This article first appeared on GuruFocus .
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Revenue:EUR1.6 billion, almost in line with last year.
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Normalized EBIT:Slightly improved year-over-year.
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Free Cash Flow:Significantly improved to minus EUR70 million for the first half of 2026.
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E-commerce Revenue:EUR937 million, a decrease of 2.4% compared to last year.
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E-commerce Volumes:Declined by 6.4%, with domestic volumes down 4.2% and international volumes down 15%.
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Average Price per Parcel:Increased by 5%.
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E-commerce Normalized EBIT:EUR12 million, down from EUR15 million in the prior year period.
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Platforms Revenue:EUR379 million, up 1% year-over-year (up 2.7% at constant currencies).
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Platforms Volumes:Down 7.1%, with European e-commerce volumes growing strongly by 28%.
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Platforms Normalized EBIT:Minus EUR3 million, compared to EUR3 million in the prior year period.
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Mail Revenue:EUR623 million, an increase of 0.5%.
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Mail Volumes:Down 5.3% (down 7.9% excluding election mail).
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Mail Normalized EBIT:Impacted by EUR15 million organic cost increases and EUR12 million in cost savings.
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Cost Savings (E-commerce):EUR24 million achieved in the first half of 2026, on track to reach EUR40 million to EUR50 million for the full year.
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2026 Outlook:Normalized EBIT between EUR40 million and EUR70 million; free cash flow between zero and minus EUR30 million.
Release Date: August 03, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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PostNL NV ( TNTFF ) delivered a resilient performance in challenging markets, with revenue nearly stable at EUR1.6 billion and slightly improved normalized EBIT.
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The company significantly improved free cash flow, coming in at EUR70 million negative versus the prior year, driven by proactive working capital management.
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The volume-to-value strategy is gaining traction, evidenced by a 5% increase in average price per parcel and successful contract renegotiations with Asian web shops.
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The successful implementation of the shift to standard mail delivery within two days (D+2) was a major operational achievement, completed on schedule.
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PostNL NV ( TNTFF ) launched an additional EUR75 million cost-saving program for 2027-2028, mainly in E-commerce, to de-risk the business and protect margins.
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European e-commerce volumes grew strongly by 28% in the first half, driven by the asset-light Platforms segment and expansion of pan-European line-haul networks.
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The company made good progress on non-financial KPIs, including increasing emission-free last-mile delivery from 32% to 39% and maintaining top NPS scores.
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PostNL NV ( TNTFF ) confirmed its 2026 outlook, with normalized EBIT expected between EUR40 million and EUR70 million and free cash flow between zero and minus EUR30 million.
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The redefined out-of-home strategy, including a target of 7,500 parcel lockers by 2031, aims to strengthen long-term competitive position and drive volume growth.
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The company successfully implemented operational solutions for customs handling and clearance fees as of July 1, mitigating the impact of new import duties.
Negative Points
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E-commerce volumes declined by 6.4% in the first half, significantly below the initial expectation of 1-3% growth, due to weaker market growth and intensified competition.
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The introduction of import duties and handling fees on July 1 has disrupted volume flows from Asian web shops, leading to a 15% decline in international volumes.
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The Platforms segment reported a normalized EBIT loss of EUR3 million, impacted by investments in international expansion and startup costs for fulfillment activities.
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Mail volumes continued to decline structurally, with an underlying decline of 7.9% (excluding election mail), and the segment faces ongoing political uncertainty regarding the universal service obligation.
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Organic cost increases remain high, around EUR140 million for 2026, driven by labor and inflationary pressures, partially offset by cost savings.
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The transition to D+2 mail delivery resulted in a negative EBIT impact for the first half, with additional costs related to the transfer of letter box parcels to the e-commerce network.
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The company faces intensifying competition from new market entrants, particularly those tied to Asian platforms, and a shift in market dynamics following regulatory changes.
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Geopolitical uncertainty has negatively impacted consumer spending and confidence, leading to lower-than-expected market growth.
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The outlook assumes limited impact from changes in de minimis thresholds and customs handling fees, but the scope and timing could evolve and negatively affect performance.
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The company is still engaged in legal proceedings and discussions regarding net cost compensation for the universal service obligation, with no immediate resolution in sight.
Q & A Highlights
Q: What is the current expectation for e-commerce volume growth for the full year, given the first-half decline of 6.4% versus the initial assumption of 1% to 3% growth? Also, should we expect the average price per parcel to increase further in the second half? A: Linde Jansen (CFO) confirmed that the full-year volumes will not meet the initial 1% to 3% growth assumption due to weaker market growth. However, the drivers of performanceprice, mix, and operational efficiencyare gaining traction and showing bottom-line results, with further momentum expected in the second half. On pricing, she noted that given the seasonal pattern, including peak charges, the trend of price-per-parcel increases is expected to accelerate in the remainder of the year.
Q: Can you provide more color on the new EUR75 million cost-savings program? How should we phase it into our models, and what are the main drivers? A: Linde Jansen (CFO) stated that the program is mainly within E-commerce and related support functions (HR, finance, IT). The savings are expected to be phased approximately 50/50 across 2027 and 2028. Pim Berendsen (CEO) added that the program is designed to de-risk the 2028 ambitions by reducing the cost price per parcel, creating more room to maneuver in a competitive market and protecting margins against potentially lower volume development.
Q: Regarding the Platform business, there was a slowdown in Q2 volumes. Can you clarify the impact of the de minimis regulation changes and what the expectations are for the second half? A: Linde Jansen (CFO) explained that while there are current impacts from the regulation changes, the company assumes no structural long-term impact and holds its performance outlook. Pim Berendsen (CEO) elaborated that Asian web shops are adapting their business models in different wayssome are absorbing the fees, others are shifting to higher-value products, and some are moving to European warehousing. The company expects volume developments to remain volatile but does not anticipate a material long-term EBIT impact.
Q: Can you explain the growth in European e-commerce volumes for Spring and the decline in Asian volumes? Is the fulfillment center in Germany a key driver? A: Pim Berendsen (CEO) explained that Spring's European e-commerce growth (28%) is driven by expanding pan-European line-hauls and attracting local clients, with fulfillment activities playing a supporting role. The Asian volume decline is attributed to weaker market conditions, the volume-to-value strategy, and Asian web shops preparing for the July 1 import duty introduction by pausing marketing campaigns. He noted that the company's customs clearance solution is working effectively, and they expect the Asian web shops to re-enter the market as they adjust their commercial models.
Q: How far can you go in giving up domestic market share as part of the volume-to-value strategy, especially with new competitors entering the market? A: Pim Berendsen (CEO) stated that the market share loss is within acceptable boundaries. He acknowledged the delicate balance between volume, yield, and market share, noting that lower consumer spending has impacted domestic volumes. To de-risk this, the company is reducing its cost price per parcel through the new cost-savings program and strengthening its competitive position with a redefined out-of-home strategy, which will help support domestic volume development over time.
Q: Can you provide an update on the legal proceedings and discussions regarding the net costs of the Universal Service Obligation (USO) and the recent CBb ruling on the Sandd merger? A: Pim Berendsen (CEO) distinguished between ACM quality fines and net cost compensation. He stated the company will go to court over the fines, as they believe the basis is not there. Regarding net costs, they continue discussions with the government and chambers for required postal law changes. On the CBb ruling, he clarified that the court did not say ACM got it right, but rather ruled on the permit basis. He noted the company adheres to the permit conditions and has no clarity on the status of ACM's investigation.
Q: Can you explain the non-capital-intensive fulfillment activities for the Platform business and whether this is a model you plan to build up further? A: Pim Berendsen (CEO) explained that the fulfillment activities are traditional pick-and-pack operations, often with the client taking the lease obligation while PostNL operates the location. This model is only developed in relation to the European growth business and the type of customers Spring serves, helping to create density in pan-European trade lanes. It will not lead to big investments in fulfillment centers.
Q: Should the new EUR75 million cost savings be viewed as an offset to lower volume decline, a way to protect margins, or as upside to the business plan? A: Pim Berendsen (CEO) clarified that the savings are primarily for de-risking the 2028 ambitions. They create room to maneuver in more competitive market circumstances and help maintain market share at the required level. The savings de-risk the commercial elements of the e-commerce plan, providing more confidence in achieving the 2028 objectives, rather than being added as pure upside.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
