (2024: 0) to cover its obligations under the existing share plans. As at 31

December 2025, the total number of shares held for this purpose was nil (2024: 0).

5.2 Related party transactions and balances

The identified related parties of the group are its group companies, its joint ventures and

associates, shareholders with significant influence, its pension fund and the members of the

Board of Management and Supervisory Board. The PostNL group companies have trading

relationships with a number of controlled legal entities of shareholders with significant

influence, joint ventures as well as with companies in which PostNL holds minority stakes. In

some cases, there are contractual arrangements in place under which PostNL companies

source supplies from such undertakings, or such undertakings source supplies from PostNL.

Transactions are carried out at arm's length.

During 2025, PostNL’s sales to controlled legal entities of shareholders with significant

influence amounted to €4 million. Purchases from these entities amounted to €26 million. At 31

December 2025, the related trade accounts receivable position amounted to €1 million and

the related trade accounts payable position amounted to €4 million.

During 2025, there were no material transactions with joint ventures and associates (2024: not

material) and as at 31 December 2025, there were no material outstanding balances (2024: not

material). Related party transactions with PostNL’s pension fund are presented in note 2.3.2

Salaries, pensions and social security contributions to the Consolidated financial statements.

PostNL considers the members of the Board of Management and Supervisory Board as key

management personnel as defined by IAS 24. For disclosure on related party transactions with

the Board of Management and Supervisory Board, see note 5.1 to the Consolidated financial

statements.

5.3 Business combinations

In 2025, PostNL did not acquire new business by the acquisition of the shares of other entities.

5.4 Summary of all other accounting policies

Consolidation

The consolidated financial statements include the financial figures of PostNL N.V. and its

subsidiaries, associates and joint ventures and have been prepared using uniform accounting

policies for like transactions and other events in similar circumstances. All significant

intercompany transactions and balances have been eliminated on consolidation. A complete

list of subsidiaries, associates and joint ventures included in PostNL’s consolidated financial

statements is filed for public review at the Chamber of Commerce in The Hague. This list has

been prepared in accordance with the provisions of article 379 (1) and article 414 of book 2 of

the Dutch Civil Code.

Subsidiaries

A subsidiary is an entity controlled directly or indirectly by PostNL N.V. Control is defined as

the power to govern the financial and operating policies of the entity so as to obtain benefits

from its activities. The existence and effect of potential voting rights that are currently

exercisable or convertible are considered when assessing whether PostNL controls another


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entity. Subsidiaries are fully consolidated from the date on which control is transferred to

PostNL and are de-consolidated from the date on which control ceases. PostNL uses the

acquisition method of accounting to account for the acquisition of subsidiaries. The

consideration of an acquisition is measured at the fair value of the assets transferred, equity

instruments issued and liabilities incurred or assumed at the date of exchange. The

consideration transferred also includes the fair value arising from contingent consideration

arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a

business combination are measured initially at their fair values on the acquisition date

irrespective of the extent of any non-controlling interest. Acquisition-related costs are

expensed as incurred.

The excess of the consideration transferred over the fair value of PostNL’s share of the

identifiable net assets of the subsidiary is recorded as goodwill. If the cost of acquisition is less

than the fair value of PostNL’s share of the net assets of the subsidiary acquired, the difference

is recognised directly in the income statement. The group treats transactions with non-

controlling interests as transactions with equity owners of the group. For purchases from non-

controlling interests, the difference between any consideration paid and the relevant share

acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or

losses on disposals to non-controlling interests are also recorded in equity.

When the group ceases to have control or significant influence, any retained interest in the

entity is re-measured to its fair value, with the change in carrying amount recognised in profit

or loss. The fair value is the initial carrying amount for the purposes of subsequent accounting

for the retained interest as an associate, joint venture or financial asset. In addition, any

amounts previously recognised in other comprehensive income in respect of that entity are

accounted for as if the group had directly disposed of the related assets or liabilities. This may

mean that amounts previously recognised in other comprehensive income are recycled to

profit or loss. The non-controlling interest is initially measured at the proportion of the non-

controlling interest in the recognised net fair value of the assets, liabilities and contingent

liabilities. Losses applicable to the non-controlling interest in excess of the non-controlling

interest in the subsidiary’s equity are allocated against PostNL’s interests.

Functional currency and presentation currency

Items included in the financial statements of each of the group’s entities are measured using

the currency of the primary environment in which the entity operates ('the functional

currency'). These consolidated financial statements are presented in euros, which is PostNL’s

functional and presentation currency.

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange

rates prevailing at the date of the transactions. Monetary assets and liabilities in foreign

currencies are translated to the functional currency using year-end exchange rates. Foreign

currency exchange gains and losses resulting from the settlement of foreign currency

transactions and balances and from the translation at year-end exchange rates are recognised

in the income statement except for qualifying cash flow hedges and qualifying net investment

hedges that are directly recognised in other comprehensive income.

Foreign operations

The results and financial position of all group entities (none of which has the currency of a

hyperinflationary economy) that have a functional currency different from the presentation

currency are translated into the presentation currency as follows:

• Assets and liabilities are translated at the closing exchange rates

• Income and expenses are translated at average exchange rates

• The resulting exchange rate differences based on the different ways of translating between

the balance sheet and the income statement are recognised as a separate component of

equity (translation reserve).

Foreign currency exchange differences arising from the translation of the net investment in

foreign entities, and of borrowings and other currency instruments designated as hedges of

such investments, are taken to the translation reserve. When a foreign operation is sold, such

exchange differences are recycled in the income statement as part of the gain or loss on the

sale.

Impairment of goodwill

Goodwill is not subject to amortisation but is tested for impairment annually or whenever there

is an indication that the asset might be impaired. For the purposes of assessing impairment,

assets are grouped at the lowest levels at which there are separately identifiable cash flows,

being the cash-generating units (CGUs). If the recoverable value of the CGU is less than its

carrying amount, the impairment loss is allocated first to reduce the carrying amount of the

goodwill allocated to the CGU and then pro rata to other assets of the CGU. The recoverable

amount is the higher of the fair value less costs of disposal and value in use. In assessing the

value in use, the estimated future cash flows are discounted to their present value using a pre-

tax discount rate that reflects current market assessments of the time value of money and the

asset-specific risks. For the purpose of assessing impairment, corporate assets are allocated

to specific CGUs before impairment testing. The allocation of the corporate assets is based on

the contribution of those assets to the future cash flows of the CGU under review. Impairment

losses recognised for goodwill are not reversed in a subsequent period.


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Investments in joint ventures and associates

An associate is an entity over which PostNL has significant influence. Significant influence is

the power to participate in the financial and operating policy decisions of the investee but is

not control or joint control over those policies. A joint arrangement is an arrangement of

which two or more parties have joint control. There are two types of joint arrangements:

joint operations and joint ventures. PostNL only participates in entities that can be

considered as a joint venture.

PostNL’s share in the results of joint ventures and associates is included in the consolidated

income statement using the equity method. The carrying value of PostNL’s share in joint

ventures and associates includes goodwill on acquisition and includes changes to reflect

PostNL’s share in net earnings of the respective companies, reduced by dividends received.

When PostNL’s share of accumulated losses in a joint venture or associate exceeds its

interest in the company, the book value of the investment is reduced to zero and PostNL

does not recognise further losses unless PostNL is bound by guarantees or other

undertakings in relation to the joint venture or associate.

Impairment of investments in joint ventures and associates

PostNL assesses on each balance sheet date whether there is objective evidence that an

investment in a joint venture or associate may need to be impaired. If the recoverable value of

the investment is less than its carrying amount, the carrying amount is reduced to its

recoverable amount. The recoverable amount is the higher of the fair value less costs of

disposal and value in use. In assessing the value in use, the estimated future cash flows are

discounted to their present value using a pre-tax discount rate that reflects current market

assessments of the time value of money and the asset-specific risks. The fair value less costs

of disposal of a joint venture or associate is reviewed based on observable publicly available

market data. Possible impairment charges may be reversed if there is an indication that the

impairment no longer exists or has been reduced.

Impairment of finite-lived intangible assets and property, plant and

equipment

At each balance sheet date, PostNL reviews its finite-lived intangible assets and property, plant

and equipment for an indication of impairment. If any indication exists, the recoverable amount

of the assets is estimated. The recoverable amount is defined as the higher of an asset’s fair

value less costs of disposal and its value in use. If the recoverable amount of an asset is

estimated to be less than its carrying amount, the carrying amount of the asset is reduced to

its recoverable amount. Any impairment loss is recognised immediately in the income

statement. Impairment losses recognised in prior periods shall be reversed only if there has

been a change in the estimates used to determine the asset’s recoverable amount since the

last impairment loss was recognised. The recoverable amount shall not exceed the carrying

amount that would have been determined had no impairment loss been recognised in previous

periods. A reversal of an impairment loss is recognised immediately in the income statement.

Profit sharing

The company recognises a liability and an expense for profit-sharing by employees, based on a

calculation that takes into consideration quantitative and qualitative performance measures in

accordance with contractual arrangements.

Dividend distribution

Dividend distribution to PostNL’s shareholders is recognised as a liability in the financial

statements in the year in which the dividends are approved by the shareholders. If PostNL

offers its shareholders (the choice of) dividends in additional shares, the additionally issued

shares are recognised at their nominal amount.

5.5 Subsequent events

There are no subsequent events to report.


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Section 6: Corporate financial statements

PostNL N.V. Corporate statement of profit or loss in € million


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)

PostNL N.V. Corporate statement of financial position in € million


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


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6.1 Basis of preparation

General information

PostNL N.V. (hereafter referred to as ‘the company’) is a public limited liability company with its

registered seat and head office at Waldorpstraat 3, 2521 CA, The Hague, the Netherlands. The

Chamber of Commerce number is 27124700.

Accounting principles applied

The corporate financial statements have been prepared in accordance with Part 9 of Book 2 of

the Dutch Civil Code, where PostNL makes use of the option in Article 362 (8) to use the same

accounting principles on recognition and measurement as applied in the consolidated financial

statements.

PostNL’s investment in subsidiaries in the corporate financial statements are accounted for

according to the equity method with the principles for the recognition and measurement of

assets and liabilities and determination of results as set out in the notes to the consolidated

financial statements. The share in the result of investments in subsidiaries consists of the share

of the Company in the result of these investments in subsidiaries. Results on transactions

involving the transfer of assets and liabilities between the Company and its investments in

subsidiaries and mutually between investments in subsidiaries themselves, are eliminated to

the extent that they can be considered as not realised.

The Company makes use of the option to eliminate intragroup expected credit losses against

the book value of loans and receivables from the Company to investments in subsidiaries,

instead of elimination against the equity value of the investments in subsidiaries.

As under Dutch GAAP a legal reserve for investments in subsidiaries is applicable, PostNL

performed an assessment concluding no earnings restrictions are present that would

otherwise require a legal reserve for investments in subsidiaries.

6.2 Result for the year

6.2.1 Salaries, pensions and social security contributions

In 2025, salaries, pensions and social security contributions amounted to €4 million (2024: €2

million). PostNL N.V. does not have any employees other than the Board of Management (2

FTE). For more information on the salary costs of the Board of Management, reference is made

to note 5.1.

In June 2024, PostNL signed an agreement with Stichting Pensioenfonds PostNL for a payment

of €20 million to resolve a dispute between the pension fund and De Nederlandsche Bank. As

part of the agreement, the payment is expected to take place in HY 2026 and will then be

exactly offset by a lower regular pension contribution payable.

6.2.2 Net financial expense/(income)

PostNL has financing relationships with both external banks and with PostNL companies,

mainly with PostNL Finance B.V. As a result, PostNL records both external interest income and

expenses from financial institutions and from PostNL Finance B.V.

PostNL N.V. Net financial expense/(income) in € million


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

Interest expenses on long-term borrowings mainly relate to the outstanding eurobonds and

Schuldschein loans. Reference is made to note 4.1 to the Consolidated financial statements.


	PostNL Annual Report 2025			166

Sustainability statements

Other information

Appendices

6.3 Corporate statement of financial position

6.3.1 Investments in subsidiaries

The movement in the investments in subsidiaries is as follows:

PostNL N.V. Investments in subsidiaries in € million


	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

6.3.2 Deferred tax assets

The deferred tax assets of €40 million mainly relate to losses available for carry forward at 31

December 2025 for the fiscal unity in the Netherlands. Reference is made to note 3.6 to the

Consolidated financial statements.

6.3.3 Accounts receivable from group companies

As at 31 December 2025, accounts receivable from group companies amounted to €296

million (2024: €97 million) which mainly related to a receivable from PostNL Finance B.V. The

fair value of the accounts receivable from and payable to group companies approximated the

carrying value, due to the short-term nature. The allowance for expected credit losses has

been assessed to be non-material.


	PostNL Annual Report 2025			167

Sustainability statements

Other information

Appendices

6.3.4 Equity

The currency translation reserve, hedge reserve and the reserve related to the financial

assets at fair value through OCI are legal reserves. The total amount of these legal reserves is

€16 million (2024: €13 million).

PostNL N.V. Corporate statement of changes in equity in € million


	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

6.3.5 Long-term and short-term debt

As at 31 December 2025, the long-term debt related to outstanding eurobonds of €596 million

(2024: €596 million) and Schuldschein loans of €100 million. The short-term debt related to

outstanding eurobonds of €105 million, due for repayment in 2026. For the disclosure on the

debt, reference is made to notes 4.1 and 4.5 to the Consolidated financial statements.

In 2025, the non-cash changes in the total debt amounted to €1 million (2024: €1 million) and

related to the amortisation of costs included in the eurobonds.


	PostNL Annual Report 2025			168

Sustainability statements

Other information

Appendices

6.4 Other notes

Commitments and contingencies

Declaration of joint and several liability / Letter of Support

The company issued a declaration of joint and several liability for some of its group companies

in compliance with article 403, book 2 of the Dutch Civil Code, or a specific time-bound letter

of support. The following overview includes a list of all related group companies on the

publication date.

PostNL N.V. Declaration of joint and several liability / Letter of Support


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 België N.V.
MyParcel Belgium B.V.	PostNL Pakketten Benelux B.V.
PostNL Cargo België 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.

Fiscal unity in the Netherlands

The company forms a fiscal unity with a majority of its Dutch subsidiaries for corporate income

tax and VAT purposes. A company and its subsidiaries that are part of these fiscal unities are

jointly and severally liable for the tax payable by these fiscal unities.

Parental support

In addition to the declaration of joint and several liability in compliance with article 403, book 2

of the Dutch Civil Code, the company provided parental support relating to the following

items:

• Committed revolving credit facilities of €200 million

• Bank guarantee facilities of €77 million

• Ordinary business activities of the Group of €45 million

• ISDA agreements

• Payment guarantee for self-insurance of WGA (“Werkhervatting Gedeeltelijk

Arbeidsongeschikten”) benefit payments as of 1 January 2021.

Subsidiaries and associated companies at 31 December 2025

The list containing the information referred to in article 379 and article 414 of book 2 of the

Dutch Civil Code is included in appendix 4.

Appropriation of profit

Dividend proposal 2025

In accordance with our Dividend Policy, the condition for paying out dividend is a leverage

ratio (adjusted net debt/EBITDA) not exceeding 2.0. This condition was met per year-end 2025

(leverage ratio: 1.99). The Board of Management has decided, with the approval of the

Supervisory Board, subject to shareholders approval at the 2025 Annual General Meeting of

Shareholders, to declare a dividend of €0.04 per ordinary share over 2025. The dividend will

be paid, at shareholder's election, either in ordinary PostNL shares or in cash.

Appropriation of profit

The Board of Management, with the approval of the Supervisory Board, proposes to withdraw

the loss of €16 million from the reserves and to make an amount of €20 million out of the

distributable part of the shareholders' equity available for distribution of the proposed

dividend. Subject to the adoption of PostNL’s financial statements by the General Meeting of

Shareholders, and given no interim dividend has been paid, the proposed 2025 final dividend

has been set at €0.04 per ordinary share of €0.08 nominal value, based on the outstanding

number of 508,680,625 ordinary shares as per 31 December 2025. The final dividend of €0.04

will be paid, at shareholder’s election, either in ordinary PostNL shares or in cash. The dividend

in shares will be paid out of additional paid in capital as part of the distributable reserves, free

of withholding tax in the Netherlands.

Upon approval of this proposal, corporate profit will be appropriated as follows, whereby the

final dividend represents a cash dividend under the assumption of 100% cash election.


	PostNL Annual Report 2025			169

Sustainability statements

Other information

Appendices

PostNL N.V. Appropriation of profit in € million


	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

The Hague, the Netherlands, 23 February 2026

Board of Management

Pim Berendsen (CEO)

Linde Jansen (CFO)

Supervisory Board

Jan Nooitgedagt (Chairman)

Jeroen Hoencamp

Marike van Lier Lels

Nienke Meijer

Ad Melkert

Martin Plavec

Koos Timmermans

Hannie Vlug

PostNL N.V.

Waldorpstraat 3

2521 CA The Hague

The Netherlands

Sustainability

statements


Consolidated sustainability statements	171
General disclosures	172
Environmental disclosures	187
Social disclosures	215
Governance disclosures	241
ESRS content index	249
Datapoints deriving from other EU legislation	255


	PostNL Annual Report 2025			171

Sustainability statements

Other information

Appendices

Consolidated sustainability statements

PostNL Environmental performance as indicated


For the year ended 31 December	Notes	2024	2025
Climate change	2.2.2
CO 2 efficiency (scope 1 and 2 emissions in grammes CO2e per kilometre) ¹		128	108
Share of emission-free delivery of mail and parcels in the last- mile ¹		28%	33%
Scope 1 GHG emissions (tonnes CO 2 e) ²		23,925	19,986
Scope 2 GHG emissions location-based (tonnes CO 2 e)		18,857	17,126
Scope 2 GHG emissions market-based (tonnes CO 2 e)		80	94
Scope 3 GHG emissions (tonnes CO 2 e)		266,336	247,254
Total gross location-based per net revenue (tonnes CO 2e per million Euro) ²		95.05	85.55
Total gross market-based per net revenue (tonnes CO 2 e per million Euro)²		89.28	80.43
Total energy consumption (MWh)		236,262	218,791
Total energy per net revenue (MWh per million Euro)		73	66
Pollution	2.3.2
Total NO x emissions (kilogrammes)		21,530	18,638
Total PM 10 emissions (kilogrammes)		6,613	6,025
Total PM 2.5 emissions (kilogrammes)		3,802	3,450
Resource use and circular economy	2.4.2
Total weight of technical and biological products (tonnes)		3,715	6,668
Total amount of waste generated (tonnes)		6,402	8,113



¹ Key Performance indicator (entity-specific)
²Scope 1 figures restated, for further details refer to E1 Climate change mitigation and Energy consumption

PostNL Social and Governance performance as indicated


For the year ended 31 December	Notes	2024	2025
Own workforce	3.2.2
Total number of employees (headcount)		32,405	31,531
ISO 45001 certification (share of total headcount working in certified sites)		97%	96%
Number of fatalities as a result of work-related injuries and work- related ill health		0	0
Rate of recordable work-related accidents per million hours worked		16	28
Rate of road traffic accidents with third party death per million kilometres travelled		0.9	0.0
Absenteeism (share of total working days) ¹		8.5%	8.5%
Share of female employees in senior management		35%	35%
Turnover share		17%	11%
New hires (share of total headcount)		25%	24%
Total number of incidents of discrimination and complaints		364	339
Total amount paid of fines, penalties and compensation (Euros)		0	0
Share of engaged employees ¹		67%	69%
Consumers & end-users	3.4.2
Net Promotor Score ¹		Average No. 1 position in relevant markets	Average No. 1 position in relevant markets
Parcel volume growth ¹		7.2%	1.2%
Delivery quality Parcels in NL ¹		97%	97%
Delivery quality Mail in NL (preliminary) ¹		86%	86%
For the year ended 31 December	Notes	2024	2025
Business conduct	4.2.2
Average time (days) to pay an invoice		29	29
Number of legal proceedings currently outstanding for late payments		0	0
Number of convictions for violation of anti-corruption and anti- bribery laws		0	0
Amount of fines for violation of anti-corruption and anti-bribery laws (Euros)		0	0

General

disclosures



	In this chapter we introduce our integrated business model, strategy and value chain. At the heart of our value chain are our customers, consumers and end- users. We describe our value chain, the interests and views of our stakeholders, and the double materiality assessment (DMA), all of which are intrinsically connected. Furthermore, we outline our sustainability governance framework and the basis for preparing our sustainability statement.


	PostNL Annual Report 2025			173

1.1 Our integrated business model, strategy and value chain

Our business model is designed around helping customers

grow, creating more value by supporting them at every step

of the logistics chain. By optimising every stage of this chain,

we ensure that each interaction contributes directly to a

better customer experience and greater overall value. This

model also shapes how we identify, prioritise and manage the

impacts, risks and opportunities (IROs) arising from our

activities, relationships and dependencies across the value

chain. For a detailed explanation of these steps, see pages

12-13 in the Our operating context chapter.

In September 2025, we introduced Breakthrough 2028, our

strategic plan that sets PostNL’s course towards 2028 and

beyond, building on our strong heritage while accelerating our

transformation as a leading e-commerce and logistics

company. Anchored in our purpose, Connected to deliver

what drives us all forward, our integrated strategy clarifies

how we create long-term value in a dynamic and increasingly

digital environment: in E-commerce, by shifting from volume

to value through a differentiated approach and smart use of

our network; in Platforms, by capturing selective international

growth through asset-light models; and in Mail, by

transforming towards a future-proof postal service.

Guided by our North Star and our values, and focused on the

four pillars of Growth, Value, Innovation and Impact, we

strengthen our competitive position, drive operational

excellence and innovation, and deliver positive social and

environmental outcomes for our people, customers,

shareholders and society. This integrated approach underpins

our business model and value chain and ensures that PostNL

remains relevant, responsible and the favourite deliverer for

everyone we serve. Detailed information on how we aim to

realise our purpose and ambition through our strategy, as

well as an explanation of our business model, can be found in

the Our strategy chapter.

The context in which we operate, including our position and

role within the value chain, market developments, and

engagement with stakeholders such as shareholders,

customers, employees, delivery partners and suppliers, is

illustrated in Our value chain infographic on the next page.

The infographic provides an overview of the logistics process,

shows how we connect with business customers, consumers,

and end-users, and highlights the Corporate Sustainability

Reporting Directive (CSRD) topical standards most relevant to

our operations and stakeholders.

It also maps our material environmental, social and

governance topics and shows where IROs arise across the

value chain. This underscores the central role of our double

materiality assessment (DMA) in linking our strategy and

business model to our impacts on society and the

environment, as well as the financial risks and opportunities

that affect PostNL. More information on the logistic process in

the value chain is provided in the Our operating context

chapter on page 12. Details on policies, actions, targets and

metrics related to the material topics are included in the

Environmental, Social or Governance (ESG) disclosures.

Our value chain assessment covers both direct and indirect

relationships. Direct relationships include suppliers,

employees and partners, while indirect relationships reflect

broader influences on our operations. Upstream activities

relate to fuels, packaging, energy and services, while

downstream activities relate to the delivery of products and

services and their impact on customers, consumers, end-

users and the environment. Across upstream, own operations

and downstream activities, we assess IROs over the short,

medium and long term, supporting strategic decision-making

and risk management.

Interaction of material topics with our

business model and strategy

At European Sustainability Reporting Standards (ESRS) level,

our material topics capture the key environmental, social and

governance IROs linked to our business model and strategy.

Environmental topics primarily relate to climate change

mitigation, energy use, pollution, and resource use and

circular economy. Social topics focus on working conditions,

health and safety, equal treatment and inclusion, and impacts

on our own workers, consumers and end-users. Governance

topics address corporate culture, ethical conduct,

whistleblower protection, supplier relationships and the

prevention of corruption and bribery, supporting trust,

compliance and long-term value creation. For each material

topic, we identify relevant IROs, indicate where they occur in

the value chain and assess their time horizons. These are

managed through our policies, actions, targets, metrics,

strategy and governance structures, ensuring consistency and

connectivity between the sustainability statements and the

broader management report. The entity-specific Key

Performance Indicators (KPIs) reflect how we delivered on our

strategy across our social and environmental priorities during

the year.

The ESG disclosures include overview tables summarising

relevant IROs, their link to our business model, location in our

value chain and their time horizons. These tables support the

cohesion of our sustainability information and act as an entry

point for understanding how sustainability considerations are

embedded in our strategy and operations. The subsequent

sections of the ESG disclosures provide a more detailed

explanation of how these IROs are embedded within and

connected to our strategy, for example, through our policies,

actions, targets and metrics.


	PostNL Annual Report 2025			174

PostNL_AR2025-CSRD+Infographic_Tangelo_08.svg


Topical Standards
Environmental
Climate change
	Climate change mitigation
	Energy

Pollution
	Pollution of air

Resource use and circular economy
	Resources inflows, including resource use
	Resource outflows

Social
Own workforce
	Working conditions
	Equal treatment and opportunities for all

Workers in the value chain
	Working conditions
	Equal treatment and opportunities for all

Consumers and end-users
	Information-related impacts for consumers and/or end-users
	Social inclusion of consumers and/or end-users

Governance
Business conduct
	Corporate culture
	Protection of whistleblowers
	Management of relationships with suppliers including payment practice
	Corruption and bribery

Type
	Impact, Risk, Opportunity
	(International) mail
	(International) parcels

SDG-impact


	PostNL Annual Report 2025			175

1.2 Interests and views of stakeholders

As a listed company with a long and proud history in the

Netherlands, we have an intricate stakeholder landscape. We

engage with our internal and external stakeholders in

different ways, on different levels and on different topics to

better understand their interests and the way our activities

affect their decision-making process. This helps us

understand which topics are most material and are of

greatest significance to our stakeholders as well as allocate

resources effectively on relevant topics while focusing on

adding short-, medium-, and long-term value. In addition to

our day-to-day contact with stakeholders, PostNL also

engages through regular and topic-specific stakeholder

dialogue to understand our stakeholders' insights, priorities

and expectations. These discussions provide valuable input

and help us decide what topics we need to focus on and how

to make a positive difference. At PostNL, our key affected

stakeholders are our customers, consumers and end-users,

our people, and our business partners and workers in the

value chain. We prioritise their needs and interests, and

hence provide additional information on these stakeholder

clusters and our stakeholder engagement. For more

information on our diverse stakeholder groups and

engagement, we refer to the stakeholder engagement table.

Customers, consumers and end-users

We interact with millions of consumers and end-users through

our physical and digital services. Their feedback — collected

via Net Promoter Score (NPS), app usage, and service

channels — directly informs our customer strategy. We use

operational data to link consumer experience with delivery

performance, driving improvements in accessibility, privacy,

and service quality. Clear communication channels and

complaints mechanisms are in place to ensure accessibility

and responsiveness. More detail on engagement and

remediation of customers, consumers and end-users is

included in the Our governance section of the social

disclosures.

Our people

Our own workforce includes employees directly employed by

PostNL and non-employees such as self-employed workers

and temporary staff engaged through external contracts. We

engage this group through employee surveys, works councils,

and ESG dialogues. Works councils play a formal role in

decision-making, and feedback from our Employee

Engagement Monitor informs HR strategy. Material risks such

as health and safety and working time are inherent to the

operational model, while opportunities in inclusion and skills

development support long-term competitiveness. PostNL

actively addresses systemic risks such as long working hours,

safety incidents, and workplace misconduct through targeted

policies, training, and monitoring. Remediation processes are

in place for affected individuals. More detail on engagement

and remediation of our own workforce is included in the Our

governance section of the social disclosures.

Business partners and workers in the value chain

This group includes delivery partners, suppliers, and

contractors who provide services under agreements with

PostNL. We engage them through supplier sounding boards,

contract dialogues, and third-party risk management

processes. These interactions help us identify human rights

risks, improve collaboration, and strengthen ethical practices

across our supply chain. Marginalised groups are considered

in our impact assessments, and grievance mechanisms are

available to raise concerns. Engagement programmes cover

the full supply chain and include local stakeholder

assessments, capacity-building efforts, and tracking of

grievances. More detail on engagement and remediation of

workers in the value chain is included in the Our governance

section of the social disclosures.

Stakeholder involvement in the DMA

process

PostNL’s stakeholder engagement strategy is comprehensive

and multifaceted, addressing the unique needs and concerns

of each stakeholder group. Through regular and transparent

communication, proactive engagement, and a strong focus on

sustainability, PostNL builds strong, trust-based relationships

with stakeholders. This strategic approach not only ensures

organisational success but also contributes to our broader

societal and environmental goals, reinforcing our position as a

leader in the logistics and postal industry.

Our approach to stakeholder engagement is further

supported by our adherence to the CSRD. As part of the

double materiality assessment in 2024, we conducted

consultation sessions with a diverse group of internal and

external stakeholders to validate our identified impacts, risks,

and opportunities. Using stakeholder clusters and groups, we

ensured the inclusion of our most relevant and important

stakeholders, gathering valuable input on PostNL’s broader

sustainability performance. In 2025, we assessed with internal

stakeholders the sustainability trends and developments

relevant for the reassessment of material topics. The results

were used to assess potential updates to our ESG focus

areas.

Governance plays a critical role in this process. The Board of

Management and the Supervisory Board is regularly updated

on key sustainability and stakeholder engagement initiatives,

keeping them informed on the latest developments and

reinforce the alignment of our strategy with stakeholder

expectations. More information on the CSRD governance

structure can be found in the CSRD governance structure

section, and the Board of Management and Supervisory

Board’s involvement in the DMA process can be found in the

following Double materiality assessment section below.


	PostNL Annual Report 2025			176

PostNL Stakeholder engagement


Stakeholder clusters	Stakeholder groups	Most relevant topics	Our engagement	Type of stakeholder
Customers, consumers and end-users	a. Customers b. Business customers c. Consumers d. Internal customers (intercompany)	• Quality of services • Use of retail locations • Network capacity (a, b, c) • Accessible, reliable and affordable postal services • Convenient sending and receiving options • Sustainable delivery options	• Daily contact about services through Customer Care Channels • Bi-annual Customer Satisfaction Survey • Regular Net Promotor Scores (NPS) surveys after interactions with PostNL • Annual stakeholder dialogue • Feedback tools on digital platforms • Accessibility research such as user testing	Affected stakeholder & user of sustainability information
Our people	a. Employees b. Trade unions c. Works councils d. Non-employees e. Staffing agencies	• Safe and healthy work environment • Favourable working conditions • Development opportunities • Sustainable employability • Performance management	• Daily interaction between employees and managers • Bi-annual employee surveys and a Quarterly Work Experience Scan • Annual talent management and performance cycle • Connected Leadership programme and leadership training • Town hall meetings (local and central), PostNL ‘praat je bij, PostNL Plein • Internal communications (newsletters, intranet updates and the “Dichtbij” magazine) • Surveys via staffing agencies, including migrant worker feedback	Affected stakeholder & user of sustainability information
Business partners and workers in the value chain	a. Operational contract parties (e.g. delivery partners & service providers) b. Suppliers c. Retailers d. International postal companies e. Pension fund PostNL f. Branch organisations	• Collaboration and tariffs (a, b, c, d, e) • Labour market and working conditions (a) • Procurement practices (b) • Business ethics • Sector initiatives (f)	• Annual Stakeholder Dialogue • Collaboration barometer four times a year • Structured conversations sourcing specialists, depot or process managers and delivery partners annually (NL & BE) • Conversations with sourcing partners (invitations through SMS/ e-mail) • Sounding board Group (three times a year) & post meeting evaluations • Delivery Partner Journey • Stakeholder events (e.g. Green Postal Day, IPC Drivers Challenge)	Affected stakeholder & user of sustainability information
Investors and financial markets	a. Investors b. Other providers of capital c. Rating and benchmark agencies d. Governance institutions	• Financial performance and position (a, b, c, d) • Return on capital investments • Short- and long-term value creation • Board remuneration • ESG (a, b, d, e)	• Meetings and conference calls with analysts and shareholders (following the Investor Relations Policy, which is publicly available on our website) • Quarterly results and presentations • Alignment with governance institutions representing shareholder groups before the Annual General Meeting	Affected stakeholder & user of sustainability information
Government bodies	a. Policy makers (international, national and local) b. Regulators c. Politics	• Regulatory environment • Compliance with laws and regulations (b) • Market developments (a,c)	• Round Tables and meetings with local governments • Meetings and formal communication with regulators • Annual Stakeholder Dialogue • Cooperation with Consumentenbond around General Terms and Conditions for the Universal Postal Service (Algemene Voorwaarden voor de Universele Postdienst)	User of sustainability information
Media	a. Traditional media b. Social media	• Business events • Opinions about PostNL	• Periodic and ad hoc press releases • Interviews • Ad hoc engagement on social media	User of sustainability information
Opinion leaders and society	a. NGOs b. Local communities and their representatives c. Academic and research institutions	• Environmental issues • Social and societal issues • Specific topics (e.g. Business conduct) • Market trends (c)	• Ad hoc communication about events • Collaboration on research projects • Annual discussion at shareholders meeting with NGO representatives • Annual stakeholder dialogue • Collaboration with elderly associations (ANBO, Unie KBO, PCOB)	Affected stakeholder & user of sustainability information
Other market players	a. Traditional market players b. New market players	• Access to networks • Policy influence • Market developments and events	• Periodic branch and sector events • Planned and ad hoc engagement on access to networks	User of sustainability information


	PostNL Annual Report 2025			177

1.3 Double materiality assessment

At PostNL, we engage with internal and external stakeholders

on a wide range of sustainability matters across the

environmental, social, and governance (ESG) domains. To

identify the most relevant topics, we apply a dual approach:

assessing the impact of PostNL on society and its

stakeholders (inside-out), and the risks and opportunities that

sustainability developments present for PostNL (outside-in).

This approach is known as the double materiality assessment

(DMA).

Double materiality assessment

In 2025, we reassessed the relevance of the material topics

identified in previous years, evaluated whether any new

topics should be added and considered whether the

previously identified material topics remain material. While

our ambition is to update the DMA ahead of each financial

year, the introduction and phased implementation of the

CSRD in 2024 required an initial reassessment to take place in

2025. As a result, the update was scheduled for and

completed in the second quarter of the year.

DMA 2024: starting point

For the 2025 DMA update, we used our finalised 2024 DMA,

including value chain identification and mapping, as the

starting point. In 2024, PostNL conducted its DMA in line with

the ESRS requirements. The process began with identifying

relevant ESG topics, drawing on a broad range of inputs,

including previous assessments, stakeholder dialogues,

desktop research, and internal documentation. A

comprehensive mapping of PostNL’s business activities and

value chain helped determine where sustainability matters

are caused, contributed to, or linked to the company’s

operations. The DMA covered both impact materiality (inside-

out) and financial materiality (outside-in), applying ESRS-

defined parameters and thresholds aligned with PostNL’s

Enterprise Risk Management (ERM) framework.

Following the identification and assessment of sustainability

matters, the outcomes were validated through internal

consultations and external stakeholder sessions, including

business partners, investors, NGOs, and employee

representatives. Final approval was provided by the Board of

Management and the Supervisory Board, ensuring strategic

alignment and governance oversight. The outcome was a list

of 21 material topics for 2024, each mapped to the value

chain and ESRS topical standards. Non-material topics

continue to be monitored and addressed through broader

environmental strategies. The DMA is considered an ongoing

process, with continuous improvement and integration into

strategic planning and governance. For more information, we

refer to the Double materiality assessment disclosure in the

2024 Annual Report.

DMA 2025: update

Our 2025 DMA update focused on confirming the continued

relevance of the 2024 material topics and to assessing

whether any new topics should be added or existing ones

removed. The process follows a structured approach:

• Benchmarking and trend analysis – we compared our

material topics with those of peers and reviewed in

collaboration with internal stakeholders key external

developments to assess whether changes in stakeholder

expectations or sustainability risks required adjustments

• Assessment of changes during year - we evaluated

whether any triggers, such as significant changes in our

industry context, business activities, value chain, operating

environment, or significant internal or external events,

required reassessment. No such triggers were identified,

and our value chain and business model remained stable.

This assessment took into account PostNL’s new 2025

strategy, as described in the Our Strategy chapter in the

Business Report

• Validation and governance – the outcomes were reviewed

by the CSRD Steering Committee, formally approved by the

Board of Management, and discussed with the Audit

Committee.

As of 2025, cybersecurity is no longer included as a material

IRO within S4 Consumers & End-users, sub-sub topic Access

to Products and Services. Following our assessment,

cybersecurity was found to relate primarily to the availability

of products and services rather than the accessibility. It is

therefore classified as an operational risk, managed within

PostNL’s Enterprise Risk Management framework and

addressed in the Risk Management Statement (VOR) and the

Corporate Governance section of this report. While not

material under the CSRD criteria, cybersecurity remains a key

operational priority for PostNL.

The assessment concluded that no new material topics were

required. As such, the 2024 material topics remain relevant

and are addressed in full in the sustainability statements.

DMA 2026: outlook

In the 2026 we continue to build on the previous DMA cycles

while implementing a more standardised assessment process,

developed in close alignment with PostNL’s ERM framework.

Further integration of the DMA and ERM processes will

streamline future assessments and ensure a consistent

approach to identifying and evaluating (potentially) material

ESG topics. The 2026 DMA will be supported by dedicated

assessments, including a Climate Risk & Resilience

Assessment and a Human Rights Salience Assessment. These

provide deeper insights into specific ESG topics and

complement the overall DMA process. Existing material

topics and IROs will be reassessed, while potential new topics

will be evaluated for inclusion. We are embedding this

standardised DMA cycle into our broader governance and

reporting structure, ensuring that materiality assessments

become an integral and recurring part of our strategy and risk

management processes.


	PostNL Annual Report 2025			178


Our material topics

		ESRS	Sub topic		Sub-sub topic

	Environmental	E1: Climate change		Climate change mitigation
		E1: Climate change		Energy
		E2: Pollution		Pollution of air
		E5: Resource use and circular economy		Resource inflows, including resource use
		E5: Resource use and circular economy		Resource outflows

	Social	S1: Own workforce		Working conditions	Working time
				Working conditions	Health and safety (including road traffic safety)
				Equal treatment and opportunities for all	Diversity and inclusion
					Measures against violence and harassment in the workplace
					Training and skills development
					Employment and inclusion of persons with disabilities
		S2: Workers in the value chain		Working conditions	Working time
				Working conditions	Health and safety
				Equal treatment and opportunities for all	Measures against violence and harassment in the workplace
		S4: Consumers and end-users		Information related impacts for consumers and/or end- users	Privacy
		S4: Consumers and end-users		Social inclusion of consumers and/or end-users	Access to products and services

	Governance	G1: Business conduct		Corporate culture
				Protection of whistleblowers
				Management of relationships with suppliers including payment practices
				Corruption and bribery	Incidents
				Corruption and bribery	Prevention and detection including training


	PostNL Annual Report 2025			179

1.4 CSRD governance

CSRD programme structure

In 2025, we started the transition from a programme

structure to implement the CSRD to integration of the CSRD

into the business. Members from Group Reporting, Group

ESG Strategy, and the Business work collaboratively on this

with support from Risk Management and Internal Control

(RMIC). We continued the temporary governance structure for

as long as required to ensure the successful and timely

implementation of CSRD, including the establishment of a

temporary CSRD Steering Committee, chaired by the CFO,

who is the ESG business owner within the Board of

Management (BoM). The CSRD Steering Committee oversees

the CSRD programme, supports decision-making, facilitates

discussions on, among other matters, materiality, impacts,

risks and opportunities, policies, actions, metrics and target

setting, and drives the accelerated integration of CSRD

requirements into the business, for example by clarifying

roles and responsibilities.

The Executive Committee (EC) receives quarterly updates on

progress, while the BoM acts as the decision-making body for

topics such as ESG KPIs and strategy, which are reported

directly to the Supervisory Board (SB) committees. The SB has

established an ESG Committee with a focus on oversight of

ESG matters in a broad sense, while the Audit Committee

oversees risk management, internal control, reporting and

auditing of financial and non-financial information.

The general governance processes, controls, and procedures

we have in place to monitor, manage and oversee

sustainability topics are described in the Governance section.

More information on the BoM and the SB of PostNL, including

their composition and diversity, roles and responsibilities,

expertise and skills, and the information provided on, and

sustainability matters addressed, are described on pages

61-66 in the Report of the Supervisory Board chapter and on

pages 69-72 in the Corporate governance chapter.

Integration of sustainability-related

performance in incentive schemes

More information on the integration of sustainability-related

performance, specifically our GHG emissions, incentive

schemes and the application of our Remuneration Policy

during this reporting year can be found on page 89 in the

Remuneration report chapter.

Statement on due diligence

PostNL is committed to responsible business conduct and due

diligence, in line with our commitment to the UN Global

Compact, which is embedded into the governance, strategy,

and business model by ensuring that administrative,

management, and supervisory bodies receive relevant

information on sustainability matters. Sustainability

performance is linked to incentive schemes, and material

impacts, risks, and opportunities are thoroughly assessed in

connection to the strategy and business model. More

information can be found on pages 89 and 93 in the

Remuneration report chapter and the Double materiality

assessment section earlier in the sustainability statements.

Due diligence is an ongoing process that responds to and may

trigger changes in our strategy, business model, activities,

business relationships, operating, sourcing and selling

contexts. Our process of due diligence involves an ongoing

analysis of the actual and potential impacts of our business

activities on people or the environment through consultations

with impacted stakeholders, feedback mechanisms and desk

research on publicly available information. The outcome of

our due diligence process is incorporated in our double

materiality assessment. The sustainability statements may not

include every impact, risk and opportunity or additional

entity-specific disclosure that each individual stakeholder

may consider important.

However, by involving affected stakeholders at every key

step of the due diligence process, we ensure that these

perspectives inform our decisions and actions. Information on

how we capture stakeholders' interests and views can be

found in the Interests and views of stakeholders section. As

part of responsible business conduct and due diligence, we

identify and assess adverse impacts on people and the

environment. How we pinpoint these adverse impacts can be

found in the Double materiality assessment section.

Addressing negative impacts on people and the environment

remains a priority, reflecting our commitment to responsible

business conduct. The actions taken to mitigate these

impacts, as well as the effectiveness of our responsible

business and due diligence efforts, are closely monitored,

tracked and communicated in the Our actions and

performance subsections in the Environmental, Social and

Governance disclosures throughout the sustainability

statements.

Risk management and internal controls over

sustainability reporting

Our integrated DMA, ERM, internal control (IC) and strategic

planning processes run on an annual basis, ensuring that ESG

considerations are embedded in decision-making and inform

our strategy, KPIs and risk appetite. These processes support

the assessment of enterprise-wide impacts and potential

financial implications, while also enabling the development of

action plans and controls for adverse impacts and risks that

exceed the organisation’s appetite thresholds, thereby

supporting business continuity and resilience. The resulting

action plans and controls are embedded in the annual

strategic planning process, ensuring appropriate management

attention, timely budget allocation and effective board

oversight. Further information related on our risk

management and internal control systems is provided on

page 45-46 in the Risk management chapter.


	PostNL Annual Report 2025			180

Sustainability-Linked Financing Update

As part of our corporate governance framework, we integrate

sustainability considerations into our financing strategy and

decision-making processes. Sustainability-linked financing

supports the alignment of financial incentives with the

company’s strategic objectives, sustainability ambitions and

governance oversight.

In June 2024, PostNL issued €300 million of sustainability-

linked notes, set to mature on 12 June 2031, under PostNL’s

Sustainability-Linked Financing Framework (SLFF). The funds

raised will be utilised for general corporate purposes. The

notes have an annual coupon of 4.75%. Further details about

the notes and the SLFF are available here.

Within the terms and conditions of the €300 million

sustainability-linked notes, a Step-Up Event is included, which

depends on achieving the three Sustainability Performance

Targets (SPT) Conditions. The initial rate of interest payable

on the notes will increase 1.000 per cent per annum in case of

a Step-Up Event, resulting in a "Rate Adjustment". The Rate

Adjustment (if any) shall be effective and accrue from and

including 12 June 2030 and the amount of interest payable on

the final interest payment date shall be adjusted accordingly.

PostNL will report on the status of the three SPT Conditions

on a yearly basis, with observation date 31 December 2030.

The SPT Conditions are:

• SPT Condition 1 – means the scope 1 and scope 2 GHG

emissions reduction percentage, measured as a

percentage change at the end of the financial year from the

financial year ended 31 December 2021, as reported by

PostNL pursuant to the reporting requirements as of the

SPT observation date being greater than 90%

• SPT Condition 2 – means the scope 3 GHG emissions

reduction percentage, measured as a percentage change at

the end of the financial year from the financial year ended

31 December 2021, as reported by PostNL pursuant to the

reporting requirements as of the SPT observation date

being equal to or greater than 45%

• SPT Condition 3 – means the senior management positions

percentage as reported by PostNL pursuant to the

reporting requirements as of the SPT observation date

being equal to or greater than 36%.

In 2025, scope 1 and market-based scope 2 emissions were

20 kilotonnes CO₂e. This represents a change of (51)%,

compared to base year (2021: 41). In 2025, scope 3 emissions

were 247 kilotonnes CO₂e. This represents a change of (27)%,

compared to the base year (2021: 339). More information on

our performance on scope 1, 2 and 3 can be found in the

Environmental disclosures, section Climate change, Our

performance.

In 2025, 35% of senior management was women (2024: 35%).

More information on our performance relating to the

representation of women in senior management positions can

be found in the Social disclosures, section Own workforce,

Our workforce and performance.


	PostNL Annual Report 2025			181

Sustainability statements

Other information

Appendices

General disclosures

1.5 Basis for preparation

General basis for preparation of the

sustainability statements

The consolidated sustainability statements include the

sustainability statements of PostNL N.V. and its consolidated

subsidiaries (hereafter referred to as ‘PostNL’, ‘Group’ or ‘the

company’) for the reporting year ended 31 December 2025.

The scope of the consolidated sustainability statements is the

same as for the consolidated financial statements, see the list

of group entities in the appendix for further information. No

subsidiary undertakings are exempt from consolidated

sustainability reporting pursuant to Article 19a or 29a of

Directive 2013/34/EU.

On certain areas, the sustainability statements scope differs

from the financial statements reporting scope:

• Acquisitions, divestments and mergers

New entities acquired during the reporting year will be

included in the first reporting year in which the entity was

part of PostNL for the entire year. When we divest entities

during the year, or when we classify entities as

discontinued in our financial reporting, we exclude the

sustainability information from the performance data in the

report and will disclose the material, available and relevant

sustainability performance information in this chapter of

the report. In the case of mergers, we evaluate appropriate

scoping on a case-by-case basis. In 2025, this did not lead

to any differences between the financial statements and

sustainability statements reporting scope

• Performance by parties in our value chain

Our sustainability statements include the sustainability

information of our value-chain and the subsequent

performance of relevant parties, if applicable and

available. However, for certain information, we limit our

reporting to our own operations. We will explicitly disclose

if value chain information is included in the scope of our

information. In this case, the sustainability information

covers our value chain information in alignment with the

material impacts, risks, and opportunities identified by our

double materiality assessment (DMA), for which we refer to

the Double materiality assessment section.

Reporting criteria

The consolidated sustainability statements of PostNL:

• Have been prepared in accordance with the European

Sustainability Reporting Standards (ESRS) as set out in

Annex 1 to the Commission Delegated Regulation (EU)

2023/2772 of 31 July 2023 supplementing Directive

2013/34/EU of the European Parliament and of the Council

• Have been prepared guided by international guidelines,

such as the Greenhouse Gas (GHG) Protocol, the principles

of the United Nations Global Compact (UNGC), Organization

for Economic Co-operation and Development (OECD), and

the UN Sustainable Development Goals (UNSDG)

• Have been prepared based on supplemental reporting

criteria specific to PostNL, including specific reporting

methodologies, assumptions, and definitions, for entity-

specific reporting elements which are not covered by the

above.

Our sustainability statements follow the ESRS framework,

providing a comprehensive overview of our approach— from

the DMA to the disclosure of key reporting requirements. This

includes reporting over our policies, actions, targets and

metrics to manage our material sustainability impacts, risks,

and opportunities.

Developments during 2025

Changes in legislation

Following the first year of the Corporate Sustainability

Reporting Directive (CSRD) implementation in 2024, the

regulatory landscape continued to evolve throughout 2025.

PostNL monitors the Omnibus Package presented by the

European Commission, which aims to streamline and simply,

by means of the ‘stop-the-clock’ proposal and ‘draft

simplified ESRS’. PostNL applies the Quick Fix Delegated Act

by not introducing new disclosure requirements, extending

the initial phase-in requirements, and strategic alignment of

reporting towards the draft simplified ESRS.

At the time of publishing our 2025 Annual Report, the CSRD

had not yet been formally transposed into Dutch law.

Nonetheless, we have chosen to voluntarily report in

alignment with the ESRS for the reporting year ended 31

December 2025.

PostNL has chosen to apply, from this reporting year

onwards, the requirements set out in the Delegated Act

amending the Taxonomy Disclosures, as well as the Climate

and Environmental Delegated Acts (Commission Delegated

Regulation (EU) 2026/73 of 4 July 2025).

Ambition

We strive to be a leader in the transparent reporting of

sustainability information. As an organisation that learns

continuously, we aim for ongoing improvement and

development to drive long-term sustainable value creation.

The sustainability statements have been prepared in the

context of evolving sustainability reporting standards, which

require entity-specific and, in some cases, temporary

interpretations. During the initial years of CSRD

implementation, we will incorporate internal and external

lessons learned as we move progress. We will also take into

account the latest insights and reporting requirements,

evolving guidelines and practical implications, ensuring that

our approach remains robust, reliable, compliant and

forward-looking.


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Sustainability statements

Other information

Appendices

General disclosures

ESRS content index

The ESRS content index provides an overview of the

disclosure requirements applied in preparation of the

sustainability statements, based on the outcome of the

materiality assessment. It indicates where the relevant

disclosures are located within the sustainability statements

or, where applicable, provides an explanation when a

disclosure requirement does not apply to us. Further details

can be found in the ESRS content index.

International guidelines

Aligning with Taskforce on Climate related Financial

Disclosures

PostNL recognises that climate change events can have an

impact on our company and business. For many years, PostNL

has included the reduction of GHG emissions in its strategy,

and since 2018 we have externally disclosed the alignment of

our climate action approach to the Taskforce on Climate-

related Financial Disclosures (TCFD). PostNL’s climate-related

disclosures are fully integrated into this Annual Report in

accordance with the CSRD and the ESRS, in particular ESRS

E1 Climate Change. The ESRS framework is structurally

aligned with the core recommendations of the TCFD, covering

governance, strategy, risk management, and metrics and

targets. Accordingly, PostNL considers its climate-related

reporting to be consistent and compliant with the TCFD

recommendations. As part of our transition to CSRD

reporting, climate disclosures are no longer published in a

separate TCFD report, but are fully embedded within this

Annual Report.

Greenhouse Gas Protocol

PostNL uses the reporting criteria as defined by the

Greenhouse Gas Protocol to report its greenhouse gas (GHG)

emissions. The production of direct and indirect CO2

emissions represents the main GHG of PostNL. We also take

other GHG emissions into account and report our climate

change impact in CO2 equivalents (CO2e).

Commitment to UN Global Compact

As a participant in the UN Global Compact since 2012, PostNL

remains committed to embedding the ten UN Global Compact

principles into our strategy, culture and day-to-day

operations. These are related to human rights, labour,

environment and anti-corruption, and form the foundation of

responsible business conduct worldwide. Aligned with the UN

Guiding Principles on business and human rights, we integrate

Sustainable Development Goal (SDG)-aligned practices across

our operations and value chain, ensuring that respect for

human rights and ethical business standards are embedded

into our policies and practices. Each year, we communicate

our progress through the UN Global Compact Communication

on Progress, which demonstrates how we are advancing the

ten principles while contributing to the SDGs. The UN Global

Compact reference table in the appendix provides an

overview of the ten principles, and references where

progress on these principles is described in this report.

OECD guidelines

In relation to our activities, we endorse the guidelines for

multinational enterprises on responsible business conduct

published by the Organisation for Economic Co-operation and

Development (OECD). These non-binding guidelines provide

recommendations in a global context consistent with

internationally recognised standards and laws, and are the

basis on which our human rights due diligence is based.

Contributing to the Sustainable Development Goals

The United Nations SDGs are a global call to action to

promote peace, prosperity and a sustainable future for

people and the planet by 2030. Although the goals are agreed

at government level, they also call on businesses to play an

active role. The SDGs are closely interlinked and highly

relevant to PostNL, as we impact all 17 goals directly through

our operations and indirectly across our value chain. At

PostNL, we actively contribute to the SDGs by embedding

sustainability and social responsibility into our core business

activities, supporting both national and global progress

towards these shared objectives. Through our participation in

the UN Global Compact, we ensure that our actions are

aligned with the global sustainability agenda, reinforcing our

role as a responsible and trusted logistics partner

contributing to a more sustainable society.

In 2025, we reassessed the SDGs where PostNL can create

the greatest positive impact and reduce potential harm. By

linking our SDG priorities to our DMA, we align our policies

and reporting with both regulatory requirements and

stakeholder expectations. The three SDGs where we can

make the most tangible difference are:

• SDG 8 – decent work and economic growth: safe working

conditions, equal opportunities, personal development and

respect for human rights

• SDG 12 – responsible consumption and production:

sustainable working and reporting transparency

• SDG 13 – climate action: CO2 reduction and embedding,

climate measures in policy and strategy.

SDG 8: Decent work and economic growth

As part of PostNL’s sustainability strategy, we aim to foster

decent work and economic growth. With more than 50,000

people working with and for PostNL, we are present in every

street and community we serve. The scale of our organisation

gives us significant impact, and with it responsibility. We take

that responsibility seriously by ensuring that everyone who

works for and with us feels safe, respected and valued.

Health and safety are always a priority, whether in sorting

centres, on the road or in offices. We also focus on

sustainable employability: reducing workload, supporting

mental wellbeing and enabling people to grow in their jobs.

An inclusive culture is at the heart of how we work. We

provide opportunities for people with a distance to the

labour market, promote diversity and equal pay, and create

entry-level jobs and development programmes for young

people. Together with social enterprises and partners, we

make sure everyone has a fair chance to participate. Across

our value chain we set clear expectations and carry out risk


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Sustainability statements

Other information

Appendices

General disclosures

assessments to ensure labour and human rights are

respected, preventing exploitation and building trust.

These efforts contribute to UN SDG 8 sub-targets, which aim

to achieve full and productive employment and decent work

for all women and men, including young people and persons

with disabilities, ensuring equal pay for work of equal value

(8.5). The UN SDG also seek to significantly reduce the

proportion of youth not engaged in employment, education,

or training (8.6), eradicate forced labour, modern slavery,

human trafficking, and all forms of child labour, including the

worst forms such as child soldier recruitment (8.7), and

protect labour rights by promoting safe and secure working

environments for all workers, including migrant workers and

those in precarious employment (8.8).

SDG 12: Responsible production and consumption

As a responsible company, we strive to earn and maintain

the trust of customers, colleagues, and society. Sustainability

is embedded in our governance and procurement processes,

where we set high standards for ourselves and our suppliers

and support them in improving ESG performance. Our Code

of Conduct, together with supplier screening and

engagement, ensures that sustainability and integrity are

integrated across our value chain, working with partners who

share our approach to responsible business.

Active engagement with stakeholders, including employees,

suppliers and customers, helps us to understand their

expectations and incorporate their feedback into our

strategy. We regularly review our policies and practices to

ensure alignment with these needs and the latest standards.

We provide a safe space to raise concerns through our

whistleblowing procedure, and act on incidents to safeguard

integrity and fair competition. Transparency is a cornerstone

of our approach: we openly report on our performance and

progress so that stakeholders can hold us accountable, and

we participate in sector benchmarks and ratings to ensure

accountability and continuous improvement. In this way, we

do not just follow regulations, we aim to set the standard for

responsible and transparent business conduct.

These efforts reflect UN SDG 12 sub-target 12.6, which

encourages companies, especially large and transnational

organisations, to adopt sustainable practices and integrate

sustainability information into their reporting cycle.

SDG 13: Climate action

PostNL aims to be among the leading sustainable logistics

providers, with a net-zero target by 2040 validated by the

Science Based Targets initiative (SBTi). We work to reduce

CO₂ emissions across our operations by electrifying our

delivery network, optimising routes, using alternative fuels

and investing in energy-efficient, and BREEAM-certified

buildings. Through the electrification of our network, we also

contribute to reducing nitrogen and fine particle emissions,

supporting cleaner air and healthier living environments in the

communities we serve. We further reduce emissions and

congestion by improving network efficiency. This includes

smarter route planning and the continued expansion of our

out-of-home delivery network, such as parcel lockers and

pickup points, which help to limit traffic movements and make

deliveries more efficient. We also generate renewable energy,

for example through solar panels on our sorting centres.

Circularity is an important lever in our climate approach,

focusing on efficient material use, waste reduction, and

increased reuse and recycling to minimise resource needs

and emissions. PostNL is implementing circular business

models to extend the lifecycle of assets like packaging,

vehicles and infrastructure, integrating these principles into

operations and customer services. In this way, circularity

supports our climate ambitions while contributing to long-

term value creation.

Climate action is embedded in our policies, risk management

and strategic decision-making. We assess climate-related

risks to our logistics infrastructure and take measures to

strengthen resilience and business continuity. Together with

suppliers, partners and sector peers, we collaborate to

accelerate the transition, share best practices and contribute

to collective progress towards a low-carbon, more circular

logistics sector.

These efforts reflect UN SDG 13 sub-target 13.2, which calls

for integrating climate change measures into policies,

strategies, and planning.

Material methodologies, assumptions and

definitions

The basis for preparation, including the material

methodologies and assumptions applied in the preparation of

this consolidated sustainability statements, are included at

the relevant disclosures to the consolidated sustainability

statements. This includes specific reporting definitions as

presented in the Glossary and definitions appendix.

The following principles guide the presentation and validation

of reported data throughout the sustainability statements:

• Consistent approach – methodologies, assumptions, and

definitions have been applied consistently across the years

presented and throughout the financial year under review,

unless stated otherwise

• External validation – if a metric has been validated by an

additional external body other than the assurance provider,

the name of that body is disclosed; otherwise, no such

validation exists

• Significant expenditures – the implementation of an action

plan required no significant operational expenditures (opex)

and/or capital expenditures (capex), unless stated

otherwise.

Note that the numbers presented in the sustainability

statements and disclosures thereto may not sum precisely to

the totals provided, and percentages may not precisely

reflect the absolute figures due to rounding.

Comparative information for the previous reporting year is

disclosed where it can be obtained, calculated and presented


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Sustainability statements

Other information

Appendices

General disclosures

with reasonable effort. Changes compared to the prior year

are disclosed for all KPIs and relevant metrics. Absolute

deltas are used for percentage-based metrics and relative

deltas for absolute figures.

Our activities can be mapped under the Nomenclature of

Economic Activities (NACE) codes, the European statistical

classification of economic activities, category H, specifically

H53 - Postal and courier activities. As a result, PostNL is

marked as operating in a high climate impact sector.

Reporting process to safeguard reporting

quality

Long-term value creation requires companies to steer both on

the financial and sustainability aspects of business. Certain

sustainability aspects contribute directly or indirectly to

financial performance, and often have a greater impact over

the medium to long term. At PostNL, we believe that an

integrated approach towards performance management is

key to ensuring the company creates stakeholder value in the

long run.

Integrated reporting as guidance

The Integrated Reporting framework of the International

Integrated Reporting Council (IIRC) provides guidance on how

companies should communicate about value creation. PostNL

used the guiding principles and main content elements of the

framework as input for this Annual Report. PostNL aims to

further develop its corporate reporting communication on

long-term value creation. For more information on our value

creation model, refer to appendix Our value creation model.

Quality principles

In line with the qualitative characteristics of information,

PostNL applied high-quality standards when preparing the

sustainability statements in this Annual Report. This means

that the company aims to provide information that is:

• Accurate: precise and with sufficient level of detail

• Balanced: reflects relevant, and both positive and negative,

aspects of performance

• Clear: understandable and accessible for stakeholders

• Comparable: consistent and allows for comparability over

time

• Complete: sufficient to assess impacts during the reporting

period

• Sustainable context: linked to positive impacts on society

and sustainable development goals

• Timely: allow stakeholders to make informed decisions

• Verifiable: auditable.

Processes, systems and controls

PostNL employs structured and formalised processes to

record, validate, and consolidate sustainability data for both

key performance indicators (KPIs) and ESRS data points.

ESG-related entity-specific KPIs are integrated into the

regular planning and control cycle, including budgeting, target

setting, and periodic performance monitoring. We collect and

report sustainability performance data on selected entity-

specific KPIs monthly, while other indicators are reported

biannually or annually, depending on their nature.

Each reporting entity is responsible for managing its

sustainability data and actively monitoring its performance.

While most data is recorded in central PostNL systems,

additional systems are used for certain entities and

indicators. Certain indicators, such as employee engagement,

are collected and processed centrally. To ensure a seamless

consolidation process, we use an integrated IT system that

captures both financial and sustainability data and an ESG

management & reporting tool that captures the qualitative

sustainability data.

To ensure consistent and reliable reporting, PostNL has

established company-wide definitions for each KPI and ESRS

data point. Additionally, we have implemented formal quality

controls within our reporting system. Both data owners (first

line) and the control department (second line) conduct

decentralised and centralised analyses to assess accuracy,

completeness, and explain unexpected trends. These controls

form part of an integrated internal control framework,

covering both financial and sustainability reporting.

However, the internal control framework for sustainability

data is still maturing and not yet as advanced as that for

financial reporting. This is due to inherent limitations, such as

the evolving regulatory landscape, diverse data sources,

manual processes and limited automated controls. Over the

coming years, we will take further steps to strengthen this

framework.

Disclosures in relation to specific

circumstances

To provide an understanding of the effect of specific

circumstances on the preparation of the sustainability

statements, we disclose upon these if applicable.

Time horizons

We define the time horizons for reporting purposes in line

with ESRS 1, respectively:

• Short term – one year or less, 2026

• Medium term – two to five years, 2027 - 2031

• Long term – over five years, 2032 and later.

Value chain estimation

Our environmental, social and governance metrics

predominantly cover our own operations. For certain

information, we extend our reporting to the performance of

relevant parties in our value chain.

Environmental metrics related to scope 3 GHG emissions

include value chain data which includes estimates. Our value

chain consists of suppliers delivering goods and services as

well as delivery partners for our outsourced transport

activities. This includes the CO2e emissions and kilometres of

our transport logistics partners, both in the Benelux and

beyond, including truck, air and boat transport. We include all

emissions for transport directly arranged by PostNL. This

excludes first- and last-mile transport where PostNL is not

involved in organising the logistics. As it is difficult to obtain


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Sustainability statements

Other information

Appendices

General disclosures

primary data from value chain partners to estimate the scope

3 GHG emissions, we primarily use secondary data based on

spend for goods and services and planned kilometres of

delivery partners multiplied by an average fuel use to

estimate CO2e emissions. For more information, refer to our

Our performance metrics reported in Climate change

mitigation in the Environmental disclosures.

Social metrics related to fatalities, road traffic accidents with

third-party death and incidents of discrimination and

complaints include actual value chain data. In addition to

PostNL its own workforce, we report over fatalities of our

work contracted-out and workers in the value chain working

on PostNL sites, and the road traffic accidents with death of

third-party road users. Furthermore, we report on the full

scope of incidents and complaints reported in our global

platform. This means that we report the total number of

incidents from both our own workforce and workers in the

value chain. For more information, refer to our workforce

and performance metrics reported in Own workforce in the

Social disclosures.

Sources of estimation, outcome certainty

and judgements

The preparation of PostNL's consolidated sustainability

statements in accordance with ESRS requires management to

make estimates and assumptions that affect the reported

metrics. It also requires management to exercise its

judgement in the process of applying PostNL’s methodology

and assumptions. PostNL strives to report the sustainability

information as accurately and completely as possible. Due to

inherent limitations in relation to the uncertainty of

measurement equipment and/or availability of actual data,

we use estimates, assumptions and judgements in our

reporting. Estimates, assumptions and judgements are based

on historical experience and other factors, including

expectations of future events that are believed to be

reasonable under the circumstances. The resulting

management assessment will, by definition, rarely equal the

related actual results. On a continuous basis, we evaluate our

expectations with the actual results, and include the learnings

going forward. Where applicable, planned actions to improve

the accuracy and outcome uncertainty of sustainability

information in future annual reports are disclosed in the

relevant material topic.

The areas involving a higher degree of judgement or

complexity, or areas where assumptions and estimates are

significant to the consolidated sustainability statements, are

disclosed below. For more information on significant

estimates per individual data point, we refer to the respective

sections in the sustainability statements.

PostNL used the following significant estimates:

• CO2 efficiency & share of emission-free delivery of mail

and parcels in the last-mile (section 2.2.2.1) – kilometres

transported by foot and bike are calculated based on route

planning. Fuel usage is used to estimate kilometres

travelled by trucks, when no odometer is available

• Carbon footprint gross scope 3 (section 2.2.2.1) – carbon

emissions from fuel consumption and kilometres of delivery

partners, international transport, and supplier goods and

services and capital goods are estimated using external

emissions databases

• Pollution of air (section 2.3.2.1) – NOx and PM10/PM2.5

emissions of our own fleet are based on kilometres

travelled and an external emissions database. For NOx and

PM10/PM2.5 emissions, we apply the maximum allowed

values under Euro 5 and Euro 6 standards and include

additional particulate matter from brake, tyre, and road

wear using PDEF factors, ensuring a conservative estimate

• Resource inflows (section 2.4.2.1) – scope of resource

inflows is limited to selected products and supplier

responses applicable to our locations included in the pilot

over the period July 2024 until June 2025

• Recordable accidents (section 3.2.2.2) – alignment of the

PostNL definition of a recordable work-related accident

with the CSRD definition. As a result, we are able to report

the actual recordable accidents in 2025, instead of on a

statistical sample base in prior year

• Payment practices (section 4.2.2.1) – full scope of our

suppliers, includes both large and small medium

enterprises (SMEs), which provide a reliable proxy for the

payment practices of the SMEs.

Emissions conversion factors

Emissions reporting is subject to inherent limitations that

affect the accuracy of information. The main reason is the

unavailability of data from contracted parties by PostNL

about their factual transport kilometres, energy consumption

and CO2e emissions. Actual emissions monitoring is not

common and therefore conversion factors published by

external institutes are used.

PostNL uses several sources for the emissions conversion

factors, which have a scientific basis involving judgment but

are considered reliable and among the most common

sources:

• CO2emissiefactoren.nl – the tank-to-wheel carbon

conversion factors from activity data to CO2e emissions

published by the independent Dutch initiative tied to the

government ‘CO2emissiefactoren.nl’. This initiative

manages a uniform list of factors commonly used and

scientifically based for the Dutch context. For 2025

reporting, we applied the 2024 carbon conversion factors,

which are updated annually

• Department for Environment, Food & Rural Affairs (DEFRA)

– this UK institute provides CO2e conversion factors used to

calculate CO2e emissions based on tonne-kilometres

needed for our international truck routes

• International Energy Agency (IEA) – the carbon conversion

factors of electricity use outside the Netherlands are not

provided by CO2emissiefactoren.nl, so PostNL uses the

factors published by the International Energy Agency (IEA),

an autonomous body in the framework of the OECD

• Parcel Delivery Environmental Footprint (PDEF - prEN

17873) – emission factors for particle matter (PM10, PM2.5)

for brake, tyre and road surface wear.


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General disclosures

The most recent Global Warming Potential (GWP) values

published by the IPCC based on a 100-year time horizon are

used to calculate the above conversion factors.

Extrapolation of lacking or missing data

We strive to report sustainability performance data based on

actuals as much as possible. We may use extrapolation of

results of large entities to determine the performance of

smaller entities. This reduces the administrative tasks for

smaller entities. We only use this method in cases where the

extrapolations are reasonably predictable. We rely on key

operational indicators that serve as proxies for sustainability

metrics. Fuel consumption is used as an indicator for CO₂e

emissions and energy use in transport. Occupied square

metres provide an estimate of energy consumption and

heating or cooling requirements in facilities. Total

spend correlates with procurement-related emissions and

material usage. FTE act as a measure of workforce-related

impact, such as generated waste, hours worked, recordable

accidents and absenteeism, while headcount serves as an

additional indicator for social aspects and employee

commuting. These metrics help ensure consistency and

comparability across entities within PostNL, when actual data

is not available. More information can be found in the

appendix Data extrapolation sustainability statements.

Significant judgements

PostNL applies significant judgements for metrics by applying

statistical sampling. Delivery quality is a KPI measured on a

sample basis. PostNL aims to report performance data that

provides a representative view of the population from which

the sample is taken. To achieve this representativeness,

PostNL ensures the sample sizes are statistically sufficient

and include all different sub-populations to justify our

assumption that the result of the measurement represents

the view of the entire population for the indicators mentioned.

Forward-looking information

Some statements in this Annual Report are 'forward-looking

statements', including prospective information such as

ambitions, plans, objectives, targets and expectations. By

their nature, 'forward-looking statements' involve risk and

uncertainty because they relate to and depend on

circumstances that occur in the future. These statements

involve known and unknown risks, uncertainties and other

factors that are beyond PostNL’s control and impossible to

predict and may cause actual results to differ materially from

any future results expressed or implied. They are based on

current expectations, estimates, forecasts, analyses and

projections about the industries in which PostNL operates and

management’s beliefs and assumptions about future events.

Undue reliance cannot be placed on these 'forward-looking

statements' by readers of this Annual Report, and these

statements only speak as of the date of this Annual Report

and are neither predictions nor guarantees of future events

or circumstances. PostNL does not undertake any obligation

to release publicly any revisions to these statements to

reflect events or circumstances after the date of this Annual

Report or to reflect the occurrence of unanticipated events,

except as may be required under applicable securities laws.

Changes in preparation or presentation of

the sustainability information

The sustainability statements are prepared in accordance

with the ESRS. Ongoing developments in business activities,

reporting requirements and methodological insights may

affect the measurement, calculation and presentation of

sustainability information. PostNL aims to continuously

improve data quality, reliability and underlying

methodologies.

In 2025, for the second consecutive year, PostNL further

aligned its sustainability metrics with the ESRS requirements.

As part of this alignment, methodological refinements and

classification changes were implemented, including

adjustments to greenhouse gas accounting, the treatment of

biogenic emissions and the classification of energy

consumption. Where these changes affect comparability,

prior-year information has been restated where necessary

and practicable. Material methodological changes and their

quantitative impacts are explained in the relevant

environmental disclosures, in particular E1 Climate change

mitigation and Energy consumption. All sustainability

disclosures are prepared exclusively in accordance with the

ESRS and are not derived from other legislation or from

generally accepted sustainability reporting frameworks

outside the ESRS.

The sustainability statements are prepared against a

backdrop of evolving sustainability reporting standards,

which, particularly in the early years of CSRD implementation,

require entity-specific interpretations. PostNL will continue to

integrate internal and external lessons learned as

sustainability reporting practices further mature.

Incorporation by reference

To ensure compliance with ESRS disclosure requirements

while maintaining a structured and coherent report, we apply

incorporation by reference where appropriate. This approach

allows us to avoid duplication and present relevant

information in the most meaningful context within our Annual

Report. Whenever a disclosure requirement, including a

specific data point, is incorporated by reference, we explicitly

indicate this within the sustainability statements through a

section reference. In addition, we refer in the sustainability

statements to other relevant sections of the Annual Report by

referencing chapter and page and refer back from those

sections to the sustainability statements through disclosure

and paragraph references if deemed relevant. This provide a

comprehensive and interconnected view of our integrated

reporting, ensuring that related information can be read in its

proper context.

External assurance

In addition to the internal controls and internal audit, we

engaged KPMG as our independent external auditor to

provide limited assurance on the information in the

sustainability statements.

Environmental

disclosures



	In this chapter, we provide disclosures on our material impacts, risks and opportunities related to our Environmental material topics. Addressing climate change, minimising air pollution, and responsible resource management are key components of our long-term success. We explain how our climate-related scenario analysis and transition plan informs our strategy. Then, we elaborate on our governance and relevant policies. Lastly, we disclose the actions taken, targets set and progress made.


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Environmental disclosures

2.1 General disclosures

2.1.1 Our impacts, risks and opportunities

In the table below, we disclose our material impacts, risks, and opportunities per topic, including their time horizon and where in the value chain they occur.


Description		IRO	Value chain	Time horizon
Climate change
	Climate change mitigation
	Potential contribution to global warming due to direct and indirect GHG emissions from (packaging) waste arising from both parcels and mail (potential).
	Contribution to global warming due to direct and indirect GHG emissions (actual).
	Increased costs due to carbon taxes (2+ years) and revenue loss resulting from outperformance by competitors or customer exclusion.
	Risk of volume loss due to import restrictions for non-EU customers in relation to CO2 and circularity targets.
	PostNL can demonstrate its commitment to addressing biodiversity loss by leveraging its resources including buildings and parcel lockers, to support local ecosystems, inspiring both businesses and consumers to take similar action; moreover, access to land and opportunities is increasingly reserved for companies actively engaged in biodiversity conservation efforts.

	Energy
	Reduce energy demand from the grid through on-site renewable energy production and improved network efficiency. PostNL contributes to a more sustainable energy mix in the Netherlands (actual).
	Costs associated with the transition to renewable energy and the broader impact of rising energy prices.
Pollution
	Pollution of air
	Particulate matter and nitrogen oxides negatively impact air quality within the wider community and environment (actual).
	Potential financial risks arise if compliance and air quality targets are not met. Stricter upcoming air quality standards may require substantial investments to maintain fleet operations, with the added risk of limited vehicle availability.
Resource use and circular economy
	Resource inflows, including resource use
	Resource use in daily operations (actual).

	Resource outflows
	PostNL offers a packaging range that includes cardboard boxes, envelopes, and shipping bags in various sizes and materials (actual).
	Destruction of returned/refused goods from international customers, offered as a service by Cross Border Solutions (CBS).
	To address resource scarcity, the EU aims for 50% circularity by 2030. Both consumers (demand) and producers (supply) must adopt circular principles. PostNL has an opportunity to lead and gain market share by meeting the demands of a circular economy.

Positive impact

Negative impact

Risk

Opportunity

Upstream

Own operations

Downstream

Short term

Medium term

Long term


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2.1.2 Our strategy

Sustainability remains core to our updated strategy,

supporting our ambition to create impact that matters for

people, the environment and society. We continue to

integrate climate change, liveability and circularity into our

transition plan, with each initiative designed to deliver

environmental and societal value. Aligned with our strategic

pillars of Growth, Value, Innovation and Impact, we embed

sustainability into key business decisions, ensuring that

environmental responsibility and operational performance go

hand in hand. Anchored in science-based targets and our

pathway towards net-zero, we track progress through

transparent, data-driven KPIs and invest in scalable, low-

carbon technologies that support our ambition to be the

favourite deliverer, connecting people, businesses and

society in a sustainable way.

Climate risk analysis

Scenario analysis framework

Our resilience analysis incorporates climate-related scenario

analysis to evaluate both risks and opportunities across our

business. By combining localised geospatial data with macro-

level climate and policy trends, we are able to assess physical

risks such as extreme weather, flooding and heat stress, while

also factoring in national adaptation measures, regulatory

developments and shifts in the energy market. This approach

not only highlights potential vulnerabilities in critical

infrastructure, but also opportunities such as fleet

electrification and renewable fuels, ensuring our strategy

remains aligned with both global and national climate

pathways.

Use of climate scenarios

Our climate scenario analysis is based on the 2023 climate

scenarios developed by the Royal Netherlands

Meteorological Institute (KNMI), which are aligned with

international scientific standards and the goals of the Paris

agreement. In 2025, we updated our climate risk assessment

and applied these latest KNMI scenarios and geospatial data

to ensure that our analysis reflects the most recent scientific

insights. These scenarios provide a range of potential futures:

• A low-emission pathway (L), aligned with the objectives of

the Paris Agreement to limit global warming to well below

2°C and aiming for approximately 1.7°C by 2100

• A high-emission pathway (H), which assumes continued

global emissions growth until 2080, resulting in

approximately 4.9°C of warming by 2100.

By applying both trajectories, we assess how different climate

futures could affect our operations and long-term strategy.

Transition risks are assessed under the low-emission

pathway, reflecting rapid decarbonisation, stricter regulation

and changing customer expectations. Physical risks are

assessed under the high-emission pathway, reflecting more

acute physical impacts such as stronger storms, flooding and

heat stress. The inclusion of the KNMI high-emission pathway

ensures that at least one high-emission scenario is explicitly

considered.

Scope of the assessment

For this assessment, we focus primarily on PostNL’s

operations in the Netherlands and Belgium, where our high-

value assets, activities, and workforce and potential financial

exposure to physical climate risks are most concentrated —

and where our environmental footprint is most significant.

Activities in other countries currently do not involve assets

with material exposure and are therefore not assessed

separately. While the current analysis emphasises the

domestic context, it already incorporates an international

perspective, acknowledging that climate risks and market

dynamics increasingly transcend national borders. Future

iterations will broaden the scope to include key European

markets and cross-border operational dependencies.

Critical assumptions

Our analysis is built on a number of assumptions about the

transition to a low-carbon and climate-resilient economy.

These include rising carbon prices, shifting trade patterns and

stronger incentives for renewable energy; a gradual shift from

fossil fuels to solar and wind; and advances in sustainable

transport, battery efficiency and biofuels that will reshape

logistics.

Four-step climate risk assessment

Climate risk assessment is embedded within our Enterprise

Risk Management (ERM) framework and follows a four-step

process:

1. Risk long-list identification: Defining potential risks,

including acute hazards (storms, flooding, heat stress) and

chronic impacts (temperature rise, sea level change)

2. Structured assessment: Internal experts and external data

(e.g. national geospatial tools) are used to evaluate

likelihood and severity

3. Executive review: The Executive Committee (EC) prioritises

climate risks within the broader business risk portfolio

4. Action plan development: Targeted initiatives address

gaps, focusing on fleet electrification, renewable energy

sourcing, and site-level resilience measures.

This iterative process ensures our strategy adapts to new

data, regulatory changes, and technological advancements.

Results of the analysis

Our analysis shows that chronic risks, such as long-term

temperature rise and sea-level change, are unlikely to

materially affect operations before 2050. However, acute

physical climate risks are already relevant. These include

heavy rainfall and extreme precipitation, which may lead to

local flooding, water infiltration and temporary disruption of

operations, as well as heatwaves, which can cause heat stress

in buildings, reduced productivity, and health impacts for

employees.


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Such events may result in temporary delivery disruptions,

increased absenteeism, and additional costs related to

repairs, insurance and preventive measures. These risks are

currently manageable and are mitigated through a

combination of national adaptation measures, PostNL’s

business continuity planning and site-level protections

implemented at vulnerable locations.

Transition risks are more immediate. Higher costs from

carbon taxes, compliance with stricter CO₂ emission and air

quality, and the risk of reputational damage if performance

lags behind customer expectations represent the most

significant transition challenges. The KNMI 2023 low-emission

pathway highlights these transition risks and opportunities

under a Paris-aligned scenario, while the high-emission

pathway provides insight into physical risks such as more

frequent storms, flooding and heat stress.

Importantly, PostNL has not identified any assets or activities

that are incompatible with a transition to a climate-neutral

economy, nor any requiring disproportionate effort to achieve

compatibility. In addition, PostNL has not identified any

climate-related constraints on access to finance, nor any

need for large-scale asset redeployment or workforce re-

skilling as part of the transition, as climate risks are managed

within existing governance and investment frameworks.

Evaluating greenhouse gas emission sources

We screen our operations and value chain for greenhouse gas

(GHG) emissions across scopes 1, 2 and 3, including direct

emissions from fuel combustion, indirect emissions from

purchased electricity and district heating, and value-chain

emissions from third-party logistics, commuting and

purchased goods and services. Future emissions are

assessed in light of business growth, supply chain changes

and climate-related factors. This long-term approach

anticipates emissions changes over time and ensures

alignment with strategic goals. Certain upstream scope 3

emissions are not yet fully assessed due to data limitations

and will be revisited in future analyses.

Areas of uncertainty

Some uncertainties remain, particularly around physical risk

hotspots for flooding and extreme weather, as well as the

pace of regulatory change, societal preferences and

technology adoption. These are addressed through flexible

action plans and continuous monitoring aligned with the

strategy to minimise exposure to these risks.

Financial effects and mitigation actions

Anticipated financial effects:

• Physical risks are expected to have limited financial impact

due to national adaptation measures and PostNL’s site

protections

• Transition risks require investment in electrification,

renewable energy and compliance with regulations.

Mitigation actions:

• Fleet decarbonisation – accelerated adoption of electric

vehicles and renewable fuels

• Renewable energy – transitioning facilities to solar power

• Monitoring and continuity – ongoing location-level

monitoring, policy adjustments, and continuity management

• Stakeholder engagement – close collaboration with

regulators, suppliers, and customers.

Conclusion

The Climate Risk and Resilience Assessment confirms that

PostNL is resilient under both low- and high-emission

scenarios. Physical climate risks are manageable in the short

to medium term, but require continued monitoring and

adaptive measures to prevent future operational and financial

impacts. Transition risks, while more immediate, are actively

managed through our sustainability strategy, fleet

electrification, renewable energy use, and emission reduction

programmes.

PostNL will continue to refine its climate risk assessments as

new scientific insights become available, particularly following

future KNMI updates, and will identify additional mitigation

measures where needed. This ensures that climate-related

risks and opportunities remain an integrated part of our

strategic planning, investment decisions and CSRD reporting.

Transition plan

In our approach to sustainability, climate action, liveability

and circularity remain deeply interconnected. Every initiative

in our transition plan addresses these three material themes

in an integrated way. For example, by electrifying our fleet

and increasing the use of renewable fuels, we reduce CO₂

emissions and improve air quality. At the same time,

investments in reusable packaging and circular materials

reduce waste and lower carbon emissions across the supply

chain.

By linking these themes, we ensure that our sustainability

efforts are both comprehensive and measurable, addressing

the broader environmental challenges we face as a society.

This holistic approach, guided by science-based targets and

supported by continued investment in cleaner technologies,

underpins our progress towards net-zero and a more

sustainable logistics network.

Climate change: Net-zero by 2040

We are committed to net-zero carbon emissions by 2040, in

line with the Science Based Targets initiative (SBTi) and the

Paris Agreement. From a 2021 baseline, we aim to reduce

scope 1 and 2 emissions by 90% and scope 3 emissions by

45% by 2030, and to achieve a 90% reduction across all

scopes by 2040, with no more than 10% of residual carbon

emissions remaining. Looking further ahead, we are exploring

options to neutralise residual emissions through permanent

carbon removal solutions.

Our footprint analysis confirms that most emissions stem

from transport, supported by additional impacts from

procurement, business travel, and waste.

Liveability: reducing air pollution and easing congestion

Beyond reducing carbon emissions, we are committed to

lessening our impact on air quality and urban liveability by


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Environmental disclosures

cutting traffic-related pollution and congestion. By 2030, our

goal is to achieve emission-free delivery in the last mile, from

the last sorting activity before distribution to the final destination.

This will eliminate CO₂, nitrous oxides and particulate matter

emissions from combustion engines. We are making progress

in a number of areas, including introducing zero-emission

vehicles and expanding the number of alternative delivery

points, thereby shortening delivery routes and reducing

emissions in densely populated areas.

Circularity: working towards zero waste by 2040

We are committed to achieving net zero residual waste by

2040, focusing on the circular use of materials across our

operations and value chain. Our goal is a 90% reduction in

residual waste, ensuring no more than 10% is non-recyclable

or cannot be repurposed. By extending the lifespan of

products, reducing single-use materials and sourcing more

sustainably, we are making tangible progress towards a

circular economy.

Decarbonisation levers

To achieve our decarbonisation goals, we focus on the

following levers:

• Electrification – rolling out electric vans, trucks, and bikes

with charging infrastructure to deliver all letters and

parcels emission-free in the Benelux by 2030

• Renewable fuels – using HVO100 and other alternatives to

reduce emissions from heavy transport

• Network efficiency – reducing kilometres driven by

bundling deliveries, optimising routes, and expanding parcel

lockers

• Sustainable infrastructure and energy – building BREEAM-

certified depots with solar panels, battery storage, and

energy-efficient systems, and sourcing 100% renewable

energy

• Circular economy – achieving zero residual waste by 2040

through circular procurement, waste reduction, and

reverse logistics models developed with customers.

Funding our transition

Our sustainability actions depend on financial resources,

ensuring we meet climate targets while balancing financial

feasibility. The current financial pressures mean that we need

to carefully balance our sustainability ambitions with financial

feasibility, ensuring that we make the most effective use of

available resources while staying focused on our long-term

climate goals. We align our environmental and financial

strategic plans to fund emission-reduction initiatives.

Achieving emission-free last-mile delivery by 2030 requires

significant investment in infrastructure, vehicles, power

supply, and delivery partner engagement.

Our Green Bond programme finances climate-related

investments, such as electric vehicles, sustainable buildings,

and renewable energy. An overview of payments related to

climate investments can be found in our Green Bond Report,

which provides transparency on how we allocate funds to

support sustainable initiatives.

The net proceeds of our Green Bond are being used to

finance and/or refinance new and/or existing eligible green

projects. The eligible green projects focus on green

kilometres, sustainable buildings, and innovation and

efficiency. During the tenor of the Green Bond, the company

will annually publish a separate Green Bond Report in line

with the framework until an amount equal to the net proceeds

of the Green Bond has been allocated to the eligible green

projects. On 4 April 2025, we published our sixth Green Bond

Report on our website.

Alongside our Green Bond, climate-related initiatives,

including zero-emission logistics and innovative technologies,

are also funded via our outstanding Schuldschein loans, our

Sustainability Linked Bond and our ordinary Bond. The use of

proceeds of these instruments is for general corporate

purposes.

A second key enabler, which underscores our focus on

sustainability and accelerates our transition towards

becoming a truly sustainable e-commerce logistics service

provider, is our Sustainability-Linked Financing programme,

based on our Sustainability-Linked Financing Framework,

published in 2024. This framework is designed to provide the

financial resources required to achieve PostNL’s strategic

objectives, including its SBTi objectives for 2030. In 2025, we

issued a €300 million Sustainability Linked Bond.

While we are well-positioned to pursue our sustainability

targets, access to affordable capital and maintaining

sufficient financial resources remain critical. Any increase in

financing costs or reduced access to capital could impact the

pace of implementing the technologies and infrastructure

essential for achieving our sustainability goals. We actively

monitor our financial position and market conditions to

ensure we can fully execute our commitments and maintain

our progress towards becoming a sustainable logistics

provider. To secure sufficient financial resources we issued

Schuldschein loans and an ordinary Bond in 2025.

More information on the issued Sustainability Linked Bond

can be found on page 104 in the chapter PostNL on the

capital markets, on page 150 in note ‘Financial Instruments’,

Eurobonds’ in the financial statements and the Sustainability-

Linked Financing Update in section CSRD governance in the

General disclosures earlier in these sustainability statements.

While these investments are key to our climate transition

plan, its financing is not directly linked to activities under the

EU Taxonomy or investments in the financial statements. For

example, investments in fleet electrification—such as leasing

electric vehicles— classify as capital expenditures (capex)

under the EU Taxonomy and new leases in the financial

statements, while the climate investments are based on lease

payments. No fixed or fully quantified forward-looking

investment envelope is defined at this stage.

Locked-in greenhouse gas emissions

Based on insights from our logistics sustainability experts, we

have assessed the risk of locked-in GHG emissions from our


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key assets and products, considering technological

developments and emission reductions across the supply

chain. We conclude that there are no significant locked-in

emissions in our sector. However, air transport remains a

major challenge due to the limited availability and high cost of

alternatives such as Sustainable Aviation Fuel (SAF), which

can reduce emissions by up to 80%, but is not yet fully

scalable and does not deliver zero emissions.

EU Taxonomy

PostNL reports on the EU Taxonomy but has no specific plan

or objective to increase alignment. Our decarbonisation

efforts focus on fleet electrification. Although we do invest in

electric vehicles alignment will not be achieved due to the

tyre-requirements of the EU-taxonomy criteria. PostNL

expects its alignment with the provisions of Commission

Delegated Regulation (EU) 2021/2139 to evolve over time,

including the consideration of key performance indicators,

such as taxonomy-aligned revenue, capex, and capex plans,

as required by Article 8 of Regulation (EU) 2020/852.

However, the activities that are currently aligned with the EU

Taxonomy are not part of our ongoing transition plan, as they

already meet the sustainability criteria set out in the

regulation. PostNL is not excluded from the EU Paris-aligned,

and reports in alignment of the EU Paris aligned Benchmarks.

Integration and progress

Our climate transition plan is fully embedded in our strategic

planning and control cycle. This ensures that sustainability

considerations are integral to investment decisions, capital

allocation and risk management. Reducing GHG emissions,

including achieving emission-free last-mile delivery by 2030,

remains central to our Breakthrough 2028 strategy.

We track progress through defined performance indicators

and continuous evaluation of risks and opportunities in a

dynamic environment. The plan is validated by the Executive

Committee and overseen by the Board of Management,

ensuring accountability and alignment with our science-based

targets and long-term strategic goals. More information can

be found in the Performance sections later in this chapter.

Climate transition plan

The climate transition plan describes PostNL’s

decarbonisation strategy and key actions to achieve its GHG

reduction targets. The figure on the next page illustrates how

different decarbonisation levers contribute to achieving

PostNL’s 2030 and 2040 climate targets, based on the

absolute emission levels of the 2021 base year and the

corresponding target years.

The contributions shown reflect the relative impact of

decarbonisation levers across scope 1, scope 2 and scope 3

on emission reductions between the base year (2021) and the

target years (2030 and 2040). They provide insight into

PostNL’s strategic prioritisation of mitigation actions, rather

than a forecast of future emissions or a detailed operational

delivery pathway.

Across all scopes, the indicative contribution of each

decarbonisation lever is derived from the distribution of

emissions in the 2021 base year. This approach provides a

consistent, high-level approximation of the relative

importance of different mitigation actions. As implementation

progresses, the relative contribution of individual levers may

change due to technological developments, regulatory

changes, operational decisions and evolving market

conditions.

Scope 1

Baseline scope 1 emissions in 2021 amounted to 41,081

tCO₂e, with a linear reduction pathway towards a 90%

decrease by 2030, resulting in target residual emissions of

4,108 tCO₂e. The allocation of decarbonisation levers within

scope 1, including fleet electrification, the use of renewable

fuels, network efficiency improvements and fuel-switching

from gas and oil is based on each category’s relative

contribution to scope 1 emissions in the 2021 base year.

This allocation illustrates the order of magnitude and relative

role of different mitigation actions within scope 1 and

supports transparency on how PostNL intends to achieve its

scope 1 reduction targets.

Scope 2

For scope 2, emissions reductions are primarily driven by the

increased use of renewable electricity, energy efficiency

improvements and optimisation of electricity consumption

across buildings, sorting centres and other operational

facilities. The relative contribution of these actions reflects

the composition of scope 2 emissions in the 2021 base year

and represents the main levers available to reduce emissions

from purchased energy, in line with PostNL’s mitigation

strategy.

Scope 3

Scope 3 emissions are addressed through grouped

decarbonisation levers reflecting their relative contribution to

scope 3 emissions in the 2021 base year. Approximately 63%

of the indicative scope 3 emissions reduction is attributed to

electrification, renewable fuels and network efficiency across

the value chain, including collaboration with delivery partners

and logistics optimisation. A further 30% is attributed to

sustainable and circular procurement and waste

management, reflecting supplier engagement and material

efficiency measures. The remaining 7% represents an

innovation gap, capturing anticipated future solutions that are

not yet fully available or scalable. These groupings provide a

high-level overview of PostNL’s strategic focus areas for

scope 3 mitigation and are intended to support understanding

of the transition plan, rather than to define a fixed or

exhaustive implementation pathway.

“Decarbonisation levers guide

PostNL’s climate transition

towards its 2030 and 2040 GHG

reduction targets”


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Climate transition plan

Reductions in own and outsourced operations

kt CO2e


Scope 1
Scope 2
Scope 3
	Base year 2021	Target year 2030	Target year 2040

-55%

Renewable fuels & reduce natural gas consumption

2030

-90%

-40%

Electrification

-5%

Network efficiency

-63%

Electrification, renewable fuels, network efficiency

2030

-45%

2040

-90%

-30%

Sustainable/Circular procurement & waste management

-7%

Innovation gap

Net-zero

target aligned

with 1.5°

scenario,

including a

10% GHG

removal and

permanent

storage


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Other information

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Environmental disclosures

2.1.3 Our governance

More information on the integration of sustainability-related

performance, specifically our GHG emissions, incentive

schemes can be found on page 89 in the Remuneration report

chapter. 

2.1.4 Our policies

PostNL has established an environmental and procurement

policy to prevent, mitigate and remedy environmental

impacts, manage risks and pursue opportunities. Together,

these strategies and key actions strengthen the execution of

our transition plan and embed sustainability across our

operations and value chain. They guide our transition to a

low-carbon and circular business model and cover the topics

climate change mitigation, energy efficiency, pollution

prevention and resource use, supporting our ambition to

achieve net-zero emissions by 2040.

Environmental Policy

Our Environmental Policy outlines the strategies and key

actions we have in place to prevent, mitigate and remediate

actual and potential environmental impacts, address risks

and to pursue opportunities related to climate change

mitigation, reducing pollution and circular economy. We take

a comprehensive approach in line with the transition plan and

decarbonisation levers disclosed earlier in Our strategy in this

section.

The Environmental Policy integrates objectives for reducing

GHG emissions, improving energy efficiency and expanding

renewable energy. Furthermore, it covers pollution

prevention which focuses on air quality, reducing nitrous

oxides and particulate matter previously caused by

combustion from fossil fuels through electrification of

vehicles, at the same time circularity is promoted by reducing

residual waste, increasing the use of recycled materials, and

collaborating with customers on re-commerce and packaging

return.

The Environmental Policy applies to all PostNL Group entities

and its upstream and downstream value chain activities. It

affects workers, customers, consumers and society. The

Environmental Policy is internally and publicly available on

our website. In 2025, no updates took place to the policy,

which is monitored and discussed on a quarterly and annual

basis by the relevant teams and their management and with

the BoM with oversight by the ESG Director.

The management of GHG emissions, physical and transition

climate risks and long-term decarbonisation pathways—

including short-, medium- and long-term horizons—is further

detailed in PostNL’s Climate Transition Plan, assessed in the

Climate Risk & Resilience Assessment, scenario analysis and

decarbonisation actions across the value chain, and managed

via the Enterprise Risk Management and Business Continuity

Plans. Options for neutralising residual emissions, including

potential GHG removals, are explored as part of our long-

term net-zero pathway towards 2040.

“PostNL has established an

environmental and procurement

policy to prevent, mitigate and

remedy environmental impacts,

manage risks and pursue

opportunities”

Procurement Policy

Our Procurement Policy outlines the standards we expect

from our suppliers. They must operate ethically, comply with

applicable laws and regulations, and meet our sustainability

expectations. Built on our Code of Conduct, the Policy

provides a clear framework for responsible sourcing,

ensuring suppliers contribute to PostNL’s sustainability goals

and outlines the strategies and key actions we have in place

to prevent, mitigate and remediate actual and potential

environmental impacts, address risks and to pursue

opportunities related to climate change mitigation and

circular economy. For more information on procurement, see

the Governance disclosures, including the Procurement

Policy.


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Other information

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Environmental disclosures

2.2 Climate change

Addressing climate change is central to our long-term

sustainability agenda and underpins our ambition to reduce

the environmental footprint of our operations. We are

progressing towards our 2040 net-zero target by accelerating

the transition to cleaner energy, electrifying our fleet and

improving efficiency across our network. These efforts help

mitigate our impact on the climate while strengthening the

resilience of our value chain.

2.2.1 Our actions

2.2.1.1 Climate change mitigation

Fleet electrification

In 2025, we made the following progress:

• We increased our fleet of electric vehicles by

approximately 50% compared to year-end 2024. This

growth included 42 electric trucks deployed in our time-

definite network, supporting both first- and last-mile inner-

city delivery

• Delivery partners continued the phase-out of Euro 5

vehicles. In addition, light electric freight vehicles were

used in inner cities where operationally appropriate,

supporting zero-emission delivery in dense urban areas.

Together, these measures reduced CO₂ emissions, increased

the share of PostNL’s emission-free kilometres to 33%, and

contributed to improved urban liveability.

Significant capex investments of €1.1 million were made to

support the switch to electric vehicles and expanding

charging infrastructure, and around €13 million in lease

additions for our own fleet. While the growth in zero-emission

kilometres was slightly behind initial expectations, the overall

transition progressed in-line with our long-term ambitions.

In 2026, we aim to increase our overall share of emission-free

deliveries across the Benelux to 37%, driven by the

deployment of hundreds of additional electric vans in first-

and last-mile operations and the further deployment of

electric trucks for long-haul transport. These steps will

further accelerate our transition toward fully emission-free

logistics.

Renewable fuels

We are replacing petrol and diesel with lower-emission

alternatives, such as biogas and HVO100, reducing carbon

emissions by up to 90% and lowering our dependence on

fossil fuels. This action focuses on the downstream value

chain, directly affecting customers and society and delivers

measurable reductions in carbon intensity. The transition to

renewable fuels within our operations is ongoing, and in 2025

we achieved the following progress:

• We increased the use of HVO100 renewable diesel in large

trucks, resulting in usage of 66%, supported by an

investment of around €354,000. Using over around 5.9

million litres of HVO100 in our operations, we reduced

CO₂e emissions by 19 kilotonnes

• Out-of-tank solutions accounted for more than 5.1 million

litres, reducing CO₂e emissions by over 15 kilotonnes

compared with diesel.

In 2026, we plan to further continue our out-of-tank solutions,

strengthening our pathway toward lower fleet emissions and

supporting our broader decarbonisation goals.

Sustainable infrastructure

PostNL aims to build and renovate sites with minimal

environmental impact, in line with our sustainability policy. All

locations are developed according to BREEAM standards,

ensuring compliance with environmental regulations and

minimising impacts on Natura 2000 areas.

In 2025, we continued to invest in more sustainable buildings,

adding battery storage systems and energy monitoring

systems to improve the efficiency of solar panels and

charging infrastructure. These measures support lowering

scope 2 emissions. Our sustainability initiatives extend across

PostNL-owned and leased assets, influencing employees,

communities and society. Sustainability remains a core focus

of our long-term infrastructure strategy, with no fixed end

date.

In 2025, we completed our certification roadmap for all

eligible sites with the receipt of the final three BREEAM

certifications. For 2026, no new certification projects are

planned. The focus will shift towards maintaining

performance levels and embedding continuous improvements

through regular maintenance and replacement cycles, while

monitoring relevant market developments and best practices.

In recent years, PostNL has achieved a significant reduction in

natural gas consumption by designing new sites and

renovating existing locations to be gas-free. However, a

limited number of locations continue to rely on natural gas for

heating and building installations. As PostNL no longer uses

Guarantees of Origin to offset scope 1 emissions, we will

further develop a structured approach to reducing natural

gas consumption towards zero in the coming years. This

transition is expected to be realised primarily through regular

replacement cycles of energy installations, ensuring a cost-

effective and operationally feasible pathway towards fully

gas-free buildings over time.

Network efficiency

PostNL continuously seeks opportunities to optimise

operations, improving efficiency and reducing greenhouse gas

(GHG) emissions. By making delivery windows more flexible

and offering consumers more Out-of-home (OOH) delivery

options, we combine efficiency with fewer emissions while

enhancing customer convenience. The scope of this action

covers our operations and downstream value chain,


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Environmental disclosures

impacting our workforce, customers and consumers. With no

set end date, network efficiency remains key to our

sustainability approach.

In 2025, we expanded our OOH delivery network to 1,400

automated parcel lockers (APLs) and further optimised routes

through continued refinement of our wave network design.

These measures reduced the number of kilometres driven

and contributed to lower emissions and more predictable

delivery flows. Progress is monitored quarterly using CO₂

efficiency metrics, the share of OOH deliveries and absolute

emissions.

Throughout 2025, we focused on better route utilisation,

network planning and consumer choice options to reduce

unnecessary transport movements. In 2026, we aim to

continue reducing kilometres driven by expanding OOH

capacity, improving route optimisation technologies and

offering more flexible delivery choices. These efforts support

both cost efficiency and emissions reduction, directly

contributing to our long-term climate goals.

2.2.1.2 Energy

Energy efficiency

We aim to minimise the environmental impact of our sorting

centres and operational sites by improving energy efficiency

and reducing reliance on fossil-based energy. This action

focuses on upstream operations (scope 1 and 2), with no

predefined end date, as energy efficiency remains a

structural priority in our decarbonisation strategy.

In 2025, we continued to optimise energy consumption across

our network through a combination of on-site renewable

energy generation, efficiency measures and enhanced

monitoring:

• Solar panels on our rooftops generated 9,477 megawatt

hours (MWh), avoiding approximately 2,540 tonnes of CO₂e

emissions

• All electricity purchased for our operations was backed by

Dutch Guarantees of Origin, ensuring 100% renewable

electricity under ‘market-based’ scope 2 CO2 emissions,

while renewable gas was backed by European Guarantees

of Origin

• We expanded the use of battery storage systems to

capture locally generated energy during the day and use it

in the evening and night to power sorting machines and

charge electric vans. This also helps alleviate grid

congestion during peak periods

• Our energy monitoring systems provided improved insight

into consumption trends and performance across both

owned and leased assets.

In 2026, we will continue to improve the energy performance

of our buildings by expanding real-time monitoring, increasing

on-site renewable generation where feasible and scaling

energy-efficiency measures across our network.

Network efficiency

For more information on our actions to improve network

efficiency, refer to section Climate change mitigation.

During the reporting period, no material adverse impacts

related to climate change requiring remediation were

identified.

2.2.2 Our performance

Science Based Targets initiative

PostNL has committed to ambitious GHG reduction targets

aligned with the 1.5°C pathway of the Paris Agreement and

validated by the Science Based Targets initiative (SBTi) in

2024. These targets form a cornerstone of our environmental

strategy, tracking effectiveness of policies and actions in

place for climate change and air pollution, as well as

circularity. These SBTi targets are measurable, time-bound,

and based on a 2021 baseline. This baseline was chosen as it

was at the time of submission the most recent year with

complete data and could be regarded as accurate and not an

anomaly compared to other reporting years.

• Near-term 2030 targets – reduce absolute scope 1 and 2

emissions by 90% and scope 3 emissions by 45%. Maintain

100% renewable electricity sourcing. Deliver all letters and

parcels emission-free from the final sorting centre to the

consumer or pick-up location by 2030, which means

addressing both GHG emissions as well as pollution or air

pollution, and includes eliminating particulate matter (PM),

and nitrogen oxides (NOx) from combustion in last-mile

delivery

• Long-term 2040 target – achieve a 90% absolute reduction

across all scopes, with any residual emissions neutralised

through permanent removals.

These are gross, market-based targets, meaning that they do

not include GHG removals, carbon credits or avoided

emissions but do include the use of Guarantees of Origin. The

progress of these targets can be found in the carbon footprint

table on page 199. From 2030, the baseline year will be

updated every five years.

Our climate targets were set using the SBTi methodology,

considering IEA scenarios, IPCC climate models, and

stakeholder input. The targets span both short- and long-term

horizons and are embedded across PostNL’s core processes,

reflecting assumptions regarding the scalability of low-carbon

technologies and increasingly stringent national and EU

regulation. Through this approach, the targets directly


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Environmental disclosures

address the material IROs identified in the double materiality

assessment. By setting science-based targets that apply

across our operations and value chain, we mitigate key risks,

including exposure to transition regulation, carbon pricing and

reputational risk, while reducing our climate impact and

capturing opportunities associated with low-carbon logistics.

Our decarbonisation levers are explained as part of the

Climate Transition Plan in the Decarbonisation levers section

above. Each lever contributes to mitigating multiple IROs

simultaneously. For example, investing in the use of HVO100

in large trucks (scope 1) results in reduced direct emissions,

lower transition risks related to fuel regulation and enhanced

operational resilience. Taken together, our near-term and

long-term targets provide a coherent roadmap that enables

PostNL to adequately mitigate the majority of its identified

climate-related IROs, while ensuring alignment with science-

based pathways and long-term value creation.

Alignment with the Green Deal for City Logistics and

additional regulations

Our zero-emission delivery target is fully aligned with the

Dutch Green Deal for City Logistics, which promotes

sustainable transport and cleaner urban environments. This

target addresses the fleet electrification action and covers

both our own operations and delivery partners, ensuring

consistent standards across the Benelux. Anticipating tighter

regulation on NOx and PM, we go beyond compliance by

extending our commitment to all last-mile deliveries in the

Netherlands and Belgium, rather than limiting action to

mandated zero-emission zones. By setting a higher standard

for sustainable logistics, we ensure resilience against future

regulatory changes while contributing to cleaner air and

healthier cities. As an interim milestone, zero-emission

delivery is in place in 27 city centres with established zero-

emission zones.

Alternative targets

PostNL has no specific targets in place to track the

effectiveness of its sustainable infrastructure actions like

BREEAM-certified buildings. Energy efficiency of our buildings

is monitored by our facility management system.

2.2.2.1 Climate change mitigation

CO2 efficiency & emission-free last-mile delivery

We measure our entity-specific KPI CO2 efficiency as the total

of scope 1 and 2 CO2e emissions in grammes, from our own

operations, both fleet and buildings, expressed per kilometre

travelled. Note that biogas Guarantees of Origin are used to

report on our entity-specific KPI CO2e efficiency.

We report on the entity-specific KPI share of emission-free

kilometres in the last mile compared to the total kilometres

travelled. This includes kilometres from our own mail and

parcel operations, as well as of our delivery partners, from

collection to delivery.

The kilometres covered by foot, bike or e-(cargo) bike consist

of all kilometres made during deliveries. We use several

sources to calculate the total kilometres based on chance of

occurrence, volumes and number of times travelled to the

retailer. The kilometres driven by our small and large trucks

are based on actual data where available and processed

through different systems. In situations where the actual data

is not available or (automatic) processing of data leads to

mismatches, we use (automatic) extrapolation of missing or

implausible kilometre data based on average fuel

consumption per kilometre.

PostNL CO2 efficiency and emission-free last-mile

delivery as indicated


For the year ended 31 December	2024	2025	∆
CO 2 efficiency (scope 1 and 2 emissions in grammes CO 2e per kilometre)	128	108	(15)%
Share of emission-free delivery of mail and parcels in the last-mile	28%	33%	+5

Our CO2 efficiency was 108 grammes per kilometre in 2025

(2024: 128), which is ahead of our target for the year (117

grammes per kilometre). The share of emission-free last-mile

delivery of mail and parcels was 33% in 2025 (2024: 28%),

which is on target.

Carbon footprint

Scope 1

Scope 1 CO2e emissions encompass:

• Consumption of gas (combination of actual meter readings

and estimates) and heating fuel (invoice based) in buildings;

for more information refer to Energy consumption and

Pollution disclosures. As of 2025, PostNL no longer reports

the use of biogas Guarantees of Origin as a means to

reduce gross scope 1 CO₂e emissions from gas

consumption. For comparability purposes, the figures for

2024 and the 2021 base year have been adjusted

accordingly. Our SBTi commitment to achieve a 90%

reduction in combined scope 1 and 2 emissions by 2030,

relative to the 2021 base year, remains unchanged

• Fuel use, based on actual provider data, for small trucks,

large trucks and motorcycles, for which consumption is

multiplied by the relevant tank-to-wheel CO₂e conversion

factor sourced from CO2emissiefactoren.nl

• Fugitive emissions, based on actual refrigerant data,

relating to (un)intentional releases of gases from

pressurised equipment due to leaks or irregular discharges

from our buildings and vehicles. These emissions are

calculated by multiplying the amount of refrigerant (in

kilogrammes) and the number of vehicles by the applicable

CO₂e conversion factor for the specific refrigerant.


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Environmental disclosures

Scope 2

Scope 2 CO2e emissions consist of electricity used in

buildings as well as vehicles and district heating, for which we

report location-based and market-based emissions.

• Location-based emissions are calculated based on the

amount of electricity used multiplied by the appropriate

grid factor of the country where the building is situated and

the amount of district heating in megajoules multiplied by

the appropriate CO2e-conversion factor from

CO2emissiefactoren.nl

• Market-based emissions are near zero, since we make use

of Guarantees of Origin which is electricity produced from

Dutch windmill parks in the North Sea, while district heating

CO2e emissions are small because there are only used in a

limited number of buildings, for which the market-based

factor is equal to the location-based factor.

Scope 3

For each material scope 3 category included, we describe the

CO2e emission calculation method and whether primary or

secondary data has been used:

• Purchased goods and services and capital goods – our

spend database provide a breakdown into various types of

goods and services, buildings and machinery. Emissions are

estimated by multiplying spend per category from our

spend databases by CO₂e factors per Euro, as provided by

Exiobase. This is classified as 100% secondary data

• Fuel and energy related services – this category includes

upstream emissions of purchased fuels (scope 1),

purchased energy (scope 2), and from transport and

distribution losses (scope 2). For the first two categories,

we have used the primary data from our own fuel and

energy usage (scope 1 and 2) and multiplied this with the

corresponding well-to-tank factors from

CO2emissiefactoren.nl. For the emissions associated with

the energy lost while transporting electricity across the

grid, the national percentage of distribution losses for the

Dutch power grid, derived from the Dutch Central Bureau

for Statistics (CBS) is extrapolated to our total electricity

use. For all three categories in the Netherlands, 97% of the

data used is classified as primary data

• Upstream transportation and distribution – these emissions

relate to the activities of our delivery partners, both

domestic and international. Domestic emissions within the

Netherlands and Belgium are calculated based on the

number of kilometres recorded by our route planning

systems, multiplied by the average fuel consumption of

vehicles comparable to those used by our delivery partners

and converted using well-to-wheel CO₂e conversion factors

sourced from CO2emissiefactoren.nl. Emissions from

international transport by road, air and sea are estimated

based on tonne-kilometres, calculated by combining

reported parcel and letter weights with transport distances,

using the relevant CO₂e conversion factors provided by

DEFRA. This data is classified as 100% secondary data

• Waste generated in operations – these emissions include

those associated with the waste disposal and recycling

processes. Waste data of our domestic entities in the

Netherlands, and as of 2025 also for Belgium, is provided

by our waste disposal partner, and can be classified for

96% as primary data. For our international entities,

emissions are based on average CO2e emissions per FTE

• Business travel – for PostNL, this category consists solely

of business travel by air from employees. Passenger

kilometres for short-, medium- and long-haul flight are

obtained from our travel agent, and the consolidated total

is multiplied by the appropriate well-to-wheel CO2e

conversion factor provided by DEFRA. 100% of the data

used can be classified as primary data. For our

international entities, emissions are based on average CO2e

emissions per FTE

• Employee commuting – these are the CO2e emissions

resulting from travel between employees’ home and work

addresses. The assumption is that employees residing

within five kilometres of their workplace travel by foot or

bike, resulting in no emissions. For those employees

reimbursed for travel via Dutch public transport, the total

kilometres travelled are multiplied by a standard CO2e

conversion factor. Employees who live more than five

kilometres away and do not make use of public transport

or hold a company car (listed under upstream assets) are

assumed to commute by private car. Adjustments are made

across all travel categories to account for absences due to

sickness or holidays. For entities located outside the

Netherlands, figures are extrapolated based on the average

actual kilometres travelled per headcount for private cars

and public transport. This can be classified as 100%

secondary data

• Upstream leased assets – this category comprises

emissions based on fuel consumption data provided by the

vehicle leasing company for employees using company

cars. These vehicles are company-owned or leased and

made available to employees for commuting and business

travel. The data used for this category is classified as 100%

primary data. For our international entities, emissions are

based on average CO2e emissions per FTE.

In line with the outlined classifications, 7% of our scope 3

GHG emissions for the reporting period have been calculated

using primary data.

The categories downstream transportation and distribution,

processing of sold products, use of sold products, end of life

treatment of sold products, and downstream leased assets

are not applicable to PostNL and are therefore excluded. In

addition, the optional sub-category of cloud computing and

data centre services is not material for separate disclosure

and is therefore included within the purchased goods and

services category. The franchised investments category has

been assessed as not significant, based on its share of total

emissions, and is therefore not considered material and has

been excluded.

Greenhouse gas emission intensity

The GHG emissions intensity is the total GHG (scope 1, 2 and

3) gross emissions per net revenue. The net revenue in the

calculation is aligned with the revenue from contracts with

customers presented in the Consolidated statement of profit

or loss on page 109, within our financial statements.


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Environmental disclosures

PostNL Carbon footprint in tonnes CO2e


	Retrospective				Milestones and target years
For the year ended 31 December	Base year 2021	2024	2025	∆ (%)	2026	2030	2040	Annual % Target 2026 / Base year 2021
Scope 1 GHG Emissions ¹	41,081	23,925	19,986	(16)%	15,629	4,108	4,108	12%
Scope 2 GHG Emissions
Gross location-based scope 2	30,328	18,857	17,126	(9)%	15,118	no target	no target	10%
Gross market-based scope 2	171	80	94	18%	159	17	17	1%
Scope 3 GHG emissions	338,651	266,336	247,254	(7)%	240,373	186,258	33,865	6%
1. Purchased goods & services	58,684	47,948	46,060	(4)%
2. Capital goods	21,892	13,541	10,825	(20)%
3. Fuel & energy related activities	11,621	10,580	9,122	(14)%
4. Upstream transportation & distribution	213,110	168,350	155,432	(8)%
5. Waste generated in operations	7,343	7,200	8,927	24%
6. Business travel (by air)	169	460	389	(15)%
7. Employee commuting	22,958	14,918	14,335	(4)%
8. Upstream leased assets (company cars)	2,876	3,339	2,165	(35)%

Total GHG emissions
Total gross location-based ¹	410,060	309,118	284,366	(8)%	271,120	no target	no target	7%
Total gross market-based ¹	379,903	290,341	267,335	(8)%	256,160	190,383	37,990	7%
Total gross location-based per net revenue (tCO 2 e per million Euro)¹	118.31	95.05	85.55	(10)%	76.68			7%
Total gross market-based per net revenue (tCO 2 e per million Euro) ¹	109.61	89.28	80.43	(10)%	72.45			7%
¹Scope 1 figures restated, for further details please refer to the explanation below


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PostNL Overview scope 3 categories


Description	Consideration	Conclusion
Purchased goods and services	Material, based on our spend	Included
Optional sub-category: cloud computing and data centre services	Not material to separately disclose, included in the purchased goods and services category	Excluded
Capital goods	Material, based on our spend	Included
Fuel and energy-related activities	Material, as this is the production and distribution of our main energy sources (fuel, electricity, gas)	Included
Upstream transportation and distribution	Material, significant part of our logistics services are outsourced	Included
Waste generated in operations	Material, waste is part of our environmental reduction programmes	Included
Business travel	Material, business travel by air is part of our environmental reduction programmes	Included
Employee commuting	Material, employee commuting is part of our environmental reduction programmes	Included
Upstream leased assets	Material, company cars are part of our environmental reduction programmes	Included
Downstream transportation and distribution	Not applicable, outside of our value chain boundary	Excluded
Processing of sold products	Not applicable, we do not manufacture or recycle sold products	Excluded
Use of sold products	Not applicable, outside of our value chain boundary	Excluded
End of life treatment of sold products	Not applicable, outside of our value chain boundary	Excluded
Downstream leased assets	Not applicable, we do not have downstream leased assets	Excluded
Franchised investments	Not material, this category has been deemed not significant based on the percentage of total emissions	Excluded

Scope 1

Our gross scope 1 emissions decreased by 3,915 tonnes in

2025 compared to 2024, mainly due to lower emissions

across transport. Key drivers were fewer kilometres driven,

more use of HVO100 instead of diesel, and more kilometres

driven by small electric trucks. Gas use increased in 2025

compared to 2024. Note that we made use of biogas

Guarantees of Origin in 2025. As we no longer report the use

of biogas Guarantees of Origin as a reduction of gross scope

1 CO2e emissions of gas usage, the reported figure for 2025

increased by 3,265 tCO2e in 2025. The figures for 2024 (2,575

tCO2e) and the base year 2021 (6,285 tCO2e) were adjusted

accordingly. Fugitive emissions from coolant evaporation in

buildings and vehicles totalled 474 tonnes in 2025.

Scope 2

Gross location-based scope 2 CO₂e emissions stem mainly

from electricity use and partly from district heating.

Electricity consumption decreased to 65 million kWh in 2025

(2024: 66 million kWh). The expansion of charging

infrastructure supported the growing electric vehicles fleet,

increasing fleet electricity use, while building consumption

declined. Total location-based scope 2 emissions decreased

to 17,126 tCO₂e in 2025 (2024: 18,857), driven by lower use

and more solar power generation. Market-based scope 2

emissions dropped to 94 tonnes in 2025 (2024: 80), due to

district heating only, with one site vacated. All purchased

electricity was backed by Guarantees of Origin, ensuring

100% renewable sourcing.

Scope 3

Gross scope 3 CO2e emissions decreased by 19,082 tonnes in

2025. Main categories were outsourced road and air

transport, purchased goods & services, capital goods, and

employee commuting. Compared to 2024, emissions from

purchased goods & services and capital goods decreased by

4,606 tonnes. Commuting emissions decreased by 583

tonnes. International truck transport used the market-based

HVO100 out-of-tank solution, reducing emissions by nearly

15,000 tonnes. Business air travel decreased from 460 to 389

tonnes, linked to Cross Border Solutions’ (CBS) international.

Outsourced transport

Emissions from outsourced transport decreased by 13,835

tonnes CO₂e to 155,432 in 2025 (2024: 168,350). This

reduction came from fewer kilometres driven due to volume

and network optimisation, especially in truck and time-critical

networks, as well as data quality improvements and partner

initiatives in renewable fuels and electrification.

Greenhouse gas emission intensity

Our GHG emissions intensity (market-based per million Euro

net revenue) was 80.43 in 2025 (2024: 89.28). As a result of

the scope 1 increase due to no longer reporting the use of

biogas Guarantees of Origin as a reduction of gross scope 1

CO2e emissions of gas usage, the location-based (2024 prior

to restatement: 94.26) and market-based (2024 prior to

restatement: 88.48) intensity ratios were adjusted

accordingly. Overall GHG emissions decreased in 2025

compared to 2024, while revenue increased, resulting in an

improved GHG intensity.


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Biogenic emissions

Biogenic emissions are generated through the combustion or

decomposition of biomass-based materials, primarily arising

from the use of renewable fuels. These emissions are

calculated by multiplying the volume of each fuel type used

by the tank-to-wheel CO₂-equivalent (CO₂e) emission factors,

which are derived from their fossil fuel equivalents: diesel,

CNG, and LNG.

Our scope 1 biogenic emissions arise from the use of HVO100

renewable diesel, bio-LNG, and bio-CNG together with the

renewable fuel content in fossil diesel, gasoline, and heating

oil. As of 2025, biogenic emissions no longer include the

impact of 3,289 tonnes CO2e using Guarantees of Origin for

gas consumption in our buildings, as a result the 2024 figures

has been restated accordingly by lowering 2,575 tonnes

biogas CO2e. Our scope 3 biogenic emissions result from

using the market-based instrument for HVO100 outside the

tank, applied by CBS. Through this mechanism, PostNL

purchased HVO100 in 2025, which was then integrated into

the existing fuel market and used by third parties—while only

PostNL can claim the associated CO₂e reductions. Compared

with 2024, the renewable fuel content of fossil diesel, gasoline

and heating fuels has been taken into account as of this year.

PostNL Biogenic emissions in tonnes CO2e


For the year ended 31 December	2024	2025
Scope 1 biogenic emissions ¹
Biogenic CO 2e emissions biofuel	18,117	18,759
Biogenic CO 2e emissions biogas	4,023	1,725
Scope 3 biogenic emissions
Biogenic CO2e emissions biofuel	6,727	20,199
Total biogenic CO 2e emissions	28,868	40,683
¹Scope 1 figures restated, for further details please refer to the explanation above

The development of biogenic emissions in scope 1 reflects a

shift in our fuel mix. While the use of HVO100 in our large

transport has increased, its application in smaller vehicles has

declined, as we have made significant progress in electrifying

our last-mile delivery fleet. These changes align with our

strategy to prioritise electrification as a structural and more

sustainable pathway for emission reduction. At the same time,

biogenic emissions in scope 3 have risen due to the continued

deployment of our HVO100 out-of-tank solution. Note that

compared to 2024 mainly scope 3 biogenic emissions have

increased significantly as the renewable fuel content in fossil

diesel has been taken into account as of 2025.

Internal carbon pricing

At PostNL, we have implemented an internal carbon pricing

(ICP) scheme to support our emission-reduction strategy and

guide decision-making around carbon impacts. Since 2019, we

have used this measure to increase awareness within the

organisation about the value of carbon and to encourage

investments that have a positive climate impact.

Type of internal carbon pricing scheme

We use shadow pricing in our investment decision-making

processes, applying a carbon price when evaluating the

environmental and financial viability of capital expenditure

(capex). The purpose of this scheme is to ensure carbon

considerations are incorporated into our business cases and

to promote low-carbon initiatives.

Scope of application

The pricing scheme is applied across various activities within

PostNL, focusing on logistics operations and energy

consumption. It covers our direct operations (scope 1

emissions), as well as electricity-related emissions (scope 2).

Although our scope 2 emissions are now neutralised through

the use of renewable energy, the scheme still plays a role in

guiding our wider sustainability strategy.

Carbon prices and assumptions

PostNL initially set the carbon price at €50 per metric tonne

of CO2e in 2019, raising it to €100 per metric tonne in 2022,

and as of then no changes have been made. For this price

setting, the World Bank carbon pricing dashboard was used

as a reference, with €100 positioned at the upper end of the

range. This price helps to drive decisions around investments

in energy efficiency, fleet electrification, and other emission-

reducing initiatives.

The internal carbon price applied by PostNL is an estimate

and will be periodically reviewed against market

developments. Currently, our reporting is limited to the cases

submitted during the reporting year. For each case, only the

GHG emissions reduction within the reporting year is taken

into account.

Internal carbon pricing 2025

PostNL’s internal carbon pricing scheme encompasses scope

1 and scope 2 location-based emissions, including direct

emissions from our fleet and facilities, and excludes scope 3

emissions from outsourced activities. In 2025, direct scope 1

and 2 emissions totalled 20,104 tonnes CO2e. Through

targeted investments, a combined capex-related reduction of

150 tonnes CO2e was achieved, representing 0.8% of overall

scope 1 and 2 CO2e emissions. This is a slight increase

compared to 2024 (125 tonnes CO2e). Integrating climate-

related considerations into decision-making is fundamental to

delivering on our emission-reduction strategy. While we will

continue using internal carbon pricing, we believe that

integrating our science-based climate targets into the

strategic planning process is even more valuable. Meeting

these targets is a condition for developing our medium- and

long-term plans.


	PostNL Annual Report 2025			202

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Other information

Appendices

Environmental disclosures

2.2.2.2 Energy consumption

Energy consumption of our buildings

The energy consumption of our buildings relates to logistics

centres and office buildings. Energy consumption associated

with our own operations includes both owned and leased

buildings. Outsourced activities are outside the scope of this

disclosure requirement. Where available, metered actual data

is used. When PostNL operates as a tenant under agreements

in which energy costs are included in the rent, specific energy

consumption data is not available. In such instances, energy

costs are fixed and not separately identifiable within the

overall rental price. Electricity and gas consumption are

therefore estimated using a scaling methodology based on

the square metres (m²) per building, which amounted to

856,379 m² in 2025.

The same method applies for buildings in other countries

where specific energy data for gas and electricity usage was

unavailable. The non-renewable energy sources used are gas

usage, heating fuel and district heating. Actual consumption

figures are derived from supplier-provided reports. As of

2025, gas usage is classified as originating from non-

renewable sources, irrespective of the use of biogas

Guarantees of Origin. In 2024, gas consumption was reported

as renewable energy under the category ‘fuel consumption

from renewable sources, including biomass’. Gas

consumption is reclassified as non-renewable (fossil) energy

use and reported under ‘fuel consumption from natural gas’

both in 2024 and 2025. The total reported energy

consumption remains unchanged. As a consequence, the

share of renewable energy is adjusted to 66% for both years.

Energy consumption from fleet

We report on the energy consumption of our own fleet, which

includes small trucks and vans, large trucks, and scooters.

Fuel usage data, provided by our suppliers, reflects the actual

litres of fuel consumed. Electricity used by our electric fleet is

classified as renewable, supported by Guarantees of Origin.

For vehicles operating on HVO100 renewable diesel, the

energy is reported as biofuel energy, while those using bio-

CNG or bio-LNG are categorised under biogas energy.

PostNL Energy consumption as indicated


For the year ended 31 December	2024	2025	∆
Fuel consumption from coal and coal products (MWh)	—	—
Fuel consumption from crude oil and petroleum products (MWh)	55,445	49,778
Fuel consumption from natural gas (MWh) ¹	22,866	23,380
Fuel consumption from other fossil sources (MWh)	176	290
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh)	1,039	1,223
Total fossil energy consumption (MWh)	79,526	74,671	(6)%
Share of fossil sources in total energy consumption (%) ¹	34%	34%
Consumption from nuclear sources (MWh)	—	—	—
Share of nuclear sources in total energy consumption (%)	—%	—%
Fuel consumption for renewable sources, including biomass (MWh) ¹	82,210	71,027
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) ¹	69,361	66,945
The consumption of self-generated non-fuel renewable energy (MWh)	5,165	6,148
Total renewable energy consumption (MWh)	156,736	144,120	(8)%
Share of renewable sources in total energy consumption (%) ¹	66%	66%
Total energy consumption (MWh)	236,262	218,791	(7)%
¹Figures restated, for further details please refer to the aforementioned explanation.

Vehicles using fossil diesel, LPG, or petrol are reported as

energy derived from petroleum products and vehicles running

on fossil CNG or LNG are reported as energy derived from

natural gas. The standard publicly available Dutch conversion

factors, ‘Nederlandse lijst van energiedragers’, are applied to

convert primary activity data from buildings and vehicles into

energy consumption figures in megawatt hours (MWh).

In 2025, we report a decrease in energy consumption

compared to 2024. Our energy consumption from crude oil

and petroleum products decreased in 2025, mainly due to

further electrification of our fleet and the continued use of

renewable fuels. Electricity consumption increased as a result

of this transition, but we are innovating with battery storage

to reduce the impact of grid congestion and optimise usage.

At our sites, renewable energy production from solar panels

amounted to 9,477 MWh, of which 6,148 MWh was self-

consumed, supported by Guarantees of Origin. The use of

fossil fuels such as district heating and heating oil remained

limited to seven sites.

Energy consumption intensity

The total energy consumption, measured in MWh for

buildings and fleet combined, is calculated relative to the

total net revenue of all PostNL entities within the defined

scope. The net revenue in the calculation is aligned with the

revenue from contracts with customers presented in the

Consolidated statement of profit or loss on page 109, within

our financial statements.

PostNL Energy consumption intensity as indicated


For the year ended 31 December	2024	2025	∆
Total energy per net revenue (MWh per million Euro)	73	66	(9)%

Overall energy use decreased in 2025 compared to 2024,

while revenue increased, resulting in an improved energy

intensity.


	PostNL Annual Report 2025			203

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Other information

Appendices

Environmental disclosures

2.3 Pollution

Within the broader ESRS Pollution topic, reducing and

preventing air pollution is an integral part of our transition

plan, supporting our strategic objective to minimise

environmental impact. We are advancing towards our 2040

net-zero ambition by expanding zero-emission logistics.

2.3.1 Our actions

In 2025, we continued to take concrete steps to reduce air

pollution across our network helping us to achieve our policy

objectives and science-based targets. We expanded the use

of zero-emission vehicles in urban areas, further electrified

our fleet, and optimised delivery routes to limit unnecessary

mileage. For more information on our actions related to

electrification of our fleet, refer to section Climate change

mitigation earlier in the environmental disclosures.

2.3.2 Our performance

In this section we outline the progress we made in reducing

air pollution in 2025, as part of our wider environmental

objectives. Our efforts focused on lowering emissions from

transport and operations, supported by investments in

cleaner vehicles, route optimisation, and the increased use of

renewable energy. Across key urban areas, we continued to

expand our zero-emission delivery network and monitored

improvements in local air quality. These actions have brought

us closer to achieving our 2040 net-zero ambition.

Our emission-free delivery target is partly mandatory,

reflecting legal requirements for operate zero-emission within

designated zero-emission zones. At the same time, it is partly

voluntary, as we pro-actively extend zero-emission delivery

to areas beyond regulatory obligations to accelerate

progress towards cleaner logistics.

For more information on our target setting including

advancing towards our 2040 net-zero ambition by expanding

emission-free logistics, we refer to Our performance,

specifically to our Alignment with the Green Deal for City

Logistics and additional regulations as part of the section

Climate change mitigation earlier in the environmental

disclosures.

2.3.2.1 Pollution of air

Air pollution from own fleet

As a logistics service provider, we have no industrial

production processes involving pollution of water and soil.

Microplastics are not generated or used. We therefore focus

on air pollution caused by transport vehicles. Our reporting

scope includes air pollution of our own fleet. In the upcoming

years, we will monitor developments in the market and

regulations to align our reporting with.

PostNL Air pollution from own fleet in kilogrammes


For the year ended 31 December	2024			2025
	NOx	PM10	PM2.5	NOx	PM10	PM2.5
Emissions from combustion
Large trucks	17,344	418	397	15,316	364	347
Small trucks, vans and motorcycles	4,186	167	159	3,322	132	125

Emission from brakes, tyres and road surface wear
Large trucks		4,324	2,322		3,942	2,118
Small trucks, vans and motorcycles		1,704	924		1,587	860
Total emissions	21,530	6,613	3,802	18,638	6,025	3,450

Currently, we report on our key emissions nitrogen oxides

(NOx) and particulate matter (PM10 and PM2.5). While sulphur

oxides (SOx) are also pollutants, we do not report on these

emissions, as the sulphur content of diesel in the European

market is relatively low and our estimated emissions are well

below the 150,000 kilogram threshold (see Annex II of

Regulation (EC) No 166/2006). All other pollutants listed in

Annex II are not applicable or are not material for PostNL.

It is not practical and would be too costly to gather real-time

data on exhaust emissions and road, brake and surface wear

on a per-vehicle basis. Therefore, emissions from combustion

are calculated based on the maximum permissible emission

per Euro category, expressed in grammes per kilometre,

multiplied by the kilometres driven by our small and large

trucks. As a result, the reported data is based on estimates.


	PostNL Annual Report 2025			204

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Appendices

Environmental disclosures

The emissions of nitrogen oxides (NOx) and particle matter

(PM10/PM2.5 ) are not directly linked to the use of combustion

fuels but depend primarily on engine efficiency. By applying

the maximum permissible emission levels, PostNL reports the

NOx and PM10/PM2.5 exhaust emissions on a conservative

basis. In addition to particle matter resulting from

combustion, we also report on PM10 and PM2.5 emissions

arising brake, tyre and road surface wear, using emission

factors from PDEF. Insights into reductions in NOx and PM10/

PM2.5 emissions resulting from combustion can be derived

from the Euro classification table. A higher Euro standard

means more stringent emission limits. Euro Z refers to

vehicles with zero exhaust emissions, such as electric

vehicles. Developments in air quality are closely linked to the

types of vehicles in use. Accordingly, trends shown in the Air

pollution from own fleet table are explained alongside those

from the Compliance with Euro emission norms table.

In 2025, we reduced total exhaust NOx emissions from our

fleet by 13% compared to 2024. In addition, we achieved

reductions of 9% in PM10 and 9% in PM2.5 emissions. These

reductions can be attributed to replacing Euro 6 small trucks

with electric (Euro Z) vehicles and to fewer kilometres driven.

All of our trucks comply with at least the Euro 6 emission

standard, while an increasing number of delivery vans have

been replaced by electric Euro Z models. This transition is

especially important to improve air quality in inner cities.

PostNL Compliance with Euro emission norms

share per euro norm


For the year ended 31 December	2024	2025
Large trucks
Share of vehicles complying with Euro Z	1%	1%
Share of vehicles complying with Euro 6	98%	99%
Share of vehicles complying with Euro 5	1%	0%
Small trucks and vans
Share of vehicles complying with Euro Z	43%	53%
Share of vehicles complying with Euro 6	57%	47%
Share of vehicles complying with Euro 5	0%	0%
Total
Share of vehicles complying with Euro Z	38%	47%
Share of vehicles complying with Euro 6	62%	53%
Share of vehicles complying with Euro 5	0%	0%

“Reducing and preventing air

pollution is integral to our climate

transition plan”


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Other information

Appendices

Environmental disclosures

2.4 Resource use and circular economy

Responsible resource use is essential to reducing our

environmental footprint and supporting our transition

towards a more circular logistics chain. By 2040, we aim to

achieve net-zero waste, working towards a fully circular

approach to material use. We focus on using materials

efficiently, minimising waste and extending the lifespan of

assets across our operations. By redesigning processes,

increasing reuse and recycling, and selecting more

sustainable materials, we contribute to a circular economy.

These efforts help lower emissions, reduce dependency on

raw materials and strengthen long-term environmental

resilience.

2.4.1 Our actions

2.4.1.1 Resource inflows, including resource

use

Sustainable procurement

PostNL applies circular principles to procurement across the

upstream value chain. Although PostNL does not produce

goods, we aim to source products that are as sustainable as

possible, from logistics consumables to packaging and

operational equipment. Our long-term objective is to achieve

net-zero waste by 2040, with medium-term milestones that

enhance transparency, increase the use of recycled and

renewable materials, and reduce reliance on virgin resources.

In 2025, waste management practices improved through

enhanced waste separation and reusable packaging

initiatives, while downstream, our re-commerce and e-waste

collection services further supported circular business

models. We strengthened supplier engagement on circularity

and scope 3 emissions. We gained more detailed insights into

CO₂ emissions per supplier and began collecting actual

emissions data to support our reduction targets. Updated

supplier guidelines introduced stricter requirements,

including:

• Mandatory environmental certification (e.g. EcoVadis, CSR

• The right to conduct on-site inspections, including

unannounced audits

• Extended criteria on CO₂ reduction, waste, water, and

compliance with the EU Anti-Deforestation Regulation

• Clear expectations on human rights and environmental

responsibility.

These measures primarily have a medium-term time horizon,

focused on building the data foundation and supplier

collaboration needed to scale circular sourcing. We advanced

towards our goal of reporting on 90% of resource inflows

from key suppliers, related to logistics materials and short-

lifecycle items. We continued to track the share of contracted

suppliers assessed on sustainability. Currently, 21% of our

suppliers hold a recognised sustainability certification,

representing 85% of our total spend. We intend to refine our

approach to focus on material spend rather than the full

supplier base, as smaller suppliers typically have more

limited sustainability capabilities. In the coming year, we will

assess whether to set a more targeted ambition. Through

these actions, we are reducing material dependency, lowering

scope 3 CO₂ emissions, and supporting the transition to a

more circular and transparent supply chain.

2.4.1.2 Resource outflows

Enabling circular business models

This action focuses on the downstream value chain, where

PostNL supports customers and partners in extending

product lifecycles and keeping materials in use for longer. By

enabling re-commerce, repair, reuse, and recycling, we

contribute to the transition towards a circular economy.

While the overarching action plan is still being developed, we

have already taken important steps to operationalise

circularity within our network. Key initiatives in 2025 included:

• Introducing re-commerce solutions for e-waste and textiles,

enabling the reuse and recycling of valuable materials

• Combining our leadership role in the Circular Shopping

2030 programme, initiated by Thuiswinkel.org, with

continued participation in the Circular Shopping Tomorrow

initiative. Together with more than 20 e-commerce

partners, we collaborated on themes such as design for

circularity, consumer communication, and sustainable

packaging innovation

• Partnering with Dobbi, a Dutch start-up specialising in

electronics reuse and recycling, to make it easier for

consumers to return small electronic devices (such as

smartphones, tablets, and laptops) through the PostNL

network. This collaboration helps keep valuable materials

in circulation and reduces electronic waste.

These initiatives are part of a medium- to long-term strategy

aimed at enabling scalable circular business models across

the value chain. They are expected to expand the reuse and

recycling capacity in our network, increase the volume of

collected materials, and enhance cooperation with retailers

and technology partners to achieve broader sector-wide

impact.

Reducing residual waste

Reducing residual waste remains central to our ambition of

achieving no more than 10% residual waste by 2040. This

focus covers PostNL’s own operations and includes all

depots, sorting centres, and offices.

In collaboration with waste management partners, we carried

out waste scans at key sites to identify hotspots and

improvement opportunities. Based on the results, we

developed a multi-year roadmap for waste reduction and

resource optimisation. Key actions included:

• Installing clearly labelled waste collection points with

simple sorting guidance across all locations


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• Launching an internal awareness campaign during the

Dutch government’s Week of the Circular Economy,

featuring guest presentations, employee idea sessions, and

practical tips

• Using our waste management dashboard to monitor

progress, with performance discussed in team meetings

and quarterly reviews.

In 2024, our residual waste averaged 27%. By the end of

2025, this had decreased to 24%, driven by improved waste

separation and increased employee engagement. In 2026, we

will continue to target further optimisation at site level, with

incremental reductions expected in the years ahead.

In 2025, PostNL strengthened its circular approach across

procurement, supplier collaboration, and waste reduction,

laying a solid foundation for further integration of circular

principles throughout the value chain. Looking ahead, our

focus will shift from developing and piloting initiatives to

scaling proven approaches and improving transparency on

material flows and waste performance.

In 2026, we will continue to expand collaboration with circular

partners and industry programmes, further embedding

circularity into procurement and operations. By reducing

material dependency and waste generation, our circularity

initiatives directly support PostNL’s broader decarbonisation

and climate goals, helping to lower emissions and build a

more resource-efficient logistics network.

Destruction of returned or refused goods from international

customers

As identified in the DMA, a potential risk was recognised in

relation to the destruction of returned or refused goods from

international customers, offered as a service by CBS. At the

time of the DMA, this practice was still in place. Since then,

the approach has been adjusted so that, where possible,

responsibility for handling returned or refused goods rests

with the sender. PostNL now returns undeliverable items that

have not been customs cleared to their country of origin. This

change has reduced the number of goods destroyed at the

sender’s request. Together, these measures mitigate the

identified risk and reduce the volume of goods disposed of

through this service. In addition, based on a legal assessment,

PostNL is not in breach of the Ecodesign Regulation (ESPR) on

the destruction of unsold goods, as the goods concerned had

already been financially compensated.

2.4.2 Our performance

Our primary target is to achieve a 90% reduction in residual

waste by 2040, compared with 2022. This means that no

more than 10% of our waste will be unsuitable for reuse,

repair, refurbishment, re-manufacturing, repurposing, or

recycling. Achieving this target requires sustainable

procurement choices and a reduction in the use of materials

that cannot be reused, repaired or recycled, thereby

supporting higher circular material use rates. The target

underpins our policy objectives and reflects our contribution

to the circular economy.

Each year, we set a new interim target and will continue to do

so until 2040. As PostNL is not a production company, most of

our waste arises from operational material use, including

packaging, logistics materials, and office locations. The target

therefore covers the use phase of the product life cycle and

applies to all PostNL entities. Annual reduction percentages

currently relate to operations in the Netherlands and Belgium,

with data for other regions to follow.

Although voluntary, the target anticipates stricter EU

regulation on circularity. It is measured relative to the 2022

base year and excludes greenhouse gas (GHG) removals,

carbon credits, or avoided emissions. The target focuses on

improving waste management and advancing sustainable

procurement. Stakeholder consultations with customers,

trade organisations, and shareholders shaped the design,

ensuring alignment with market and regulatory expectations.

The target is formally approved by the Director of

Procurement & Services.

We align our waste reduction strategies with the EU Circular

Economy Action Plan, which helps guide our efforts to

minimise residual waste, increase recycling rates, and

transition to a more circular economy. Our targets are based

on internal data from waste audits and operational

processes, allowing us to track the effectiveness of our waste

reduction measures throughout our supply chain. We

anticipate continued regulatory and technological

developments that are expected to support improvements in

recycling infrastructure and material recovery systems over

time, enabling us to meet our long‑term target. We also

consider local waste management capabilities and

infrastructure in the regions we operate by working together

with our waste management partner.

Each quarter, we assess performance and determine whether

adjustments are required to enhance processes or employee

behaviours. Using dashboards provided by our waste

management partners, we monitor results closely. These

insights also support tracking progress against our GHG

emission reduction targets within the waste category. Based

on progress achieved and the current phase of

implementation, PostNL considers its circularity targets to be

on track, recognising that further scaling and data refinement

are required in the coming years.

2.4.2.1 Resource inflows, including resource

use

To determine the scope of materials, we focused mainly on

their environmental impact, whilst also including their weight,

relevance to our operations, lifecycle, and potential risks. The

selected materials are derived from our upstream value chain

and in use in our own operations.

In line with our approach to gradually expand the reporting

scope on this relatively new metric, we further developed our

methodology this year. In 2025, we concentrated on short-

cycle materials with a frequent turnover in our daily

operational processes and a relatively higher environmental

impact. We extended the scope by adding several materials


	PostNL Annual Report 2025			207

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Other information

Appendices

Environmental disclosures

that are widely used in our operations but can also be

considered long-cycle. This includes metal (e.g. roll containers

and purchased bicycles), cotton (staff clothing), and

electronics (hand scanners and e-bikes).

For the selection of materials, we apply a set of criteria:

relevance to our core activities, cost, environmental impact,

and visibility to external stakeholders. We will regularly

reassess these criteria, allowing new insights to guide

adjustments to the scope in future years. Our aim is to build

an increasingly detailed understanding of our key material

flows, thereby providing a solid basis for more sustainable

choices.

Scope of materials

PostNL’s key resource inflows in scope include:

• Packaging materials – cardboard and plastic for secure

transport in primary and internal logistics as well as

commercial packaging intended for resale to customers

• Elastic bands, straps, and label tags – regularly replenished

for bundling mail and securing containers

• Plastic wrap – essential for securing parcels in roll

containers during transport

• Inner and airmail bags – used for bike deliveries and

international shipments, these require frequent

replacement

• Stamps – essential to postal services, with continuous

usage

• PU gloves and pallets – gloves protect staff, while pallets

support storage and transport

• Metal – long-cycle materials such as roll containers and

purchased bicycles

• Cotton – company clothing used across operations

• Electronics – hand scanners and e-bikes that support

delivery and logistics operations.

Items with very long lifecycles or low replacement rates, such

as leased bicycles, remain out of scope from the current

reporting. Purchased bicycles, however, are included in scope

as part of our operational material flows. As in previous

years, PostNL does not rely on critical raw materials, rare

earth elements, or significant water consumption, but we

continue to monitor these for future reporting. In line with EU

regulations, including the Single-Use Plastics and Packaging

Waste Directives, we remain committed to enhancing

resource traceability, reducing virgin material use, and

adopting circular practices through more sustainable

sourcing.

Environmental impact of materials

The materials used in PostNL’s operations, paper/cardboard,

plastic, rubber, wood, metal, cotton, and electronics have

notable environmental impacts:

• Paper/cardboard – high water and energy use; recycling

limited by fibre degradation; unsustainable sourcing may

contribute to deforestation (source: FSC and Environmental

Paper Network)

• Plastic – fossil fuel-based with high GHG emissions; low

recyclability, especially for flexible plastics (source:

European Environment Agency)

• Rubber and wood – used in gloves, pallets, and other

operational items; their impacts vary depending on

sourcing and treatment methods

• Metal – used in long-cycle materials such as roll containers

and bicycles; production of metals is highly energy- and

carbon-intensive, but durability and recyclability reduce

relative environmental impacts over the lifecycle

• Cotton – applied in company clothing; production requires

high water and pesticide use, with related environmental

and social impacts. Certified sourcing (e.g. organic or Fair

Wear) can mitigate these effects

• Electronics – used in hand scanners and e-bikes;

production involves mining and processing of rare

materials, with high energy use and limited recyclability.

Reuse and refurbishment programmes can reduce their

impact.

Data collection

In 2025, PostNL further built on the data collection process

initiated in 2024. A 100% response rate was achieved from

selected suppliers (2024: 81%) for the selected materials,

over the period July 2024 until June 2025, reflecting

improved supplier engagement. Materials are classified as

biological (e.g. cardboard, cotton) or technical (e.g. plastic,

metal, electronics), with weight data collected for both new

and recycled inputs.

Compared to 2024, the reporting scope was expanded by

including additional material categories and Belgium suppliers

contracted by PostNL Netherlands, resulting in more

complete coverage of our operational footprint. At the same

time, we have further refined our reporting interpretations.

Reusable pallet boxes were excluded from scope, while

repair wood related to pallet maintenance was included,

improving data quality and transparency on reported

resource inflows.

PostNL Resource inflows as indicated


For the year ended 31 December	2024	2025	∆
Total amount of technical materials (tonnes)	270	907
Total amount of biological materials (tonnes)	3,445	5,761
Total weight of technical and biological products (tonnes)	3,715	6,668	79%
Share of sustainably sourced biological materials with a certification (%)	45%	86%
Weight in absolute value of recycled components (tonnes)	2,704	3,837
Recycled components as share of total amount of weight of products (%)	73%	58%

Changes in scope and methodology explain several

differences compared to 2024. The increase in technical

materials is mainly driven by the inclusion of roll containers,

parcel lockers and postboxes. Biological materials increased

primarily due to a higher volume of cardboard packaging

orders (approximately 30%). Wooden pallets received from

customers were excluded, as these are returned and do not


	PostNL Annual Report 2025			208

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Other information

Appendices

Environmental disclosures

constitute PostNL’s own material use; only pallets for internal

use and related repair wood remain included. The share of

recycled components decreased compared to 2024. In 2024,

pallets and commercial packaging represented a relatively

large share of recycled inputs, while the expanded scope in

2025 mainly covers technical materials that are not recycled.

PostNL continues to improve data quality by further aligning

procurement systems with sustainability reporting and

refining supplier data collection processes. As reporting on

resource inflows under ESRS E5 is a relatively new topic,

challenges may remain in achieving full comparability over

time as scope, methodologies and data availability continue

to evolve. Transparency on these limitations is therefore an

integral part of our reporting approach.

2.4.2.2 Resource outflows

PostNL acknowledges that, as a logistics provider rather than

a production company, the metrics under resource outflows

are not material to our operations. Specifically, we do not

report on 'production and materials' metrics, as these are

designed for manufacturing processes that are not applicable

to PostNL’s business model.

The waste generated by PostNL is composed of hazardous

and non-hazardous waste, and in line with the key waste

streams relevant to the logistics sector, mainly operational

waste and packaging waste. A portion of waste arises from

shipments that cannot be delivered, for example due to

damage occurring during transit between sender and

recipient. Hazardous waste includes batteries (lithium and

lead-acid), used oils, fire extinguishers, toners and small

hazardous waste (klein gevaarlijk afval, KGA). Non-hazardous

waste includes operational waste (e.g. wood, scrap metal,

organic waste (fermentation in pallet boxes or pallets), film

(plastic)), e-waste (e.g. obsolete electronic devices such as

monitors and white goods), packaging waste (e.g. cardboard,

PMD (plastic, metal, drink cartons), and other recyclable

packaging materials), and general office waste (e.g. paper,

confidential document boxes, and other consumables).

Hazardous waste streams generated as part of our

operations are safely handled and processed by certified

partners to ensure compliance with environmental

regulations. PostNL does not generate radioactive waste as

defined under Article 3(7) of Council Directive 2011/70/

Euratom. The classification of recovery and disposal

operations excludes biomass recovery from recycling and

categorises it under ‘other recovery operations’. We report

on approximately 96% of waste in our operations.

We have partnered with waste management companies in the

Netherlands and Belgium, who provide data on waste

streams, from sorting centres to final delivery. The waste

data disclosed is primarily sourced from our waste

management partner in the Netherlands. In 2025, we added

waste data for Belgium. For areas not covered, the waste

data is scaled proportionally to provide a comprehensive

view across all operations.

PostNL Recycled waste as indicated


For the year ended 31 December	2024	2025
Total amount of non-recycled waste (tonnes)	1,704	1,928
Total amount of recycled waste (tonnes)	4,698	6,185
Total amount of waste generated (tonnes)	6,402	8,113
Non-recycled waste as share of total waste (%)	27%	24%
Recycled waste as share of total waste (%)	73%	76%

In 2025, 76% of PostNL’s total waste was recycled, compared

to 73% in 2024. The overall amount of reported waste

increased, mainly because non-hazardous cardboard waste

has now been included in scope for the first time. Despite this

increase, the CO₂ impact of our waste decreased due to

improved separation and higher recycling rates, in line with

circular principles.

PostNL Waste per recovery operation and treatment type

in tonnes


For the year ended 31 December	2024	2025	∆
Total amount by weight diverted from disposal	6,402	8,113	27%
Hazardous waste	44	163	271%
Preparation for reuse	—	—
Recycling	4	50
Other recovery operations	40	114
Non-hazardous waste	6,358	7,950	25%
Preparation for reuse	—	—
Recycling	4,694	6,136
Other recovery operations	1,664	1,814
Total amount by weight directed to disposal	—	—	—
Hazardous waste	—	—	—
Incineration	—	—
Landfill	—	—
Other disposal operations	—	—
Non-hazardous waste	—	—	—
Incineration	—	—
Landfill	—	—
Other disposal operations	—	—
Total amount of waste generated	6,402	8,113	27%

In 2025, both hazardous and non-hazardous waste increased,

with hazardous waste representing only a limited proportion

of the total amount of waste generated. The hazardous waste

increase was partly attributable to higher volumes of

intercepted chemical waste within our Health & Secure

business unit and to the installation of a new packaging

machine at our fulfilment centre, enabling shipping labels to

be printed directly onto the packaging. All hazardous waste is

managed in compliance with applicable regulations. Across

our operations, we continue to optimise waste processes,

raise employee awareness, and implement practical solutions

such as better recycling infrastructure at sorting centres.


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Sustainability statements

Other information

Appendices

Environmental disclosures

2.5 EU Taxonomy on sustainable activities

Since 2021, the EU Taxonomy on sustainable economic

activities applies to PostNL. The EU Taxonomy is the EU's

dictionary of sustainable economic activities designed to

promote transparency, counter greenwashing, and drive the

shift of capital towards a future sustainable economy. In this

chapter, PostNL provides the mandatory disclosures

required.

The Taxonomy is a classification system for companies to

disclose the extent to which business activities are covered

by and aligned with specific sustainability criteria. The main

objectives of the EU taxonomy are to provide a reference

framework aimed at orienting financial and business

investment strategies towards sustainable activities and to

accelerate the green and sustainable transition of economic

players. Reaching these objectives is essential to meet the

EU's ambition of becoming climate neutral by 2050.

2.5.1 EU Taxonomy statements

This chapter contains an elaboration of the assessment on

the classification of eligible and aligned activities in

accordance with the EU Taxonomy. Given the evolving nature

of legislation, our eligibility and alignment assessments follow

an iterative approach. These efforts lay the groundwork for

future EU Taxonomy implementation and reporting.

The EU Taxonomy prescribes quantitative and qualitative

reporting on predefined KPIs. In this section, we present the

share of PostNL’s consolidated total revenue (turnover),

capital expenditure (capex) and operational expenditure

(opex) for the reporting period 2025. The disclosures are

associated with Taxonomy-eligible economic activities related

to the environmental objectives in accordance with the

Regulation (EU) 2020/852 as supplemented with Commission

Delegated Regulation (EU) 2021/2139, Commission Delegated

Regulation (EU) 2021/2178 (EU Taxonomy), Delegated

Regulation (EU) 2023/2486 of 27 June 2023 (Environmental

Delegated Act) and the Delegated Regulation (EU) 2023/2485

of 27 June 2023 amending the Climate Delegated Act. In line

with the option provided by the legislation, PostNL has chosen

to apply, starting from this reporting year, the requirements

set out in the Delegated Act amending the Taxonomy

Disclosures as well as the Climate and Environmental

Delegated Acts (Commission Delegated Regulation (EU)

2026/73 of 4 July 2025).

Basis of preparation

Our approach to report in accordance with the relevant EU

Taxonomy regulation includes the following key steps:

• Evaluation of PostNL's activities in relation to the EU

Taxonomy classification of economic activities

• Evaluation of technical specifications of activities and

related assets in relation to substantial contribution and Do

No Significant Harm (DNSH) criteria

• Evaluation of Minimum Safeguards (MS) criteria based on

existing policies and business practices

• Materiality assessment and decision-making on whether or

not to apply the threshold (10%) per activity and KPI

• Calculation and reporting of the KPIs.

Identification of economic activities

An economic activity is considered Taxonomy eligible if it is

described in the Taxonomy Delegated Acts, irrespective of

whether that activity meets any or all of the technical

screening criteria laid down in the Delegated Acts. An

economic activity is considered Taxonomy aligned when the

activity contributes substantially to one of the six

environmental objectives, DNSH to the other five objectives in

accordance with the DNSH criteria, and complies with

Minimum Safeguards.

Assessment of technical screening criteria

In 2021 and 2022, the technical screening criteria for

substantial contribution was specified by the EU for

environmental objectives:

• Climate change mitigation (CCM)

• Climate change adaptation (CCA)

• Sustainable use and protection of water and marine

resources

• Transition to a circular economy

• Pollution prevention and control

• Protection and restoration of biodiversity and ecosystems.

These criteria relate to how an economic activity can

contribute substantially to one or more of the environmental

objectives, in combination with criteria for DNSH to the other

environmental objectives. The 2025 Delegated Act amending

the Taxonomy Disclosures introduced a change in the

Appendix C related to the DNSH criteria for pollution

prevention and control, however this is not applicable to

PostNL’s eligible activities.

In assessing the technical screening criteria, PostNL

incorporates the 2025 update of the Climate Risk

Assessment. Further information on this assessment can be

found in the strategy section earlier in the Environmental

disclosures.

Minimum safeguards

PostNL has assessed its compliance on the minimum social

safeguards the EU Taxonomy requires in relation to human

rights, anti-bribery, fair competition and taxation matters,

taking into account the 2025 Human Rights Salience

Assessment. Further information on this assessment is

provided in the strategy section of the Social disclosures.

PostNL has included relevant aspects of business conduct in

relation to these topics in formal policies and procedures as

part of our business conduct and integrity programme. The


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Sustainability statements

Other information

Appendices

Environmental disclosures

assessment provided PostNL a sufficient basis to conclude

that the company met the minimum social safeguards criteria.

More details about business conduct and integrity in general

can be found in the Governance disclosures.

EU Taxonomy KPIs

For 2025, PostNL reported on the KPIs total revenue

(turnover), capital expenditures (capex) and operational

expenditures (opex). The starting points of our Taxonomy

allocation methodology are the financial statement line items.

The reported figures have been determined based on the

allocation of activities to the Taxonomy, derived bottom-up

for all PostNL reporting units. The figures are based on the

actual amounts represented in the general ledger accounts as

included in PostNL's consolidated financial statements. In

addition, the split between transport by road and air in our

international business is based on expected transport modes

between countries for our trade lanes. Only the road

activities are eligible for PostNL, transport by air is

considered to be a non-eligible activity for PostNL. To avoid

double-counting, we eliminated inter-company transactions,

which are separately specified in our general ledger accounts

and consolidated financial statements. We did not identify

any other risk of overlapping activities that could lead to

double-counting.

Significant estimates and judgements

PostNL has implemented the Taxonomy-related requirements

based on the detailed regulatory documents, frequently

asked questions (FAQs) from the European Commission and,

where needed, our own interpretation of the criteria. On

relevant elements where interpretation is needed, PostNL

applied due care in its approach by focusing on maximum

transparency and through engagement with dedicated

professional consultants and peers, for example a PostEurop

working group. We are aware that views on the interpretation

by the European Commission may change over time and that

this may lead to different conclusions on the reported

eligibility and alignment in the future. For CCM 6.4 (Operation

of personal mobility devices, cycle logistics) and CCM 6.5

(Transport by motorbikes, passenger cars and light

commercial vehicles), the calculation of the share of aligned

activities, PostNL allocated the proportion of turnover based

on the kilometres driven by the Taxonomy-aligned activities

relative to the total kilometres driven by vehicles attributed

to this economic activity.

The share of Taxonomy-aligned activities for CCM 6.5 is

currently built up from electric scooters. For small e-trucks in

our fleet, we concluded that these cannot yet be reported as

Taxonomy aligned, because PostNL has not yet been able to

substantiate the DNSH criteria for the environmental

objective Pollution. All other technical screening criteria are

being met for the activities with these vehicles.

2.5.2 Methodology and assumptions

PostNL has identified the following EU Taxonomy economic

activities and key interpretation elements.

CCM 6.4 Operation of personal mobility devices, cycle

logistics

All transport devices where the propulsion comes from the

physical activity of the user, from a zero-emissions motor

and combined with physical activity, such as an (e-)bike

and/or (electric) cargo bike (i.e. bicycles, electric bicycles,

or cargo bikes) are categorised under activity 6.4. This

means that the kilometres of the delivery process, using a

personal mobility device such as an (e-)bike and/or

(electric) cargo bike, in combination with physical activities

(kilometres walked by our delivery staff), are categorised

under activity 6.4.

CCM 6.5 Transport by motorbike, passenger car and light

commercial vehicle

The purchase, financing, renting, leasing and operation of

vehicles designated as category M1, N1, or L (2- and 3-

wheel vehicles and quadricycles). In PostNL terminology, all

activities with small trucks, motorised scooter and light

electric freight vehicles are attributed to this category.

CCM 6.6 Freight transport services by road

This activity concerns power-driven vehicles having at least

four wheels and which are used for the carriage of goods.

In PostNL terminology, the activities with large trucks are

attributed to this economic activity.

CCM 6.15 Infrastructure enabling low-carbon road

transport and public transport

PostNL links its sorting activities to a specific sub-activity

described in the EU Taxonomy, infrastructure dedicated to

transshipment. Our interpretation of this activity is that

infrastructure and related activities in the sorting centres of

PostNL are related to transshipment of freight between the

modes (Delegated act Annex 1 art. 6.15: 1.b of the technical

screening criteria).

Capex related to buildings are considered eligible under CCM

6.15. This infrastructure facilitates cargo transition between

road freight and other transport modes and is fundamental to

enable the efficient transport of letters and parcels. The

infrastructure between the modes is therefore indispensable

to minimise the required transport activities in our business.

Other alternatives would imply a significant expansion of

transport movements and related environmental impact,

resulting in increased GHG emissions.

Other eligible but non-material activities

According to the Commission Delegated Regulation (EU)

2026/73 of 4 July 2025, undertakings are not required to

assess compliance with the EU Taxonomy for activities that

are not financially material to their business. Such

immateriality is presumed when the cumulative value of these

activities represents less than 10% of the KPI denominators.

PostNL rents and leases buildings on a limited scale for

operational purposes. This can be considered as “exercising

ownership of real estate,” which falls under the economic

activity CCM 7.7 “Acquisition and Ownership of Buildings”. As

shown in Template I, column 14, this activity accounts

(rounded) for 0% of PostNL’s Revenue and 0% of PostNL’s


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Sustainability statements

Other information

Appendices

Environmental disclosures

capex denominator and has therefore been classified as non-

material in accordance with EU Taxonomy guidance; in the

absence of the materiality exemption, this activity was

disclosed in the sustainability statements of previous years,

since eligible but not aligned.

Operational Expenditure (opex) are not material for

PostNL's business model

PostNL is a people-driven, asset-light company where

operational expenditure, as defined by the EU Taxonomy, are

considered immaterial to the business model. In such cases,

the EU Taxonomy permits a reporting exemption (Article 8

Delegated Act, Annex I, Section 1.1.3.2).

To ensure transparency and consistency, PostNL annually

assesses this immateriality by comparing the share of opex in

scope of the EU Taxonomy to total opex against an internally

defined threshold of 5%. If immateriality is confirmed, PostNL

reports the opex KPI in accordance with the Disclosure

Delegated Act, setting the numerator to zero and disclosing

the total opex denominator. For FY2025, PostNL’s opex

remains below the defined threshold. Accordingly, this

information is presented in the dedicated table.

EU Taxonomy tables

The tables below present the amounts within scope and the

percentage of eligibility and alignment for each KPI related to

the EU Taxonomy activities identified by PostNL. The table

format has been updated according to the new one

prescribed by Annex II of the Commission Delegated

Regulation (EU) 2026/73 of 4 July 2025.


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Sustainability statements

Other information

Appendices

Environmental disclosures

PostNL EU Taxonomy as indicated

For the year ended 31 December 2025


					Breakdown by environmental objectives of Taxonomy aligned activities
KPI (1)	Total (2)	Proportion of Taxonomy eligible activities (3)	Taxonomy aligned activities (4)	Proportion of Taxonomy aligned activities (5)	Climate Change Mitigation (6)	Climate Change Adaptatio n (7)	Water (8)	Circular Economy (9)	Pollution (10)	Biodiversi ty (11)	Proportion of enabling activities (12)	Proportion of transitional activities (13)	Not assessed activities considered non- material (14)	Taxonomy aligned activities in previous financial year (N-1) (15)	Proportion of Taxonomy aligned activities in previous financial year (N-1) (16)
	mln €	%	mln €	%	%	%	%	%	%	%	%	%	%	mln €	%
Turnover	3,324	84%	964	29%	29%	/	/	/	/	/	18%	0%	0%	966	30%
CapEx	150	49%	38	25%	25%	/	/	/	/	/	23%	0%	0%	36	25%
OpEx	66

PostNL EU Taxonomy Turnover as indicated

For the year ended 31 December 2025


					Environmental object of Taxonomy aligned activities
Economic activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible Turnover) (3)	Taxonomy aligned KPI (monetary value of Turnover) (4)	Taxonomy aligned KPI (Proportion of Taxonomy aligned Turnover) (5)	Climate Change Mitigation (6)	Climate Change Adaptation (7)	Water (8)	Circular economy (9)	Pollution (10)	Biodiversit y (11)	Enabling activity (12)	Transitiona l activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
		%	mln €	%	%	%	%	%	%	%	(E where applicable)	(T where applicable)	%
Operation of personal mobility devices, cycle logistic	CCM 6.4	8%	268	8%	8%	/	/	/	/	/	0%	0%	100%
Transport by motorbikes, passenger cars and light commercial vehicles	CCM 6.5	34%	103	3%	3%	/	/	/	/	/	0%	0%	9%
Freight transport services by road	CCM 6.6	24%	0	0%	0%	/	/	/	/	/	0%	0%	0%
Infrastructure enabling low-carbon road transport and public transport	CCM 6.15	18%	594	18%	18%	/	/	/	/	/	18%	0%	100%
Sum of alignment per objective					29%	/	/	/	/	/
Total KPI (Turnover)		84%	964	29%	29%	/	/	/	/	/	18%	0%	35%


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Sustainability statements

Other information

Appendices

Environmental disclosures

PostNL EU Taxonomy CapEx as indicated

For the year ended 31 December 2025


					Environmental object of Taxonomy aligned activities
Economic activities (1)	Code (2)	Taxonomy eligible KPI (Proportion of Taxonomy eligible CapEx) (3)	Taxonomy aligned KPI (monetary value of CapEx) (4)	Taxonomy aligned KPI (Proportion of Taxonomy aligned CapEx) (5)	Climate Change Mitigation (6)	Climate Change Adaptation (7)	Water (8)	Circular economy (9)	Pollution (10)	Biodiversit y (11)	Enabling activity (12)	Transitiona l activity (13)	Proportion of Taxonomy aligned in Taxonomy eligible (14)
		%	mln €	%	%	%	%	%	%	%	(E where applicable)	(T where applicable)	%
Operation of personal mobility devices, cycle logistic	CCM 6.4	0%	0	0%	0%	/	/	/	/	/	0%	0%	100%
Transport by motorbikes, passenger cars and light commercial vehicles	CCM 6.5	18%	3	2%	2%	/	/	/	/	/	0%	0%	10%
Freight transport services by road	CCM 6.6	5%	0	0%	0%	/	/	/	/	/	0%	0%	0%
Infrastructure enabling low-carbon road transport and public transport	CCM 6.15	26%	35	23%	23%	/	/	/	/	/	23%	0%	89%
Sum of alignment per objective					25%	/	/	/	/	/
Total KPI (CapEx)		49%	38	25%	25%	/	/	/	/	/	23%	0%	51%


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Sustainability statements

Other information

Appendices

Environmental disclosures

2.5.3 Performance

The EU Taxonomy prescribes quantitative and qualitative

reporting on predefined KPIs. On the previous page we

present the share of PostNL’s consolidated total revenue

(turnover) and capital expenditure (capex) for the reporting

period 2025.

Turnover

This KPI reflects the external revenue recognised in

accordance with IAS 1 par. 82(a), and as such aligns with the

‘Total revenue’ reported in the consolidated income

statement. To determine the portion of net turnover derived

from Taxonomy-eligible activities for each revenue-generating

stream, PostNL evaluated the extent to which these activities

are encompassed by the EU Taxonomy framework.

The revenue deemed eligible under the EU Taxonomy

primarily originates from activities related to the collection,

sorting, and delivery of parcel and mail items. Accordingly, the

eligible and aligned turnover under the EU Taxonomy pertains

entirely to these logistics operations. Conversely, revenue not

eligible under the EU Taxonomy is linked to the transportation

of mail and parcels by air, services provided by external

operators, and the coordination of logistics activities.

The allocation of revenue across various EU Taxonomy

economic activities is determined based on the proportional

operational costs associated with each activity. A detailed

breakdown of turnover by EU Taxonomy activity can be

found in the previous section. The EU taxonomy-aligned

turnover 2025 is in line with prior years. The overall decline of

1 percentage point to 29% is mainly explained by a decrease

in aligned turnover associated with the sorting and delivery

process infrastructure (activity 6.15) for mail products.

Capital expenditures

This KPI covers the additions to Property, plant and

equipment (PPE) under IAS 16, Intangible assets under IAS 38,

as well as additions (including reassessments) to Right-of-use

assets under IFRS 16 (see notes 3.2-3.4 to the Consolidated

financial statements for more information).

From the total capital expenditures (capex), it is assessed

which portion is Taxonomy eligible by assessing per asset

category to which economic activity this asset category

relates and to what extent this activity is included in the EU

Taxonomy. The capital expenditures that are considered to

be eligible under the EU Taxonomy include transport,

infrastructure for transshipments (sorting activities) and real

estate activities. The non-eligible capex under EU Taxonomy

mainly relate to software and other equipment. The

breakdown of the aligned capex for activity CCM 6.15

(Infrastructure enabling low-carbon road transport and public

transport) shows expenditures for PPE of €31 million (2024:

€26 million) and for RoU assets of €4 million (2024: €8 million).

The increase in expenditure for PPE in 2025 is mainly

explained by the expansion of automated parcel lockers

(APLs) in the Netherlands as part of our out-of-home (OOH)

strategy, and investments in tilters and other (un)loading and

lifting tools as part of our focus on reducing physical strain in

parcel sorting centres. The aligned capex for activity CCM 6.5

relates to lease contracts for electric scooters. The full table

regarding the capex can be found in the previous section.

Operational expenditures

For operational expenditures (opex), where the operational

expenditure is not material for the business model, the EU

Taxonomy allows for an exemption (Article 8 Delegated Act

Annex I section 1.1.3.2). PostNL is a people-driven and asset-

light company. The denominator of the total opex in scope for

the EU Taxonomy amounts to €66 million (2024: €64 million),

which represents around 2% (2024: 2%) of PostNL's €3,324

million ‘Total operating expenses’ in 2025 (2024: €3,218

million). As PostNL applies an internally defined threshold of

5% (in line with previous year’s reporting), the relative share

of opex in scope of the EU Taxonomy compared to the total

operational expenditures of PostNL is deemed not material

for PostNL's business model. As a consequence, the amount

of eligible opex is exempt from the calculation of the

numerator of the opex KPI for the EU Taxonomy and is

therefore reported as being equal to zero.

Looking ahead

The current technical screening criteria offer limited scope

for postal operators to achieve progress in alignment. In-

depth analysis and discussions within a working group

facilitated by PostEurop have demonstrated that meeting

certain DNSH criteria is both practically and economically

unfeasible. To address this, PostEurop, on behalf of its

members, including PostNL, submitted a proposal to the

European Commission for postal-specific economic activities

and screening criteria. This proposal aims to establish criteria

that are realistic and appropriate within the context of postal

business models.

By introducing sector-specific criteria, European postal

operators would be able to make meaningful investments in

sustainable activities that align with their operational

frameworks. Simultaneously, this would enable postal

companies to achieve greater alignment in their EU Taxonomy

reporting, fostering sustainable growth within the industry.

Social

disclosures



	In this chapter we provide disclosures on our material impacts, risks and opportunities related to our Social material topics. We explain our strategy and how we engage with our own workforce, workers in the value chain, consumers and end- users, and the grievance and remedy mechanisms we have in place. We then outline our social policy framework, including how it guides our approach to employees, delivery partners, consumers and communities. Lastly, we disclose actions taken, targets set and progress achieved to enhance employee engagement, inclusion, wellbeing and value creation for society.


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Other information

Appendices

Social disclosures

3.1 General disclosures

3.1.1 Our impacts, risks and opportunities

In the table below, we disclose our material impacts, risks, and opportunities per topic, including their time horizon and where in the value chain they occur.


Description			IRO	Value chain	Time horizon
Own workforce
	Working conditions
	Working time	Failing to manage working times effectively can lead to harm, including excessively long hours, insufficient rest, or frequent night shifts, particularly during peak periods due to understaffing (actual).
	Working time	Incidents of excessive working hours pose financial, reputational, and legal risks, potentially increasing labour costs through ill-health and employee turnover.
	Health and safety (including road traffic safety)	Failing to provide a safe and healthy work environment, including robust measures for traffic safety, can result in injuries, ill- health, diminished employee engagement, and, in the most severe cases, fatalities (actual).
		Failing to prioritise road safety in interactions with third parties can result in harm to individuals within local communities (actual).
		Inadequate management of health and safety, including excessive work pressure, may lead to increased labour costs due to absenteeism and lower productivity, disruption to business operations, potential litigation and reputational damage, strained relationships with stakeholders, and higher operational costs arising from remediation efforts and fines.

	Equal treatment and opportunities for all
	Diversity and inclusion	Creating a diverse and inclusive workplace where everyone feels safe, accepted, included, and valued is achieved by embracing differences, raising awareness, facilitating open dialogue, offering targeted training programmes, and implementing specific interventions to address challenges, ensuring a supportive environment for all individuals (actual).
	Measures against violence and harassment in the workplace	Failing to implement sufficient mechanisms for preventing, detecting, and addressing discrimination and harassment may potentially result in harm to individuals (potential).
	Measures against violence and harassment in the workplace	Insufficient attention, an inappropriate corporate culture, or inadequate mechanisms may enable discrimination and harassment, breaching business principles, harming individuals, and resulting in litigation and reputational damage. This negatively impacts employee morale, retention, costs, and revenue.
	Training and skills development	Providing employees opportunities to grow their skills and knowledge through training, both personally and professionally, while actively supporting their career development (actual).
	Training and skills development	Insufficient investment in or ineffective training and career development can result in unqualified staff, reduced motivation, decreased retention, and decreased productivity, driving up costs.
	Employment and inclusion of persons with disabilities	Providing individuals with tailored guidance to safeguard access to the labour market, opportunities for growth, enhanced employability, and full and effective participation in society on an equal footing (actual).

Positive impact

Negative impact

Risk

Opportunity

Upstream

Own operations

Downstream

Short term

Medium term

Long term


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Other information

Appendices

Social disclosures


Description			IRO	Value chain	Time horizon
Workers in the value chain
	Working conditions
	Working time	Failing to adequately ensure mechanisms that regulate working hours and rest periods for delivery partner workers may result in potential harm (potential).
	Working time	Reputational risk arising from incidents involving working hours in outsourced operations.
	Health and safety	Failing to provide a safe and healthy work environment may potentially result in harm to individuals, including injuries, ill- health, diminished employee engagement, and, in the most severe cases, fatalities (potential).
	Health and safety	Inadequate management of health and safety, including excessive work pressure, may lead to disruption to business operations, potential litigation and reputational damage, strained relationships with stakeholders, and higher operational costs arising from remediation efforts and fines.

	Equal treatment and opportunities for all
	Measures against violence and harassment in the workplace	Failing to implement sufficient mechanisms for preventing, detecting, and addressing discrimination and harassment may potentially result in harm to individuals (potential).
	Measures against violence and harassment in the workplace	Insufficient attention, an inappropriate corporate culture, or inadequate mechanisms may enable discrimination and harassment, breaching business principles, harming individuals, and resulting in litigation and reputational damage. This negatively impacts employee morale, retention, costs, and revenue.
Consumers and end-users
	Information related impacts for consumers and/or end-users
	Privacy	Risks of litigation and non-compliance, such as breaches of GDPR, arise when individual privacy is insufficiently protected. This may lead to fines, increased costs, reputational damage, and potential revenue loss if consumers switch to competitors following a data privacy breach.

	Social inclusion of consumers and/or end-users
	Access to products and services	Consumers and end-users benefit from seamless access to reliable parcel and postal logistics through state-of-the-art solutions that connect senders and receivers by ensuring proximity to customers and consumers, offering secure, inclusive, and accessible digital services, and maintaining affordable prices for mail services (actual).
	Access to products and services	Risk of reputational, compliance, and financial impact due to inability to meet legally required or socially expected standards for affordable, accessible, and reliable postal services, driven by labour capacity constraints and rising labour costs.

Positive impact

Negative impact

Risk

Opportunity

Upstream

Own operations

Downstream

Short term

Medium term

Long term


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3.1.2 Our strategy

PostNL works to create positive social impact across its value

chain by investing in an engaged, healthy and inclusive

workforce, and by ensuring accessible products and services

for all. Our people are central to long-term value creation,

and we continue to build an empowered organisation where

employees are heard, supported and able to thrive. Our

approach covers S1 (own workforce), S2 (workers in the value

chain) and S4 (consumers and end-users), ensuring

consistency with our business model and strategy.

Our social strategy focuses on three priorities: fostering a

safe, inclusive and supportive work environment;

strengthening resilience and wellbeing; and unlocking

opportunities for all through accessibility and development.

These priorities are embedded in our policies, practices and

culture, and informed by insights from our double materiality

assessment. They are integrated into our operating model

through clear governance (policy ownership, KPIs and

targets), risk management (identification, mitigation and

monitoring of salient social risks), and strategic programmes

across the business. PostNL’s strategy may also create

potential negative impacts for employees, delivery partners

and consumers—such as workload, safety, labour‑standards,

accessibility or privacy risks—which we aim to mitigate

through preventive measures, clear standards, monitoring

and investment in accessible and secure services.

In line with our strategy to achieve a positive impact in the

value chain, we conducted a Human Rights Saliency

Assessment in 2025. This assessment helps us determine

which human rights issues are most relevant and serious for

PostNL, focusing on risks to people rather than risks to the

business. The analysis was carried out in accordance with the

UN Guiding Principles on Business and Human Rights and the

OECD Guidelines. All human rights issues were assessed for

scale, scope, and remediability, with special attention to

vulnerable groups and their position in the value chain. Based

on this assessment, the most relevant issues were identified,

which further refined our strategy. This approach enables us

to concentrate efforts on the most significant risks and to

prevent or mitigate potential negative impacts.

Integration into our business model

Own workforce

Our people are the foundation of PostNL’s service promise

and the largest driver of operational quality. We aim to create

fair, safe and rewarding working conditions across all roles

and sites, and we focus on attracting, developing and

retaining skilled people through competitive employment

conditions, equal opportunities and a strong learning culture.

In the Dutch postal and parcels context, the material negative

social impacts we identify are systemic in nature, reflecting

broader sector dynamics such as workload and safety

pressures, labour‑standard risks in flexible delivery networks,

and accessibility and privacy considerations linked to

digitalisation. The material social risks reflected in our

strategy, such as workforce availability, safety, and the

accessibility and security of our services, also carry potential

financial implications and are therefore integrated into our

policies, KPIs and risk‑management processes.

Health, safety and wellbeing remain top priorities, and we

invest in preventive programmes, road-traffic-safety training

and ergonomic workplace design. Mental wellbeing initiatives

include coaching, awareness campaigns and flexible working

arrangements to improve work–life balance. Diversity, equity

and inclusion (DEI) are integral to our leadership and

recruitment practices. We continue to expand opportunities

for people with disabilities and under-represented groups,

supported by internal targets and partnerships with social

enterprises. We also embed learning and development in our

performance cycle. We provide digital learning tools and

leadership programmes to strengthen skills for a

transforming logistics sector. We also maintain ongoing

employee-engagement surveys, works council consultations

and grievance mechanisms. Insights from these channels

shape policy updates and local action plans.

Workers in the value chain

We rely on a mixed delivery model that includes contractors

and delivery partners to provide flexible capacity across

selected operations. We integrate value-chain labour

standards into supplier selection, contracting and

performance management. This includes minimum

requirements on working time, health and safety, and

measures against violence and harassment. We also maintain

regular dialogue with delivery partners and their workers,

including structured feedback sessions and access to

reporting channels. These measures help safeguard service

quality, protect people in our network and strengthen our

long-term capacity.

Consumers and end-users

Our business model combines a nationwide postal network

(including the USO) with a Parcels network across the

Benelux, international coverage via Spring GDS and digital

platforms. We focus on accessibility, affordability and

reliability of services, alongside privacy and data protection.

We continue to invest in our OOH network, for example

through parcel lockers, and digital solutions to enhance

convenience and inclusivity. We engage with policymakers on

modernising postal regulation to ensure long-term

accessibility and affordability.

These focus areas guide how we prevent and mitigate

negative impacts, strengthen social resilience and create

opportunities for all, helping to build a future-fit organisation

that meets stakeholder expectations and broader societal

needs.


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3.1.3 Our governance

PostNL prioritises an engaged and empowered workforce,

where employees have a voice in decision-making and access

to safe, inclusive workplaces. Engagement is supported

through structured feedback processes, regular consultation

and open communication at all levels. Employee input is

integrated into both strategic and operational decisions, with

workplace wellbeing monitored on an ongoing basis.

Accessible grievance mechanisms and reporting channels

ensure concerns are addressed and ethical standards upheld.

This section sets out our approach to engagement and

grievance mechanisms not only for our own employees, but

also for workers in our value chain and for consumers and

end-users.

In 2025, our governance approach was reinforced through

the Human Rights Saliency Assessment, guided by the Human

Rights Working Group and validated by the Human Rights

Committee. The findings have been embedded into decision-

making and serve as a foundation for our due diligence

processes. By combining saliency insights with internal

dialogue, we established a clear prioritisation of human rights

risks. This prioritisation strengthens engagement and

grievance mechanisms and supports broader risk

management through Enterprise Risk Management and CSRD

reporting. Our governance framework goes beyond

monitoring compliance to actively prevent and mitigate

negative impacts within our operations and across the value

chain.

Engagement

Engagement with own workforce

In 2025, we strengthened our approach to employee

engagement as part of our due diligence on safe, inclusive

workplaces. Engagement occurs at multiple stages, takes

place through direct and indirect processes, overseen by

senior leadership, including the Chief Human Resources

Officer (CHRO) and Director of Human Resources (HR) People,

to ensure employee voices are heard in decision-making.

Special attention is given to marginalised groups, with their

perspectives integrated via structured feedback,

representation and leadership development. We also

continue to monitor workforce wellbeing through monthly

Executive Committee (EC) and Business Unit (BU) management

meetings, using a ‘State of our People’ dashboard with key

metrics and KPIs. BU management is also involved in target

setting for absenteeism, together with HR. Employee

engagement is centrally budgeted within HR People.

Daily interaction between employees and managers remains

central, with feedback driving operational and leadership

improvements. To measure employee engagement, we

introduced two new tools: the Annual Team Survey and a

Quarterly Work Experience Scan, providing more frequent

insights into workplace experience. Results are shared with

team managers and directors to support improvement.

Specific outcomes are discussed in teams after an evaluation

and feedback is integrated in decision-making when

necessary. Yearly results are discussed in the Board once a

year. With no set end date, we will continue to use these

tools. For more information, refer to the Employee

Engagement metric.

PostNL’s annual talent management and performance cycle

supports engagement through regular check-ins and

development discussions for employees from salary scale 5

and above. Leadership training remained mandatory for

senior management. During the year, we launched the

Connected Leadership programme, which replaces the EBC

format. The programme combines informal sessions and

structured interactions between senior management and the

Executive Committee, and in September began building

towards a consistent rhythm of five sessions a year, which

will take effect from 2026. For more information, refer to

Training and Skills development.

We also keep employees informed and engaged through town

hall meetings, including PostNL ‘Praat je bij’ and local unit

sessions, and other forms of internal communication,

including newsletters, intranet updates and the ‘Dichtbij’

magazine. In 2025, we introduced the monthly, informal town

hall meeting ‘PostNL plein’, which is designed to foster open

dialogue and connection across business segments. The

effectiveness of town hall meetings and local sessions are

tracked through attendance and feedback. These sessions

are ongoing and have no fixed end date.

Our ten works councils, including our European works

council, remain key consultation partners, with feedback

integrated into strategic processes such as the DMA. These

councils, which meet monthly, cover all forms of engagement.

Members receive financial compensation and are provided

with training and the time to fulfil their roles in line with

national legislation. Feedback from the works councils is

recorded and integrated into decision-making by the Board of

Management, and collaboration between works councils and

the Board is reviewed informally, with both parties

considering it constructive and effective.

PostNL gathers the perspectives of marginalised groups

through DEI‑networks, works council representation,

confidential reporting channels and targeted support

programmes, ensuring their needs are structurally reflected

in decision‑making. We also engage employees and workers’

representatives on potential impacts of our climate transition

plan, such as restructuring, job creation, training, gender

equity, and health and safety. No material negative impacts

were identified on our own workforce related to the

environmental transition plan.

Engagement with workers in the value chain

We aim for all who work with or for PostNL to feel safe and

empowered to share their views. Engagement with delivery

partners and insight into their workers’ conditions and

satisfaction form a core element of our human rights due

diligence and impact management.


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A key part of our operations involves delivery partners,

whose workers represent us daily. While responsibility for

worker engagement rests with these partners, we ensure

engagement to gain insights into all their workers’ conditions

and satisfaction. To gather input and monitor satisfaction, we

use our Collaboration Monitor. In 2025, we moved from an

annual to a quarterly cycle, with dashboards by location and

quarter. To reach a broader group of workers, we piloted

new feedback channels, including QR codes, kiosks and on-

site questionnaires. These are being evaluated for broader

use in 2026. Delivery partners are contacted via e-mail and

SMS and encouraged to participate.

Beyond consultation, we engage in regular dialogue with

delivery partners. Structured conversations between sourcing

specialists, depot or process managers and delivery partners

continue in the Netherlands and Belgium, at least annually,

ensuring local concerns are addressed. In 2025, we

restructured our sourcing organisation in the Netherlands,

giving delivery partners a single point of contact. This

simplification supports stronger collaboration and ensures

consistent follow-up on concerns.

Concerns and themes raised through the monitors, structured

conversations and Sounding Board Group are followed up.

For instance by implementing new policies, changing

processes or extra dialogues between the delivery partner

and dedicated sourcing specialist.

The effectiveness of engagement is assessed through

participation rates and feedback quality of our monitor.

Furthermore, post-meeting evaluations of the Sounding Board

Group further helps foster a balanced and constructive

dialogue among the participants.

In 2025, we launched the Delivery Partner Journey initiative in

the Netherlands to better understand delivery partners’

growth, professionalisation and support needs, aiming to

improve satisfaction and NPS scores in future collaboration

monitors. Communication throughout the journey took place

via e-mail, online meetings, and in‑person visits, including an

ideation session and in‑depth discussions. A questionnaire

was also distributed to all partners. This journey, which will

continue in 2026, helps us move towards partnerships, where

both sides benefit from stronger engagement and shared

goals.

The directors of Sourcing Netherlands and Sourcing Belgium

are responsible for ensuring that the above processes are

carried out effectively and that outcomes inform our

decision- making.

Engagement with consumers and end-users

PostNL engages both directly and indirectly with consumers

and end-users to understand and manage actual and

potential impacts. These processes are embedded in our

ongoing due diligence and customer care practices and aim to

ensure that our services remain accessible, inclusive, and

aligned with consumer needs.

Consumers and end-users are engaged directly through:

• Customer Care channels – via live chat, phone, e-mail,

written correspondence, and chatbot Daan (24/7)

• Digital platforms – the PostNL app includes direct feedback

tools (thumbs up/down) and delivery preference settings

• Surveys – regular NPS surveys are conducted after

interactions with PostNL

• Accessibility research – PostNL performs continuous user

testing during product development, including with

marginalised groups such as people with disabilities or low

literacy, to improve both physical and digital services.

Feedback is analysed continuously and feeds into process

improvements, complaint handling and service design. The

Customer Care and CX departments manage this process

and their senior management are responsible.

The PostNL app personalises the interaction with our

consumers using thumbs-up or thumbs-down feedback

system and functionalities such as re-routing deliveries and

delivery preferences to safe place and out of home, giving

consumers greater control over their interactions with

PostNL. To measure the effectiveness of these engagement

strategies, we track several key metrics, including App Store

ratings and the number of times the feedback button is used.

We continue to actively monitor social media platforms,

allowing us to engage with consumers in real time. Feedback

gathered from social media interactions helps us quickly

address any emerging concerns, ensuring that we stay

connected with our users and make timely service

improvements. This ongoing monitoring complements other

feedback channels, giving us a comprehensive view of

consumer sentiment and service quality. To measure the

effectiveness of these engagement strategies, we track

several key metrics, including the statistics from social media

platforms, including qualitative interactions.

Indirect engagement takes place via our public affairs

department which engages with our external stakeholders.

Engagement with elderly associations (ANBO, Unie KBO,

PCOB) ensures the interests of elderly people are considered

in our services. This includes consulting on the placement of

postboxes, improving accessibility, and addressing digital

barriers. These organisations provide valuable feedback that

helps PostNL maintain an inclusive and user-friendly postal

service for seniors.

For many years, PostNL has worked directly with the

Consumentenbond to review and agree upon the General

Terms and Conditions (T&C) for the universal service

obligation (USO) (Algemene Voorwaarden voor de Universele

Postdienst), ensuring they meet consumer expectations. From

2026, bilateral consultations with the Consumentenbond on

USO terms will be replaced by an independent review

committee under the Geschillencommissie. This new

committee will oversee and assess the General T&C to

ensure full compliance with consumer rights’ standards. We

also work with digital accessibility experts to ensure

compliance with standards such as EAA and WCAG.


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Consumer perspectives are embedded into several stages of

decision-making from research and development, to issue

resolution and strategic planning. Inclusion of marginalised

groups—such as older consumers and people with disabilities

—is prioritised through tailored accessibility studies and

specialised training for customer care staff. Effectiveness is

measured via NPS trend and participation rate analysis,

complaint resolution metrics and ratios, customer post-

interaction satisfaction scores and internal and external

audits of complaint and feedback processes.

Grievance and remedy

We are committed to a safe and respectful workplace and

take responsibility when our actions cause or contribute to

negative impacts. Remedy focuses on timely resolution,

learning and prevention, anchored in our Human Rights and

Integrity policies. For more information, see later in this

chapter and the Our policies and Our actions sections in the

Governance disclosures.

Multiple channels are available for raising concerns:

• Integrity Office – operational grievance mechanism

available for any affected individual or their representative

via e-mail, phone, and written correspondence, which

allows for anonymous reporting, with central logging and

tracking by the integrity and security office, as outlined in

the group procedure on incident reporting

• Complaint form – employees with a PostNL account can file

a complaint using the complaint form available on our web-

based platform

• HR service desk – accessible for employees via e-mail, chat

or phone, with complaints related to employee matters

monitored and evaluated by the HR service organisation

• Line managers – encouraged as a first point of contact for

any concerns of employees and value chain workers,

supported by regular check-ins for an open dialogue

• Confidential advisors – internal or external, providing

independent support and anonymised reporting on an

annual basis for our employees, with a main focus on

violence and harassment

• Sourcing specialists – are available for any concerns of

value chain workers. In Belgium, a dedicated coordinator

under the Parcel Delivery Act provides an additional

channel for them

• Works councils and labour unions – which represents the

interests of our employees and value chain workers, and

holds an advisory role in organisational changes with the

authority to propose initiatives and, in certain cases,

approve or disapprove specific decisions, is intended for

collective concerns on engagement, health and safety or

undesirable behaviour

• Third-party representation – such as the

Geschillencommissie, is available for consumers and end-

users to submit their concerns anonymously

• Customer care channels – which include the PostNL app,

chatbot Daan (24/7), our website, social media, phone and

written correspondence can also be used by consumers

and end-users to voice their concerns, retailers and

delivery partners are required to redirect complaints to

these formal channels to ensure consistency and

traceability.

Collectively, these channels address all our material topics.

Effectiveness of the above channels varies from feedback

surveys to informal dialogue or as part of the appreciation

programme. No effectiveness tracking is in place yet for the

confidential advisors and there is currently no formal method

to assess trust in these channels. Complaints are logged in a

central system and are monitored for volume, type,

resolution time, customer satisfaction after resolution and

trends to identify recurring issues. We have no specific

processes for Human Rights related questions or complaints.

All stakeholders are protected by our Whistleblowing

procedure, which ensures that those raising concerns in good

faith cannot face retaliation. PostNL protects individuals from

retaliation in accordance with the Dutch Whistleblower

Protection Act, its internal Human Rights Policy, and Group

Procedure on Whistleblowing. For more information, refer to

Our policies in the Governance disclosures.

In addition, all grievance and remediation processes are

conducted in line with GDPR, the UN Guiding Principles on

Business and Human Rights, the OECD Guidelines for

Multinational Enterprises, and our Privacy Policy. Reports are

handled confidentially, and any retaliation (e.g. demotion or

harassment) is not tolerated and must be reported to the

Director of Audit & Security. PostNL uses secure protocols to

manage and store personal data and promptly reports any

breaches to the Dutch Data Protection Authority (AP).

The PostNL Integrity E-learning training is mandatory for all

management and staff personnel and includes a module on

incident reporting. For more information, see the Group

whistleblowing procedure paragraph, as well as the

Promoting awareness of integrity-related policies and

procedures paragraph in the Governance disclosures.

PostNL engages stakeholders through surveys and feedback

mechanisms to evaluate trust and awareness of the grievance

system. Effectiveness is further ensured through regular

calibration sessions and audits. One-on-one sessions with

employees are held every two weeks, as are team

calibrations within PostNL. In addition, team calibrations with

Yource and cross-location calibrations including PostNL occur

monthly.


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Our workforce

Remediation is tailored to each case, based on severity and

context. Measures may include compensation, training, policy

updates, or mediation. Health and safety incidents are

addressed through our risk assessment cycle. Where

appropriate, affected employees are involved in designing

solutions. Effectiveness is monitored through follow-up and

integrated into our health and safety management system.

More information can be found on pages 76-78 in the

Corporate Governance chapter, including the paragraphs

Integrity Committee, Business conduct and integrity

approach, and Prevention of fraud, bribery and corruption.

Value chain workers

We remain committed to human rights and fair labour

practices across our value chain. We focus on grievance and

remedy processes that are effective, accessible, and trusted

by those who need them the most. There are no specific

measures in place to raise awareness of the channels

available for workers in the value chain, the same

communication measures apply as for our own workforce.

Remediation is adapted to each case, based on severity and

investigation outcomes, with severe breaches potentially

leading to the termination of contracts and business

relationships. Affected workers are involved in designing

remediations where appropriate, in line with the approach for

own workforce. Effectiveness is monitored through risk

evaluation procedures and incident analysis.

Consumers and end-users

We apply structured processes to remediate negative

impacts on consumers, particularly regarding privacy, data

security and service quality. All complaints reported by

consumer and end-users are centrally logged and tracked by

Customer Care. Severe cases, such as fraud or privacy

breaches, are escalated to senior management or specialist

teams. Remedies may include compensation (via the sender),

corrective actions or process improvements. For cases with

material impact, PostNL engages with affected individuals in

designing the resolution. Effectiveness is assessed through

resolution times, customer satisfaction, trend analysis and

internal and external audits.

All remediation efforts are aligned with GDPR, the UN Guiding

Principles on Business and Human Rights, and the OECD

Guidelines for Multinational Enterprises. Cybersecurity

measures, such as a central SIEM system and privacy

oversight by the Data Governance Board, ensure that

personal data remains protected throughout the process. For

more information on cybersecurity, refer to the Cybersecurity

paragraph on page 78-79 of the Corporate governance

chapter.

In 2025, PostNL continued collaborating with external

mechanisms to ensure transparent and fair handling of

complaints. Consultation with the Consumentenbond ended

in 2025 and was replaced by a Review Committee under the

Geschillencommissie, ensuring impartial oversight of our

Universal Postal Service terms and conditions. We also

collaborate with VNO-NCW and Thuiswinkel.org to further

strengthen grievance mechanisms. These third-party

mechanisms supplement internal grievance channels and

provide consumers with an alternative and impartial route for

resolution.

“We aim to provide a safe and

respectful workplace and take

responsibility when our actions

cause or contribute to negative

impacts”

3.1.4 Our policies

At PostNL, we continue to have the same key policies in place

that protect human rights, fostering a diverse and inclusive

working environment and promote a healthy and safe

workplace for all our employees, contractors, suppliers, and

other stakeholders.

Governance and oversight remain embedded in our

organisation through dedicated teams, leadership

accountability, and regular compliance reviews. These

policies support the management of key social impacts and

risks, including workplace safety, ethical conduct, and

inclusion. Training programmes, clear reporting structures,

and grievance mechanisms underpin their implementation.

The Board of Management is accountable for policy adoption

and performance, while business segments are responsible

for day-to-day implementation. Oversight is provided through

the Supervisory Board and specialist committees. Together,

the Human Rights Policy, Code of Conduct, Privacy Policy, and

Group Policy on Information Security Management provide

the relevant policy framework for managing the identified

impacts, risk, and opportunities regarding consumers and

end-users.

Human Rights Policy

In 2025, PostNL strengthened its human rights governance

with the formal installation of a Human Rights Committee in

addition to appointing our Human Rights Officer. Comprising

eight members from across our Dutch and Belgian business

segments, and our International branch, the committee meets

twice per year to oversee due diligence processes, monitor

risks, and advise on strategic developments. This structure

enhances our ability to embed human rights into decision-

making across the organisation.

Our Human Rights Policy explicitly prohibits discrimination on

the grounds of racial and ethnic origin, sex, sexual orientation,

disability, age, religion, as well as any other forms of

discrimination covered by union regulation and national law.


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Our Policy indirectly prohibits discrimination on the grounds

of colour, gender identity, political opinion, national

extraction or social origin and other forms of discrimination

covered by Union regulation and national law by prohibiting

any form of unwanted behaviour including discrimination on

any grounds. It also prohibits trafficking in human beings,

forced or compulsory labour, and child labour across our

operations and value chain, in line with ILO conventions and

international standards. This commitment applies to all

employees, value chain workers, and stakeholders.

Our Human Rights Policy is also dedicated to the responsible

scheduling and management of working hours for all

employees and temporary staffing workers, and we respect

all relevant legislation on working hours and vacation. We aim

to prevent the negative effects of excessive working hours,

inadequate rest periods, and irregular or excessive night

shifts. All employees of PostNL are entitled to sufficient time

to rest and paid vacation.

We are committed to fostering inclusion and taking positive

action for groups at particular risk of exclusion, including

people with disabilities, those distanced from the labour

market, and other underrepresented groups. Our Diversity,

Equity & Inclusion Policy, which is integrated into our Human

Rights Policy sets out targeted measures to promote equal

opportunities and support the participation of all individuals

in our workforce.

To ensure these goals are realised, we have established clear

procedures for preventing, detecting, and addressing

discrimination. This includes regular training for employees

and managers, accessible reporting channels for incidents,

prompt investigation and remediation of complaints, and

ongoing monitoring of diversity and inclusion metrics. The

Human Rights Committee oversees the effectiveness of these

procedures and drives continuous improvement.

Our Human Rights Policy remained unchanged in 2025 and

continues to align with international standards, including the

UN Guiding Principles on Business and Human Rights, OECD

Guidelines, and ILO conventions. The Policy applies to our

own workforce—including non-employees such as temporary

workers—, value chain workers—including delivery partners

—and consumers and end-users in both the Netherlands and

Belgium. Ultimate accountability for human rights compliance

lies with our Board of Management. The CHRO holds the

highest responsibility for implementing this Policy, supported

by the Human Rights Committee. Our Human Rights Policy is

publicly available for all stakeholders via our website and

internally via our web-based platform.

Our Human Rights Policy covers all material social topics

throughout the value chain with the exception of the material

social topics training & skills development and the risks

related to access to products and services.

Stakeholder engagement remains central to our approach.

We continue to consult internal and external stakeholders to

refine our actions. The Human Rights Policy also connects

with related social policies, such as the Health & Safety Policy

and the Diversity, Equity & Inclusion Policy, described later in

this section. To avoid duplication, updates on workplace

accident prevention, for example, are reported under the

Health & Safety section in these disclosures.

Looking ahead, the Human Rights Committee will continue to

guide our efforts and ensure alignment with evolving

standards. Priorities include further integration of human

rights into core business processes, expand training, and

stronger alignment of actions and monitoring across the value

chain. This supports our broader ESG ambition to create a

safe, inclusive, and responsible work environment.

Code of Conduct

At PostNL, we place great importance on honesty,

transparency, and integrity in both our business practices and

the way we treat individuals inside and outside the

organisation. As a large company with a diverse workforce,

respectful behaviour is important to how we interact with

each other and our partners. Our Code of Conduct, which

during the course of 2025 replaced our business principles,

outlines our core values and the standards of behaviour we

expect from everyone working for or with PostNL. Our Code

of Conduct is line with the OECD guidelines for responsible

business conduct and covers the social material topics

working time, health & safety, measures against violence and

harassment, access to product and services and privacy. The

Director Audit & Security is responsible for our code of

conduct. For more information, refer to the Code of Conduct

paragraph in the Governance disclosures.

Health and Safety Policy

Our Health & Safety Policy aims to prevent work-related

injuries and illnesses, promote sustainable employability, and

support overall wellbeing. It aligns with Dutch legislation, ISO

45001 and ILO guidelines. The Policy applies to all employees,

including temporary workers and freelancers. Independent

contractors and delivery partners are responsible for their

own policies, but PostNL actively promotes safety standards

across the value chain. Our Health and Safety strategy

explicitly includes third-party involvement. Furthermore,

PostNL provides a guideline for delivery partners in which

health and safety considerations constitute a significant

component, with which we aim to mitigate inadequate

management of health and safety and failure to provide a

safe and healthy work environment. It is governed by the

Chief HR Officer and implemented through a three-lines

model: operational teams, health and safety professionals,

and internal audit. Our Health & Safety Policy, which is

internally and publicly available on our website, covers the

material topic health and safety (including road traffic safety).

No significant changes were made in 2025.

Health and safety commitments are also embedded in our

Human Rights Policy, which ensures a hazard-free workplace

and protection against harassment. Traffic safety is a priority

due to our logistics operations, and all drivers working on

behalf of PostNL must comply with traffic laws and safe

driving practices.


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Diversity, Equity and Inclusion Policy

Our Diversity, Equity & Inclusion (DEI) Policy, which is

integrated into our Human Rights Policy, encompasses all our

own employees focusing on eliminating discrimination and

harassment, promoting equal opportunities, and advancing

diversity, equity and inclusion in various ways. Our DEI Policy

covers the material topics diversity and inclusion and

employment and inclusion of persons with disabilities. This

Policy plays a central role in ensuring that all employees feel

safe, accepted, included, and valued, contributing to an

inclusive workplace. Our DEI Policy eliminates all forms of

discrimination, including harassment, and ensures tailored

support to individuals requiring additional guidance. The aim

is to create safe access to the labour market, foster

employability, and support full participation in society.

Oversight and accountability of the DEI Policy lies with the

Human Resources department and Chief HR Officer.

The effectiveness of this Policy is assessed through external

benchmarks such as Talent to the Top and Workplace Pride,

alongside PostNL’s own diversity index. This index was

developed in collaboration with Ipsos, and measures how

accepted and equally treated employees feel, regardless of

gender identity, age, cultural background, sexual orientation,

or disability. We made this tool available in 2022 to external

organisations, so that other organisations can also actively

work on inclusivity. To ensure compliance and track progress,

PostNL actively participates in external evaluations such as

the Dow Jones Sustainability Index, EcoVadis and the SER

Diversity Portal. We also remain a signatory to the Diversity

Charter, reaffirming our commitment to advancing diversity,

equity and inclusion across society. In 2025, we maintained

our focus on inclusive leadership, awareness-building, and

transparent monitoring. No significant changes were made to

the DEI Policy in 2025. The DEI Policy is publicly available for

all stakeholders via our website and internally via our web-

based platform.

Policies on measures against violence &

harassment

PostNL is focused on providing a safe and respectful

workplace for all employees and value chain workers. Our

framework is guided by the Integrity Policy, the Code of

Conduct, the Human Rights Policy, and the Group Procedure

on (Un)desirable Behaviour. Together, these policies promote

positive conduct, set clear behavioural standards, improve

incident management and reporting, and ensure protection

for anyone raising concerns.

For further details on the Integrity Policy and Code of

Conduct, we refer to Our policies section in the Governance

disclosures. For more information on the Human Rights Policy,

refer to the Human Rights Policy paragraph earlier in this

section.

Group Procedure on (Un)desirable Behaviour

PostNL’s policy commitments regarding (un)desirable

behaviour are outlined in the Group Procedure on

(Un)desirable Behaviour. We maintain a zero-tolerance policy

towards any form of threat, violence, or harassment—

whether physical or verbal. This includes, but is not limited to,

bullying, sexual harassment, discrimination, aggression, and

violence.

The group procedure, established in 2024, continues to

provide the framework for preventing and addressing

(un)desirable behaviour across the organisation. The Chief

Human Resources Officer (CHRO) remains accountable for its

implementation and ongoing application. The scope of this

procedure applies to our entire workforce, including

temporary workers and delivery partners involved in our

operations—in short, all individuals working within the PostNL

Group under an agreement. Our group procedure covers the

material topic measures against violence & harassment in the

workplace.

We expect everyone who works for or on behalf of PostNL to

understand what constitutes (un)desirable behaviour, to

actively prevent undesirable behaviour, and to recognise and

take appropriate action should it occur. Additionally, we

emphasise the importance of fostering and demonstrating

desired behaviour in our daily interactions.

The aim of the procedure is to promote desirable behaviour

while preventing and addressing undesirable conduct. It

provides clear guidance for employees who experience or

witness inappropriate behaviour in the workplace. We are

committed to ensuring a safe and respectful working

environment by protecting everyone who works with and for

us from undesirable behaviour and its negative

consequences.

PostNL fosters a culture in which employees are encouraged

and empowered to speak up. In line with the procedure,

management is required to report any (suspected) instances

of undesirable behaviour in the workplace. These incidents

must be documented using the incident registration tool or

reported directly to our Integrity & Security Department.

Further details on the procedure can be found in Our

workforce and performance below.

Policies on training & skills development

PostNL does not yet have a formal policy on training and skills

development. Currently, a group arrangement

(concernregeling) under the Dutch CLA provides time and

financial support for mandatory and performance-related

training for all employees. This framework ensures

compliance and supports essential skill development. Internal

procedures will be introduced after evaluating training needs

and resources to further strengthen career development

opportunities.


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PostNL manages privacy as part of our broader governance

framework. Our group-wide Privacy Policy defines clear rules

for handling personal data securely, in compliance with the

General Data Protection Regulation (GDPR) and the GDPR

Implementation Act. The Policy reflects our commitment to

responsible business practices and international standards,

including the OECD Guidelines. The Privacy Policy applies to

all business segments and regions without exception and

covers the material topic privacy.

The Policy is maintained by the Privacy Office and overseen

by the Board of Management, with delegated responsibility to

the CFO and CPO. A Data Protection Officer provides advice

on compliance with the GDPR and the GDPR Implementation

Act. Progress is monitored through a Plan Do Check Act

(PDCA) cycle, with support from Group Legal, IT, and Audit &

Security.

PostNL’s Privacy Policy is shared with relevant stakeholders

and aligns with European data protection legislation. By

embedding privacy management across all business segments,

maintaining up-to-date governance, and regularly auditing

processes, PostNL demonstrates responsible data

management. This proactive approach builds trust with

consumers and stakeholders, reduces the risk of privacy

incidents, and ensures swift, structured responses to breaches.

Group Policy on Information Security

Management

PostNL’s Group Policy on Information Security Management

protects the confidentiality, integrity and availability of

business data and systems, responding to growing cyber risks

and the need for reliable consumer access to essential

services. This Policy covers the material topic access to

products and services. It applies to all PostNL Group

companies and business segments and is relevant across the

full value chain—internal operations, upstream suppliers, and

downstream platforms. The Policy is built around six

objectives: secure IT environments, incident management and

continuity, personal data protection, awareness and

compliance, continuous improvement, and adherence to laws

and regulations.

“By embedding privacy

management across all business

segments, maintaining up-to-date

governance, and regularly auditing

processes, PostNL demonstrates

responsible data management”

Implementation is monitored through risk assessments,

control testing, audits and oversight by the CIO and CISO. In

2025, the PDCA cycle was fully embedded in the Information

Security Management System, strengthening continuous

improvement. The Policy is aligned with ISO/IEC 27001, the

NIST Cybersecurity Framework and GDPR, and forms the

foundation of PostNL’s Information Security Policy House,

which integrates topic-specific policies such as access

control, secure development, data protection and third-party

cyber risk.

PostNL developed this Policy with input from internal experts

and business leaders, and in response to stakeholder

expectations around trust, privacy, and secure access to

services. The Policy is shared internally through our web-

based platform and externally reflected in supplier

agreements and assessments. Alongside this, PostNL

continues to apply core policies supporting equal and secure

access to services: the Human Rights Policy and our Code of

Conduct, which guide affordability, accessibility and

reliability. Together, these policies ensure our services remain

inclusive, secure and accessible, including for marginalised

groups and digital users. For more information on these

policies, refer to the Our policies section in the Governance

disclosures.


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3.2 Own workforce

At PostNL, we recognise that our people are our greatest

asset. Our human capital drives our ability to deliver reliable

and high-quality customer service, create social value, and

achieve financial success. PostNL’s dedicated employees, our

own workforce, are at the heart of our strategy, supporting

the effective execution of our services and the continuous

improvement of our operations.

PostNL’s own workforce comprises both employees and non-

employees. Our employees are individuals directly employed

by PostNL under a labour agreement and included on

PostNL’s payroll. Non-employees, by contrast, include both

self-employed individuals (ZZP-ers) engaged under an

assignment agreement and individuals working through

external employment arrangements. These external workers

include temporary staffing agency workers (uitzendkrachten,

including those under Uitzenden Plus and Social Workplace

contracts) engaged under a temporary staffing agreement, as

well as secondment agency workers (detacheringskrachten)

providing labour under a secondment agreement.

3.2.1 Our actions

PostNL determines actions to address actual or potential

negative impacts through structured processes, such as our

ISO-based health and safety system, Plan Do Check Act

(PDCA) compliance projects, Risk Inventory & Evaluation

(RI&E) assessments, integrity mechanisms, and DEI studies.

3.2.1.1 Working conditions

Working time

Agreements on working time

In 2025, we implemented equal treatment for part-time and

full-time employees and a working time reduction provision

for older employees that entered into force after the

Collective Labour Agreement (CLA) came into effect in 2024.

This action supports our policy goals on fair working

conditions and mitigates risks related to scheduling and

discrimination. In addition, regulations with the works council

for transport employees were renewed in 2025, including

working time adjustments.

This CLA provision for Dutch entities took effect on 1 July

2025 and was supported by training for first- and second-line

managers and support staff to improve planning and

rostering. The change helps mitigate risks related to

scheduling and discrimination and ensures fair treatment in

practice. The implementation of the CLA provision helps

prevent material adverse effects by ensuring fair treatment in

scheduling, especially for part-time employees. The renewed

regulation for transport employees helps prevent material

adverse effects by limiting the number of night shifts.

Monitoring will continue through HR and operational

channels. The CLA will remain in effect in 2026.

Working time compliance project

The working time compliance project, which commenced in

2024 and continued in 2025 across networks, addresses non-

compliance risks by embedding legal standards into

scheduling systems and using PDCA cycles for structured

monitoring. The initiative supports employee wellbeing and

compliance with working time regulations and aims to

mitigate the risk of increased labour costs through ill-health

and turnover due to excessive work hours. The project

remains ongoing across our networks, with updates on PDCA

implementation, network coverage, and expansion to

temporary workers to follow.

In 2025 the compliance project continued across networks by

embedding working time processes and reporting in the

business, with operational teams, and by designing and

implementing training modules. The project helps to prevent

harm by identifying scheduling risks and enabling targeted

improvements through root cause analysis. With no set end

date, working time compliance will remain a core focus. If

breaches of working time requirements are identified, PostNL

takes corrective action, restores compliant scheduling, and

addresses any negative effects experienced by employees.

Health and safety

Occupational Health and Safety Management System

In 2025, PostNL continued rolling out its ISO-based

management system across Dutch entities. The Quentic

software was upgraded with additional requirements,

supporting incident tracking and RI&E processes. Live

webinars were organised to help managers use the system

effectively. The system enables more detailed risk

assessments and continuous monitoring of effectiveness.

Investments were made in digital infrastructure, software and

training. We plan to finish the implementation in 2026. When

incidents occur, PostNL provides appropriate support to

affected employees, investigates the root cause, and

implements corrective measures to prevent recurrence.

Digital Health Survey

Following a pilot in 2024, the digital health survey was

introduced in parts of Parcels in 2025. It includes periodic

occupational health examination (periodiek

arbeidsgezondheidskundig onderzoek) elements to identify

health risks at an early stage. PostNL plans to extend the

survey organisation-wide to support prevention and reduce

absenteeism.

Leadership restructuring to reduce absenteeism

In March 2025, Parcel depots adopted a split leadership

model with separate People and Logistics managers. All

People managers received training, including advanced

conversation techniques. At Mail in the Netherlands within

delivery, the model proved less effective, leading to a

planned return to unified leadership. During the year we

launched the Managing Employability programme (Sturen op


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Inzetbaarheid), combining leadership, absenteeism policy,

interventions and prevention. The goal is to reduce

absenteeism by 20% compared to 2024, by the end of 2026.

Traffic Safety programme

Annual driver training and support for national road safety

campaigns continued in 2025. Awareness tools such as

vehicle stickers and cyclist protection were implemented

across the fleet. While delivery partners are not included in

the training, awareness materials are shared with them.

Traffic safety remains a core focus, with no fixed end date.

Physical Workload programme

The programme was expanded to business segments

Transport Services and Extra@Home. RI&E assessments were

deepened across delivery, sorting and cross-dock processes.

Task rotation was formalised with seven rules, and ergonomic

tools, including lifting equipment, were piloted and rolled out.

Charging stations for smart electric tugs and pilots with stock

pickers (orderpicktrucks) were also introduced. In 2026,

PostNL will finalise rolling out 37 mast lifts (mastheffers), and

evaluate loose unloading solutions. All measures are

embedded in governance structures with a clear roadmap.

The new Health & Safety organisation aims to structurally

strengthen occupational health & safety in all processes,

decision‑making and culture, with a proactive focus on

preventing financial risks as well as risks to the health &

safety of PostNL employees and third parties.

3.2.1.2 Equal treatment and opportunities

for all

Diversity, equity and inclusion

Diversity, equity and inclusion networks

In 2025, we expanded and strengthened our DEI networks.

The Cross Culture Community was formalised with a full

governance structure, and the Neurodiversity Network was

launched in the summer. These networks support

multicultural talent in progressing to senior roles and

promote knowledge-sharing on neurodiversity across the

organisation. With no set end date, they will remain in effect.

Open participation, without formal membership structures,

remains a guiding principle, ensuring accessibility for all

employees. By year-end, engagement in the networks had

increased. A diversity study was completed, resulting in

updates to our code of conduct, confidential advisor

framework, and DEI training portfolio. Fewer training sessions

were held than planned due to capacity constraints.

Training interventions

Our DEI training programmes continued to focus on the six

priority areas first defined in 2016: LGBTIQ+, age, diversity in

thinking, cultural background, gender, and support for those

needing extra guidance. We implemented recommendations

from the 2024 DEI survey and maintained our core modules:

3D Diversity, DISC, Cultural Craftsmanship, and Intercultural

Communication.

The subsidy rate for DEI trainings increased to 45% in 2025,

while the number of available trainers declined from 24 to 14.

Despite this, tailored interventions remained available on

demand and have no fixed end date.

While diversity metrics were not included in the employee

engagement survey in 2025, work began on developing a new

Cultural Barometer to be launched in the first quarter of

2026. This tool will enable PostNL to more systematically

measure progress on inclusion and belonging, helping inform

future DEI priorities.

Measures against violence and harassment

Campaign on (un)desirable behaviour

In 2025, PostNL further strengthened its focus on preventing

and addressing undesirable behaviour across all workplaces

to reduce harassment and mitigate legal and financial risk.

Following its 2024 launch, the campaign, led by Audit &

Security and HR, continued through 2025 and enhanced

mechanisms to prevent, identify, and address unwanted

interpersonal behaviour. It applied to all PostNL employees

and indirectly benefitted non-employees working at our sites.

The campaign clarified governance structures, accelerated

incident management, improved reporting tools and raised

awareness. In 2026, we will start management trainings

regarding this topic. In cases of violence or harassment,

PostNL ensures confidential reporting, protects individuals

from retaliation, and provides remedy through investigation,

follow-up support, and corrective action.

Roll-out of updated Code of Conduct and Integrity e-learning

In July 2025, the Board of Management approved the updated

Code of Conduct, which rolled out the following month

alongside a revised Integrity e-learning module. The training

explains the Code, outlines desired behaviour and details how

employees can report violations. It also includes a dedicated

section on unwanted interpersonal behaviour. Completion

was mandatory for management and office-based employees

across all business segments and became part of the

onboarding programme for new hires. The Code of Conduct

and the Integrity e-learning are the responsibility of Audit &

Security and aim to prevent and detect harassment, as well as

mitigate legal and financial risks. Their publication and

implementation, including translation to the workplace, are

embedded in the integrity awareness programme. An external

party is involved in the development and maintenance of the

training, and HR data analysts monitor e-learning completion

rates. Further details on the Code of Conduct are provided on

page 72 in the Business conduct - Policies and procedures

section of the Corporate governance chapter and the

Promoting awareness of integrity-related policies and

procedures paragraph in the Governance disclosures.

Training and skills development

At PostNL, we invest in the continuous growth and

development of our employees. Our learning and

development approach builds on three pillars:

• Licence to operate trainings

• Licence to perform trainings

• Shaping a learning culture.


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Together, these initiatives strengthen our short-term

operational performance and our long-term strategic growth.

In each operational business unit, dedicated learning and

development representatives are responsible for the licence

to perform trainings. All our training and skills initiatives fall

under the responsibility of our Talent & Learning department.

The AI Centre of Excellence is responsible for Copilot

trainings.

Licence to operate trainings

We continued to invest in equipping our drivers with the skills

and knowledge needed to operate safely and responsibly

across our network, to mitigate the risks associated with

inadequate training and insufficiently qualified staff. In 2025,

this included:

• Comprehensive driver education completed by 133

participants

• Mandatory refresher courses for all drivers, with a total of

1,025 participants

• Work instruction trainings completed by 5,871 employees

via our online learning environment.

These initiatives reinforce consistent standards of safety,

compliance and operational excellence across our logistics

operations. With no set end date, we will continue to offer

these trainings.

Licence to perform trainings

In 2025, we further strengthened our leadership development

agenda, focusing on capability building and behavioural

consistency across the organisation:

• We completed the roll-out of the PostNL Leadership

Compass, defining ten core leadership behaviours for

managers across Operations and Head Office. The

programme was delivered through webinars and business

workshops and successfully completed in 2025

• We also expanded our investment in leadership

development by introducing a new onboarding module for

managers and designing a foundational leadership skills

programme to prepare leaders for both current and future

challenges.

Together, these programmes equip our leaders to guide

teams effectively, drive performance, and support a culture

of growth and continuous improvement. They have no set end

date and will remain a core focus.

Shaping a learning culture

We continued to strengthen a culture of continuous learning,

adaptability, and digital skills development across PostNL, to

mitigate the risk of increased costs due to lack of qualification

and reduced motivation, retention, and productivity. We do

not specify an end date for these initiatives. In the following

paragraphs we discuss the key highlights from 2025.

Learning agility

A total of 252 colleagues received their learning agility report

and discussed the results with their managers, turning insights

into practical development actions and strengthening

individual and team growth.

Peer-to-peer coaching

Around 60 participants completed our peer learning and

coaching programme, UGURU, which was implemented as a

structured intervision programme in 2025 to foster a

sustainable learning culture. The programme was highlighted

last year as an example of how we connect personal

development with organisational growth. UGURU places

personal leadership and peer learning at the centre. Through

small-group sessions, participants created open and safe

learning environments where they could reflect, exchange

feedback and engage in honest, courageous conversations.

This approach encourages employees to take ownership of

their own learning while enhancing collaboration and

psychological safety across the organisation.

By embedding UGURU into our broader development

portfolio, PostNL ensures that learning remains an ongoing

and collective process. Participants actively involved their

teams, shared continuous feedback and facilitated sessions

themselves, helping to embed sustainable behavioural change

and make learning part of everyday work.

AI and Digital Skills

In 2025, we continued to strengthen digital capability and

adoption across PostNL, supporting our ambition to become a

more data- and AI-driven organisation. We rolled out

comprehensive Microsoft Copilot trainings to introduce

employees to the possibilities of AI and to develop hands-on

skills in Outlook, Teams, Word, PowerPoint, and Excel.

To date, around 2,200 Copilot licences have been distributed,

with the majority of users also completing the training.

Feedback from 340 respondents regarding the training

course showed strong results, with an average satisfaction

score of 7.8/10. In 2025, these activities supported the

further development of digital and AI capabilities across

PostNL. Going forward, Copilot enablement will primarily be

supported through self-paced onboarding materials, with

instructor-led trainings organised on an ad hoc basis if there

is sufficient demand.

Renewed Your Excellence Programme

In September 2025, we launched the renewed Your

Excellence Programme (YEP) for recent graduates, offering a

sharper focus on employability, leadership and cross-

functional learning. The programme now includes five tracks:

Supply Chain, HR, Finance, Commercial, and International,

each combining professional training, personal development,

and work assignments over a two-year period.

The programme is built around three pillars:

• Functional route – at least two roles within the chosen

track to build professional experience

• Network route – mentorship, management team

participation, and guidance from Young Talent

Ambassadors

• Personal leadership – soft skills and leadership

development supported by external training and coaching.


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These initiatives help PostNL strengthen alignment between

graduate development and organisational needs, while also

fostering long-term retention of young talent.

Employment and inclusion of persons with disabilities

PostNL continues to focus on being an inclusive employer that

offers meaningful work for everyone, including people with a

distance to the labour market. In 2025, we employed more

than 3,300 individuals from this group, including 1,250 on

direct PostNL contracts. Job coaching coverage reached

eight out of ten delivery areas, with a reactive model in the

remainder. Effectiveness was monitored via dashboards

tracking recruitment, retention and financial flows, reviewed

monthly by a steering committee.

Key initiatives included:

• Onboarding – introduced buddies on the work floor,

provided buddy training and improved application

processes, which will continue into 2026

• Tailored work packages – flexible hours and adjusted

workloads for more than 300 employees, supported by

municipal subsidies

• Physical support – a pilot introducing noise-cancelling

headphones for employees with sensory sensitivities

• Target group expansion – pilots involving status holders,

long-term unemployed and practical school students. A

pilot in The Hague delivered strong results and will be

extended to two additional regions in 2026.

All initiatives were designed to remove barriers, enhance

employability and promote an inclusive working environment.

Guidance from job coaches ensured positive outcomes for

employees and teams, without material negative effects.

3.2.2 Our workforce and performance

3.2.2.1 Characteristics of employees

Workforce characteristics

Unless otherwise stated, workforce characteristics are

reported based on headcount as of 31 December. At PostNL,

headcount refers to all employees with a direct and active

employment agreement. Data used to report on employee

characteristics are primarily extracted from our HR systems.

Workforce by region

Workforce by region is aligned with the requirement as per

ESRS 2 and is based on the legal entity the employee is

employed by. Because PostNL's workforce is mainly based in

the Netherlands, no other country represents at least 10% of

our total number of employees. Information on the headcount

breakdown by segment and FTE by segment can be found in

the note Salaries, pensions and social security contributions

on page 118 within the financial statements.

PostNL Workforce by region number of employees


For the year ended 31 December	2024	2025	∆
Netherlands	31,366	30,378
Rest of Europe	951	1,067
Rest of the World	88	86
Total number of employees	32,405	31,531	(2.7)%

The total workforce of PostNL decreased by 2.7% in 2025.

The slight reduction in headcount was largely a consequence

of the ongoing tight labour market, which has made recruiting

and, for certain roles, retaining the right people increasingly

challenging. Due to dedicated programmes, we were able to

fill a large number of vacancies within Mail in the Netherlands.

Another reason is continuous improvement and use of AI

which replaces certain tasks, for example our digital recruiter

Charlie who communicates with applicants.

Workforce by gender

Workforce by gender is reported based on actual figures for

all reporting entities. Our HR system currently allows

employees to specify their gender as either male or female.

As a result, no employees are reported under 'other gender'.

The 'not reported' category includes employees who chose

not to disclose their gender.

PostNL Workforce by gender number of employees


For the year ended 31 December	2024	2025
Male	18,034	17,731
Female	14,371	13,800
Not reported	0	0
Total number of employees	32,405	31,531

The number of female and male employees decreased

compared to 2024. Still, more male employees are working

within PostNL due to the nature of jobs on offer.

“Continuous improvement and use

of AI replaces certain tasks, for

example our digital recruiter

Charlie who communicates with

applicants”


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Workforce by other dimensions

Across our main networks, specific CLAs are in place for all

employees. In other, smaller entities, different arrangements

regarding collective labour may apply. The 'not disclosed’

category includes employees who chose not to disclose their

gender.

PostNL Workforce by other dimensions

number of employees


For the year ended 31 December	2024				2025
	Female	Male	Not disclosed	Total	Female	Male	Not disclosed	Total
Total number of employees	14,371	18,034	0	32,405	13,800	17,731	0	31,531
Employees by contract duration
Number of employees with a permanent contract	12,498	14,189	0	26,687	11,329	13,051	0	24,381
Number of employees with a temporary contract	1,874	3,845	0	5,718	2,471	4,679	0	7,150
Employees by contract type
Number of employees with a non-guaranteed hours contract	0	0	0	0	0	0	0	0
Number of employees with a full-time contract	1,585	6,629	0	8,215	1,576	6,413	0	7,989
Number of employees with a part-time contract	12,786	11,404	0	24,190	12,224	11,318	0	23,542

At present, PostNL does not employ any staff on non-

guaranteed hours contracts. The majority of our employees

have a permanent contract. Most of our contracts are part-

time, due to the nature of the jobs on offer, especially mail

deliverers. We mainly hire full-time employees within e-

commerce, where the hires are predominantly male. Part-time

contracts within e-commerce are becoming more common to

meet the needs of new hires. In 2025, newly hired mail

deliverers were offered temporary contracts.

3.2.2.2 Working conditions

Working time

PostNL has not yet set formal targets for working time.

Effectiveness is currently tracked through PDCA cycles

across our networks, which help identify risks, improve

compliance, and support continuous improvement. Our

ambition is to ensure fair and compliant scheduling through

equal treatment provisions, working time adjustments,

ongoing monitoring, and corrective action.

Health and safety

In line with our Health & Safety Policy, we set an absenteeism

target for 2025, aiming to prevent work-related absences and

facilitate a timely return to work, to mitigate the financial risk

of increased labour costs. We set this target using an outside-

in perspective, incorporating input from a third-party advisor

and market research, alongside an inside-in approach that

draws on insights from various business units and internal

teams. This ensures the target reflects both external trends

and internal developments. For more details on this KPI,

please refer to the Absenteeism metric disclosure.

No corporate targets were identified for traffic safety or for

other actions (excluding absenteeism) in 2025. Effectiveness is

tracked through RI&E assessments, incident reporting

(including accidents resulting in death caused by traffic

incidents involving third parties), absenteeism monitoring, and

feedback from depots and delivery partners.


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Occupational health and safety

At PostNL, our certified ISO 45001 management system

enables us to systematically manage the health and safety of

all those working for or with us. ISO 45001 is the global

standard for occupational health and safety management

systems, designed to help organisations manage and mitigate

workplace health and safety risks.

The percentage of our total headcount working at ISO 45001-

certified sites is calculated by averaging the monthly

headcount percentages at each certified site over the total

headcount across all sites, divided by the number of months.

Our ISO (International Organization for Standardization)

certifications are audited by an external party every three

years.

PostNL Occupational health and safety as indicated


For the year ended 31 December	2024	2025
ISO 45001 certification (share of total headcount working in certified sites)	97%	96%

By the end of 2025, 96% of our workforce was operating at an

ISO 45001-certified site.

Fatalities and injuries

A fatality resulting from a work-related injury refers to the

death of an employee, non-employee or other worker on a

PostNL site due to an occupational accident. An occupational

accident is an unexpected and unplanned event, including

acts of violence, arising from or in connection with work

activities performed for PostNL. At present, PostNL is limited

in its ability to report fatalities resulting from work-related ill-

health. The EU General Data Protection Regulation (GDPR)

serves as our global baseline and is embedded in our privacy

policies. The collection of personal data for reporting on this

metric conflicts with GDPR regulations, as PostNL is restricted

from recording medical information. In the event that a

(former) employee passes away due to work-related ill health,

an occupational disease claim can be filed with PostNL’s

insurance provider. The fatality is reported if PostNL is found

liable. To date, no such claims have been received.

Recordable accidents

Accurate accident reporting relies, in part, on the discipline of

our employees in recording incidents that occur throughout

the year. Despite the measures PostNL has implemented—

including fostering an open safety culture—there remains an

inherent risk of incomplete accident reporting. While

outsourced employees are not yet included within our

reporting scope, incidents can still be reported through

designated channels or via their operational managers.

In 2025, we have aligned the PostNL definition of a recordable

work-related accident with the CSRD definition classifying a

recordable work-related accident as a work-related incident

during working hours that results in any of the following:

death, days away from work, restricted work or transfer to

another job, medical treatment beyond first aid, or loss of

consciousness. As a result, we are able to report the actual

recordable accidents in 2025, instead of on a statistical

sample base in prior year. In addition, we have improved the

quality of our incident reports, allowing us to more accurately

determine if an incident is a recordable accident, although

this assessment is inherently subject to interpretation.

Recordable accident rate

The recordable accident rate is determined by the number of

recordable accidents per million hours worked.

At PostNL, the calculation of total hours worked (in millions) is

based on a standardised approach. This methodology

accounts for all workable hours, factoring in adjustments for

absenteeism due to ill-health, vacation, and public holidays.

The data underpinning this calculation are sourced directly

from our HR systems. While this method provides a robust

estimate of the total hours worked, it does not involve the

direct tracking of individual hours. In the coming years, we will

continue to refine this approach to enhance our calculations.

PostNL Health and safety as indicated


For the year ended 31 December	2024	2025
Number of fatalities as a result of work- related injuries and work-related ill health	0	0
Number of recordable work-related accidents	456	771
Rate of recordable work-related accidents per million hours worked	16	28

We report that no fatalities related to work-related injuries

and work-related ill health were recorded among our own

workforce or workers in the value chain at a PostNL site in

2025.

We have improved the quality of our incident reporting within

the health and safety organisation over the course of 2025,

allowing us to more accurately determine if an incident is a

recordable accident or not. In 2025, we have also fully

embedded the CSRD definition in Health & Safety processes.

The total number of reported incidents has remained broadly

consistent with the prior year. However, a larger proportion

of these incidents were identified as meeting the criteria for

recordable accidents, resulting in a higher share of

recordable accidents in the total reported incidents, enabling

more accurate and reliable reporting.


	PostNL Annual Report 2025			232

Sustainability statements

Other information

Appendices

Social disclosures

Road traffic safety

A road traffic accident with third party death refers to any

incident involving third party road users not working for

PostNL. We report on all road traffic accidents with third

party death without distinguishing between types of road

users impacted, e.g. pedestrians, cyclists and motorcyclists,

and regardless of whether PostNL is blameworthy. This

approach provides a comprehensive view of PostNL’s impact

on all road users.

We report on road traffic accidents with third party death

relative to the nature of our operations; the entity-specific

metric 'rate of road traffic accidents with third party death

per million kilometres travelled' is calculated by dividing the

number of road traffic accidents with third party death by

million of kilometres travelled. These kilometres include

kilometres travelled by our own networks and those travelled

by delivery partners on the road in the Benelux, which aligns

with the kilometres reported in Our performance in the

Climate change section in our Environmental disclosures.

PostNL Road traffic safety as indicated


For the year ended 31 December	2024	2025
Number of road traffic accidents with third party death	4	0
Rate of road traffic accidents with third party death per million kilometres travelled	0.9%	0.0%

We report zero road traffic accidents resulting in third-party

fatalities across our operations in 2025, but remain focused

on preventing fatalities through initiatives such as training,

which enhance road safety awareness and promote

responsible driving behaviour. Therefore we keep monitoring

our ‘rate of road traffic accidents with third-party death per

million kilometres travelled’.

Absenteeism

Absenteeism, an entity-specific KPI, is calculated through the

weighted average total days of absence divided by the

weighted average calendar days. Corrections are made for

the percentage of time an employee is deemed fit for work in

the weighted average days of absence and for part-time work

in the calculation of weighted average calendar days. The

absenteeism percentage follows the definition of the Central

Bureau for Statistics (CBS) in the Netherlands.

Absenteeism is scaled for smaller entities to provide a

comprehensive view of health and safety across all

operations. In the coming years, we are working towards full-

scope reporting.

PostNL Absenteeism as indicated


For the year ended 31 December	2024	2025	∆
Absenteeism (share of total working days)	8.5%	8.5%	0.0

Absenteeism remained high within PostNL, which can be

partially explained by the physically demanding nature of our

work and the ageing profile of our workforce. To reduce

absenteeism rates at the Mail in the Netherlands and E-

commerce Operations (including Transport Services), and

thereby lower overall absenteeism across PostNL, we

launched the Managing Employability programme (Sturen op

Inzetbaarheid) in Q1, in collaboration with our third-party

advisor. With this programme, we set an absenteeism target

of 7.0% by the end of 2026, which is a reduction of 20%

compared to 2024, and supports a more proactive approach

to managing absence. The target is based on analyses

performed by the third-party advisor. It is built on four pillars,

including a renewed focus on absenteeism policy and a

targeted approach for specific employee groups. Through this

programme, we aim to decrease labour costs and increase

productivity. In the second half of 2025, absenteeism was

lower than in the same period of last year. While this does not

yet affect the total absenteeism, we expect that we can

maintain this downward trend next year.

3.2.2.3 Equal treatment and opportunities

for all

Diversity, equity and inclusion

Female representation in senior management

PostNL remains committed to achieving 36% female

representation in senior management by 2030, with an interim

milestone of 33% by year-end 2025, which we outperformed.

The central works council has actively contributed to setting

this target, ensuring employee representation in the process.

PostNL aims to demonstrate a clear and credible level of

ambition in advancing the representation of women in senior

management. The initial 33% target was subsequently

reassessed to better reflect this ambition and to account for

the progress already achieved, while ensuring that the

objective remains both realistic and attainable. Therefore,

back in 2024, we set a 36% target, set 3% above the

applicable legal minimum.

We continued to strengthen the leadership pipeline through

inclusive recruitment and development programmes.

Cultural, gender, age and neurodiversity remained central

focus areas, supported by active DEI networks.


	PostNL Annual Report 2025			233

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Other information

Appendices

Social disclosures

Senior management

Senior management is defined as employees with positions in

the Board of Management or one to two levels below.

PostNL Senior management as indicated


For the year ended 31 December	2024	2025
Female	122	129
Male	229	243
Not reported	0	0
Number of employees	351	372
Female (share of employees in senior management)	35%	35%
Male (share of employees in senior management)	65%	65%

The share of female employees in management positions

remained stable when compared to last year. Moreover, we

are still on track not only to meet the target of 36% women in

senior management by 2030 but also to achieve the same

representation at the next management level. This has

established a strong foundation for the continued

advancement of women within PostNL.

Workforce by age group

We divide our workforce into three age groups: < 30 years, 30

- 50 years, and > 50 years.

PostNL Workforce by age group number of employees


For the year ended 31 December	2024	2025
< 30 years	4,593	4,590
30 - 50 years	9,735	9,774
> 50 years	18,077	17,167
Total number of employees	32,405	31,531

Despite the decline in the number of employees, our age

distribution remains relatively stable. The number of

employees under the age of fifty has increased, while the

number of those over fifty has slightly decreased.

At PostNL, the group aged fifty and above is still well

represented, but, due to long tenures, we also see a gradual

and managed outflow as employees retire. In our strategic

workforce planning, the turnover within this demographic is

closely monitored, enabling us to effectively anticipate and

respond to potential future changes.

Turnover

The total turnover is the number of employees who left our

workforce voluntarily or due to dismissal, retirement or

death. Voluntary turnover, an entity-specific metric, only

includes employees who left at their own request. The share

of (voluntary) turnover is the (voluntary) turnover divided by

the total headcount of the prior year. To reconcile with the

total headcount, the unallocated headcount has been evenly

divided between turnover and new hires.

PostNL Turnover as indicated


For the year ended 31 December	2024	2025
Total turnover	9,380	8,656
Total turnover share	28%	27%
Voluntary turnover share	17%	12%

The total turnover is relatively stable, while the absolute

turnover decreased slightly. Due to the operational and

physically demanding nature of many of the jobs across

PostNL, we employ a relatively high percentage of part-time

and seasonal employees, which means our total turnover

share is high compared to other sectors. The share of

voluntary turnover decreased, which is in line with the trend

in the broader Dutch logistics sector in 2025.

New hires

New hires, an entity-specific metric, include employees who

started working at PostNL during the reporting period. New

hires are shown in absolute numbers and as a rate, which

represents the new hires as a share of the total headcount of

the prior year.

PostNL New hires as indicated


For the year ended 31 December	2024	2025
< 30 years	4,410	3,822
30 - 50 years	2,504	2,484
> 50 years	1,383	1,476
Number of employees	8,297	7,782
Male (share of total headcount)	16%	16%
Female (share of total headcount)	9%	9%
New hires (share of total headcount)	26%	25%

The total number of new hires decreased compared to last

year, because, on average, we had fewer vacancies.

Generally, the demand for recruitment was lower in 2025.

“Thanks to our strong foundation

of women in all management

levels, we remain on track to reach

36% women in senior

management positions by 2030”


	PostNL Annual Report 2025			234

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Other information

Appendices

Social disclosures

Measures against violence and harassment

PostNL has not set corporate-level targets specifically for

violence and harassment, other than that all reported

incidents and complaints must be fully processed. Instead,

effectiveness is monitored through training completion rates,

reporting mechanisms, and follow-up of incidents under the

Integrity and Whistleblowing procedures.

Incidents of discrimination and complaints

We report on the full scope of incidents and complaints

registered in our global platform, covering both our own

workforce and workers within the value chain. As all our

channels, as described in the Grievance and remedy

paragraph earlier in the social disclosures, for raising

concerns and reporting incidents, are formal, every submitted

report is classified as an incident. Some of these channels

allow employees to remain anonymous in their report. All

reported instances of non-compliance with our code of

conduct, as well as complaints, including cases of fraud and

bribery, are recorded in our global platform. The scope of

incidents we report extends beyond discrimination and

harassment. The reported figures include incidents and

complaints related to undesirable behaviour, such as

discrimination, aggression, violence, (sexual) harassment, and

bullying.

Fines, penalties and compensation

Incidents of discrimination and complaints could lead to fines,

penalties, or compensation being imposed on PostNL. The

figure we report on does not include amounts related to

ongoing legal proceedings or deductible costs.

PostNL Incidents and complaints as indicated


For the year ended 31 December	2024	2025
Total number of incidents of discrimination and complaints	364	339
Total amount paid of fines, penalties and compensation (Euros)	0	0

Unfortunately, undesirable behaviour sometimes occurs, such

as bullying, sexual harassment, discrimination, or aggression.

Factors such as willingness to report, classification, context,

case severity, and exposure are not visible from these figures.

Therefore, in 2026, we will focus on further strengthening the

reporting culture.

No severe human rights incidents have been identified in

2025. We are pleased to report that in 2025, no material fines

or significant penalties were imposed on PostNL as a result of

incidents of discrimination.

Training and skills development

PostNL has not set corporate-level targets specifically for

training and skills development. Instead, effectiveness is, for

example, monitored through training completion rates. We

aim to build a high-performing workforce by integrally

strengthening and embedding learning, talent development,

leadership, and performance management.

Employee engagement

Employee engagement is measured for our own workforce by

an independent external company and considered an entity-

specific KPI. All employees in the workforce are invited to

participate in our employee engagement survey, divided into

three surveys over the course of the year. The resulting

engagement score is the weighted average engagement

across all responses of employees who participated in the

survey. Therefore, this score only reflects the views of

employees who participated.

PostNL Employee engagement share of engaged employees


For the year ended 31 December	2024	2025	∆
Average score	67%	69%	+2

In 2025, the average engagement score was 69% (2024: 67%).

We are pleased to report a slight increase in our engagement

score, despite all the organisational changes. We see this

particularly within our Mail in the Netherlands division, where

we have adopted an approach that involves listening to our

employees and involving them as much as possible in all

changes, thereby increasing their engagement. We performed

in-depth data analyses to identify appropriate actions, which

help to further improve our engagement. We actively work

with these findings to take appropriate actions, tailor-made

for the relevant business segments.

Employment and inclusion of persons with disabilities

related to PSO

In 2025, PostNL exceeded its target of 7.5% of all mail

delivery hours in the Netherlands performed by people with a

distance to the labour market, achieving 7.9%. The target,

based on the government’s job agreement (banenafspraak),

will be maintained in 2026. Progress is reviewed bi-annually

with the works council.

This target is related to the policy objectives of eliminating

discrimination, providing tailored support, ensuring safe access

to the labour market, and enabling full participation in society.

Policy effectiveness is independently validated through the

Social Entrepreneurship Performance Ladder (Prestatieladder

Socialer Ondernemen (PSO)). This independent, science-based

tool measures how well organisations support the participation

of groups of persons with disabilities or in need of guidance in

the Dutch labour market.

PostNL has held PSO certification since 2021, reaching Level 2

in 2022 and Level 3 in 2024 and 2025, as audits are carried

out every two years. Maintaining this certification remains a

key objective. We already recertified our Level 3 PSO for the

coming two years.


	PostNL Annual Report 2025			235

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Other information

Appendices

Social disclosures

3.3 Workers in the value chain

At PostNL, we recognise that fostering a responsible value

chain not only drives business success but also contributes to

societal value by addressing safe working conditions and

promoting fair labour practices. Our workers in the value

chain consist of delivery partners with personnel providing

services in accordance with a transport agreement signed

with PostNL, and self-employed delivery partners providing

services in accordance with a transport agreement signed

with PostNL.

The material negative impacts identified for workers in the

value chain relate to working time, health and safety, and

violence or harassment. These impacts are not associated

with systemic issues such as child labour or forced labour in

specific countries or regions. Due to the nature of

subcontracted delivery operations, risks related to these

topics may occur in a widespread manner if not adequately

managed. However, actual material negative impacts typically

arise as isolated incidents at individual delivery partner level,

rather than as recurring or structural violations across the

value chain. PostNL therefore applies preventive, cross-

cutting measures alongside incident-based remediation to

address and prevent such impacts.

“We recognise that fostering a

responsible value chain not only

drives business success but also

contributes to societal value by

addressing safe working

conditions and promoting fair

labour practices”

3.3.1 Our actions

Health & safety, working time, and violence

& harassment

Cross-cutting actions for all three material topics

PostNL avoids causing harm to value chain workers through

its Human Rights Policy, guidelines for delivery partners, and

due diligence processes. These include risk assessments,

safe working conditions, fair labour standards, and inclusion.

When a material negative impact occurs, PostNL uses

grievance channels, remediation steps, and effectiveness

reviews. A Human Rights Saliency Assessment identifies

priority issues for targeted action. PostNL applies third-party

risk management tools, audits, and stakeholder dialogues to

address risks like safety, and diversity. Through our DMA and

ESG strategy, PostNL considers external trends and

dependencies to manage risks proactively.

PostNL aims to reduce risks of litigation, regulatory sanctions

and reputational damage by embedding contractual

requirements, monitoring third‑party compliance, and

improving access to grievance and remedy mechanisms.

These actions also help prevent operational disruptions,

remediation costs and strained relations with delivery

partners. By promoting safe, fair and respectful working

conditions, they further support worker morale and retention

across the value chain, strengthening service continuity and

revenue stability.

Implementation of guidelines for delivery partners

PostNL expanded its guidelines for delivery partners to more

business segments in 2025. After rollouts in Operations NL

and BE in 2024, TGN followed in the first quarter of 2025. All

delivery partners within these three business units have

signed the guidelines as part of their contract. These

guidelines promote safe working conditions, regulated hours,

and protection against harassment. Full implementation

across other business units is planned by 2026.

Third-Party Risk Management tool

The Third-Party Risk Management (TPRM) tool monitors

delivery partners’ compliance with PostNL’s safety and

working standards. It tracks among others: health and safety

risks, human rights violations and incidents of violence or

harassment. Following a 2024 pilot, it was rolled out to

Operations NL, TGN, Extra@Home, and Transport by year-

end 2025. In Belgium, the first assessments began in 2025.

The TPRM tool enables structured registration and monitoring

of third-party risks, including grievances raised by value chain

workers. It supports PostNL in identifying patterns, ensuring

timely follow-up, and improving transparency in how incidents

are handled. By integrating this system into key operational

domains, we have taken a step forward in safeguarding

worker rights and strengthening our risk governance. Where

findings cannot be sufficiently explained within the TPRM

framework, an audit will be initiated to ensure corrective

measures. Data in the TPRM tool is not available for delivery

partners or their employees, but solely for sourcing

specialists.

Implementing due diligence within Cross Border Solutions

In 2025, Cross Border Solutions (CBS) launched an action to

strengthen health and safety conditions for subcontracted

workers. CBS distributed a Supplier Code of Conduct to

delivery partners, clarifying expectations around safe

workplaces, fair scheduling to ensure reasonable working

hours and enough rest, and respectful behaviour. More

information on these guidelines can be found on page 247 in

the Governance disclosures, in the paragraph Set of

Guidelines for Suppliers and Guidelines for Delivery Partners.


	PostNL Annual Report 2025			236

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Other information

Appendices

Social disclosures

A complaints mechanism is under development. Looking

ahead, implementation will continue in 2026, with outcomes

expected to include a functioning complaints system and

stronger supplier alignment with PostNL standards.

3.3.1.1 Working conditions

Working time

Delivery in accordance with working time legislation

PostNL aims to ensure fair working conditions and regulatory

compliance for subcontracted delivery workers. As a

responsible client to our delivery partners, we take proactive

measures to ensure compliance with working time legislation.

This action addresses reputational and legal risks linked to

working time and labour standards, as well as supports

managing working times effectively. It contributes to PostNL’s

broader objective to promote responsible conduct in the

value chain.

Designing delivery routes that enable our partners to deploy

their delivery drivers in full accordance with collective labour

agreements and working time regulations are a key measure.

Routes are further refined based on forecasts, operational

experience and close consultation with our delivery partners.

In the coming years we aim to maintain this compliance.

Audits

PostNL introduced (external) audits to strengthen compliance

and risk management across its delivery network. These

audits helped verify adherence to labour standards and

operational guidelines. External audits, introduced in 2024,

continued in 2025 as part of business as usual. In addition,

external audits are now triggered in cases where signals of

irregularities are identified, ensuring timely investigation and

corrective action.

3.3.1.2 Equal treatment and opportunities

for all

Measures against violence & harassment

Guidance on desirable behaviour

In 2025, PostNL translated its internal policy on (un)desirable

behaviour into external guidance for delivery partners. This

ensures consistent standards across the value chain.

Awareness materials and complaint procedures are shared to

ensure workers know how to report violence or misconduct

safely. Looking ahead, the guidance will be further embedded

into daily operations, with continued monitoring through

sourcing systems.

Right to Work Compliance Initiative

In 2025, compliance with Right to Work requirements

remained embedded in our standard processes, ensuring that

all workers across our value chain are employed in line with

legal and regulatory obligations.

We allocate resources to manage the impacts on value chain

workers, focusing on compliance, oversight, and continuous

improvement, as part of our strategic and operational

processes.

3.3.2 Our performance

3.3.2.1 Working conditions

Working time

No targets were set in 2025. Compliance with CLAs and

working time regulations must be met at all times and is

therefore not suited to incremental or performance-based

targets.

Internal and external audits are applied as a separate and

complementary control mechanism and are conducted when

deemed necessary with a tailor-made scope.

Health & safety

PostNL did not define corporate-level health and safety

targets in 2025, as delivery partner workers are employed

and managed by independent delivery partners. Instead,

PostNL focuses on setting minimum safety requirements

through delivery contracts, which are monitored via

compliance checks, audits and third-party risk management

tools.

3.3.2.2 Equal treatment and opportunities

for all

Measures against violence & harassment

No formal targets were set in 2025 for preventing violence

and harassment, as potential negative impacts typically occur

as isolated incidents at individual delivery partner level.

PostNL therefore focuses on prevention, awareness and

access to remedy through updated contracts, the Code of

Conduct, behavioural guidance and grievance mechanisms.

Alternative effectiveness trackers

For working time, health and safety, and measures against

violence and harassment, PostNL assesses the effectiveness

of its policies and actions through a combination of

compliance monitoring, external (PayChecked) audits, partner

evaluations, grievance mechanisms, and follow-up of

identified incidents. This includes reviewing adherence to

contractual requirements, analysing signals from audits and

monitoring systems, and evaluating the handling and

remediation of reported issues. The TPRM tool provides

consistent data to strengthen oversight. By embedding these

trackers into our enterprise risk management cycle, we

ensure continuous improvement and accountability.

While no formal targets are set, PostNL’s level of ambition is

to ensure full compliance with applicable laws and internal

standards, prevent material negative impacts where possible,

and take timely corrective action when issues arise. Through

this approach, PostNL aims to continuously strengthen safe,

fair and respectful working conditions across the value chain,

in line with the actions described.


	PostNL Annual Report 2025			237

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Other information

Appendices

Social disclosures

3.4 Consumers and end-users

Consumers and end-users are at the heart of the services we

provide, and meeting their needs responsibly is fundamental

to our role in society. Their experience shapes our licence to

operate, from safeguarding privacy and data security to

ensuring accessible, safe and sustainable delivery options. As

expectations evolve, we continue to enhance transparency,

protect consumer rights and improve the quality and

inclusivity of our services. Our consumers and end-users

include anyone receiving, sending or interacting with our

products and services.

3.4.1 Our actions

3.4.1.1 Information related impacts for

consumers and/or end-users

Privacy

Further Implementation of the Privacy Control Framework

To safeguard consumer privacy and ensure compliance with

GDPR, PostNL continues to implement and refine its Privacy

Control Framework. This action includes maintaining up-to-

date governance, a processing register (audited twice yearly),

Data Protection Impact Assessments (DPIAs), Personal Data

Breach reporting processes and compliant third-party

agreements.

To further safeguard privacy, we embedded the Privacy

Control Framework across all business segments in 2024 and

strengthened it in 2025 with an updated DPIA process

description. This ensures consistent handling of assessments

and better alignment between business and the Privacy

Office. This new process description ensures a consistent way

of working hereby reducing legal risk and ensuring

compliance with the GDPR. The progress of the Privacy

Control Framework is monitored via audits, internal reviews

and self-assessments.

The Privacy Control Framework remains a cornerstone of our

data protection strategy. Future updates will further integrate

privacy-by-design in digital services, with continued alignment

to GDPR, supported by regular audits and stakeholder input.

Updated version of the Personal Data Breach register

The privacy statement was updated in the first quarter of

2025. In parallel, we finalised the update of our Personal Data

Breach register in the last quarter of 2025, creating a more

accessible and user-friendly system for tracking and

responding to privacy incidents and improving GDPR audit

readiness. This updated register improves internal monitoring,

ensures traceability of incidents, and strengthens follow-up

and reporting processes. The action supports PostNL’s

broader privacy framework which helps maintain trust among

consumers and end-users.

The updated register is in line with the Guidelines for Privacy

Incidents and Data Breaches and is being developed by the

Privacy Office to support the business with privacy

compliance. The effectiveness of the updated register is

tracked by monitoring registration quality, accessibility, and

follow-up timelines. Once implemented, the new register will

be used to ensure structured incident reporting and improve

GDPR audit readiness.

3.4.1.2 Social inclusion of consumers and/or

end-users

Access to products and services

Digital access

PostNL e-ID

In 2025, we continued to enhance secure and inclusive digital

access. The PostNL e-ID rollout advanced, increasing

validated accounts and adoption across services in the

Netherlands and Belgium, helping users protect their data and

manage preferences securely. The initiative is part of ongoing

operational digital security efforts. The rollout will continue in

2026 with further technical refinements and functional

expansion. PostNL is focused on improving secure access and

supporting user control through digital innovation.

PostNL Account

At the same time, we expanded the PostNL account, with new

nationwide delivery preference options—such as safe place

or pick-up location—contributing to higher satisfaction and

fewer complaints. This action supports secure, inclusive

access to digital services and contributes to PostNL’s

objective of maintaining reliable, user-centred delivery

experiences despite operational pressures. Anyone with a

Dutch or Belgian address is able to create a PostNL account.

The action builds on foundations laid in 2024. In 2025, new

features were launched nationwide, and adoption is growing.

By year-end, 3.2 million registered delivery preferences were

targeted. Internal tracking shows reduced complaints about

unwanted parcel routing and increased use of the account.

This action will be refined further in 2026. Enhancements may

include new preference types or better integration with other

services. Continued improvements aim to strengthen

customer autonomy and satisfaction.


	PostNL Annual Report 2025			238

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Other information

Appendices

Social disclosures

Preparations of EAA compliance

Building on our 2024 foundation, we achieved substantial

improvements in digital accessibility through continued

compliance efforts with the European Accessibility Act (EAA),

demonstrating measurable progress in creating inclusive

digital services, in particular for groups with digital

accessibility needs. PostNL aims to create an inclusive

environment where everyone, including people with physical

disabilities and neurodiverse individuals, can fully access and

benefit from our services. Our EAA compliance initiative

directly addresses reputational, compliance, and financial

risks while enhancing customer proximity through secure,

inclusive digital services.

The initiative is supported by quarterly user testing with

people with disabilities and tighter design criteria for product

teams. Our homepage ranked among the world’s top 5% most

accessible (WebAIM). Key improvements included enhanced

screen reader support and keyboard operability for people

with visual and motor disabilities.

Resources were allocated through our Digital Channels and

Interactions department, including quarterly user research

programmes and ongoing accessibility audits. Investment

supported team training, building an internal knowledge base,

accessibility tools, and external consultant engagement to

ensure comprehensive compliance implementation.

Looking ahead, we will embed automated testing and we will

continue integrating Design for All principles into digital

development, with a formal update planned for 2026.

Physical and retail access

Network expansion for improved service accessibility

In 2025, PostNL continued its strategy to improve access to

parcel services in Belgium and the Netherlands. In the

Netherlands, we grew our automated parcel lockers (APLs)

from around 1,100 to more than 1,400 locations. We will

continue to increase the number of APLs in the Netherlands in

the coming years. In Belgium we maintained 1,200 retail

points, with plans to increase this number in 2026, and

prepared for the 2026 APL pilot. Print-on-Retail functionality

was finalised, improving convenience and inclusivity. This is

key to enhancing physical accessibility and flexibility,

especially outside standard opening hours and these actions

support inclusive and user-friendly access to services and

align with our promise to customer proximity and

accessibility.

Effectiveness is monitored using usage data, consumer

feedback and service quality metrics. These actions address

the risk of not meeting expected accessibility and reliability

standards and respond to rising demand for more

autonomous and flexible parcel services.

Cost-savings programme and network efficiency initiative

To safeguard affordable access amid declining mail volumes,

we implemented efficiency measures in our postal network.

These cost savings touch the whole of Mail in the Netherlands

—ranging from collection to sorting, preparation and

distribution, and also includes the commercial products. The

latter also includes the development of digital alternatives to

continue to service customers.

One of the cost-saving measures relates to improved

efficiency in postbox collection. Collection times were

optimised at 10,000 locations, while later collections were

retained in shopping areas, delivering both cost and CO₂

savings. This network efficiency initiative forms an important

element of the cost-saving programme for Mail in the

Netherlands. The programme as a whole is necessary to

address the structural decline in mail volumes and the rising

cost base facing Mail in the Netherlands. In parallel, we

launched a pilot of 'Rechtsgeldig Mailen', a digital alternative

to registered mail, with an evaluation planned for 2026.

Both initiatives supported our objective to offer reliable,

inclusive, and cost-efficient services for all consumers and

end-users. While results will be evaluated in 2026, both

actions are expected to improve digital access and

operational efficiency. Progress is monitored through

customer usage data, satisfaction, and accessibility

indicators.

Looking ahead, we will continue to expand flexible parcel

access, refine digital services and pursue further cost and

emissions savings in our mail operations, while ensuring

proximity and reliability for all users.

3.4.2 Our performance

3.4.2.1 Information-related impacts for

consumers and/or end-users

Privacy

PostNL has not defined specific corporate-level targets for

privacy management. Privacy management remains process-

driven and fully embedded in our internal compliance

structure. As privacy risks are closely linked to regulatory

obligations, we continue to focus on consistent

implementation and legal adherence. Effectiveness of

PostNL’s measures to protect personal data is assessed

through internal performance indicators as regular audits,

reviews of privacy controls and yearly review of the privacy

statement. Privacy management remains embedded in our

compliance structure, focused on consistent legal adherence

rather than external target-setting.


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Social disclosures

3.4.2.2 Social inclusion of consumers and/

or end-users

Access to products and services

Digital access

No formal targets have been set for digital accessibility, as

progress is driven by ongoing development and feedback

cycles, focusing on compliance with standards as the

European Accessibility Act (EAA).

Effectiveness is monitored through audits, quarterly user

testing with people with disabilities, and monthly reviews by

the Digital Channels & Interaction team. Key indicators

include resolved audit findings, user satisfaction trends and

accessibility improvements. This ensures continuous

alignment with EAA standards.

Physical and retail access

We have not set formal targets for network expansion, as

flexibility is needed to adapt to local retail dynamics in

Belgium and the Netherlands. Current initiatives include Print

on Retail and, in Belgium, APL pilots.

Effectiveness is measured through customer usage data,

feedback, accessibility indicators and rollout milestones,

enabling us to monitor impact and adjust where required.

Cost savings and efficiency

To maintain an affordable postal network under pressure

from declining mail volumes and rising labour costs, PostNL

again set a target of €40 million in cost savings for 2025. This

built on previous results (€39 million in 2023, €40 million in

2024), with savings achieved through postbox collection

optimisation, process automation and broader operational

efficiencies.

Progress was monitored monthly by the Transformation

Office and reviewed by the Executive Committee (EC). In

2025, we realised €37 million in cost savings, contributing to

continued affordability and alignment with our USO.

Enabling access through performance

PostNL’s Parcels network is a critical delivery service in the

Benelux. As the universal postal service provider in the

Netherlands, PostNL ensures wide accessibility through its

Mail network. We invest in out-of-home (OOH) channels,

digital services and enhanced accessibility for individuals with

disabilities as part of our strategy to improve service quality,

tracked through NPS. However, challenges such as rising

labour costs and constraints in labour availability pose risks

to the accessibility and reliability of postal services.

We report on four entity-specific KPIs that measure the

quality of our products and services, as well as growth in

parcel volumes, demonstrating how we enable access to our

parcel and postal logistics to consumer and end-users.

cNPS

The competitor NPS (cNPS) is measured twice a year by Ipsos

I&O to assess customer experience, segmented by target

audience and provider. The annual score is determined by

aggregating the cNPS results from the two assessments

across the relevant markets and averaged to determine an

overall position, based on responses from customers within

the defined target audiences. In the comparative analysis with

our primary competitors, PostNL's performance is assessed

across key e-commerce segments, including senders and

receivers, business customers and consumers, and domestic

and international parcels.

PostNL Net Promoter Score as indicated


For the year ended 31 December	2024	2025	∆
cNPS	Average No. 1 position in relevant markets	Average No. 1 position in relevant markets	—

In 2025, we retained our average number one position in

relevant markets. Monthly tracking NPS of our most

important journey and of our touchpoints allows us to focus

on enhancing the customer experience, leading to actionable

insights and improvements. For example, we have worked on

improving important customer journeys such as ‘I receive a

package’ for consumers, ‘I get updated about my shipments’,

and ‘I become a customer’ for business customers. We are

also continuously working on improving our digital channels

such as the app and the business portal. We help SMEs to

realise their full potential, and we ensure a seamless

interaction with PostNL for consumers and customers.

Parcel volume growth

The parcel volume growth performance indicator measures

the parcel volume development annually. We calculate this

indicator through the relative volume growth compared to the

previous year.

PostNL Parcel volume growth as indicated


For the year ended 31 December	2024	2025	∆
Parcel volume growth	7.2%	1.2%	(6.0)

Parcel volumes grew by 1.2% in 2025, with domestic volumes

decreasing by 0.7%, resulting in a slightly lower market share.

International parcel volumes continued to grow, rising by 8%

year-on-year. However, the volume growth was accompanied

by mix effects—both in customer segments and product

types—that were less favourable than anticipated, leading to

increased client concentration.


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Delivery quality Parcels in the Netherlands

The delivery quality of Parcels in the Netherlands that we use

as a KPI covers the processes from sorting to delivery for our

core parcels network. The performance is normalised for

regular weeks, and therefore excludes peak weeks, for

example, Easter and the year-end festive season, resulting in

around 75% of weeks included. Unless other specific

arrangements are made with customers or for product types,

PostNL applies a time frame of one working day to determine

whether a parcel is delivered on time.

PostNL Delivery quality Parcels in NL as indicated


For the year ended 31 December	2024	2025	∆
Delivery quality Parcels in NL	97%	97%	0

In the first half of 2025, delivery quality for Parcels in the

Netherlands reached 97%, which was within our target range.

The trend was positive early in the year, and a major network

redesign led to cost savings while keeping quality on track.

However, from Ascension Day onwards, quality declined —

even during non-peak weeks. The main causes were higher

volumes combined with increased absenteeism among

distribution staff. Additionally, APL and retail scores dropped

due to capacity issues.

In the second half of 2025, performance improved through a

stronger focus on balancing capacity, enhancing attention to

distribution, and increasing the OOH capacity.

In Belgium, delivery quality for Parcels improved thanks to

network redesigns, including enhanced connections. In June,

there was a slight dip in performance due to holidays and

limited distribution capacity. Delivery quality then recovered

and remains stable.

Delivery quality Mail in the Netherlands

This indicator shows the performance in relation to the target

set for next-day delivery in relation to the USO for Mail in the

Netherlands, measured by an external third party. This

independent research firm measures the time between

posting and delivering by sending a representative amount of

test letters throughout the year and calculates the time

needed for delivery.

The score for the current year is a preliminary result as the

final result will be reported to ACM in May 2026. This

preliminary result does not take potential corrections for

force majeure events into account. The final report also

contains a full description of the methods, limitations and

measurements used.

PostNL Delivery quality Mail in NL as indicated


For the year ended 31 December	2024	2025	∆
Delivery quality Mail in NL (preliminary)	86%	86%	0

For 2025, the delivery quality of Mail in the Netherlands was

consistent with 2024, at 86%. For more information on

delivery quality Mail in the Netherlands, see chapter

Regulatory developments.

Governance

disclosures



	In this chapter we provide disclosures on our material impacts, risks and opportunities related to our Governance material topics. Governance provides the foundation for our sustainability efforts to succeed. This chapter highlights how we embed integrity, compliance, and ethical business conduct in our operations and throughout our value chain. After outlining our strategy, we explain the governance and policies we have in place before reporting on actions taken, targets set and the progress made in 2025.


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4.1 General disclosures

4.1.1 Our impacts, risks and opportunities

In the table below, we disclose our material impacts, risks, and opportunities per topic, including their time horizon and where in the value chain they occur.


Description			IRO	Value chain	Time horizon
Business conduct
	Corporate culture
	Providing guidance through shared beliefs, a clear purpose, mission, norms, and transparent ways of working (potential).
	Providing guidance through shared beliefs, a clear purpose, mission, norms, and transparent ways of working, PostNL actively shares its business principles with suppliers (actual).
	Unethical behaviour or lack of transparency may result in misconduct, non-compliance, business disruption, legal challenges, reputational damage, increased costs, or revenue loss.

	Protection of whistleblowers
	Whistleblower protection is essential for transparency, accountability, and preventing misconduct (actual).

	Management of relationships with suppliers including payment practices
	Providing guidance through shared beliefs, a clear purpose, mission, norms, and transparent ways of working, we build our relationships with delivery partners in the Netherlands and Belgium on contractual agreements, Code of Conduct, and shared values. Unsustainable demands may jeopardise their ability to fulfil commitments, lead to unfavourable working conditions, strain relationships, harm our reputation, and disrupt the partnership ecosystem (actual).
	Suppliers’ reluctance to make progress on ESG topics, due to factors such as financial constraints or limited ESG data, could pose sourcing and supplier screening risks, jeopardising PostNL’s progress towards its ESG ambitions.
	Favourable supplier engagement fosters strategic partnerships and trust, driving operational excellence, enhancing service quality, and advancing ESG objectives through effective supply chain management.

	Corruption and bribery
	Incidents	Unfair competition, loss of trust and reputation, and potential legal or regulatory consequences.
	Prevention and detection including training	Prevention and detection measures, including training, address unfair competition, safeguard trust and reputation, and mitigate legal and regulatory risks.

Positive impact

Negative impact

Risk

Opportunity

Upstream

Own operations

Downstream

Short term

Medium term

Long term


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4.1.2 Our strategy

PostNL maintains high standards of corporate governance,

business ethics, and regulatory compliance. Our governance

framework supports the delivery of our refreshed strategy –

Connected to deliver what drives us all forward – by ensuring

transparency, accountability, and responsible decision-

making across all levels of the organisation. It is guided by

three focus areas: fostering an ethical culture based on

integrity and compliance, strengthening transparency and

reliability and building trust in the value chain through

dialogue and strategic partnerships.

Our strategy focuses on growing our business, creating

sustainable value and driving innovation that makes a positive

impact for our customers, our people and society.

Governance plays a key role in embedding these ambitions

within our day-to-day operations. This includes robust

oversight mechanisms, clear lines of responsibility, and

processes that ensure alignment with our strategic objectives

and stakeholder expectations.

4.1.3 Our governance

PostNL’s supplier relationship management forms a strategic

element of our operational and sustainability initiatives. By

implementing a transparent procurement policy, consistent

payment practices, and a comprehensive supplier evaluation

framework, PostNL ensures its partnerships with suppliers

and delivery partners align with corporate goals and

regulatory requirements. This section outlines our

governance approach to managing these relationships.

For our governance of material impacts, risks and

opportunities (IROs) related to corporate culture, protection

of whistleblowers and corruption and bribery we refer to

pages 76-78 in the Corporate Governance chapter, including

the paragraphs Integrity Committee, Business conduct and

integrity approach, and Prevention of fraud, bribery and

corruption.

Supplier relationship management approach

PostNL maintains supplier relationships based on its

procurement strategies with the company’s operational and

sustainability goals. Supplier interactions are governed by

PostNL’s Procurement Policy, which highlights how supplier

engagements are managed, how PostNL tries to minimise

associated risks to avoid supply chain disruptions, and how

sustainability is prioritised in its procurement processes.

More information on PostNL’s Procurement Policy can be

found later in this section.

Procurement approach

PostNL adopts a hybrid procurement model, with centralised

procurement by the Procurement and Services department

overseeing most activities, while specialised departments

such as (inter)national transport and contracting delivery

partners handle specific sourcing needs. This approach

enables departments to utilise their expertise in supplier

management effectively. Procurement is working increasingly

closely with other procurement units across PostNL to ensure

that supplier contracting is consistently aligned with our

Procurement Policy and to minimise potential procurement-

and ESG-related risks. Ensuring compliance with the

Procurement Policy remains a key focus.

Supplier selection and ESG criteria

Procurement actively involves (potential) suppliers into its

sustainability ambitions by embedding environmental, social,

and governance (ESG) criteria throughout the supplier

selection, evaluation and performance process. We do this by

including our Code of Conduct and Set of Guidelines for

Suppliers as part of our supplier contracts, refer for more

information to the Procurement Policy later in this section.

Supplier contracts include sustainability criteria for the

supplier, if necessary through assessments by independent

parties such as EcoVadis or the Dutch foundation MVO

Support for contracted suppliers

PostNL's Procurement department actively encourages

suppliers to become certified, have their sustainability

assessed, and improve as needed.

As part of performance evaluations of suppliers, we discuss

how we can achieve sustainable improvements. We offer our

knowledge and expertise to help them take the necessary

steps. We increasingly rely on each other to gain clear

insights into our supply chain and implement improvements,

such as reducing CO2 emissions, optimising material use,

waste reduction, and being a good employer. This aligns with

PostNL's sustainable procurement objectives by ensuring that

suppliers operate sustainably and contribute to PostNL's

overall environmental goals.

Risk mitigation through supplier assessments

To manage risks within our supply chain, PostNL’s

Procurement department applies a range of instruments,

including risk workshops, the use of Kraljic matrices to assess

the importance and dependency of (essential) suppliers, and a

structured ESG risk assessment matrix. This matrix classifies

suppliers into sustainability risk categories (green, yellow or

red), with corresponding follow-up actions. For example,

suppliers classified as ‘red’ are subject to on-site audits or

visits, conducted either by PostNL or by independent third-

party assessors.

For the sourcing of delivery partners, we have developed and

rolled out a dedicated Third-Party Risk Management (TPRM)

tool to monitor compliance with our requirements. This tool

forms part of our broader TPRM framework, which ensures

that risks related to delivery partners are systematically

identified, assessed and managed.

Ongoing monitoring and continuous improvement

PostNL monitors supplier performance through regular

evaluations, sustainability ratings and targeted improvement

plans. For suppliers with identified risks or low(er)

sustainability scores, we work collaboratively to develop and


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implement improvement actions. Where suppliers do not

demonstrate sufficient progress or fail to meet agreed

requirements, we may ultimately decide to end the

partnership. Through this structured approach, we aim to

further professionalise and strengthen our supply chain.

Timely payment practices

PostNL aims to ensure the timely payment of all supplier

invoices, including those from both small and medium-sized

enterprises (SMEs) and larger companies, wherever possible.

To achieve this, we have introduced measures to streamline

the payment process in a standardised manner. This includes

the use of an automated system for invoice processing and

payments, which operates on a weekly payment-run

schedule. While the majority of payments are processed

automatically, a defined procedure is in place to manage

exceptions that require manual handling. Payment terms for

suppliers are aligned with contractual agreements.

Specifically, for SMEs, payment periods comply with Dutch

legislation, which stipulates a maximum of 30 days.

4.1.4 Our policies

At PostNL, we uphold high standards of business conduct

through a robust framework of policies and procedures with

the Code of Conduct as cornerstone. To safeguard the

highest standards of integrity, PostNL has implemented a

comprehensive Integrity Policy, a Whistleblowing procedure,

and anti-corruption and anti-bribery measures. These cover

key areas such as fraud prevention, conflicts of interest, the

acceptance and offering of gifts and hospitality and

whistleblower protection. Our Procurement Policy defines the

standards we expect from our suppliers, requiring them to

uphold ethical, legal, and social responsibilities and to

operate sustainably and in compliance with local and

international laws and regulations. Collectively, these policies

and procedures address our material topics corporate

culture, protection of whistleblowers, management of

relationships with suppliers and corruption and bribery. More

information on our business conduct and integrity approach,

including related policies and procedures, can be found on

pages 76-77 in the Business conduct and integrity approach

paragraph in the Business Conduct - Policies and procedures

section of the Corporate governance chapter.

Code of Conduct

Our Code of Conduct is the foundation of how we operate,

guiding our actions and decisions in all business activities and

partnerships. We expect everyone associated with PostNL,

including employees, third parties, business partners and

suppliers, to comply with the Code. It defines the standards

we uphold and clarifies what our stakeholders can expect

from PostNL.

In line with ESRS G1, we ensure that our corporate culture

and business conduct are closely integrated, with a strong

emphasis on compliance with our Code of Conduct. In 2025,

we renewed and implemented our Code of Conduct, which

replaces the previous Business Principles. The updated Code

of Conduct reflects the expectations of our customers, the

market and society, ensuring our behaviour and decisions

remain responsible, transparent and in line with today’s

world. The Code of Conduct is available internally and

publicly on our website.

Group Integrity Policy

At PostNL, integrity is defined as compliance with our Code of

Conduct. The Integrity Policy applies to all PostNL entities and

suppliers and establishes responsibilities on integrity matters.

We maintain a well-functioning integrity framework, which

includes:

• Establishing and maintaining the Code of Conduct

• An integrity office overseeing the integrity programme

• An integrity committee advising the Board of Management

• Handling and reporting of integrity-related incidents

• Awareness and training for management, procurement,

sales and head office functions.

Group Whistleblowing procedure

The Group Whistleblowing procedure provides clear methods

for reporting any suspected misconduct by employees,

former employees, interns, flexible workers, delivery partners

or other stakeholders associated with PostNL Group

companies. This procedure has been updated in 2025 to

comply with current laws and regulations, respectively the

‘Wet Bescherming Klokkenluiders' in the Netherlands and

equivalent legislation in other EU countries where PostNL

operates.

The Integrity Policy and the Whistleblowing procedure apply

to both internal and external parties, and are both publicly

available on our website.

Group procedures for fraud prevention,

conflicts of interest, and gifts and

hospitality

To manage corruption and bribery, we have established a

comprehensive framework including anti-bribery and anti-

corruption policies, group procedures for fraud prevention,

conflicts of interest, gifts and hospitality, and reporting

mechanisms. This framework ensures compliance with

applicable laws and regulations such as the UK Bribery Act

2010, the U.S. Foreign Corrupt Practices Act, and the UN

Convention against Corruption, both in the Netherlands and in

the international markets in which PostNL operates. These

procedures apply to all employees, delivery partners and

other third parties acting on behalf of PostNL. They are

communicated through mandatory e-learning, onboarding

materials, internal guidelines and regular compliance updates,

and the group procedures for fraud prevention, conflicts of

interest, and gifts and hospitality are available internally and

publicly on our website.

Procurement Policy

At PostNL, we aim to ensure that our procurement activities

align with our Procurement Policy, applicable legislation and

regulations, social and ethical standards, and sustainability

requirements. In collaboration with our suppliers, we

continuously strive to strengthen and enhance the supply

chain, with the aim of making it as sustainable as possible.

This reflects our focus on protecting the environment,


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promoting social responsibility, and upholding robust

governance standards.

The general aim of the Procurement Policy is to enhance the

professionalism of procurement within PostNL by leveraging

consolidated purchasing power, reducing the supplier base,

emphasising sustainable procurement practices, mitigating

risks, and ensuring adherence to applicable laws and

regulations. This approach is designed to optimise service

delivery to our internal customers. By integrating diverse

procurement and sourcing methodologies into a cohesive

group-wide policy, PostNL seeks to simplify purchasing

processes and ensure alignment across the organisation with

the company’s strategic priorities and governance

framework.

The Procurement Policy outlines the following:

• Different approaches of procurement used in the

organisation

• Compliance with all applicable laws and regulations and

appropriate social and governance practices governing our

local and global businesses

• Promotion of procurement procedures in a way that

reduces environmental impact while selecting suppliers and

procurement of goods and services

• Suppliers are provided with equal opportunities for

transactions with the PostNL Group.

PostNL aims to limit the number of suppliers and foster long-

term partnerships. As part of the contract (renewal) process,

suppliers are informed of updates to the procurement

documents and its accompanying annexes.

In addition, we have an internal Group Procurement Policy in

place. This Policy provides governance and control over the

procurement process and ensures that suppliers are selected

based on quality, reliability and continuity, as well as their

adherence to social and environmental standards.

In 2025, both the publicly available Procurement Policy and

the Group Procurement Policy were updated to reflect the

latest data, methodologies and interpretations.

Set of Guidelines for Suppliers and Guidelines for Delivery

Partners

PostNL has developed two codes of conduct for its suppliers

and delivery partners: the Set of Guidelines for Suppliers and

the Guidelines for Delivery Partners. Both outline the

expected behaviour and requirements for compliance with

ethical and sustainability standards for suppliers and business

partners.

PostNL’s Code of Conduct and the Set of Guidelines for

Suppliers are an integral part of the supplier contracts of the

Procurement & Services department. Suppliers are required

to comply with these guidelines, which cover a wide range of

ethical, social, and environmental standards. For new

suppliers, signing the Code of Conduct and Guidelines for

Suppliers are a prerequisite for entering into a business

relationship with PostNL. Delivery partners have to sign the

Guidelines for Delivery Partners before they can become a

delivery partner for PostNL.

Public access procurement documents

The Procurement Policy is published on our corporate

website. It contains, for example, guidelines, risk

classification, follow-up measures and checklists. Documents

such as Our Purchasing Terms & Conditions, Code of Conduct

and Set of Guidelines for Suppliers are publicly available on

PostNL’s website, ensuring transparency and accessibility.

The Guidelines for Delivery Partners is available internally

and for delivery partners.

Ongoing compliance monitoring

PostNL assesses its suppliers’ adherence to the Set of

Guidelines for Suppliers and the Guidelines for Delivery

Partners and identifies areas for improvement through

regular evaluations or audits. If a supplier is found to be in

non-compliance, PostNL works with them to implement

corrective actions. Suppliers that consistently fail to meet

these standards may face contract termination.

Suppliers with increased ESG risk

Procurement identifies suppliers with increased ESG risks

through its risk assessment processes. These suppliers are

situated in geographical areas or industries facing significant

ESG challenges. Vulnerable suppliers with significant

economic, environmental and/or social risks have not been

identified.

Monitoring of policies

The implementation of these group policies throughout our

value chain establishes a robust foundation for conducting

business ethically, fostering positive impact, and reducing

potential regulatory, legal, and reputational risks associated

with misconduct. Responsibility for the implementation,

execution and monitoring of the Code of Conduct, Integrity

Policy, whistleblowing procedure, and anti-corruption and

anti-bribery measures covering fraud prevention, conflicts of

interest, and gifts and hospitality has been delegated by the

Board of Management to the Director of Audit & Security.

More information can be found on pages 76-78 in the

Corporate Governance chapter, including the paragraphs

Integrity Committee, Business conduct and integrity

approach, and Prevention of fraud, bribery and corruption.

The Director of Procurement & Services is the (mandated)

owner of the (group) Policy on procurement, responsible for

defining, executing, implementing and monitoring of the

Procurement Policy. The monitoring process includes periodic

review and checks to ensure that group-wide procurement

practices are in line with the latest standards. Effectiveness of

the Policy is ensured by informing of the relevant

departments responsible for procurement and creating

awareness of the Procurement Policy and procedures, by

verifying compliance of procurement spend with contractual

agreements and by evaluating contracted suppliers, including

sustainability assessments, to ensure they comply to the

procedures, KPIs, and contractual agreements.


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4.2 Business conduct

At PostNL, we aim to build a solid foundation for sound

business conduct. Our Code of Conduct, integrity framework

and procurement approach provide a clear framework for

conducting business ethically and responsibly. We strive for

continuous improvement and alignment with our strategic

objectives, supporting a strong and transparent corporate

culture, ensuring the protection of whistleblowers, managing

relationships with suppliers, and preventing and detecting

corruption and bribery.

4.2.1 Our actions

4.2.1.1 Corporate culture

Annual update and approval of integrity and security-

related policies and procedures

In line with our aim to uphold the highest standards of

integrity and security, PostNL annually reviews and updates

its policies and procedures. In 2025, we introduced a revised

Code of Conduct, as part of our annual review and approval

cycle of integrity and security policies and procedures.

Promoting awareness of integrity-related policies and

procedures

We actively promote awareness of these policies and

procedures among employees, suppliers and partners

annually through such measures as e-learnings and internal

communications. These principles are internally accessible

through various platforms such as employee contracts,

integrity e-learning modules, and the company intranet.

Additionally, our policies, procedures and principles are

readily available to suppliers and delivery partners through

contractual agreements and our website.

To ensure employees, contractors, and associated third

parties understand and adhere to integrity-related policies

and procedures, PostNL provides ongoing awareness training,

including integrity e-learning, conducts regular risk

assessments, and carries out investigations when necessary.

In 2025, we complemented these ongoing activities with

additional communication and training initiatives linked to the

introduction of our updated Code of Conduct, ensuring that

all employees are familiar with the new requirements and

expected behaviours.

All employees and relevant third parties are required to

complete integrity e-learning and undergo regular risk

assessments. In October 2025, a new integrity e-learning

programme was launched for functions identified as higher

risk, including management and employees in purchasing and

services (real estate and procurement), sales (anti-cartel) and

security investigation roles. The e-learning is based on the

Code of Conduct and places a strong emphasis on desired

behaviour and appropriate actions in the event of (potential)

corruption and bribery. It also covers reporting mechanisms,

including our whistleblowing procedure. To fulfil professional

education requirements, training is provided for chartered

professionals, such as auditors, risk managers and

compliance officers. Additionally, members of management

and supervisory bodies receive dedicated training.

Integrity reporting

Our Integrity Committee plays a key role in reviewing

reported integrity and security matters and issuing

recommendations to drive improvements on a quarterly

basis. Insights and outcomes are reported quarterly to the

Board of Management (BoM) and Executive Committee (EC)

and semi-annually to the Supervisory Board (SB), ensuring

alignment at the highest levels of governance. More

information on integrity reporting can be found in the

paragraphs Integrity Committee and Business Conduct and

integrity approach on pages 76-77 in the Corporate

governance chapter.

The Code of Conduct and the due diligence for delivery

partners have both been implemented, and therefore not

identified as key actions anymore.

4.2.1.2 Protection of whistleblowers

Whistleblowing reporting and investigation process

PostNL encourages all PostNL stakeholders to report any

wrongdoing or alleged wrongdoing immediately. Our

whistleblowing procedure, updated in August 2025, reinforces

confidentiality, safeguards identity and reiterates our zero-

tolerance approach to retaliation. The process provides a

clear framework for stakeholders to report concerns and for

investigations to be conducted in a structured and impartial

manner. The intention remains to provide clarity for all

internal and external stakeholders about approved desired

and undesirable behaviour, including speak-up mechanisms.

Speak-up mechanisms encompass reporting through the

designated online form, contacting the Audit & Security

department via e-mail or telephone, or escalating concerns

through management or line management. These speak-up

mechanisms support this process, and whistleblowers are

kept informed of progress at least quarterly. In line with our

focus on transparency, general updates on cases are shared

within three months, unless doing so would compromise the

integrity of ongoing investigations. The aim is to ensure that

all whistleblowing incidents are fully investigated. This is an

ongoing action which is continuously evaluated and updated

to reflect best practices.

Refer to the action Integrity reporting in the Corporate

culture paragraph above for more information on integrity

reporting. More information on the whistleblowing reporting

and investigation process can be found in the paragraph

Business conduct and integrity approach on pages 76-77 in

the Corporate governance chapter.


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4.2.1.3 Management of relationships with

suppliers including payment practices

Sustainable procurement training and workshops

Employees within PostNL participate, where relevant, in

training sessions and workshops, both individually and in

group settings. These cover sustainability, ethical

procurement, compliance with environmental laws and

regulations, and the integration of sustainability criteria into

supplier selection. These activities strengthen sustainable

procurement expertise and support the consistent sharing of

best practices across PostNL, contributing to the further

professionalisation of supplier engagement.

Employees of the Procurement and Services department

have completed training and workshops on sustainable

procurement and receive additional training as required to

remain informed of current developments. New procurement

employees attend external procurement courses, in which

sustainable procurement forms part of the curriculum. To

ensure that specialised purchasing departments within PostNL

are adequately trained in sustainable procurement and in

applying the PostNL Procurement Policy, Procurement has

initiated and contributes to internal workshops and

knowledge sessions. These promote knowledge sharing and

raise awareness of sustainable procurement. Such training

activities will continue to maintain and further strengthen

procurement expertise across PostNL.

Supplier ESG ratings collection

We work closely with our suppliers to continuously improve

supply chain sustainability. Supplier performance is

monitored through evaluations and independent sustainability

assessments, including EcoVadis and the Dutch foundation

MVO-Register. ESG ratings are collected on an ongoing basis,

as assessments are valid for a limited period. Providing an

independent ESG assessment rating has now been made

mandatory in our Procurement Terms and Conditions.

Where necessary, improvement plans are developed to

address identified gaps. PostNL actively encourages

contracted suppliers to obtain recognised certifications, such

as ISO standards, participate in sustainability initiatives

including CDP and SBTi, and demonstrate positive results in

independent sustainability assessments.

The objective is to progressively increase the share of

suppliers within our supply chain that are certified and/or

audited on sustainability. Through constructive dialogue,

areas for improvement are identified and joint improvement

plans are agreed, reinforcing our ambition to embed

sustainability across our supply chain.

Set of Guidelines for Suppliers and Guidelines for Delivery

Partners

The Set of Guidelines for Suppliers translates the PostNL

Code of Conduct and the OECD Guidelines into clear

expectations for suppliers. PostNL attaches great importance

to responsible care for people and the environment and

seeks to work collaboratively with suppliers to achieve this.

Acceptance of the Set of Guidelines for Suppliers, or the

Guidelines for Delivery Partners, is mandatory when entering

into supplier contracts. While guidelines do not address every

possible topic, they provide clear direction on key focus

areas. A core principle of the OECD Guidelines relates to

responsible supply chain management. We expect suppliers

not only to apply robust ESG practices within their own

operations, but also to take responsibility for their broader

value chain by ensuring compliance further downstream.

Both sets of guidelines are reviewed regularly when

necessary to reflect evolving ESG requirements and risk

analysis. In 2025, we updated and refined our Set of

Guidelines for Suppliers to improve clarity and usability.

Refer to the action Promoting awareness of integrity-related

policies and procedures in the Corporate culture section

above for more information.

Implementation of due diligence delivery partners

PostNL aims to uphold good social working conditions for

everyone who collaborates with us, including our business

partners. We adhere to applicable laws, regulations, and our

Code of Conduct. To further strengthen our approach, due

diligence guidelines were implemented in 2025 for our

delivery partners within the Parcels activities in the

Netherlands and Belgium.

4.2.1.4 Corruption and bribery

Incident reporting and investigation process

PostNL's incident reporting process ensures that employees,

contractors, agents, and associated third parties can report

suspected fraud, bribery, or corruption promptly and

confidentially. All suspected incidents are investigated and

monitored by the Integrity Committee. In cases involving

executive management or Audit & Security personnel, special

procedures are followed to ensure impartiality and

accountability. This is an ongoing annual action which is

continuously evaluated and updated to reflect best practices.

Refer to the action Integrity reporting in the Corporate

culture paragraph above for more information on integrity

reporting. Refer to the action Whistleblowing reporting and

investigation process in the Protection of whistleblowers

paragraph above for more information on this action

applicable for Corruption and bribery as well. More

information on the incident reporting and investigation

process can be found in the paragraphs Integrity Committee,

Business conduct and integrity approach, and Prevention of

fraud, bribery and corruption. on pages 76-78 in the

Corporate governance chapter.

Promoting awareness of integrity-related policies and

procedures

We maintain a strong focus on preventing corruption and

bribery through continuous awareness-building and risk-

based training. Refer to the action Promoting awareness of

integrity-related policies and procedures in the Corporate

culture paragraph above for more information on this action

applicable for Corruption and bribery as well. We aligned our

way of working with the ISO 37001 Anti-bribery Management

System, and therefore we no longer identified this as a key

action.


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Other information

Appendices

Governance disclosures

4.2.2 Our performance

Currently, no formal strategic or corporate targets have been

established to manage corporate culture, protection of

whistleblowers, management of relationship with suppliers, or

corruption and bribery. However, in 2025 we introduced clear

integrity-related ambitions to strengthen our governance

framework. These include 100% participation in the Integrity

e-learning for high-risk functions, which was launched in

October 2025 as a follow-up to the introduction of the new

Code of Conduct and for which we aim to achieve a 100% e-

learning completion goal in 2026. In addition, we ensure that

100% of all whistleblowing reports are investigated. These

measures underline our focus on maintaining a culture of

openness, transparency and ethical conduct across the

organisation.

The effectiveness of PostNL’s policies and actions to support

and embed its corporate culture is monitored through regular

reviews and updates of the Integrity Policy and related

procedures, as well as ongoing tracking of progress in key

areas, such as completion rates for mandatory integrity e-

learning. This demonstrates PostNL’s continued focus on

strengthening and continuously improving its integrity

programme. Given the sensitive nature of whistleblower

protection, setting a specific quantitative target is considered

inappropriate. Effectiveness is therefore assessed through

the robustness of the integrity framework and the quality of

the handling and follow-up of whistleblowing reports. PostNL

ensures that all whistleblowing reports are investigated.

The effectiveness of the Procurement Policy and its

accompanying actions is tracked using internal departmental

targets, such as increasing the share of contracted suppliers

that have accepted the Set of Guidelines for Suppliers or the

Guidelines for Delivery Partners, as well as the proportion

that receive a satisfactory sustainability assessment or

evaluation. These measures help foster stronger supplier

relationships and support the sustainability of our value

chain.

The effectiveness of PostNL’s policies and actions to manage

corruption and bribery is tracked by the robustness of the

integrity framework and the investigation of incident reports.

4.2.2.1 Management of relationships with

suppliers including payment practices

Payment practices

Payment terms range from 1 to 60 days with an average of 30

days. Based on the current information capture, PostNL is

unable to reliably split our suppliers into large and small and

medium enterprises (SMEs). Consequently, in 2024 we

decided that we will only report on the full scope of our

suppliers. Our full scope of suppliers includes both large and

SMEs, which provides a reliable proxy for the payment

practices of the SMEs. We will explore how to reliably report

on the split of these two groups in the future. The standard

payment term of PostNL for SMEs is 30 days.

PostNL Payment practices as indicated


For the year ended 31 December	2024	2025
Average number of days to pay invoice from date when contractual or statutory term of payment starts to be calculated	29	29
Number of outstanding legal proceedings for late payments	0	0

“These measures help foster

stronger supplier relationships

and support the sustainability of

our value chain”

Across all categories, the average time taken to pay an

invoice is below our standard payment term of 30 days. This

is consistent with the average of prior year (2024: 29 days). In

total, in 2025, 82% of invoices were allocated to the

Netherlands, 8% to Belgium, and 10% to Spring GDS. In the

Netherlands, the largest supplier categories were related to

transport and fleet and human resources, respectively 31%

and 25%. Transport and fleet invoices were settled within the

standard payment term 84% of the time, while this was the

case for 79% of human resources invoices. This has improved

since 2024. At present, there are no material outstanding

legal proceedings concerning our payment practices.

4.2.2.2 Corruption and bribery

All reported (alleged) breaches of anti-corruption and anti-

bribery policies and procedures are investigated by PostNL

security. All security investigators are hired in accordance

with a defined job profile and are regularly trained and

equipped with the required skills. In addition, internal audit

explicitly addresses fraud, corruption and bribery risks during

the execution of internal audits.

PostNL Confirmed incidents of corruption and bribery

as indicated


For the year ended 31 December	2024	2025
Number of convictions for violation of anti-corruption and anti-bribery laws	0	0
Amount of fines for violation of anti- corruption and anti-bribery laws (in Euros)	0	0

In 2025, PostNL or its employees were not convicted and

were not fined for violation of anti-corruption and anti-bribery

laws.


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Sustainability statements

Other information

Appendices

ESRS content index

This table shows the list of European Sustainability Reporting Standards (ESRS) disclosure requirements, including a reference to the related disclosures in the sustainability statements, or

indicate when the datapoint is assessed as 'not material to us', 'phased-in option applied', or 'not applicable'.


Indicatornr.	Indicator	Reference	Page(s)	Explanation
ESRS 2
Basis of preparation
BP-1	General basis for preparation of sustainability statements	General disclosures, section Basis for preparation	181-186	ESRS 2-5 (d): Not applicable as PostNL has not omitted specific pieces of information corresponding to intellectual property, know-how or results of innovation nor does Dutch law exempts information from being disclosed ESRS 2-5 (e): Not applicable as PostNL is not exempted from disclosure
BP-2	Disclosures in relation to specific circumstances	General disclosures, section Basis for preparation	181-186	ESRS 2-17 (a)-(e): Not applicable as PostNL exceeds on its balance sheet date the average number of 750 employees during the financial year 2025
Governance
GOV-1	The role of the administrative, management and supervisory bodies	General disclosures, section CSRD governance	179
GOV-2	Information provided to and sustainability matters addressed by the undertaking’s administrative, management and supervisory bodies	General disclosures, section CSRD governance	179
GOV-3	Integration of sustainability-related performance in incentive schemes	General disclosures, section CSRD governance	179
GOV-4	Statement on due diligence	General disclosures, section CSRD governance	179
GOV-5	Risk management and internal controls over sustainability reporting	General disclosures, section CSRD governance	179
Strategy
SBM-1	Strategy, business model and value chain	General disclosures, section Our integrated business model, strategy and value chain	173-174	ESRS 2-40 (a) iv: Not applicable as PostNL does not have material, products and services that are banned in certain markets ESRS 2-40 (d) i: Not applicable as PostNL does not have revenue from coal/oil/gas ESRS 2-40 (d) ii: Not applicable as PostNL does not operate in chemicals productions ESRS 2- 40 (d) iii: Not applicable as PostNL does not operate in controversial weapons ESRS 2-40 (d) iv: Not applicable as PostNL does not operate in the cultivation and production of tobacco
SBM-2	Interests and views of stakeholders	General disclosures, section Our integrated business model, strategy and value chain; General disclosures, section Interests and views of stakeholders	173-174; 175-176


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ESRS content index


Indicatornr.	Indicator	Reference	Page(s)	Explanation
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	General disclosures, section Double materiality assessment; Environmental disclosures, section General disclosures, Our impacts, risks and opportunities; Environmental disclosures, section General disclosures, Our strategy; Social disclosures, section General disclosures, Our impacts, risks and opportunities; Social disclosures, section General disclosures, Our strategy; Governance disclosures, section General disclosures, Our impacts, risks and opportunities; Governance disclosures, section General disclosures, Our strategy	177-178; 188; 189-193; 216-217; 218; 242; 243
Impact, risk and opportunity management
IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	General disclosures, section Double materiality assessment	177-178
IRO-2	Disclosure requirements in ESRS covered by the undertaking’s sustainability statements	General disclosures, section Double materiality assessment; Datapoints deriving from other EU legislation	177-178; 255-257	ESRS 2-57: Not applicable as PostNL considers E1 Climate change as a material topic
MDR-P	Minimum disclosure requirement - Policies MDR-P – Policies adopted to manage material sustainability matters	Environmental disclosures, section General disclosures, Our policies; Social disclosures, section General disclosures, Our policies; Governance disclosures, section General disclosures, Our policies	194; 222-225; 244-245
MDR-A	Minimum disclosure requirement - Actions MDR-A – Actions and resources in relation to material sustainability matters	Environmental disclosures, section Climate change, Our actions; Environmental disclosures, section Pollution, Our actions; Environmental disclosures, section Resource use and circular economy, Our actions; Social disclosures, section Own workforce, Our actions; Social disclosures, section Workers in the value chain, Our actions; Social disclosures, section Consumers and end-users, Our actions; Governance disclosures, section Business conduct, Our actions	195-196; 203; 205-206; 226-229; 235-236; 237-238; 246-247
MDR-M	Minimum disclosure requirement – Metrics MDR-M – Metrics in relation to material sustainability matters	Environmental disclosures, section Climate change, Our performance; Environmental disclosures, section Pollution, Our performance; Environmental disclosures, section Resource use and circular economy, Our performance; Social disclosures, section Own workforce, Our workforce and performance; Social disclosures, section Consumers and end-users, Our performance; Governance disclosures, section Business conduct, Our performance	196-202; 203-204; 206-208; 229-234; 238-240; 248
MDR-T	Minimum disclosure requirement – Targets MDR-T – Tracking effectiveness of policies and actions through targets	Environmental disclosures, section Climate change, Our performance; Environmental disclosures, section Pollution, Our performance; Environmental disclosures, section Resource use and circular economy, Our performance; Social disclosures, section Own workforce, Our workforce and performance; Social disclosures, section Workers in the value chain, Our performance; Social disclosures, section Consumers and end-users, Our performance; Governance disclosures, section Business conduct, Our performance	196-202; 203-204; 206-208; 229-234; 236; 238-240; 248
ESRS E1 Climate change
Governance
GOV-3	Integration of sustainability-related performance in incentive schemes	General disclosures, section CSRD governance; Environmental disclosures, section General disclosures, Our governance	179; 194
Strategy
E1-1	Transition plan for climate change mitigation	Environmental disclosures, section General disclosures, Our strategy	189-193	ESRS E1-16 (f): Not applicable as PostNL has no significant capex amounts for coal, oil and gas related business activities as PostNL's activities fall into category H


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Other information

Appendices

ESRS content index


Indicatornr.	Indicator	Reference	Page(s)	Explanation
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	Environmental disclosures, section General disclosures, Our impacts, risks and opportunities; Environmental disclosures, section General disclosures, Our strategy	188; 189-193
Impact, risk and opportunity management
IRO-1	Description of the processes to identify and assess material climate- related impacts, risks and opportunities	General disclosures, section Double materiality assessment; Environmental disclosures, section General disclosures, Our impacts, risks and opportunities; Environmental disclosures, section General disclosures, Our strategy	177-178; 188; 189-193
E1-2	Policies related to climate change mitigation and adaptation	Environmental disclosures, section General disclosures, Our policies	194
E1-3	Actions and resources in relation to climate change policies	Environmental disclosures, section Climate change, Our actions	195-196
Metrics and targets
E1-4	Targets related to climate change mitigation and adaptation	Environmental disclosures, section Climate change, Our performance	196-202
E1-5	Energy consumption and mix	Environmental disclosures, section Climate change, Our performance	202
E1-6	Gross scopes 1, 2, 3 and Total GHG emissions	Environmental disclosures, section Climate change, Our performance	196-201	ESRS E1-AR 46 (j): Not applicable as PostNL does not have material biogenic emissions of CO2 in its upstream or downstream value chain that would need to be disclosed seperately
E1-7	GHG removals and GHG mitigation projects financed through carbon credits			ESRS E1-7: Not applicable as PostNL does not use GHG removals and does not finance mitigation projects through carbon credits as part of its climate strategy
E1-8	Internal carbon pricing	Environmental disclosures, section Climate change, Our performance	201
E1-9	Anticipated financial effects from material physical and transition risks and potential climate-related opportunities	Phased-in option applied in line with ESRS 1 Appendix C: List of phased- in disclosure requirements
ESRS E2 Pollution
Impact, risk and opportunity management
IRO-1	Description of the processes to identify and assess material pollution-related impacts, risks and opportunities	General disclosures, section Double materiality assessment; Environmental disclosures, section General disclosures, Our impacts, risks and opportunities; Environmental disclosures, section General disclosures, Our strategy	177-178; 188; 189-193
E2-1	Policies related to pollution	Environmental disclosures, section General disclosures, Our policies	194
E2-2	Actions and resources related to pollution	Environmental disclosures, section Pollution, Our actions	203
Metrics and targets
E2-3	Targets related to pollution	Environmental disclosures, section Pollution, Our performance	203-204
E2-4	Pollution of air, water and soil	Environmental disclosures, section Pollution, Our performance	203-204
E2-6	Anticipated financial effects from pollution-related impacts, risks and opportunities	Phased-in option applied in line with ESRS 1 Appendix C: List of phased- in disclosure requirements		ESRS E2-40 (b): Not applicable as no major incidents occurred during the reporting period that resulted in capital or operational expenditures or related deposits
ESRS E3 Water and marine resources		Not material to us based on DMA outcome


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Other information

Appendices

ESRS content index


Indicatornr.	Indicator	Reference	Page(s)	Explanation
ESRS E4 Biodiversity and ecosystems		Not material to us based on DMA outcome
ESRS E5 Resource use and circular economy
Impact, risk and opportunity management
IRO-1	Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	General disclosures, section Double materiality assessment; Environmental disclosures, section General disclosures, Our impacts, risks and opportunities; Environmental disclosures, section General disclosures, Our strategy	177-178; 188; 189-193
E5-1	Policies related to resource use and circular economy	Environmental disclosures, section General disclosures, Our policies	194
E5-2	Actions and resources in relation to resource use and circular economy	Environmental disclosures, section Resource use and circular economy, Our actions	205-206
Metrics and targets
E5-3	Targets related to resource use and circular economy	Environmental disclosures, section Resource use and circular economy, Our performance	206-208
E5-4	Resource inflows	Environmental disclosures, section Resource use and circular economy, Our performance	206-208
E5-5	Resource outflows	Environmental disclosures, section Resource use and circular economy, Our performance	208	ESRS E5-5 36 (a), 36 (b), 36 (c): Not material as PostNL is a logistics provider rather than a production company, therefore these datapoints under resource outflows are not material to our operations
E5-6	Anticipated financial effects from material resource use and circular economy-related risks and opportunities	Phased-in option applied in line with ESRS 1 Appendix C: List of phased- in disclosure requirements
ESRS S1 Own workforce
Strategy
SBM-2	Interests and views of stakeholders	General disclosures, section Interests and views of stakeholders	175-176
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	General disclosures, section Double materiality assessment; Social disclosures, section General disclosures, Our impacts, risks and opportunities; Social disclosures, section General disclosures, Our strategy	177-178; 216-217; 218
Impact, risk and opportunity management
S1-1	Policies related to workforce in the value chain	Social disclosures, section General disclosures, Our policies	222-225	ESRS S1-27 (d): Not applicable as PostNL does not have a Global Framework Agreement
S1-2	Processes for engaging with own workers and workers' representatives about impacts	Social disclosures, section General disclosures, Our governance	219-222
S1-3	Processes to remediate negative impacts and channels for own workers to raise concerns	Social disclosures, section General disclosures, Our governance	219-222
S1-4	Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	Social disclosures, section Own workforce, Our actions	226-229
Metrics and targets


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Sustainability statements

Other information

Appendices

ESRS content index


Indicatornr.	Indicator	Reference	Page(s)	Explanation
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Social disclosures, section Own workforce, Our workforce and performance	229-234
S1-6	Characteristics of the undertaking’s employees	Social disclosures, section Own workforce, Our workforce and performance	229-230
S1-7	Characteristics of non-employee workers in the undertaking’s own workforce	Phased-in option applied in line with ESRS 1 Appendix C: List of phased- in disclosure requirements
S1-9	Diversity metrics	Social disclosures, section Own workforce, Our workforce and performance	232-233
S1-12	Percentage of employees with disabilities	Phased-in option applied in line with ESRS 1 Appendix C: List of phased- in disclosure requirements
S1-13	Training and skills development	Phased-in option applied in line with ESRS 1 Appendix C: List of phased- in disclosure requirements
S1-14	Health and safety metrics	Social disclosures, section Own workforce, Our workforce and performance	230-232	ESRS S1-14: As allowed per Quick Fix Delegated Act, we have omitted data points on cases of work-related ill- health, the number of days lost due to injuries, accidents, fatalities, and work-related ill-health. Additionally, we have not included reporting on non-employees for this reporting year
S1-17	Incidents, complaints and severe human rights impacts	Social disclosures, section Own workforce, Our workforce and performance	234
ESRS S2 Workers in the value-chain
Strategy
SBM-2	Interests and views of stakeholders	General disclosures, section Interests and views of stakeholders	175-176
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	General disclosures, section Double materiality assessment; Social disclosures, section General disclosures, Our impacts, risks and opportunities; Social disclosures, section General disclosures, Our strategy	177-178; 216-217; 218
Impact, risk and opportunity management
S2-1	Policies related to workforce in the value chain	Social disclosures, section General disclosures, Our policies	222-225
S2-2	Processes for engaging with value-chain workers about impacts	Social disclosures, section General disclosures, Our governance	219-222	ESRS S2-22 (d): Not applicable as PostNL does not have a Global Framework Agreement
S2-3	Processes to remediate negative impacts and channels for value-chain workers to raise concerns	Social disclosures, section General disclosures, Our governance	219-222
S2-4	Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	Social disclosures, section Workers in the value chain, Our actions	235-236
Metrics and targets
S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Social disclosures, section Workers in the value chain, Our performance	236


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Other information

Appendices

ESRS content index


Indicatornr.	Indicator	Reference	Page(s)	Explanation
ESRS S4 Consumers and end-users
Strategy
SBM-2	Interests and views of stakeholders	General disclosures, section Interests and views of stakeholders	175-176
SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	General disclosures, section Double materiality assessment; Social disclosures, section General disclosures, Our impacts, risks and opportunities; Social disclosures, section General disclosures, Our strategy	177-178; 216-217; 218
Impact, risk and opportunity management
S4-1	Policies related to consumers and end-users	Social disclosures, section General disclosures, Our policies	222-225
S4-2	Processes for engaging with consumers and end-users about impact	Social disclosures, section General disclosures, Our governance	219-222
S4-3	Processes to remediate negative impacts and channels for consumers and end-users to raise concerns	Social disclosures, section General disclosures, Our governance	219-222
S4-4	Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to consumers and end- users, and effectiveness of those actions	Social disclosures, section Consumers and end-users, Our actions	237-238
Metrics and targets
S4-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	Social disclosures, section Consumers and end-users, Our performance	238-240
ESRS G1 Business conduct
Governance
GOV-1	The role of the administrative, management and supervisory bodies	General disclosures, section CSRD governance	179
Impact, risk and opportunity management
IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	General disclosures, section Double materiality assessment; Governance disclosures, section General disclosures, Our impacts, risks and opportunities; Governance disclosures, section General disclosures, Our strategy	177-178; 242; 243
G1-1	Business conduct policies and corporate culture	Governance disclosures, section General disclosures, Our policies	244-245
G1-2	Management of relationships with suppliers	Governance disclosures, section General disclosures, Our governance	243-244
G1-3	Prevention and detection of corruption and bribery	Governance disclosures, section General disclosures, Our policies; Governance disclosures, section Business conduct, Our actions; Governance disclosures, section Business conduct, Our performance	244-245; 246-247; 248
Metrics and targets
G1-4	Confirmed incidents of corruption and bribery	Governance disclosures, section Business conduct, Our performance	248
G1-6	Payment practices	Governance disclosures, section Business conduct, Our performance	248


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Other information

Appendices

Datapoint deriving from other EU legislation

Datapoints deriving from other EU legislation

This table, compiled based on Appendix B in ESRS 2, shows the list of datapoints that derive from other EU legislation. We include a reference to where the related disclosures are located in the

sustainability statements, or indicate when the datapoint is assessed as 'not material to us', 'phased-in option applied', or 'not applicable'.


Disclosure requirement	Data- point	Description	SFDR reference	Pillar 3 reference	Bench- mark regulation reference	EU Climate Law reference	Reference including page number(s)
ESRS 2 GOV-1	21 (d)	Board's gender diversity	x		x		Governance, chapter Corporate governance, section Business conduct - Policies and procedures, page 72; Social disclosures, section Own workforce, Our workforce and performance, page 233
ESRS 2 GOV-1	21 (e)	Percentage of board members who are independent			x		Governance, chapter Report of the Supervisory Board, section Board structure, composition and responsibilities, page 61
ESRS 2 GOV-4	30	Statement on due diligence	x				General disclosures, section CSRD governance, pages 179-180
ESRS 2 SBM-1	40 (d) i	Involvement in activities related to fossil fuel activities	x	x	x		Not applicable as PostNL does not have revenue from coal/oil/gas
ESRS 2 SBM-1	40 (d) ii	Involvement in activities related to chemical production	x		x		Not applicable as PostNL does not operate in chemicals productions
ESRS 2 SBM-1	40 (d) iii	Involvement in activities related to controversial weapons	x		x		Not applicable as PostNL does not operate in controversial weapons
ESRS 2 SBM-1	40 (d) iv	Involvement in activities related to cultivation and production of tobacco			x		Not applicable as PostNL does not operate in the cultivation and production of tobacco
ESRS E1-1	14	Transition plan to reach climate neutrality by 2050				x	Environmental disclosures, section General disclosures, Our strategy, pages 189-193
ESRS E1-1	16 (g)	Undertakings excluded from Paris-aligned Benchmarks		x	x		Environmental disclosures, section General disclosures, Our strategy, pages 189-193
ESRS E1-4	34	GHG emission reduction targets	x	x	x		Environmental disclosures, section Climate change, Our performance, pages 196-197
ESRS E1-5	38	Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)	x				Environmental disclosures, section Climate change, Our performance, page 202
ESRS E1-5	37	Energy consumption and mix	x				Environmental disclosures, section Climate change, Our performance, page 202
ESRS E1-5	40-43	Energy intensity associated with activities in high climate impact sectors	x				Environmental disclosures, section Climate change, Our performance, page 202
ESRS E1-6	44	Gross Scope 1, 2, 3 and Total GHG emissions	x	x	x		Environmental disclosures, section Climate change, Our performance, pages 197-201
ESRS E1-6	53-55	Gross GHG emissions intensity	x	x	x		Environmental disclosures, section Climate change, Our performance, pages 197-201
ESRS E1-7	56	GHG removals and carbon credits				x	Not applicable as PostNL does not use GHG removals and does not finance mitigation projects through carbon credits as part of its climate strategy
ESRS E1-9	66	Exposure of the benchmark portfolio to climate-related physical risks			x		Phased-in option applied in line with ESRS 1 Appendix C: List of phased-in disclosure requirements
ESRS E1-9	66 (a); 66 (c)	Disaggregation of monetary amounts by acute and chronic physical risk Location of significant assets at material physical risk paragraph		x			Phased-in option applied in line with ESRS 1 Appendix C: List of phased-in disclosure requirements


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Other information

Appendices

Datapoint deriving from other EU legislation


Disclosure requirement	Data- point	Description	SFDR reference	Pillar 3 reference	Bench- mark regulation reference	EU Climate Law reference	Reference including page number(s)
ESRS E1-9	67 (c)	Breakdown of the carrying value of its real estate assets by energy-efficiency classes		x			Phased-in option applied in line with ESRS 1 Appendix C: List of phased-in disclosure requirements
ESRS E1-9	69	Degree of exposure of the portfolio to climate-related opportunities			x		Phased-in option applied in line with ESRS 1 Appendix C: List of phased-in disclosure requirements
ESRS E2-4	28	Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil	x				Environmental disclosures, section Pollution, Our performance, pages 203-204
ESRS E3-1	9	Water and marine resources	x				Not material to us based on DMA outcome
ESRS E3-1	13	Dedicated policy	x				Not material to us based on DMA outcome
ESRS E3-1	14	Sustainable oceans and seas	x				Not material to us based on DMA outcome
ESRS E3-4	28 (c)	Total water recycled and reused	x				Not material to us based on DMA outcome
ESRS E3-4	29	Total water consumption in m3 per net revenue on own operations	x				Not material to us based on DMA outcome
ESRS 2-IRO1-E4	16 (a) i		x				Not material to us based on DMA outcome
ESRS 2-IRO1-E4	16 (b)		x				Not material to us based on DMA outcome
ESRS 2-IRO1-E4	16 (c)		x				Not material to us based on DMA outcome
ESRS E4-2	24 (b)	Sustainable land / agriculture practices or policies	x				Not material to us based on DMA outcome
ESRS E4-2	24 (c)	Sustainable oceans / seas practices or policies	x				Not material to us based on DMA outcome
ESRS E4-2	24 (d)	Policies to address deforestation	x				Not material to us based on DMA outcome
ESRS E5-5	37 (d)	Non-recycled waste	x				Environmental disclosures, section Resource use and circular economy, Our performance, page 208
ESRS E5-5	39	Hazardous waste and radioactive waste	x				Environmental disclosures, section Resource use and circular economy, Our performance, page 208
ESRS 2-SBM3-S1	14 (f)	Risk of incidents of forced labour	x				Not material to us based on DMA outcome
ESRS 2-SBM3-S1	14 (g)	Risk of incidents of child labour	x				Not material to us based on DMA outcome
ESRS S1-1	20	Human rights policy commitments	x				Social disclosures, section General disclosures, Our policies, pages 222-223
ESRS S1-1	21	Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8			x		Social disclosures, section General disclosures, Our policies, pages 222-223
ESRS S1-1	22	Processes and measures for preventing trafficking in human beings	x				Social disclosures, section General disclosures, Our policies, pages 222-223
ESRS S1-1	23	Workplace accident prevention policy or management system	x				Social disclosures, section General disclosures, Our policies, page 223; Social disclosures, section Own workforce, Our actions, pages 226-227; Social disclosures, section Own workforce, Our workforce and performance, pages 230-232
ESRS S1-3	32 (c)	Grievance/complaints handling mechanisms	x				Social disclosures, section General disclosures, Our governance, pages 221-222


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Other information

Appendices

Datapoint deriving from other EU legislation


Disclosure requirement	Data- point	Description	SFDR reference	Pillar 3 reference	Bench- mark regulation reference	EU Climate Law reference	Reference including page number(s)
ESRS S1-14	88 (b) and (c)	Number of fatalities and number and rate of work-related accidents	x		x		Social disclosures, section Own workforce, Our workforce and performance, pages 230-232
ESRS S1-14	88 (e)	Number of days lost to injuries, accidents, fatalities or illness	x				Phased-in option applied in line with ESRS 1 Appendix C: List of phased-in disclosure requirements
ESRS S1-16	97 (a)	Unadjusted gender pay gap	x		x		Not material to us based on DMA outcome
ESRS S1-16	97 (b)	Excessive CEO pay ratio	x				Not material to us based on DMA outcome
ESRS S1-17	103 (a)	Incidents of discrimination	x				Social disclosures, section Own workforce, Our workforce and performance, page 234
ESRS S1-17	104 (a)	Non-respect of UNGPs on Business and Human Rights and OECD	x		x		Social disclosures, section Own workforce, Our workforce and performance, page 234
ESRS 2-SBM3-S2	11 (b)	Significant risk of child labour or forced labour in the value chain	x				Not material to us based on DMA outcome
ESRS S2-1	17	Human rights policy commitments	x				Social disclosures, section General disclosures, Our policies, pages 222-223
ESRS S2-1	18	Policies related to value-chain workers	x				Social disclosures, section General disclosures, Our policies, pages 222-225
ESRS S2-1	19	Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines	x		x		Social disclosures, section General disclosures, Our policies, pages 222-223
ESRS S2-1	19	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8			x		Social disclosures, section General disclosures, Our policies, pages 222-223
ESRS S2-4	36	Human rights issues and incidents connected to its upstream and downstream value chain	x				Social disclosures, section Own workforce, Our workforce and performance, page 234
ESRS S3-1	16	Human rights policy commitments	x				Not material to us based on DMA outcome
ESRS S3-1	17	Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines	x		x		Not material to us based on DMA outcome
ESRS S3-4	36	Human rights issues and incidents	x				Not material to us based on DMA outcome
ESRS S4-1	16	Policies related to consumers and end-users	x				Social disclosures, section General disclosures, Our policies, pages 222-225
ESRS S4-1	17	Non-respect of UNGPs on Business and Human Rights and OECD guidelines	x		x		Social disclosures, section General disclosures, Our policies, pages 222-223
ESRS S4-4	35	Human rights issues and incidents	x				Social disclosures, section Own workforce, Our workforce and performance, page 234
ESRS G1-1	10 (b)	United Nations Convention against Corruption	x				Governance disclosures, section General disclosures, Our policies, pages 244-245
ESRS G1-1	10 (d)	Protection of whistleblowers	x				Not applicable as PostNL has policies on the protection of whistleblowers in place, refer to the Governance disclosures, section General disclosures, Our policies, pages 244-245
ESRS G1-4	24 (a)	Fines for violation of anti-corruption and anti-bribery laws	x		x		Governance disclosures, section Business conduct, Our performance, page 248
ESRS G1-4	24 (b)	Standards of anti-corruption and anti-bribery	x				Governance disclosures, section Business conduct, Our performance, page 248

Other

information


Section 1: Appropriation of profit	259
Section 2: Independent auditor's report	260
Section 3: Limited assurance report of the independent auditor on the sustainability statements 2025	269


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Other information

Appendices

Section 1: Appropriation of profit

Extract from the articles of association on appropriation

of profit

Under PostNL’s articles of association, the dividend specified in article 31, paragraph 1 will first

be paid on the preference shares B if outstanding. Subject to the approval of PostNL’s

Supervisory Board, the Board of Management will determine thereafter which part of the profit

remaining after payment of dividend on any preference shares B will be appropriated to the

reserves (article 31, paragraph 2). The remaining profit after the appropriation to reserves

shall be at the disposal of the General Meeting of Shareholders (article 31, paragraph 3). No

dividend shall be paid on shares held by PostNL in its own capital (article 31, paragraph 6).

Preference shares B were not issued in 2025.


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Section 2: Independent auditor's report

To: the General Meeting of Shareholders and the Supervisory Board of PostNL N.V.

Report on the audit of the financial statements 2025

included in the Annual Report

Our opinion

In our opinion:

• the accompanying consolidated primary statements give a true and fair view of the financial

position of PostNL N.V. (hereafter: ‘PostNL’ or ‘the Company’) as at 31 December 2025 and

of its result and its cash flows for the year then ended, in accordance with IFRS Accounting

Standards as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the

Dutch Civil Code.

• the accompanying corporate financial statements give a true and fair view of the financial

position of PostNL as at 31 December 2025 and of its result for the year then ended in

accordance with Part 9 of Book 2 of the Dutch Civil Code.

What we have audited

We have audited the financial statements 2025 of PostNL based in The Hague, The

Netherlands. The financial statements include the consolidated financial statements and the

corporate financial statements.

The consolidated financial statements comprise:

1. the consolidated statement of financial position as at 31 December 2025;

2. the following consolidated statements for 2025: profit or loss, comprehensive income,

changes in equity and cash flows; and

3. the notes comprising material accounting policy information and other explanatory

information.

The corporate financial statements comprise:

1. the corporate statement of financial position as at 31 December 2025;

2. the corporate statement of profit and loss for 2025; and

3. the notes comprising a summary of the accounting policies and other explanatory

information.

Basis for our opinion

We conducted our audit in accordance with Dutch law, including the Dutch Standards on

Auditing. Our responsibilities under those standards are further described in the ‘Our

responsibilities for the audit of the financial statements’ section of our report.

We are independent of PostNL in accordance with the ‘Verordening inzake de

onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for

Professional Accountants, a regulation with respect to independence) and other relevant

independence regulations in the Netherlands. Furthermore, we have complied with the

‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics).

We designed our audit procedures in the context of our audit of the financial statements as a

whole and in forming our opinion thereon. The information in respect of going concern, fraud

and non-compliance with laws and regulations, climate and the key audit matters was

addressed in this context, and we do not provide a separate opinion or conclusion on these

matters.

We believe the audit evidence we have obtained is sufficient and appropriate to provide a

basis for our opinion.

Information in support of our opinion

Summary

Materiality

• Materiality of €17 million (2024: €17 million)

• 0.5% of revenue

Group audit

• Performed substantive procedures for 84% of revenue

• Performed substantive procedures for 92% of total assets


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Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate risks

• Fraud risks: presumed risk of management override of controls, presumed risk of revenue recognition

terminal dues and deferred revenues from unused stamps, fraud risks on valuation of goodwill of

CGU Mail in the Netherlands and claim provision quality of postal delivery identified and further

described in the section ‘Audit response to the risk of fraud and non-compliance with laws and

regulations’.

• Non-compliance with laws and regulations (NOCLAR) risks: identified risk of material misstatements

with respect to the exposure related to not being able to meet the quality of postal delivery

requirement in the Dutch Postal law. Further described in the section ‘Audit response to the risk of

fraud and non-compliance with laws and regulations’.

• Going concern risks: no going concern risks identified, described in the section ‘Audit response to

going concern’.

• Climate risks: no material impact of climate related risks on the current financial statements as per

the requirements of EU-IFRS identified. We have described our approach in the section ‘Audit

response to climate-related risks’.

Key audit matters

• Revenue related accruals (terminal dues and deferred revenues from unused stamps)

• Valuation of goodwill of the CGU Mail in the Netherlands

• Claim provision quality of postal delivery

Materiality

Based on our professional judgement we determined the materiality for the financial

statements as a whole at €17 million (2024: €17 million). The materiality is determined with

reference to revenues (0.5%). We consider revenues as the most appropriate benchmark

because it is the most appropriate earnings-based measure which is relatively stable in

comparison to operating income and profit before income taxes. We have also taken into

account misstatements and/or possible misstatements that in our opinion are material for the

users of the financial statements for qualitative reasons.

We agreed with the Supervisory Board that misstatements identified during our audit in excess

of €0.8 million would be reported to them, as well as smaller misstatements that in our view

must be reported on qualitative grounds.

Scope of the group audit

PostNL is at the head of a group of components (hereafter “Group”). The financial information

of this Group is included in the financial statements of PostNL.

We performed risk assessment procedures throughout our audit to determine which of the

Group’s components are likely to include risks of material misstatement to the Group financial

statements. To appropriately respond to those assessed risks, we planned and performed

further audit procedures, either at component level or centrally. We identified 25 components

associated with a risk of material misstatement. We as group auditor audit 24 components

ourselves. For Spring Hong Kong Ltd. we used KPMG auditors from Hong Kong (component

auditor). We set component performance materiality levels considering the component’s size

and risk profile.

We have performed substantive procedures for 84% of Group revenues (2024: 84%) and 92%

of Group total assets (2024: 91%). At group level, we assessed the aggregation risk in the

remaining financial information and concluded that there is less than reasonable possibility of

a material misstatement. The individual components in the remaining financial information are

each below 2% of revenues.

In supervising and directing our component auditor, we:

• Held risk assessment discussions with the component auditor to obtain their input to identify

matters relevant to the group audit.

• Issued group audit instructions to component auditor on the scope, nature and timing of

their work, and received written communication about the results of the work they

performed.

• Held meetings with our component auditor to discuss relevant developments, understand

and evaluate their work and attended closing meeting with local management.

• Inspected the work performed by the component auditor and evaluated the

appropriateness of audit procedures performed and conclusions drawn.

We consider that the scope of our group audit forms an appropriate basis for our audit

opinion. Through performing the procedures mentioned above we obtained sufficient and

appropriate audit evidence about the Group’s financial information to provide an opinion on

the financial statements as a whole.

Audit response to the risk of fraud and non-compliance with laws

and regulations

In chapter 7 ‘Risk management’ of the Annual Report the Board of Management describes its

compliance risk assessment and in chapter 10 ‘Corporate governance’ its regulatory

compliance management and fraud risk management.

As part of our audit, we have gained insights into the Company and its business environment

and assessed the design and implementation of the Company’s risk management in relation to

fraud and non-compliance. Our procedures included, among other things, assessing the

Company’s code of conduct, whistleblowing procedures, incident registers, claims & litigation

and integrity reports as prepared by PostNL Integrity Committee and PostNL Audit & Security.


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Furthermore, we performed relevant inquiries with Board of Management, those charged with

governance and other relevant functions, such as Audit & Security, Corporate Legal, obtained

legal letters and involved forensic specialists in our audit procedures. We have also

incorporated an element of unpredictability in our audit, as part of our year-end procedures

we included one additional unannounced component within the Parcels segment to perform

procedures related to revenues. We have gained an understanding of the activities undertaken

by this entity and performed a test of detail to verify the accuracy of the revenues.

As a result from our risk assessment, we identified the following laws and regulations as those

most likely to have a material effect on the financial statements in case of non-compliance:

• (Inter)National Postal legislation (USO regulation) including 2009 Dutch Postal Act. The Dutch

Postal market is regulated via the ACM and the Ministry of Economic Affairs.

• Competition legislation with oversight by the ACM.

• Social and labour legislation and health and safety legislation reflecting PostNL’s significant

work force and outsourced work.

• Data protection and privacy laws such as General Data Protection Regulation (GDPR).

• Antibribery, trade sanctions and corruption.

• Environmental laws.

Our procedures did only (as reported below) result in the identification of a reportable risk of

material misstatement in respect of non-compliance with the mail quality requirement of Dutch

Postal Act 2009.

Apart from the presumed fraud risk on revenue recognition terminal dues and deferred

revenue from unused stamps, we assessed the presumed fraud risk on revenue recognition on

other recorded revenues as not significant, because the individual transactions are single type

of simple revenues transactions.

Based on the above and on the auditing standards, we identified the following fraud and non-

compliance risks that are relevant to our audit, including the relevant presumed risks laid

down in the auditing standards, and responded as follows:


Management override of controls (a presumed fraud risk)
Risk:	• Fraud risk related to management override and alteration of (financial) results to meet external expectations, to maintain/increase current stock price and to meet bonus targets. Management is in a unique position to manipulate accounting records and prepare fraudulent financial statements by overriding controls that otherwise appear to be operating effectively such as estimates related to revenue recognition terminal dues and deferred revenues from unused stamps.
Our response:	• We evaluated the design and the implementation of internal controls that mitigate fraud risks, such as processes related to journal entries and estimates. • As part of the fraud risk assessment, we performed a data analysis of high-risk journal entries related to amongst others post-closing entries impacting the results. We evaluated the critical accounting estimates and judgements included in the financial statements under chapter 1.3 for bias by the Company’s management, including retrospective reviews of prior years’ estimates. Where we identified instances of unexpected journal entries or other risks through our data analytic results, we performed additional audit procedures to address each identified risk, including testing of transactions back to source information.

Revenue recognition terminal dues and deferred from unused stamps (a presumed fraud risk)
Risk:	• The judgement and assumptions in the determination of the terminal dues revenue related accruals due to uncertainties around the negotiation results and uncertainty around the timing of fulfilling the performance obligation for the revenue from stamps may represent a risk of material misstatement due to fraud.
Our response:	• We refer to the key audit matter ‘Revenue related accruals (terminal dues and deferred revenues from unused stamps)’ for the description of the audit procedures responsive to this fraud risk.
Valuation of goodwill CGU Mail in the Netherlands
Risk:	• We identified a fraud risk related to the valuation of goodwill of CGU Mail in the Netherlands given the declining market for Mail in the Netherlands and the significant management judgement and estimates, including its reliance on multi-year financial projections.
Our response:	• We refer to the key audit matter ‘Valuation of goodwill of CGU Mail in the Netherlands’ for the description of the audit procedures responsive to this fraud risk.
Exposure mail quality requirements of Dutch Postal Act 2009
Risk:	• PostNL has not met the prescribed quality of postal delivery for multiple years and as a result is non-compliant with the Dutch postal law. We identified a risk of material misstatement with respect to the exposure to fines related to not being able to meet the prescribed quality of postal delivery.
Our response:	• We refer to the key audit matter ‘Claim provisions quality of postal delivery’ for the description of the audit procedures responsive to this fraud risk.


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Our evaluation of procedures performed related to fraud and non-compliance with laws and

regulations resulted in key audit matters in relation to revenue related accruals (terminal dues

and deferred revenues from unused stamps), valuation of CGU goodwill of the Mail in the

Netherlands and claim provisions quality of postal delivery.

We communicated our risk assessment, audit responses and results to the Board of

Management and the Supervisory Board.

Our audit procedures did not reveal other indications and/or reasonable suspicion of fraud

and non-compliance that are considered material for our audit.

Audit response to going concern

The Board of Management has performed its going concern assessment and has not identified

any going concern risks. To evaluate the Board of Management’s assessment, we have

performed, among other things, the following procedures:

• we considered whether the Board of Management’s assessment of the going concern risks

includes all relevant information of which we are aware as a result of our audit;

• we analysed the Company’s financial position as at year-end and compared it to the

previous financial year in terms of indicators that could identify going concern risks; and

• we considered whether the loss from continuing operations and the negative free cash flow

for the year ended at 31 December 2025 and the geopolitical and economic developments

(including (labor)cost increases, volume decline Mail and the ongoing political discussion on

change in the Dutch postal law requirements) indicate a going concern risk, taken into

consideration the cash and committed financing arrangements, including the undrawn

committed facilities, in place.

The outcome of our risk assessment procedures did not give reason to perform additional

audit procedures on management’s going concern assessment.

Audit response to climate-related risks

The Company has set out its targets relating to climate change in chapter 2.1.2 ‘Our strategy’

of the sustainability statements in the Annual Report. PostNL is committed to net-zero carbon

emissions by 2040 and to significantly reduce greenhouse gas emissions from its own

operations as well as outsourced activities. By 2030, the target is to achieve emission-free

delivery in the last mile, which is from the final sorting centre to the consumer or designated

pick-up point.

Management has assessed, against the background of the Company’s business and operations,

in detail how climate-related risks and opportunities and the Company’s own targets could

have a significant impact on its business or could impose the need to adapt its strategy and

operations. Management has considered the impact of both transition and physical risks on the

financial statements in accordance with the applicable financial reporting framework, more

specifically in relation to valuation of non-current assets, cost increase and demand for the

Company's services as described in chapter 7 ‘Risk management’ of the Annual Report.

The Company has disclosed in Section 1 ‘General disclosures’ in the sustainability statements

that it has prepared its sustainability statements in accordance with the European

Sustainability Reporting Standards (ESRS). Management prepared the financial statements,

including considering whether the implications from climate-related risks, targets and the

current and anticipated financial effects relating to sustainability matters as disclosed in

section 2 ‘Environmental disclosures’ of the sustainability statements have been appropriately

accounted for and disclosed.

We have read, and considered as part of our risk assessment, these sustainability statements,

which includes information over material sustainability matters relating to material impacts,

risks and opportunities relating to climate change. As part of this, we have read and

considered the information reported over the connectivity of the sustainability statements with

the financial statements.

Considering the risk assessment work performed, we did not identify a risk of material

misstatement specific to climate change and thus no further audit response was considered

necessary.

Our key audit matters

Key audit matters are those matters that, in our professional judgement, were of most

significance in our audit of the financial statements. We have communicated the key audit

matters to the Supervisory Board. The key audit matters are not a comprehensive reflection of

all matters discussed. The key audit matters are consistent with last year.


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Revenue related accruals (terminal dues and deferred revenues from unused stamps)
Description	Our response	Our observation
Terminal dues As disclosed in note 3.1.4 to the financial statements, PostNL has outstanding positions with mainly international postal operators for services provided for or received totaling €156 million (2024: €180 million) in accrued liabilities and totaling €28 million (2024: €47 million) in prepayments and accrued income. The revenue related accruals are significant to our audit due to the amounts and judgement involved. This position involves a certain level of management judgement in calculating positions, the outcome of negotiations with the counterparties on prices and volume seen those are not yet finalized as per balance sheet date. The actual settled amounts may differ from management’s estimate as a result of negotiations. Further reference is made to the accounting policy around revenue related accruals in note 1.4. This both relates to prices and quantities, which are considered the main significant assumptions of the estimate. Considering this process is sensitive for management override of controls, this is considered a risk of fraud. Deferred revenues from unused stamps As disclosed in note 3.1.3 to the financial statements, PostNL has an outstanding position deferred revenues from unused stamps for totalling €25 million (2024: €26 million). Revenue is being recognized at a point in time, the performance obligation with the customer is generally settled upon delivery of the mail, not at the point stamps are sold to customers. There can be a considerable delay between the sale of a stamp and the settlement of the performance obligation as stamps held by customers remain valid indefinitely. This position involves a certain level of management judgement in the estimation of how many stamps will be redeemed. Considering this process is sensitive for management override of controls, this is considered a risk of fraud.	Terminal dues We have performed the following procedures: • evaluated the process and models used by management in its estimate and performed walkthroughs of the revenue classes of transactions and evaluated the design and implementation of the relevant controls; • performed retrospective review of estimates made by management in the past; • inquired with management regarding developments in mail volumes, development in terminal dues and progress of settlement negotiations and performed analytical procedures on terminal due positions and development of mail volumes and evaluated whether the assumptions are reasonable; • performed test of details to verify accuracy of prices and quantities by reconciliation to supporting documentation including contractual agreements and performed test of details on manual adjustments; and • assessed the appropriateness of the accounting policies and the adequacy of the financial statements disclosures in note 3.1.4 to the financial statements. Deferred revenues from unused stamps We have performed the following procedures: • evaluated the process and models used by management in its estimate and performed walkthroughs of the calculation of deferred revenues from unused stamps and evaluated the design and implementation of the relevant controls; • challenged management on the appropriateness of the method model in place used to develop the estimate, this includes assessing if alternative methods should have been considered; • performed a recalculation of the deferred revenues from unused stamps position using the input data and assumptions as included in the method model to determine if the method model has been applied appropriately; • performed test of details to verify if the individual data elements used to develop the deferred revenues from unused stamps position are both accurate and complete; • performed a sensitivity analysis to consider the impact of reasonable possible changes in either the input data or assumptions; and • assessed the appropriateness of the accounting policies and the adequacy of the financial statements disclosures in note 3.1.3 to the financial statements.	We consider that management’s assumptions related to the accruals for terminal dues and deferred revenues from unused stamps are within the reasonable range. Further we assessed that the disclosures are appropriate.


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Valuation of goodwill of CGU Mail in the Netherlands
Description	Our response	Our observation
As at 31 December 2025 the value of the goodwill associated to CGU Mail in the Netherlands amounted to €103 million (2024: €143 million). Management has recognized an impairment of €40 million (2024: €0 million). At each reporting date, the Company performs a mandatory impairment test. The model used to calculate the recoverable amount is complex and subject to significant management judgement and estimation. Further reference is made to note 3.3 to the financial statements in which the accounting policies and assumptions and related changes and sensitivities are disclosed.	Our audit approach included amongst others the following procedures in which we involved our valuation specialists: • gained an understanding of the goodwill impairment testing process, including controls over the data and assumptions used in the analysis and evaluated the control design and implementation in this area; • evaluated whether the model management used is in line with IAS36 Impairment of assets; • evaluated whether the key assumptions used in the cash flow projections are realistic and achievable and consistent with the external (for information on discount rates and implied growth rates driving operating income) and/or internal environment. This included challenging management if the underlying drivers, with specific audit consideration for the impact of volume developments and regulatory developments, are incorporated in management’s projections; • reconciliation of the carrying values allocated to the CGU and assessing that the allocated carrying values are in accordance with IAS36; • evaluated the reasonableness of prior period estimates and assumptions made by management with a retrospective review. We evaluated whether management’s assessment included all relevant information that has come to our attention in the audit, assessed the reasonableness of management’s forecasts and verified the reliability and relevance of data used; • evaluated the reasonability of the overall outcome; • evaluated the recording of the €40 million impairment of goodwill in CGU Mail in the Netherlands for the year ended 31 December 2025; and • evaluated the adequacy of the financial statement disclosures including an assessment whether the most relevant sensitivities are disclosed to indicate the impact of a change in assumptions.	The headroom at year-end is limited and is sensitive to key assumptions used in the valuation as included in note 3.3. We concur with the valuation of the goodwill as at 31 December 2025 and assessed that the disclosures for goodwill are appropriate.

Claims provisions quality of postal delivery
Description	Our response	Our observation
As disclosed in note 3.5 to the financial statements, PostNL has exposure to fines related to not being able to meet the by Dutch Postal law prescribed quality of postal delivery. The exposure relates to multiple years and contains a high degree of uncertainty and management estimation. The provision is part of the provision of claims and indemnities totalling €26 million (2024: €24 million).	We have performed the following procedures: • evaluated the process and model used by management in its estimate and evaluated the design and implementation of the relevant controls; • performed retrospective review of estimates made by management in the past; • inspected the correspondence with the regulator and the ruling from the Dutch Trade and Industry Appeals Tribunal related to the annulment of the fine for the year 2019 and inquired with management and key personnel involved, including legal and Public Affairs, regarding developments; • challenged management on the appropriateness of the assumptions such as the loss of value to consumers, the recidivism and severity factors used in the model; • reconciled the input data in the model to underlying supporting information and recalculated the quality percentages based on the Dutch Postal law requirements; • perform a sensitivity analysis to consider the impact of reasonable possible changes in the assumptions; and • assessed the appropriateness of the accounting policies and the adequacy of the financial statements disclosures in note 3.5 to the financial statements.	We consider the claim provisions quality of postal delivery reasonable and appropriately disclosed.


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Report on the other information included in the Annual

Report

In addition to the financial statements and our auditor’s report thereon, the Annual Report

contains other information.

Based on the following procedures performed, we conclude that the other information:

• is consistent with the financial statements and does not contain material misstatements; and

• contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the

management report and other information.

We have read the other information. Based on our knowledge and understanding obtained

through our audit of the financial statements or otherwise, we have considered whether the

other information contains material misstatements.

By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the

Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is less

than the scope of those performed in our audit of the financial statements.

The Board of Management is responsible for the preparation of the other information,

including the information as required by Part 9 of Book 2 of the Dutch Civil Code.

Report on other legal and regulatory requirements and

ESEF

Engagement

We were initially appointed by the annual general meeting of shareholders as auditor of

PostNL on 19 April 2021, as of the audit for the year 2022 and have operated as statutory

auditor ever since that financial year.

No prohibited non-audit services

We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU

Regulation on specific requirements regarding statutory audits of public-interest entities.

European Single Electronic Format (ESEF)

PostNL has prepared its Annual Report in ESEF. The requirements for this are set out in the

Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the

specification of a single electronic reporting format (hereinafter: the RTS on ESEF).

In our opinion the Annual Report prepared in XHTML format, including the (partly) marked-up

consolidated financial statements as included in the reporting package by PostNL, complies in

all material respects with the RTS on ESEF.

The Board of Management is responsible for preparing the Annual Report including the

financial statements in accordance with the RTS on ESEF, whereby the Board of Management

combines the various components into one single reporting package.

Our responsibility is to obtain reasonable assurance for our opinion whether the Annual Report

in this reporting package complies with the RTS on ESEF. We performed our examination in

accordance with Dutch law, including Dutch Standard 3950N ’Assurance-opdrachten inzake

het voldoen aan de criteria voor het opstellen van een digitaal

verantwoordingsdocument’ (assurance engagements relating to compliance with criteria for

digital reporting). Our examination included among others:

• Obtaining an understanding of the entity's financial reporting process, including the

preparation of the reporting package;

• Identifying and assessing the risks that the Annual Report does not comply in all material

respects with the RTS on ESEF and designing and performing further assurance procedures

responsive to those risks to provide a basis for our opinion, including:

– Obtaining the reporting package and performing validations to determine whether the

reporting package containing the Inline XBRL instance document and the XBRL extension

taxonomy files have been prepared in accordance with the technical specifications as

included in the RTS on ESEF;

– Examining the information related to the consolidated financial statements in the reporting

package to determine whether all required mark-ups have been applied and whether

these are in accordance with the RTS on ESEF.

Description of responsibilities regarding the financial

statements

Responsibilities of the Board of Management and the Supervisory

Board for the financial statements

The Board of Management is responsible for the preparation and fair presentation of the

financial statements in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code.

Furthermore, the Board of Management is responsible for such internal control as

management determines is necessary to enable the preparation of the financial statements

that are free from material misstatement, whether due to fraud or error.


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In that respect the Board of Management, under supervision of the Supervisory Board, is

responsible for the prevention and detection of fraud and non-compliance with laws and

regulations, including determining measures to resolve the consequences of it and to prevent

recurrence.

As part of the preparation of the financial statements, the Board of Management is responsible

for assessing the PostNL’s ability to continue as a going concern. Based on the financial

reporting frameworks mentioned, the Board of Management should prepare the financial

statements using the going concern basis of accounting unless the Board of Management

either intends to liquidate the Company or to cease operations, or has no realistic alternative

but to do so. The Board of Management should disclose events and circumstances that may

cast significant doubt on the Company’s ability to continue as a going concern in the financial

statements.

The Supervisory Board is responsible for overseeing the Company’s financial reporting

process.

Our responsibilities for the audit of the financial statements

Our objective is to plan and perform the audit engagement in a manner that allows us to obtain

sufficient and appropriate audit evidence for our opinion.

Our audit has been performed with a high, but not absolute, level of assurance, which means

we may not detect all material errors and fraud during our audit.

Misstatements can arise from fraud or error and are considered material if, individually or in

the aggregate, they could reasonably be expected to influence the economic decisions of

users taken on the basis of these financial statements. The materiality affects the nature,

timing and extent of our audit procedures and the evaluation of the effect of identified

misstatements on our opinion.

We have exercised professional judgement and have maintained professional scepticism

throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements

and independence requirements. Our audit included among others:

• identifying and assessing the risks of material misstatement of the financial statements,

whether due to fraud or error, designing and performing audit procedures responsive to

those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis

for our opinion. The risk of not detecting a material misstatement resulting from fraud is

higher than the risk resulting from error, as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of internal control;

• obtaining an understanding of internal control relevant to the audit in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing

an opinion on the effectiveness of the Company’s internal control;

• evaluating the appropriateness of accounting policies used and the reasonableness of

accounting estimates and related disclosures made by the Board of Management;

• concluding on the appropriateness of the Board of Management’s use of the going concern

basis of accounting, and based on the audit evidence obtained, whether a material

uncertainty exists related to events or conditions that may cast significant doubt on

Company’s ability to continue as a going concern. If we conclude that a material uncertainty

exists, we are required to draw attention in our auditor’s report to the related disclosures in

the financial statements or, if such disclosures are inadequate, to modify our opinion. Our

conclusions are based on the audit evidence obtained up to the date of our auditor’s report.

However, future events or conditions may cause the Company to cease to continue as a

going concern;

• evaluating the overall presentation, structure and content of the financial statements,

including the disclosures; and

• evaluating whether the financial statements represent the underlying transactions and

events in a manner that achieves fair presentation.

We are responsible for planning and performing the group audit to obtain sufficient

appropriate audit evidence regarding the financial information of the entities or business units

within the group as a basis for forming an opinion on the financial statements. We are also

responsible for the direction, supervision and review of the audit work performed for

purposes of the group audit. We bear the full responsibility for the auditor’s report.

We communicate with the Supervisory Board regarding, among other matters, the planned

scope and timing of the audit and significant audit findings, including any significant findings in

internal control that we identify during our audit. In this respect we also submit an additional

report to the audit committee in accordance with Article 11 of the EU Regulation on specific

requirements regarding statutory audits of public-interest entities. The information included in

this additional report is consistent with our audit opinion in this auditor’s report.

We provide the Supervisory Board with a statement that we have complied with relevant

ethical requirements regarding independence, and to communicate with them all relationships

and other matters that may reasonably be thought to bear on our independence, and where

applicable, related safeguards.

From the matters communicated with the Supervisory Board, we determine the key audit

matters: those matters that were of most significance in the audit of the financial statements.

We describe these matters in our auditor’s report unless law or regulation precludes public


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disclosure about the matter or when, in extremely rare circumstances, not communicating the

matter is in the public interest.

The Hague, the Netherlands, 23 February 2026

KPMG Accountants N.V.

R.R.J. Smeets RA


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Section 3: Limited assurance report of the independent auditor

on the sustainability statements 2025

To: the Board of Management and the Supervisory Board of PostNL N.V.

Our conclusion

We have performed a limited assurance engagement on the sustainability statements in the

Annual Report 2025 including the information incorporated in the sustainability statements by

reference (hereafter: the sustainability statements) for 2025 of PostNL N.V. based in The

Hague, The Netherlands (hereinafter: PostNL or the Company).

Based on the procedures performed and the assurance evidence obtained, nothing has come

to our attention that causes us to believe that the sustainability statements are not, in all

material respects:

• prepared in accordance with the European Sustainability Reporting Standards (ESRS) as

adopted by the European Commission and in accordance with the double materiality

assessment process carried out by the Company to identify the information reported

pursuant to the ESRS; and

• compliant with the reporting requirements provided for in Article 8 of Regulation (EU)

2020/852 (Taxonomy Regulation).

Basis for our conclusion

We performed our limited assurance engagement on the sustainability information in

accordance with Dutch law, including Dutch Standard 3810N ‘Assurance-opdrachten inzake

duurzaamheidsverslaggeving’ (Assurance engagements relating to sustainability reporting)

which is a specified Dutch standard that is based on the International Standard on Assurance

Engagements (ISAE) 3000 (Revised) ’Assurance engagements other than audits or reviews of

historical financial information’. Our responsibilities under this standard are further described

in the section ‘Our responsibilities for the assurance engagement on the sustainability

information’ of our report.

We are independent of the Company in accordance with the ‘Verordening inzake de

onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for

Professional Accountants, a regulation with respect to independence). Furthermore, we have

complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of

Ethics for Professional Accountants).

We believe the assurance evidence we have been obtained is sufficient and appropriate to

provide a basis for our conclusion.

Inherent limitations in preparing the sustainability

statements

The sustainability statements may not include every impact, risk and opportunity or additional

entity-specific disclosure that each individual stakeholder (group) may consider important in its

own particular assessment.

In reporting forward-looking information in accordance with the ESRS, the Board of

Management of the Company is required to prepare the forward-looking information on the

basis of disclosed assumptions about events that may occur in the future and possible future

actions by the Company. The actual outcome is likely to be different since anticipated events

frequently do not occur as expected. Forward-looking information relates to events and

actions that have not yet occurred and may never occur.

Responsibilities of the Board of Management and

Supervisory Board for the sustainability statements

The Board of Management is responsible for the preparation of the sustainability statements in

accordance with the ESRS, including the double materiality assessment process carried out by

the Company as the basis for the sustainability statements and disclosure of material impacts,

risks and opportunities in accordance with the ESRS. As part of the preparation of the

sustainability statements, management is responsible for compliance with the reporting

requirements provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation). The

Board of Management is also responsible for selecting and applying additional entity-specific

disclosures to enable users to understand the Company’s sustainability-related impacts, risks

or opportunities and for determining that these additional entity-specific disclosures are

suitable in the circumstances and in accordance with the ESRS.

Furthermore, the Board of Management is responsible for such internal control as it

determines is necessary to enable the preparation of the sustainability statements that is free

from material misstatement, whether due to fraud or error.


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The Supervisory Board is responsible for overseeing the sustainability reporting process

including the double materiality assessment process carried out by the Company.

Our responsibilities for the assurance engagement on the

sustainability statements

Our responsibility is to plan and perform the assurance engagement in a manner that allows us

to obtain sufficient and appropriate assurance evidence for our conclusion.

Our assurance engagement is aimed at obtaining a limited level of assurance that the

sustainability statements is free from material misstatements. The procedures vary in nature

and timing from, and are less in extent, than for a reasonable assurance engagement.

Consequently, the level of assurance obtained in a limited assurance engagement is

substantially lower than the assurance that would have obtained had a reasonable assurance

engagement been performed.

We apply the quality management requirements pursuant to the Nadere voorschriften

kwaliteitsmanagement (NV KM, regulations for quality management) and accordingly maintain a

comprehensive system of quality management including documented policies and procedures

regarding compliance with ethical requirements, professional standards and applicable legal

and regulatory requirements.

The references to external sources or websites in the sustainability information are not part of

the sustainability information as included in the scope of our assurance engagement.

Our limited assurance engagement included among others:

• Performing inquiries and an analysis of the external environment and obtaining an

understanding of relevant sustainability themes and issues, the characteristics of the

Company, its activities and the value chain and its key intangible resources in order to

assess the double materiality assessment process carried out by the Company as the basis

for the sustainability statements and disclosure of all material sustainability-related impacts,

risks and opportunities in accordance with the ESRS.

• Obtaining through inquiries a general understanding of the internal control environment, the

company’s processes for gathering and reporting entity-related and value chain information,

the information systems and the company’s risk assessment process relevant to the

preparation of the sustainability statements and for identifying the company’s activities,

determining eligible and aligned economic activities and prepare the disclosures provided

for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation), without obtaining

assurance evidence about the implementation, or testing the operating effectiveness, of

controls.

• Assessing the double materiality assessment process carried out by the company and

identifying and assessing areas of the sustainability statements, including the disclosures

provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) where

misleading or unbalanced information or material misstatements, whether due to fraud or

error, are likely to arise (‘selected disclosures’). We designed and performed further

assurance procedures aimed at assessing that the sustainability statements is free from

material misstatements responsive to this risk analysis.

• Considering whether the description of the double materiality assessment process in the

sustainability statements made by the Board of Management reflects the process carried

out by the Company.

• Performing analytical review procedures on quantitative information in the sustainability

statements, including consideration of data and trends.

• Assessing whether the Company’s methods for developing estimates are appropriate and

have been consistently applied for selected disclosures. We considered data and trends,

however, our procedures did not include testing the data on which the estimates are based

or separately developing our own estimates against which to evaluate management’s

estimates.

• Analysing, on a limited sample basis, relevant internal and external documentation available

to the Company (including publicly available information or information from actors

throughout its value chain) for selected disclosures.

• Reading the other information in the Annual Report to identify material inconsistencies, if

any, with the sustainability statements.

• Considering whether:

– the disclosures provided to address the reporting requirements provided for in Article 8 of

Regulation (EU) 2020/852 (Taxonomy Regulation) for each of the environmental objectives,

reconcile with the underlying records of the company and are consistent or coherent with

the sustainability statements;

– the disclosures provided to address the reporting requirements provided for in Article 8 of

Regulation (EU) 2020/852 (Taxonomy Regulation) appear reasonable, in particular whether

the eligible economic activities meet the cumulative conditions to qualify as aligned and

whether the technical screening criteria are met; and

– the key performance indicators disclosures have been defined and calculated in

compliance with the reporting requirements provided for in Article 8 of Regulation (EU)

2020/852 (Taxonomy Regulation), including the format in which the activities are

presented;

• Considering the overall presentation, structure and the fundamental qualitative

characteristics of information (relevance and faithful representation: complete, neutral and

accurate) reported in the sustainability statements, including the reporting requirements

provided for in Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation); and


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• Considering, based on our limited assurance procedures and evaluation of the assurance

evidence obtained, whether the sustainability statements as a whole, are free from material

misstatements and prepared in accordance with the ESRS.

The Hague, 23 February 2026

KPMG Accountants N.V.

R.R.J. Smeets RA

Appendices


1 Data extrapolation sustainability statements	273
2 Glossary and definitions	274
3 UN Global Compact reference table	280
4 List of group entities	281
5 Five-year financial performance	283
6 Five-year sustainability performance	284
7 Our value creation model	286



	In the appendices we present additional material that complements the main chapters of this report. These supporting sections provide clarity, context and insight into specific topics, helping readers navigate key themes and outcomes. Only the most relevant and useful information has been included to ensure readability. Together, the appendices offer a concise reference for deeper understanding.


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1 Data extrapolation sustainability statements

This table provides an overview of data extrapolation in the sustainability statements. Only line

items that include extrapolation are shown, including a reference to where the related

disclosures are located in the sustainability statements (see 'Notes') and the basis for

extrapolation.

We strive to report sustainability performance data based on actuals as much as possible. We

may use extrapolation of results of large entities to determine the performance of smaller

entities. This reduces the administrative tasks for smaller entities. We only use this method in

cases where the extrapolations are reasonably predictable.

Note that we can only report upon the extrapolation of data in scope, if any unavailability of

data we disclose upon this in the respective metric disclosure in the sustainability statements.

PostNL Data extrapolation sustainability statements


For the year ended 31 December 2025	Notes	Extrapolation	Basis for Extrapolation
Environmental disclosures
Climate change
Kilometres own fleet	2.2.2.1 & 2.3.2.1	8%	Fuel
Energy consumption buildings - electricity	2.2.2.2	17%	m²
Energy consumption buildings - gas	2.2.2.2	25%	m²
Employee commuting	2.2.2.1	5	Headcount
Resource use and circular economy
Total weight of technical and biological products	2.4.2.1	12%	Spend
Total amount of waste generated	2.4.2.2	4%	FTE

Social disclosures
Own workforce
Workforce by region	3.2.2.1	3%	Headcount
Workforce by age group	3.2.2.3	3%	Headcount
Workforce by gender	3.2.2.1	3%	Headcount
Senior management by gender	3.2.2.3	2%	Headcount
Workforce by other dimensions	3.2.2.1	3%	Headcount
Million hours worked	3.2.2.2	4%	FTE
Number of work-related accidents	3.2.2.2	4%	FTE
Absenteeism	3.2.2.2	4%	FTE


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2 Glossary and definitions

Absenteeism

The absenteeism percentage follows the definition of the Central

Bureau for Statistics (CBS) in the Netherlands. It is calculated through

the weighted days of absence divided by the total contractual

working days. In this definition, we correct for part-time employees.

ACM

Dutch Authority for Consumers and Markets.

Action

We implement our policies through actions, which also help address

our material impacts, risks and opportunities.

Agentic

Refers to digital systems that can act autonomously on behalf of

users, such as by searching, selecting or recommending products and

services based on predefined goals, preferences or data, with limited

human intervention, potentially changing how consumers discover,

compare and purchase products in e-commerce.

APL

An APL (automated parcel locker) is a locker where consumers can

pick up and send parcels at a time that is convenient for them.

Auditor

A chartered accountant (register accountant) or other auditor

referred to in section 393 of book 2 of the Dutch Civil Code or an

organisation in which such auditors work together.

B2B

B2B (business-to-business) involves one business selling products or

services to another business rather than directly to consumers.

B2C

B2C (business-to-consumer) involves one business selling products or

services directly to consumers.

Biological materials

Biological materials resource inflows are the renewable inputs from

nature—like plants, animals, and microorganisms— that enter a

company's value chain for production. These include raw materials,

packaging, water and equipment and are important for tracking

sustainability and supporting the transition towards a circular

economy, by ensuring these organic resources can safely return

nutrients to the biosphere.

BREEAM

The BREEAM (Building Research Establishment Environmental

Assessment Method) is a leading certification for the sustainability of

a building's design, construction, and operation. It assesses a project's

environmental impact across a range of factors, including

management, energy, water, waste, pollution, health and wellbeing,

and ecology, and assigns a rating to provide a measure of its

sustainable performance.

Business customer

SME or large business that acquires, consumes or uses our goods and

services.

Business ethics

Moral principles serving as guidelines for business conduct of PostNL

and the stakeholders we do business with. This includes aspects such

as reliability, fair trade, respect and diversity, customer focus,

neutrality and social responsibility.

Business travel

Business travel refers to all business-related travel for work. PostNL

reports the resulting CO2e emissions under the emission categories

employee commuting and own transport, company cars (upstream

leased assets), and business travel, where the business travel

category only involves travel by air by staff.

CDP

The Carbon Disclosure Project is a not-for-profit charity that offers a

global disclosure platform for investors, companies, cities, states, and

regions to disclose their environmental impact.

Circular economy

Economic system based on closed loops, aimed at eliminating waste

and the continual use of resources. Closed loops relate to reuse,

sharing, repair, refurbishment, re- manufacturing and recycling.

Consequently, the use of resource inputs and the creation of waste,

pollution and carbon emissions will be minimised.

cNPS

The competitor NPS is a customer loyalty metric, based on

assessments of an independent research company that measures the

likelihood of customers and consumers to recommend PostNL

compared to our competitors.

Collaboration barometer

An annual survey instrument used by PostNL to monitor satisfaction,

working relationships and collaboration with delivery partners. The

collaboration barometer provides insights into strengths,

improvement areas and the impact of operational and process

changes, which supports continuous improvement and informed

engagement with delivery partners across the value chain.

CO2 efficiency

The CO2 efficiency is the term used to express the relative impact of

CO2e. In relation to the key performance indicators, this means the

total direct and indirect (scope 1 and scope 2) CO2e emissions from

our operations divided by the total number of kilometres transported

from our own operations. The efficiency number is the grammes of

CO2e per kilometre transported.


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CO2e / CO2 equivalent

A CO2, carbon dioxide, equivalent (CO2e) is a unit of measurement

that is used to standardise the climate effects of various greenhouse

gases.

Consumer

Individual who acquires, consumes or uses goods and services for

personal use, either for themselves or for others, and not for resale,

commercial or trade, business, craft or profession purposes.

Corporate governance

The OECD defines corporate governance as the system by which

corporations are directed and controlled. The corporate governance

structure specifies the distribution of rights and responsibilities

among different participants, such as the board, managers,

shareholders and other stakeholders, and defines the rules and

procedures for making decisions. In doing so, it also provides the

structure by which company objectives are set and the means of

attaining those objectives and monitoring performance.

COSO ERM 2017

2017 Enterprise Risk Management – Integrated Framework of the

Committee of Sponsoring Organizations of the Treadway Commission.

CSRD

The Corporate Sustainability Reporting Directive (CSRD) is a directive

which aims to ensure greater transparency and comparability in

sustainability reporting.

Customer

An individual or organisation that acquires, consumes, or uses goods

and services for resale, commercial or trade, business, craft or

profession purposes.

Cyber and physical security

Application of technologies, processes and controls to protect our

systems, networks, processes, data as well as assets and people from

unauthorised cyber and/or other attacks aimed for exploitation.

Data protection and privacy

The process of protecting PostNL's data and that of its stakeholders

against inappropriate use. As data is becoming increasingly important

in doing business, data protection and privacy involves striking the

right balance between individual privacy rights and allowing data to

be used for business purposes.

Decarbonisation levers

Decarbonisation levers are the specific strategies and actions

companies use to reduce their GHG emissions and meet climate

targets, encompassing energy efficiency, renewable energy, fuel

switching, electrification, product/service changes, and supply chain

decarbonisation, as part of a credible climate transition plan.

Delivery quality Mail in the Netherlands

Percent of consignments that are delivered within the time frame set

for the service in question. An independent research firm measures

the time between posting and delivering by sending a representative

amount of test letters throughout the year and calculates the time

needed for delivery.

Delivery quality Parcels in the Netherlands

Delivery of a consignment within the time frame set for the service in

question. The performance is measured from the first sorting scan in

sorting centres until the day of the first delivery attempt. Collection

and cross-docking (including temporary storage) is excluded. The

scoping in relation to delivery days excludes pre-defined peak

moments. The consignments in scope include those to be delivered by

our parcel delivery services and at first attempt in the Netherlands.

Therefore, the scope excludes returns (freepost), international parcels

and letterbox packages.

Digitalisation

This refers to the digital transformation of society in which digital

information and communication play an increasingly important role in

all facets of life. This is different from digitisation, which refers to the

transformation of analogue information into digital information. This

process is necessary for the processing, modelling, and storage of

data.

Do No Significant Harm

The DNSH principle entails assessing whether an investment in an

economic activity that contributes substantially to an environmental

or social objective does not significantly harm any environmental or

social objectives.

Double materiality assessment (DMA)

Double materiality is an analysis used to assess the materiality of

sustainability matters. It has two dimensions: impact materiality and

financial materiality. A sustainability matter meets the criterion of

double materiality if it is material from the impact perspective or the

financial perspective or both.

Dow Jones Sustainability Indices

The Dow Jones Sustainability Indices are the first global indices to

track the financial performance of the leading sustainability-driven

companies worldwide. They provide asset managers and other

stakeholders with reliable and objective benchmarks for managing

sustainability portfolios.

E-tailers

E-tailing is the sale of goods and services over the internet, which can

include B2B or B2C sales.

EcoVadis

EcoVadis is an international organisation that assesses companies on

their sustainability performance and corporate social responsibility

with a focus on sustainable procurement.

Electronic identification (e-ID)

Electronic identification (e-ID) is one of the tools to ensure secure

access to online services and to carry out electronic transactions in a

safer way.

Emission-free delivery

Emission-free delivery means the delivery of goods without CO2e

emissions. In relation to the key performance indicator, emission-free

delivery means the delivery of letters and parcels, both by PostNL

and by our delivery partners, from the last sorting activity before

distribution to the final destination (last-mile) in the Benelux without


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CO2e emissions. This also includes the collection of mail and parcels,

but excludes transport by large trucks.

Employee engagement

Employee engagement refers to the share of employees (employed by

PostNL for three months or more) who, based on the responses in the

employee engagement survey are classified as ‘engaged’, 'motivated'

or ‘engaged and motivated’ in relation to their job at PostNL. An

‘engaged employee’ is one who feels connected to the company and

is enthusiastic about their work. A 'motivated' employee additionally

actively aims to improve the company and its reputation. The survey

is conducted three times a year.

End-user

An end-user refers to the consumer of a good or service.

Energy efficiency

The ratio of output of our operational and other processes, to the

input of energy in our business.

ESRS

European Sustainability Reporting Standards

Full-time equivalents (FTEs)

FTEs refer to the total number of hours worked by employees with a

direct and active employment agreement, divided by the local number

of contract hours (e.g. 37 hours per week).

Gender Pay Gap

The unadjusted pay gap is the gross hourly wage of women divided by

the gross hourly wage of men. The adjusted pay gap is the gross

hourly wage of women divided by the gross hourly wage of men, in

the same Collective Labour Agreement (CLA), salary scale and age-

group. Each group is weighted by the total number of employees in

each group.

General data protection regulation (GDPR)

The GDPR is an EU regulation (Algemene Verordening

Gegevensbescherming - AGV in Dutch) aiming to protect all EU

citizens from privacy and data breaches in today’s data-driven world.

More can be found on https://eugdpr.org/the-regulation/

General Meeting of Shareholders

The meeting of shareholders and other persons entitled to attend

meetings.

GHG emissions

The emissions of CO2 can be calculated with help of the GHG

(greenhouse gas) protocol. We also include other emissions such as

methane (CH4) and nitrous oxide (N2O). In this terminology, scope 1

covers all the emission streams directly attributable to an

organisation's own activities. Scope 2 covers the indirect emissions

related to energy consumption of a company. Scope 3 covers all the

other remaining emissions streams, for example outsourced

transport.

Greenhouse Gas Protocol

The Greenhouse Gas Protocol (GHG Protocol) was established in 1998

to develop internationally-accepted accounting and reporting

standards for greenhouse gas emissions of companies.

Greenwashing

Greenwashing is a form of advertising or marketing spin in which

green PR and green marketing are deceptively used to persuade the

public that an organisation's products, aims, and policies are

environmentally friendly.

Grievance mechanisms

The UN Guiding Principles on Business and Human Rights (UNGPs) as

“any routinized, State-based or non-State-based, judicial or non-

judicial process through which grievances concerning business-

related human rights abuse can be raised and remedy can be sought.”

Guarantees of Origin

A Guarantee of Origin (GO) is a digital certificate proving 1 MWh of

energy (electricity, gas, heating/cooling) came from a specific

renewable source, detailing its origin, technology, location, and

production time, allowing consumers and businesses to verify green

energy claims and support renewable investments, separate from the

actual energy trade. These certificates are traded and then

"retired" (cancelled) to prevent double-counting, ensuring

transparency in the green energy market.

Happy flow

Within e-commerce delivery, a 'happy flow' refers to a seamless and

smooth experience for both customers and consumers from the

moment the consumer places an order until the package is

successfully delivered.

Headcount

Headcount refers to the number of employees with a direct and

active employment agreement.

HVO100

HVO100 stands for 100% Hydrotreated Vegetable Oil, also known as

renewable diesel, which is a fossil free type of fuel made from waste

materials such as vegetable oils, used cooking oil and residues.

HVO100 out-of-tank solution

The HVO100 out-of-tank solution is a book & claim method where a

certain amount of litres HVO100 is purchased and injected in the

European fuel networks and used by third parties. Only the

purchasing party can claim the gross CO2 reduction associated from

using these carbon insets.

IFRS

International Financial Reporting Standards.

IFRS-EU

IFRS, as endorsed by the European Union.

Impact

When PostNL has or could have an effect on the environment and

people via our own operations or our value chain, the effect is called

an impact. An impact can be actual or potential, negative or positive,

intended or unintended, and reversible or irreversible. They can arise

over short-, medium- or long-term.


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IRO

IRO is an abbreviation of impact, risk and opportunity.

ISO (International Organization for Standardization)

The ISO is a network of national standards institutes from 146

countries working in partnership with international organisations,

governments, industry, business and consumer representatives. The

ISO is the source of ISO 9000 standards for quality management, ISO

14000 standards for environmental management and other

international standards for business, government and society. For

further information, see www.iso.org.

ISO 14001 (environmental management)

The ISO 14001 standards are international standards for controlling

environmental aspects and improving environmental performance,

minimising harmful effects on the environment and achieving

continual improvements in environmental performance.

ISO 27005

The ISO 27005 is the international standard that describes how to

conduct an information security risk assessment in accordance with

the requirements of ISO 27001.

ISO 37001

ISO 37001 is applicable only to bribery. It sets out requirements and

provides guidance for a management system designed to help an

organisation to prevent, detect and respond to bribery and comply

with anti-bribery laws and voluntary commitments applicable to its

activities.

ISO 45001 (occupational health and safety management)

ISO 45001 is a standard for occupational health and safety

management systems. It is intended to help organisations control

occupational health and safety risks and was developed in response

to widespread demand for a recognised standard for certification and

assessment. ISO 45001 was created through the collaboration of

several of the world’s leading national standards bodies, certification

organisations and consultancies.

ISO 9001

ISO 9001 is a globally recognised standard for quality management.

Its requirements define how to establish, implement, maintain, and

continually improve a quality management system (QMS).

Key performance indicators (KPIs)

KPIs are measurements that focus on achieving outcomes critical to the

current and future success of an organisation. These indicators should

deal with matters that are linked to the organisation’s mission and

vision, and are quantified and influenced where possible.

Key affected stakeholders

Key affected stakeholders are those individuals or groups whose

interests are affected or could be affected either positively or

negatively by our own operation or because of our value chain.

Labour practices

Favourable work and labour conditions include sound collective

labour agreements, fair compensation, equal pay, facilitating personal

development, stimulating collaboration and making improvements

based on feedback.

Last-mile

The last part of the journey of a consignment to the receiving

customer. This starts from the last distribution sorting moment and

ends at the final destination. This may include transshipments to a

depot as an intermediate step before final delivery.

Long term horizon

Actions or impacts that materialize over a period of five years or

longer.

Management positions

Management positions refer to people who hold a leadership position,

of which we identify three types: Operational, middle and senior

management. Operational management is defined as employees with

leadership functions in junior positions. Senior management refers to

employees with leadership functions in senior positions, including

Board of Management. Middle management refers to positions

between operational and senior management.

Materiality

Information is material if errors, omissions or incorrect presentation

can influence the evaluation or decisions of users of the information.

Medium term horizon

Actions or impacts that unfold between one year and just under five

years.

Metric

Our metrics are indicators with which we measure and report on the

effectiveness of our policies and targets.

Minimum Safeguards

These safeguards require compliance with minimum human and

labour rights standards, preventing activities that breach key social

principles to ensure that sustainable activities are backed by

responsible business conduct.

Net promoter score (NPS)

NPS is a customer loyalty metric that measures the likelihood of

customers recommending a company, product, or service to others

by asking them to rate, on a scale of 0 to 10, how likely they are to

recommend the business.

NOx

NOx (NO and NO2) refers to nitrogen oxides. Nitrogen oxides are

produced during combustion, especially at high temperatures.

Number of supervisory positions

According to Dutch law, the number of supervisory positions that

managing and Supervisory Board members may hold in certain

companies is limited (article 2:132a of the Dutch Civil Code for

managing board members and article 2:142a of the Dutch Civil Code

for Supervisory Board members). Since 1 January 2013 a person is

prohibited from being appointed member of the Supervisory Board of

more than five so-called large entities (including PostNL), whereby a

chair position counts twice. Existing positions are exempt, but if they

exceed five, they must be reconsidered at the moment of

(re)appointment. Board members holding more than the maximum

number of positions on 1 January 2013 are not obliged to resign from


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Other information

Appendices

these positions, but positions must be reconsidered at the time of

reappointment.

OECD

Organisation for Economic Co-operation and Development.

Opportunity

When financial effects arising from environmental, social of

governance matters positively affect our financial position and

financial performance, the effect is called an opportunity.

Out-of-home network

Our out-of-home (OOH) network includes parcel lockers and retail

locations where consumers can drop off/pick up parcels. We are

growing the number of these locations as we give consumers greater

choice over where and when they can collect their parcel.

Own workforce

All employees with whom PostNL signed a direct and active labour

agreement.

Parcel

Goods to be transported by a distribution company, weighing up to

approximately 30 kg.

PayChecked

PayChecked is a quality standard that companies use to demonstrate

that they pay their employees as agreed in the collective labour

agreement and that their personnel and payroll administration is in

order.

PM10

Particulates, alternatively referred to as particulate matter (PM), such

as fine particles and soot, are tiny subdivisions of solid matter

suspended in a gas or liquid. The notation PM10 is used to describe

particles of 10 micrometres or less.

PM2.5

Particulates, alternatively referred to as particulate matter (PM), such

as fine particles and soot, are tiny subdivisions of solid matter

suspended in a gas or liquid. The notation PM2.5 is used to describe

particles of 2.5 micrometres or less.

Policy

A policy is a set or framework of general objectives and management

principles that we use for decision-making. With a policy, we

implement our strategy and management decisions related to a

material sustainability matter.

Pollution to air

The presence of chemical substances in the atmosphere at levels

which are harmful to the health of humans and other living beings, or

cause damage to the climate or to materials. The activities and

actions required to manage waste from its inception to its final

disposal.

PostNL (Group)

PostNL N.V. and its Group companies.

PostNL N.V.

A public limited liability company incorporated under the laws of the

Netherlands, listed on the Amsterdam Stock Exchange, with its

statutory seat in The Hague, the Netherlands, and its registered office

at Waldorpstraat 3, 2521 CA The Hague, the Netherlands, until 31

May 2011 named TNT N.V.

Quality of services

Performance of our core and supporting processes measured against

quantitative and qualitative customer expectations.

Recordable accident

A work-related incident during working hours, sustained by an

employee, that results in any of the following: death, loss of

consciousness, days of absence, limited ability to work or change of

role, medical treatment beyond first aid, diagnosis of a significant

injury or illness by a doctor.

Reptrak score

The independent RepTrak Company calculates our reputation score

based on a representative sample of Dutch society, reflecting the

opinions of the Informed General Public - individuals aged 18+ who

are familiar with our organisation, including customers and

employees. Products & Services, Conduct and Citizenship are the

most important drivers of PostNL’s reputation in 2025, since they

carry the most weight in determining the reputation.

Resource inflows

Resource inflows are all products and materials entering a company's

operations and upstream value chain, including raw materials, parts,

packaging, water, and even capital goods (like machinery), focusing on

their types, quantities, and circularity (e.g., % recycled, sustainably

sourced) to enable better circular economy reporting and resource

management.

Resource outflows

Resource outflows are "resources that leave the organisation's

infrastructure," primarily referring to the products, materials, and

waste exiting a company's production process, with a focus on their

circularity, management, and environmental impact, rather than just

disposal. This includes how products are designed for end-of-life

(recycling, reuse) and detailed reporting on hazardous/non-hazardous

waste streams.

Retail location

A retail location is a location where goods or services are sold

directly to consumers. In the context of PostNL for the Annual Report,

this includes retail shops, business points, parcel points and post

offices. A PostNL location in a retail shops is also referred to as retail

point.

Return on invested capital

We use capital investments to develop our business, such as new

sorting centres or IT systems. These investments are aimed at

generating value for PostNL and our stakeholders. We monitor the

return on invested capital to evaluate and improve the effectiveness

of our capital allocation to value generating investments.


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Risk

When financial effects arising from environmental, social of

governance matters negatively affect our financial position and

financial performance, the effect is called a risk.

Science Based Targets initiative (SBTi)

The Science Based Targets initiative (SBTi) defines and promotes best

practice in emissions reductions and net-zero targets in line with

climate science.

Shareholder return

The profit or loss from net share price change plus any dividends

received over a given period.

Short term horizon

Actions or impacts that occur within less than one year

Significant reportable instance of non-compliance

For the purpose of the Annual Report, a significant instance of non-

compliance is defined as an instance where PostNL is formally

sanctioned of (alleged) non-compliance by a competent authority in

the form of fines or non-monetary sanctions which result in financial

or business impact at a level above the internally applied thresholds

for internal reporting of such cases to senior management.

Small and medium-sized enterprises

Small and medium-sized enterprises (SMEs) are businesses whose

personnel and/or revenue numbers fall below certain limits.

Spring GDS (Global Delivery Solutions)

Our international e-commerce shipping and logistics business,

specialising in cross-border parcel delivery for business customers.

Spring GDS forms part of the PostNL Group and offers tracked,

untracked and signed delivery services, as well as return solutions for

parcels up to 20 kg. It provides global reach by leveraging local

delivery networks, with a strong focus on sustainable, carbon-neutral

solutions.

Tank-to-wheel

A factor used to calculate the direct emissions from fuel use or

energy.

Target

Our targets are goals linked to our actions and hence to our material

impacts, risks and opportunities.

Technical materials

Technical material resource inflows are the products, parts, and

physical assets (like machinery, equipment, buildings, packaging) that

flow into a company's operations and value chain focusing on

manufactured items like metals, plastics, electronics, and other non-

natural resources used for production, maintenance, and packaging,

crucial for circular economy reporting. They encompass raw

materials, semi-finished goods, and even entire products entering the

business system, tracked for sustainability, efficiency, and resource

management.

Turnover share

Employee turnover share is the percentage of workers who leave a

company over a year, calculated by dividing the number of

employees who left by the total headcount of the prior year.

UPU

The Universal Postal Union is a specialised agency of the UN and is the

primary forum for cooperation between postal sector players

worldwide.

USO

The Dutch Postal Act 2009 requires PostNL as the universal service

obligation (USO) provider to provide nationwide services and to

perform a daily delivery round from Tuesday till Saturday, except on

public holidays. There is also a requirement to deliver urgent medical

items and funeral notifications on Mondays. At least 95 percent of all

standard single rated domestic letters under the USO posted the day

before must be delivered by the next day. Furthermore, PostNL is

required to maintain a network of letterboxes and post offices for

access by the general public. The Postal Regulation 2009 covers

detailed tariff regulation, cost and revenue accounting, financial

administration and reporting.

USP

The designation as universal service provider obliges PostNL to

collect and deliver domestic mail and parcels five days a week

(mourning cards and medical post six days a week), and to provide for

cross-border mail and parcels according to the Universal Postal Union

(UPU) rules.

Value chain

Our value chain encompasses all our upstream and downstream

activities, resources and relationships.

Well-to-tank

A factor used to calculate the indirect emission from production and

transport of fuel or energy.

Well-to-wheel

A factor in which well-to-tank and tank-to-wheel are combined.

Workers in the value chain

All persons who are on the payroll of PostNL, either upstream or

downstream in our value chain.

Zero-emission

Zero-emission refers to regulatory requirements and vehicle

technologies under which no exhaust emissions are produced. This

includes designated zero-emission zones, where only vehicles with

zero exhaust emissions are permitted, and vehicles that produce no

direct emissions of CO₂, NOₓ or particulate matter during operation. In

our logistics operations, this refers to fully electric vehicles.


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Other information

Appendices

3 UN Global Compact reference table

PostNL Global compact principles


UN Global Compact principle	Reference	Pages
1. Support and respect the protection of internationally proclaimed human rights	Governance, chapter Corporate governance, section Business conduct - Policies and procedures; Sustainability statements, chapter Social disclosures, section General disclosures, Our governance; Sustainability statements, chapter Social disclosures, section General disclosures, Our policies	72, 76-78; 219-222; 222-225
2. Make sure that they are not complicit in human rights abuses	Governance, chapter Corporate governance, section Business conduct - Policies and procedures; Sustainability statements, chapter Social disclosures, section General disclosures, Our governance; Sustainability statements, chapter Social disclosures, section General disclosures, Our policies	72, 76-78; 219-222; 222-225
3. Uphold the freedom of association and the effective recognition of the right to collective bargaining	Governance, chapter Corporate governance, section Business conduct - Policies and procedures; Sustainability statements, chapter Social disclosures, section General disclosures, Our governance; Sustainability statements, chapter Social disclosures, section General disclosures, Our policies	72, 76-78; 219-222; 222-225
4. Uphold the elimination of all forms of forced and compulsory labour	Sustainability statements, chapter Social disclosures, section General disclosures, Our impacts, risks and opportunities; Sustainability statements, chapter Social disclosures, section General disclosures, Our strategy; Sustainability statements, chapter Social disclosures, section General disclosures, Our policies; Sustainability statements, chapter Social disclosures, section Workers in the value chain disclosures	216-217; 218; 222-225; 235
5. Uphold the effective abolition of child labour	Sustainability statements, chapter Social disclosures, section General disclosures, Our impacts, risks and opportunities; Sustainability statements, chapter Social disclosures, section General disclosures, Our strategy ; Sustainability statements, chapter Social disclosures, section General disclosures, Our policies; Sustainability statements, chapter Social disclosures, section Workers in the value chain disclosures	216-217; 218; 222-225; 235
6. Uphold the elimination of discrimination in respect of employment and occupation	Governance, chapter Corporate governance, section Business conduct - Policies and procedures; Sustainability statements, chapter Social disclosures, section General disclosures, Our policies; Sustainability statements, chapter Social disclosures, section General disclosures, Our actions	72; 224; 227-229
7. Support a precautionary approach to environmental challenges	Sustainability statements, Environmental disclosures, section General disclosures, Our strategy	189-193
8. Undertake initiatives to promote greater environmental responsibility	Sustainability statements, Environmental disclosures, section General disclosures, Our strategy	189-193
9. Encourage the development and diffusion of environmentally friendly technologies	Sustainability statements, Environmental disclosures, section General disclosures, Our strategy	189-193
10. Work against corruption in all its forms, including extortion and bribery	Governance, chapter Corporate governance, section Business conduct - Policies and procedures; Sustainability statements, chapter Governance disclosures, section General disclosures, Our policies; Sustainability statements, chapter Governance disclosures, section Business conduct, Our actions; Sustainability statements, chapter Governance disclosures, section Business conduct, Our performance	72, 76-78; 244-245; 246-247; 248


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4 List of group entities

This list presents all legal entities included in the consolidation of the financial statements and the sustainability statements of the PostNL Group as at 31 December 2025. Legal entities liquidated

and/or dissolved by merger during 2025 are not included.

PostNL List of group entities


Constituent group entities	(Ultimate) ownership information	Type of main activities	Geographic scope of activities
PostNL NV	Listed company	Holding and board of management activities	The Netherlands
PostNL Holding BV	PostNL NV	Holding and head office activities	The Netherlands
PostNL European Holdings BV	PostNL NV	Holding activities	The Netherlands
PostNL Data Solutions BV	PostNL NV	Data related services	The Netherlands
Koninklijke PostNL BV	PostNL NV	Logistical services focused on mail	The Netherlands
PostNL Cross Border Solutions BV	PostNL NV	International logistical services	The Netherlands
PostNL Customer Excellence BV	PostNL NV	Logistical services focused on mail	The Netherlands
PostNL Pakketten Benelux BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
PostNL Transport Services BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
PostNL Transport BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
PostNL TGN BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
PostNL E-Commerce Services BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
PostNL Finance BV	PostNL NV	Finance and treasury activities	The Netherlands
Logistics Solutions BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
PostNL Extra@Home BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
PostNL Health & Secure BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
PostNL Real Estate BV	PostNL NV	Real estate and facility services	The Netherlands
DM Productions BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
Traxity BV	PostNL NV	Holding activities and activities in the area of innovation and development	The Netherlands
Cheap Cargo BV	PostNL NV	Logistical services focused on e-commerce	The Netherlands
Sandd BV	PostNL NV	Logistical services focused on mail	The Netherlands
G3 Worldwide Mail NV	PostNL NV	International logistical services	The Netherlands
MyParcel.com BV	PostNL NV	Logistical services focused on mail	The Netherlands
Prime Vision BV	60% PostNL NV, 40% FDI Deelnemingen BV	Technology and robotics solutions for logistics and e-commerce	The Netherlands
Mikropakket Belgium NV	PostNL NV	Logistical services focused on e-commerce	Belgium
G3 Worldwide (Belgium) NV	PostNL NV	Dormant	Belgium
PostNL Pakketten België NV	PostNL NV	Logistical services focused on e-commerce	Belgium
PostNL Cargo België BV	PostNL NV	Logistical services focused on e-commerce	Belgium
PostNL Extra@Home Belgium BV	PostNL NV	Logistical services focused on e-commerce	Belgium


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Constituent group entities	(Ultimate) ownership information	Type of main activities	Geographic scope of activities
PostNL Pharma & Care Belgium BV	PostNL NV	Logistical services focused on e-commerce	Belgium
MyParcel Belgium BV	PostNL NV	Logistical services focused on e-commerce	Belgium
Cheap Cargo Belgium BV	PostNL NV	Logistical services focused on e-commerce	Belgium
G3 Worldwide (Canada) Inc.	PostNL NV	International logistical services	Canada
G3 Worldwide Mail (Switzerland) AG	PostNL NV	International logistical services	Switzerland
G3 Worldwide Mail (Czech Republic) s.r.o.	PostNL NV	International logistical services	Czech Republic
G3 Worldwide Mail (Germany) GmbH	PostNL NV	International logistical services	Germany
International Mail (Spain) SL	PostNL NV	International logistical services	Spain
G3 Worldwide (France) SAS	PostNL NV	International logistical services	France
G3 Worldwide Mail (UK) Limited	PostNL NV	International logistical services	United Kingdom
G3 Worldwide Hong Kong Limited	PostNL NV	International logistical services	Hong Kong
G3 Worldwide Hungary Kft	PostNL NV	International logistical services	Hungary
G3 Worldwide Mail (Italy) Srl	PostNL NV	International logistical services	Italy
MyParcel Italy Srl	PostNL NV	Logistical services focused on e-commerce	Italy
G3 Worldwide Mail (Poland) Sp. Z.o.o.	PostNL NV	International logistical services	Poland
G3 Worldwide Global Development Pte. Ltd	PostNL NV	International logistical services	Singapore
Prime Vision Technology US Inc.	60% PostNL NV, 40% FDI Deelnemingen BV	Technology and robotics solutions for logistics and e-commerce	United States

This list presents PostNL's investments in joint ventures and associates, which are non-consolidated entities.

PostNL Other entities


Entity	(Ultimate) ownership information	Country
De Innovatie Studio BV	50.00%	Netherlands
Fintech Foundry BV	21.90%	Netherlands
NexusNova BV	50.00%	Netherlands
OK Betalen BV	21.90%	Netherlands
OK IP BV	21.90%	Netherlands
OK IT BV	21.90%	Netherlands
Telecontact International BV	50.00%	Netherlands
VersTrade Nederland BV	25.00%	Netherlands
Ilres S.A.	40.82%	Luxemburg


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Other information

Appendices

5 Five-year financial performance

All numbers presented in this appendix are the reported numbers in the respective Annual Reports of 2021 until 2025, unless restated in a later year. Revenues and normalised EBIT have been

restated for adjusted segment reporting relating to the transfer of PostNL Real Estate from Mail in the Netherlands to Parcels in 2025.

PostNL Five-year performance in € million, unless indicated otherwise


		2021	2022	2023	2024	2025
Revenue
Parcels		2,386	2,190	2,284	2,393	2,457
Mail in the Netherlands		1,657	1,470	1,348	1,313	1,315
PostNL Other/Eliminations		(576)	(515)	(466)	(454)	(448)
PostNL		3,466	3,144	3,165	3,252	3,324

Normalised EBIT
Parcels		251	77	69	65	61
Mail in the Netherlands		139	87	28	3	2
PostNL Other		(81)	(80)	(5)	(16)	(10)
PostNL		308	84	92	53	53

Normalised EBIT margin
Parcels		10.5%	3.5%	3.0%	2.7%	2.5%
Mail in the Netherlands		8.4%	5.9%	2.1%	0.2%	0.2%
PostNL		8.9%	2.7%	2.9%	1.6%	1.6%

Operating income		324	(1,291)	84	37	11
Profit for the year		258	(993)	56	18	(17)
Profit for the year (2022 adjusted) ¹		258	14	56	18	(17)
Normalised comprehensive income		285	90	52	38	21
Free cash flow		288	40	52	12	(25)

Adjusted net debt		(203)	(467)	(462)	(474)	(501)
Consolidated equity		426	177	198	202	176

Earnings per share (in € cents)		50.9	2.8	11.3	3.4	(3.2)
Leverage ratio (adjusted net debt/EBITDA)		0.44	1.92	1.70	1.95	1.99
Return on invested capital		16.4%	4.1%	5.3%	3.4%	4.7%
1	2022 excluding change in pension accounting classification


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Other information

Appendices

6 Five-year sustainability performance

All numbers presented in this appendix are the reported numbers in the respective Annual Reports of 2021 until 2025, unless restated in a later year.

PostNL Environmental performance as indicated


For the year ended 31 December	2021	2022	2023	2024	2025
Climate change
CO2 efficiency (scope 1 and 2 emissions in grammes CO2 e per kilometre) ¹	203	152	136	128	108
Share of emission-free delivery of mail and parcels in the last-mile¹	20%	22%	24%	28%	33%
Scope 1 GHG emissions (tonnes CO2 e) ²	41,081	not comparable	25,797	23,925	19,986
Scope 2 GHG emissions location-based (tonnes CO2 e)	30,328	not comparable	27,176	18,857	17,126
Scope 2 GHG emissions market-based (tonnes CO2e)	171	not comparable	189	80	94
Scope 3 GHG emissions (tonnes CO2 e)	338,651	not comparable	290,645	266,336	247,254
Total gross location-based per net revenue (tonnes CO2 e per million Euro) ²	—	not comparable	108.57	95.05	85.55
Total gross market-based per net revenue (tonnes CO2e per million Euro) ²	—	not comparable	100.04	89.28	80.43
Total energy consumption (MWh)	284,465	275,466	266,085	236,262	218,791
Total energy per net revenue (MWh per million Euro)	82	88	84	73	66
Pollution
Total NOx emissions (kilogrammes)	39,966	38,275	30,839	21,530	18,638
Total PM10 emissions (kilogrammes)	7,522	7,615	7,471	6,613	6,025
Total PM2.5 emissions (kilogrammes)	4,396	4,444	4,324	3,802	3,450
Resource use and circular economy
Total weight of technical and biological products (tonnes)	not reported	not reported	not reported	3.715	6,668
Total amount of waste generated (tonnes)	3,936	3,012	4,444	6,402	8,113
¹Key Performance indicator (entity-specific)
² Scope 1 figures restated, for further details please refer to E1 Climate change mitigation


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PostNL Social performance as indicated


For the year ended 31 December	2021	2022	2023	2024	2025
Own workforce
Total number of employees (headcount)	37,365	35,647	33,488	32,405	31,531
ISO 45001 certification (share of total headcount working in certified sites)	94%	96%	96%	97%	96%
Number of fatalities as a result of work-related injuries and work-related ill health	not comparable	not comparable	not comparable	0	0
Rate of recordable work-related accidents per million hours worked	not reported	not reported	not reported	16	28
Rate of road traffic accidents with third party death per million kilometres travelled	not reported	not reported	not reported	0.9	0.0
Absenteeism (share of total working days) ¹	7.0%	8.6%	8.9%	8.5%	8.5%
Share of female employees in senior management	29%	31%	33%	35%	35%
Turnover share	17%	19%	28%	17%	11%
New hires total (share of total headcount)	28%	21%	21%	25%	24%
Total number of incidents of discrimination and complaints	not reported	not reported	not reported	364	339
Total amount paid of fines, penalties and compensation (Euros)	not reported	not reported	not reported	0	0
Share of engaged employees¹	not comparable	not comparable	68%	67%	69%
Consumers & end-users
Net Promotor Score¹	not reported	not reported	Average No. 1 position in relevant markets	Average No. 1 position in relevant markets	Average No. 1 position in relevant markets
Parcel volume growth ¹	14%	(10.2)%	0.5%	7.2%	1.2%
Delivery quality Parcels in NL ¹	98%	98%	97%	97%	97%
Delivery quality Mail in NL (preliminary) ¹	94%	91%	89%	86%	86%
¹Key Performance indicator (entity-specific)

PostNL Governance performance as indicated


For the year ended 31 December	2021	2022	2023	2024	2025
Business conduct
Average time (days) to pay an invoice	not reported	not reported	not reported	29	29
Number of legal proceedings currently outstanding for late payments	not reported	not reported	not reported	0	0
Number of convictions for violation of anti-corruption and anti-bribery laws	not reported	not reported	not reported	0	0
Amount of fines for violation of anti-corruption and anti-bribery laws (Euros)	not reported	not reported	not reported	0	0


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Other information

Appendices

7 Our value creation model

We make use of a range of resources to carry out our

business model and convert these into outputs, creating value

for the company and our stakeholders. The capital categories

are aligned with the International Integrated Reporting

Framework of the International Integrated Reporting Council

(IIRC). All capitals are interrelated and business activities

often require the use of a mix of capital. We aim to allocate

our resources based on these capitals effectively by

maximising their potential value and minimising their negative

impacts as part of our continuous drive to improve.

Social and relationship capital

We have deep roots in society, and through our operations

connect with millions of people and organisations on a daily

basis. The relationship we have with our stakeholders,

especially customers, consumers and end-users, our people,

business partners, investors and financial markets, external

bodies, media, opinions leaders and society, and other

market players influences our ability to create value over

time. We strive to build strong relationships by engaging on

relevant topics and collaboration based on stakeholder

needs.

Human capital

PostNL is a people company. Our human capital refers to the

expertise of our people, which is used to provide customer,

social, environmental, and financial value. Intellectual capital

is the knowledge and skills that are present within PostNL that

we use to create value across society. Our people execute

our strategy and ensure the delivery of our services. This

includes our own employees and people working for us

through collaboration with logistics partners. They help us

create, maintain and improve our state-of-the-art networks,

smart processes and management systems.

Intellectual capital

By operating and developing an inclusive organisation, we aim

to help our people to grow, while providing favourable labour

conditions, including a safe and healthy work environment.

The collective knowledge and experience of PostNL, our

intellectual capital, has been built over the course of more

than two centuries and is one of our greatest assets. As part

of our digital transformation, we are investing in the digital

DNA and expertise of our people. At the same time, effective

collaboration with our logistics partners is crucial for our

success and we continually look for ways to improve our

labour practices, particularly in the area of social laws and

regulations.

Manufactured capital

Manufactured capital are those goods and assets that enable

us to carry out our role as an e-commerce and postal service

provider, such as vehicles, buildings and machinery. We

select these goods and assets based on our specific needs

and available more sustainable options.

Natural capital

Natural capital is the energy we use to provide our services.

We are switching to renewable fuels and e-vehicles to reduce

our environmental impact, and phasing out fossil fuels as

quickly as is feasible. We use solar energy to generate

electricity, while we are reducing our consumption of natural

gas in operating our buildings. Fossil fuels produce

greenhouse gases (GHG) and air-polluting emissions that

contribute to climate change and impact air quality.

Financial capital

Shareholders and other relevant players in capital markets,

such as bondholders and banks, provide PostNL with funds

used to invest in our assets and operations. We use this

financial capital to operate and grow our business and

generate sustainable growth and cash flow, thereby creating

long-term value for us and our stakeholders.

Sustainable development goals

We continue to embed the UN Sustainable Development

Goals (SDGs) across our strategy and value chain, as they

support our aim of making a positive contribution to people,

the environment, and society. By linking our material topics

to the SDGs, we provide a clear framework to measure our

contribution to global sustainability challenges and align our

policies with international targets. The three SDGs on which

we can make a real difference are:

• SDG 8 – decent work and economic growth: safe working

conditions, equal opportunities, personal development and

respect for human rights

• SDG 12 – responsible consumption and production:

sustainable working and reporting transparency

• SDG 13 – climate action: CO2 reduction and embedding,

climate measures in policy and strategy.

For a further explanation of these three SDGs, please see

section Basis for preparation in the General disclosures of the

Sustainability statements.


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POSTNL-AR2025-Value-creation-model-+-kader.png


Social & Relationship • Customers & consumers and end users • Business partners • Investors and financial market • Government bodies • Media • Opinion leaders and society • Other market players	Social & Relationship • Customers & consumers (end- users) loyalty • Compliance • Social licence to operate • Collective labour agreements	• Reputation / Esteemed brand • NPS • Instances of noncompliance
Human • Shared purpose • Autonomy • Learning & Development • Code of Conduct • Physical and mental healthy and safe working conditions	• Human • Future proof workforce • Diverse, Inclusive workforce • Engaged people • Skilled employees	• Recordable accidents • Employee engagement • Absenteeism
Manufactured • Buildings, facilities and vehicles • Transport infrastructure • Other goods	Manufactured • Delivered mail volumes • Delivered parcel volumes	• Volume developments • Delivery quality • Parcels in NL • Delivery quality Mail in NL • Land-use
Intellectual • Digital technology • Network & processes • (IT) management systems • Logistical & digital expertise	Intellectual • Data security & privacy • Smart software & route optimalisation	• Data breaches • IT expenses
Natural • Solar energy • Natural gas • Fuels and electricity	Natural • Greenhouse gas emissions • Air polluting emissions • Packaging and waste	• CO 2 efficiency • Share of emission-free delivery • Climate change • Air pollution
Financial • Equity • Debt	Financial • Wages paid • Shareholder returns • Interest paid • Tax paid	• Revenue • Normalised EBIT • Free cash flow • Adjusted net debt • Dividend per share


E-commerce: Manage for Sustainable Growth		Mail: Manage for value
Strategic markers