Highlights Q1 2026
PostNL
• Revenue came in at €781 million (Q1 2025: €782 million)
• Normalised EBIT and free cash flow development in line with expectations and followed usual seasonal pattern
• Outlook 2026 confirmed
Segments
E-commerce: progress of targeted yield measures, demonstrated by a 4.1% increase in average price per parcel
• revenue at €451 million (Q1 2025: €473 million), driven by positive price/mix impact offset by 7.1% volume decline
• domestic volumes down 5.5%, primarily due to weaker market growth related to lower consumer spending compared with last year and limited loss in market share as expected
• international volumes, mainly from Asian webshops, down 13.2%, reflecting weaker market growth and temporary pressure following deliberate contract negotiations under PostNL's volume-to-value strategy
Platforms: accelerating international growth
• revenue €185 million (Q1 2025: €181 million), up 2.6% (up 5.9% at constant currencies)
• 1.2% volume growth, mainly comprising 9.6% growth in European volumes partly offset by the earlier-mentioned decline in volumes from Asian webshops
Mail: preparations for transition to standard mail delivery within two days on track
• revenue €316 million (Q1 2025: €309 million)
• trend of structural volume decline continued with volume decline of 8.0% (excluding election mail)
CEO Statement
Pim Berendsen, CEO of PostNL, commented: "Entering 2026, I am pleased to see that our strategic initiatives are progressing according to plan in a challenging operating environment. We are fully focused on disciplined execution of our new strategy as set out in our Capital Markets Days last September."At the same time, geopolitical uncertainty has intensified external challenges, weighing on consumer confidence, domestic consumption and fuel prices. While fuel surcharges are mitigating direct impact, we acknowledge that prolonged uncertainty may increase inflationary pressure and impact consumer spending.
"At E-commerce, the strategic transition from volume to value is progressing through sharper customer segmentation, differentiated propositions and disciplined volume steering. This involves deliberate contract negotiations that may come with temporary pressure on volumes whilst execution on our volume-to-value strategy. Targeted yield measures are gaining traction and are expected to build further momentum during the year as new contracts are rolled out.
"At Platforms, international growth is accelerating via our asset-light models Spring and MyParcel, with European e-commerce driving volume and revenue growth. The value-focused approach equally applies to our Asian e-commerce activities.
"From mid-July 2026, the standard delivery framework for mail will be extended to within two days, while faster delivery at a different rate remains an option. Preparations for this major operational transition are on track. This change marks an important intermediate step towards safeguarding a future-proof postal service for everyone in the Netherlands. To achieve long-term viability a further shift to delivery within three business days as well as net cost compensation in transitional years are necessary. It is crucial that clear and timely political decisions to amend the Postal Act are taken to avoid further delays. Meanwhile, we have formally initiated legal proceedings regarding compensation for the net costs of the USO and the withdrawal of the current designation. Furthermore, a timely completion of the tender process for government mail, under appropriate conditions, is key for the longer-term perspective in the postal market.
"Overall, normalised EBIT and cash flow are developing in line with expectations, following the usual seasonal pattern. We confirm our 2026 outlook for normalised EBIT to be between €40 million and €70 million, resulting in a free cash flow between €0 and €(30) million. 2026 will be fully dedicated to disciplined execution of our new strategy and we expect to reach the inflection point in the trajectory towards delivering on our Breakthrough 2028 ambition."
Download Press Release:
https://d21buns5ku92am.cloudfront.net/70257/documents/62405-1777350450-PostNL%20Q1%202026%20trading%20update_EN-b0fe78.pdf
PostNL
• Revenue came in at €781 million (Q1 2025: €782 million)
• Normalised EBIT and free cash flow development in line with expectations and followed usual seasonal pattern
• Outlook 2026 confirmed
Segments
E-commerce: progress of targeted yield measures, demonstrated by a 4.1% increase in average price per parcel
• revenue at €451 million (Q1 2025: €473 million), driven by positive price/mix impact offset by 7.1% volume decline
• domestic volumes down 5.5%, primarily due to weaker market growth related to lower consumer spending compared with last year and limited loss in market share as expected
• international volumes, mainly from Asian webshops, down 13.2%, reflecting weaker market growth and temporary pressure following deliberate contract negotiations under PostNL's volume-to-value strategy
Platforms: accelerating international growth
• revenue €185 million (Q1 2025: €181 million), up 2.6% (up 5.9% at constant currencies)
• 1.2% volume growth, mainly comprising 9.6% growth in European volumes partly offset by the earlier-mentioned decline in volumes from Asian webshops
Mail: preparations for transition to standard mail delivery within two days on track
• revenue €316 million (Q1 2025: €309 million)
• trend of structural volume decline continued with volume decline of 8.0% (excluding election mail)
CEO Statement
Pim Berendsen, CEO of PostNL, commented: "Entering 2026, I am pleased to see that our strategic initiatives are progressing according to plan in a challenging operating environment. We are fully focused on disciplined execution of our new strategy as set out in our Capital Markets Days last September."At the same time, geopolitical uncertainty has intensified external challenges, weighing on consumer confidence, domestic consumption and fuel prices. While fuel surcharges are mitigating direct impact, we acknowledge that prolonged uncertainty may increase inflationary pressure and impact consumer spending.
"At E-commerce, the strategic transition from volume to value is progressing through sharper customer segmentation, differentiated propositions and disciplined volume steering. This involves deliberate contract negotiations that may come with temporary pressure on volumes whilst execution on our volume-to-value strategy. Targeted yield measures are gaining traction and are expected to build further momentum during the year as new contracts are rolled out.
"At Platforms, international growth is accelerating via our asset-light models Spring and MyParcel, with European e-commerce driving volume and revenue growth. The value-focused approach equally applies to our Asian e-commerce activities.
"From mid-July 2026, the standard delivery framework for mail will be extended to within two days, while faster delivery at a different rate remains an option. Preparations for this major operational transition are on track. This change marks an important intermediate step towards safeguarding a future-proof postal service for everyone in the Netherlands. To achieve long-term viability a further shift to delivery within three business days as well as net cost compensation in transitional years are necessary. It is crucial that clear and timely political decisions to amend the Postal Act are taken to avoid further delays. Meanwhile, we have formally initiated legal proceedings regarding compensation for the net costs of the USO and the withdrawal of the current designation. Furthermore, a timely completion of the tender process for government mail, under appropriate conditions, is key for the longer-term perspective in the postal market.
"Overall, normalised EBIT and cash flow are developing in line with expectations, following the usual seasonal pattern. We confirm our 2026 outlook for normalised EBIT to be between €40 million and €70 million, resulting in a free cash flow between €0 and €(30) million. 2026 will be fully dedicated to disciplined execution of our new strategy and we expect to reach the inflection point in the trajectory towards delivering on our Breakthrough 2028 ambition."
Download Press Release:
https://d21buns5ku92am.cloudfront.net/70257/documents/62405-1777350450-PostNL%20Q1%202026%20trading%20update_EN-b0fe78.pdf
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