Main risk events
We identify main risk events as specific scenarios or occurrences that could trigger those risks identified in the risk assessment. In the External developments section, we identify and describe the external developments that had the greatest impact on PostNL in 2024, including challenging geopolitical and economic conditions and the tight labour market. These key risk events adversely impacted on our performance and led to a strategic focus on reducing operational costs, optimising our network capacity, and managing our workforce challenges. Below, we outline how these events materialized and the measures we implemented in response.
Rising labour costs
Wage indexations in 2024 resulted in a substantial increase in operational expenses, driven by collective labour agreements and statutory minimum wage hikes. Persistent inflation further amplified labour cost pressures, constraining the company’s ability to fully absorb these increases through regular price adjustments. To mitigate the financial impact, PostNL implemented cost-control measures, including optimising delivery and sorting routes and improving transportation efficiency, which partially offset the operational cost burden.
Economic volatility
The challenging economic environment in 2024 created significant market uncertainty, resulting in PostNL’s normalised EBIT falling short of expectations and the guidance previously communicated to the market. Shifts in consumer behaviour, client concentration, labour shortages, and rising labour costs further pressured already narrow margins.
PostNL recognises that urgent action is required to adapt the USO obligations and secure a financial contribution from the government, both during the transition and beyond. Even after adjustments to the USO, including the move to delivery within two days, this financial support will remain essential to ensure a future-proof and financially viable postal service that continues to serve Dutch society. To address these challenges, the company is implementing measures such as transitioning non-USO mail to a two-day service and optimising mailbox collection. More information on this, including PostNL’s request for temporary government financial support under the Dutch General Administrative Law Act to cover net USO costs for 2025 and 2026, can be found in the Future of Mail box in the Our operating context chapter.
Additionally, PostNL remains focused on strengthening customer value through pricing model reviews, yield management enhancements, and strategic initiatives, including international growth and the acceleration of its out-of-home (OOH) strategy to better align with the evolving e-commerce landscape. At the same time, recognising the need for cost savings in e-commerce, PostNL continues to improve operational efficiency and optimise its parcel network, ensuring a sustainable balance between service quality and financial resilience.
Regulatory delays and universal service obligation (USO) challenges
Delayed decision-making by the Ministry of Economic Affairs on necessary reforms to the USO framework hindered PostNL’s ability to adjust its postal network to accommodate declining physical mail volumes. This regulatory uncertainty exacerbated financial and operational constraints, particularly as the company struggled to balance fixed costs with reduced mail revenues. To address this, PostNL engaged with the government to advocate for a modernised USO framework that reflects evolving market realities. While these discussions continue, financial support from the Dutch government is needed to sustain the USO, as PostNL actively pursues efficiency improvements to sustain a reliable, accessible, and affordable postal service.
More information on these topics can be found in the Social value , Financial value and Regulatory developments chapters of this Annual Report.