As at 31 December 2024, adjusted net debt amounted to €474 million (2023: €462 million). The increase of €12 million was mainly explained by the inclusion of the WGA self-insurance provision of €38 million, new leases and lease modifications/reassessments of €65 million in total and dividend payments of €22 million, partly offset by positive net cash from operating and investing activities of €107 million. See note 4.1 Adjusted net debt to the Consolidated financial statements for more information.

In June 2024, PostNL issued a €300 million sustainability-linked bond with a term of seven years, maturing on 12 June 2031. The annual coupon is 4.750%. The transaction highlights the company’s commitment to sustainability and accelerates its transition into a sustainable e-commerce logistics provider. The net proceeds will be used for general corporate purposes.

PostNL Adjusted net debt in million
2023 - 2024

At 31 December20232024
Short- and long-term debt740674
Long-term interest bearing assets(15)(13)
Cash and cash equivalents(518)(453)
Net debt207208
Pension liabilities/WGA self-insurance240
Lease liabilities (on balance)320299
Lease liabilities (off balance)199
Deferred tax assets on WGA and operational lease liabilities2(76)(81)
Adjusted net debt462474
  1. The lease liabilities (off balance) are the net present value of the Off balance sheet commitments relating to leases from note 3.9 of €11 million (2023: €10 million).
  2. The deferred tax assets relate for €10 million to the WGA self-insurance provision, for €69 million (2023: €74 million) to on balance lease liabilities, see note 3.7 Deferred income taxes and for €2 million (2023: €2 million) to off balance lease liabilities.

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Leverage ratio

The leverage ratio, being adjusted net debt divided by adjusted EBITDA, deteriorated from 1.70 in 2023 to 1.95 in 2024, below our target to not exceed 2.0.

PostNL Leverage ratio in million, unless indicated otherwise
2023 - 2024

Year ended at 31 December20232024
Adjusted net debt462474
Operating income8437
Depreciation, amortisation and impairments177188
Proxy for short-term leases and leases of low-value assets44
Normalisations on EBIT715
Reversal of normalised depreciation, amortisation and impairments(1)(2)
Adjusted EBITDA271243
Leverage ratio1.701.95

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