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.

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.