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

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

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).

PostNL Effective income tax rate in %

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

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).