Investor Presentation Second Quarter 2020

Investor presentation Second quarter 2020

August – September 2020 Investor presentation Second quarter 2020

Contents Financial Calendar

Highlights & guidance 2Q20 results Results by segment – 53 03.11.2020 (17:45 CET) Mail & Retail – 54 & 55 Quarterly results 3Q20 2Q20 Highlights – 4 EBIT bridge – 37 Parcels & Logistics Eurasia – 56 & 57 Outlook 2020 – 5 Key financials – 38 Parcels & Logistics N. America – 58 & 59 Results by segment – 39 Corporate – 60 bpost Group at a glance Mail & Retail – 40 & 41 Cash flow – 61 Investment rationale – 7 Parcels & Logistics Eurasia – 42 & 43 Dividend policy – 8 Parcels & Logistics N. America – 44 & 45 Additional Info Corporate – 46 Overview – 9 Key financials FY19 – 63 Cash flow – 47 LT vision & strategic aspirations – 10 Results by segment FY19 – 64 Balance sheet – 48 Management – 11 Relationship with State – 65 Financing Structure & Liquidity – 49 Sustainability – 12 USO & SGEI – 66 Mail & Retail – 13-21 European mail market – 67 Parcels & Logistics Eurasia – 22-30 1H20 results Key contacts – 68 Parcels & Logistics N. America – 31-35 EBIT bridge – 51 Key financials – 52 More on corporate.bpost.be/investors Disclaimer This presentation is based on information published by bpost Group in its Second Quarter 2020 Interim Financial Report made available on August, 4th 2020 at 5.45pm CET and in its 2019 Annual Report available on corporate.bpost.be/investors. This information forms regulated information as defined in the Royal Decree of 14 November 2007. The information in this document may include forward-looking statements1, which are based on current expectations and projections of management about future events. By their nature, forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of the Company. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no assurance is given that such forward-looking statements will prove to have been correct. They speak only as at the date of the Presentation and the Company undertakes no obligation to update these forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This material is not intended as and does not constitute an offer to sell any securities or a solicitation of any offer to purchase any securities. 1 as defined among others under the U.S. Private Securities Litigation Reform Act of 1995

2 2Q20 Roadshow presentation Highlights 2Q20 Guidance 2020 Highlights of 2Q20 2Q20 Net negative impact of COVID-19, mainly in M&R, is compensated by growth in Parcels and E-commerce logistics next to targeted cost containment actions and cost phasing towards 2H20

2Q20 COVID- Group operating Mail & Retail Parcels & Logistics Parcels & Logistics 19 impact1 on income Eurasia N. Am. Group EBIT € 1,052.7m € 36.0m € 32.4m € 17.6m estimated at 7.7% EBIT margin 11.0% EBIT margin 5.0% EBIT margin € -9.5m • Total operating income at • Total operating income at • Total operating income at € 468.1m (-10.2%) driven by € 294.9m (+46.4%) driven € 353.9m (+48.0%) driven 1 All COVID-19 impacts mentioned in this presentation are best effort COVID-19 impact on mail by positive COVID-19 by E-commerce logistics, in estimates based on actuals and are volumes & on retail and by development in all revenue particular growth at Radial net results of both positive and negative impacts. Group impact deconsolidation of Alvadis lines, especially Parcels from existing customers includes € -2.0m at Corporate. BeNe (+64.2%) and new business signed in • Underlying mail volume Group adjusted decline at -17.7% driven by • Parcels BeNe organic 2019 EBIT COVID-19 lockdown with volumes +78.4% • Adjusted EBIT increase visible catch-up in June (€ +18.1m) driven by • Adjusted EBIT, excl. YoY Initial 2020 € 74.9m • Adjusted EBIT decline negative evolution of positive evolution of E- commerce logistics (mainly Group adjusted 7.1% EBIT margin (-51.9%) from mail evolution terminal dues settlements, amplified by COVID-19. up € +13.0m (+67%) Radial), partially offset by EBIT guidance operationally. margin pressure in • M&R COVID-19 impact1: International mail. range can be € -37.0m • PaLo EA COVID-19 impact1: • 1 reconfirmed € +13.1m PaLo NA COVID-19 impact : € +16.5m

4 2Q20 Roadshow Presentation Initial 2020 Group EBIT outlook reconfirmed Outlook FY20 Based on the current situation and facts, bpost Group reconfirms adjusted EBIT guidance for 2020 in the range of € 240-270m.

Group Dividend

Assuming no second national or important local lockdown in 2020, nor any The Board will recommend to the Annual Shareholders’ Meeting not to grant a event deriving from COVID-19 uncertainties, the adjusted EBIT between € 240- dividend on the results of FY20 to shareholders. 270m can be reconfirmed. bpost Group remains fully committed to delivering sustainable shareholder Contribution per Business Unit will differ from the initial outlook issued in March. returns. Given the high level of uncertainty that still remains in light of COVID-19 and its impact on the overall economy, bpost Group’s priority is in the current Gross capex of € 150m maximum (vs. up to € 200m pre-COVID-19) circumstances the strength of bpost’s balance sheet, cash reserves and capacity to invest on the long term. A new dividend policy going forward will be decided by the Board when the longer term impact of the COVID-19 crisis becomes more clear.

COVID-19 disclaimer

Given ongoing limited visibility about the duration and severity of the pandemic and its different impacts across the globe, the reconfirmed outlook could still be impacted by these uncertainties or any event deriving thereof.

5 2Q20 Roadshow Presentation bpost Group at a glance bpost Group offers a strong investment rationale at a glance – Group bpost Group aims at being a responsible company, delivering sustainable returns to its shareholders

What? How?

We continue to transform the mail and Multiple levers for Experienced Growth in A solid balance proximity business in the home market to transformation of management e-commerce sheet with single sustain solid cashflows the legacy team with logistics & 'A' credit rating business: natural embedded parcels: aspired attrition, financial discipline sizeable share of alternating and a strong revenues distribution business model, stable and transformation predictable track record We develop sustainable activities in the regulation, high growth e-commerce logistics & network parcels business in our optimization,… Belgium/Netherlands home market and key geographies in Europe and North America

7 2Q20 Roadshow presentation We create value for shareholders at a glance – Group Capital allocation and dividend policy are under review

Dividend Policy • IPO dividend policy until 2019: Minimum 85% of BGAAP net profit of the mother company bpost SA/NV (unconsolidated). This policy is now suspended. • Dividend on FY19 results limited to interim dividend due to COVID-19 crisis 1.31 1.31 1.31 • Board will recommend not to grant a dividend on FY20 results to preserve 1.26 1.29 the strength of bpost’s balance sheet, cash reserves and capacity to invest on 1.13 0.22 0.24 0.25 0.25 0.25 the long term. 0.20 • Updated dividend policy: A new dividend policy will be decided by the Board when the longer term impact of the COVID-19 crisis becomes clear. 0.62 1.04 1.05 1.06 1.06 1.06 0.93 Dividend is constrained by net results of a given year (in BGAAP) + distributable reserves 20132014 2015 2016 2017 2018 2019 Pay-out ratio

Distributable reserves (€ 199m end 2019) 91% 85% 90% 85% 90% 100% 72% built gradually as from 2013, primarily to neutralize the non-recurring impact of

exceptional costs Final gross DPS (€) Interim gross DPS (€)

8 2Q20 Roadshow presentation A diversified mail operator with a footprint in at a glance – Group e-commerce logistics

Revenues % of total € 3,837.2m1 € 310.8m Transactional mail € 748m 19% Mail & Retail Advertising mail € 236m 6% revenues 8.1% € 1,897m EBIT 49% Press € 344m 9%

Proximity and convenience retail network € 465m 12%

€ 537.0m € 181.2m Value added services € 104m 3% 14.0% net profit EBITDA Parcels & Logistics Parcels Be-Ne € 381m 10% Europe & Asia E-commerce logistics € 133m 3% € 813m 35,377 21% Cross-border € 300m 8% average # FTE & interims Parcels & Logistics North America E-commerce logistics € 1,018m 26% € 1,098m International mail € 87m 2% 29%

2019 figures (adjusted) 1 49.4% Mail & Retail, 21.2% Parcels & Logistics Europe & Asia, 28.6% Parcels & Logistics North America and 0.8% Corporate revenue

9 2Q20 Roadshow presentation Long-term vision & strategic aspirations at a glance – Group

”Beyond mail, be an efficient global e-commerce logistics player anchored in Belgium”

1 2 3

Mail services to citizens and Drive profitable growth in Optimize Radial to deliver in State remain core and will Parcels BeNe and further the promising North continue to generate profit develop e-commerce logistics American e-commerce with a more adapted in Europe market distribution model

10 2Q20 Roadshow presentation Our experienced management team has at a glance – Group responsibilities down to the bottom-line

Jean-Paul Van Avermaet Luc Cloet Kathleen Van Beveren Henri de Romrée Group CEO CEO Mail & Retail CEO Parcels & Logistics Europe & Asia CEO Parcels & Logistics North America

Mark Michiels Leen Geirnaerdt Dirk Tirez Nico Cools CHRO CFO CLO CIO

11 2Q20 Roadshow presentation Sustainability is at the heart of our activities at a glance – Group

3-pillar CSR strategy linked to United Nations

People Proximity Planet Selected awards and recognition we care about our we are close to the we strive to reduce our employees and engage society impact on the • IPC EMMS Scorecard 2019 (sector index): #3 them environment • EcoVadis (clients index): Gold rating • Ethibel Indexes: reconfirmed as a constituent of the Ethibel Sustainability Index (ESI) Excellence Europe since 19/03/2018 • Sustainalytics: score 17.7% (low risk) Shared Value Creation • MSCI: Score A • Continuity of our business • Vigeo Eiris: 91% (sector average: 71%) • Employee satisfaction and engagement • ISS: Governance Score: 5, Environment Score: 1, Social Score: 3 • Customer satisfaction • Carbon Disclosure Project: Score B (peer average C)

• Employee health & • To our community • Green fleet safety • To our suppliers • Green buildings • Employee training and • To our customers • Waste management talent development through our services Ambitious CO2 reduction targets • Ethics & diversity • Social dialogue • Since 2007 bpost Group has cut its CO2 emissions by almost 40% • Target of reducing CO2 emissions from activities by at least 20% by 2030 • By 2030, at least 50% of vehicles will be fully electric

12 2Q20 Roadshow presentation Mail & Retail at a glance – M&R at a glance

Sub-segments Revenues 2019, €m Key facts & figures

748 Transactional mail ~7.1m letters handled daily 236 Advertising mail ~20.1k 344 operational FTEs Press

465 Servicing 5m Proximity and convenience retail network letter boxes

104 5 Value added services industrial sorting centers

1,897 Total ~2,300 points of presence in Belgium

13 2Q20 Roadshow presentation Key value drivers for Mail & Retail at a glance – M&R

Key value drivers From To

Speed of mail volume decline -7.9% Between 9% - 11% in 2019 in 2020 (ex-COVID-19)

Share of mail volume decline compensated 18-45% >50%1 through price increase over 2014-2017

th Three contracts Extension Renegotiation/retendering of future 6 of the 2 press concessions until end 2022 Management contract and press concessions until end 2020; Expected agreement compensation contractually set on 7th Management contract

Evolution of operating model Fixed D+1 Flexible, (mail collect and distribution) based model differentiated offering (everywhere, everyday) (prior vs. non-prior.)

1 58% in 2019

14 2Q20 Roadshow presentation Domestic mail volume decline expected to accelerate from at a glance – M&R -7.9% in 2019 up to ~-9% to -11% in 2020 (ex-COVID-19 impact)

2013 2014 2015 2016 2017 2018 20191 1H20 Key drivers Underlying change -4.2% -4.4% -5.0% -5.0% -5.8% -5.8% in domestic mail volume -7.9% • E-substitution at large

-13.9% corporates and SMEs

Transactional mail -3.7% • Intensifying competition in -5.0% -5.3% -5.9% -5.7% -8.1% -9.2% advertising media -12.8%

1.5% • Shift to digital for newspapers & magazines -3.0% -4.9% -3.0% -4.7% Advertising mail -7.2% -9.1% • Service level elasticity -22.3% from the implementation of the Alternating Distribution Model

Press -2.8% -2.8% -2.8% -3.0% -3.7% -3.8% -6.5% -6.6%

1 As of start FY19 Transactional Mail excludes outbound and Press includes Ubiway press distribution

15 2Q20 Roadshow presentation Regulatory aspects at a glance – M&R

Designated provider of the 4 key contracts with the Postal law of 10 February 2018 Universal Service Obligation Belgian State provides stable & predictable until end 20231 mail pricing framework

• Collection, sorting, transport and distribution of • Management contract for the provision of the • Single piece mail & USO parcels falling within postal items up to 2kg and single piece postal USO (2019-2023) “small user basket” are subject to a price cap packages up to 10kg • 6th Management Contract (2016-2020): for the • Price cap2 = inflation - (volume evolution + • Collect and deliver 5x per week provision of certain SGEIs, i.e. maintenance of cost reduction factor x efficiency gains • Cover full territory of Belgium for collection and retail network, cash at counter, cash payment of sharing factor) pensions at home delivery of items belonging to universal service • Volume and operational discounts allowed for • 2 press concessions (2016-2020 extended for 2 other USO products (bulk) • Apply uniform tariffs and an identical service across the territory years until end 2022): (1) for distribution of • Price increases done in practice on a yearly periodicals and (2) for distribution of basis: +4.4% on average in 2019 on all domestic newspapers mail items; +5.1% on average for 2020

1 Refer to slide 66 for more details 2 Exact formula: Price cap = health index April n-1/health index April n-2 * (1 - [expected volume decline/(expected volume decline +1)] - 2.8%*33%) - 1

16 2Q20 Roadshow presentation at a glance – M&R New Postal Law (Effective as of February 10, 2018) provides stable and predictable regulatory framework to increase prices in context of accelerating mail volume decline Drivers of the price cap formula

Inflation Volume decline Efficiency gains Description Compensation for inflation Compensation for Mechanism to share 1/3 of the mail volume decline efficiency gains target with consumers

Correlation Higher inflation results in Larger mail volume decline results Constant and fixed by law larger allowed price increase in larger allowed price increase to price cap

Calculation Ratio of the health index as [V/(V+1)] with V as the expected Fixed by the law at 0.9% measured in April of the years negative volume trend on the Small (i.e., 1/3 of 2.8% efficiency logic n-1 and n-2 User Basket gains target)

Illustrative example assuming 2% inflation and -6% average volume decline: Price cap1: 7.6% =102% x [ 106.4% – 0.9% ]

1 Detailed formula: Price cap = (1 + inflation) * (1 - [V/(V+1)] – 0.9%) – 1, giving for the above example the following calculation (1+2%) * (1 – [-6%/(-6%+1)] – 0.9%) - 1 = 7.6%

17 2Q20 Roadshow presentation Price increase and mix effects expected to compensate at a glance – M&R >50% of mail volume decline

Volume and price/mix impact on revenue €m Key drivers Domestic mail volume Domestic mail price/mix % Share of volume effect compensated by price/mix • Accelerating domestic mail 72% 45% 30% 31% 18% >50% volume decline

71 • New price cap mechanism of 67 68 Postal Law defining max price 57 60 increase for small user basket,

42 and serving as guideline for price increase on non-price 27 capped products 20 21 13 • Price increase partly offset by shift to less expensive 2013 1415 16 17 2018-191 mail products

Price increase on small Building on the New user basket rejected by Postal Law for price 1 2018 was at 70%, 2019 was 58% regulator regulated products

18 2Q20 Roadshow presentation Management has developed an at a glance – M&R extended set of cost control options

Operating model Industrial Mail Collect & Distribution FTE Unit cost Centers Transport

• Differentiated • Optimize mail • Align number of red • Introduce new • Further optimize FTE offering and sorting centers boxes to mail generation of mix Alternating footprint volume decline Georoute and time Distribution Model • Pursue continuous • Stop collect on potential • Take measures to improvement Saturday and management address absenteeism increase flexibility of • Simplify process for pick-up, delivery selected transactions and dispatch timing • Enhance customer constraints experience and • Transport productivity through optimization (fill-in digital (e.g., rate and routes) consumer preferences)

19 2Q20 Roadshow presentation A differentiated offering enables a new distribution at a glance – M&R model to accommodate changing customer needs

Differentiated offering Alternating Distribution Model Optimizing drop density as of January 1st 2019 as of mid-March 2020 Share of houses receiving mail on any given day, %

ADM: Model until mid-March 2020: D+3 combined D+1 Mail everywhere, everyday with D+1 Available to consumers Adjusted “day certain” distribution ~70 ~70 who need D+1 delivery frequency: in a given street, mail will be ~55 <50 distributed on selective days of the week D+1 delivery will remain available as a separate product (“Prior”) 2004 2018 2022 2022

Within D+3 Parcels Acceptance for D+3-41 Service level agreement (SLA) D+1 offering “within 3 days” No Individuals 94% change Newspapers Professionals ~92% Same day delivery

1 Based on a bpost SA/NV study with 1,000 households & 500 businesses (< 200FTE) interviewed in February 2015

20 2Q20 Roadshow presentation Labor cost will benefit from decrease of mail at a glance – M&R related FTEs and optimized employee mix

1 Natural Operational FTE evolution Age pyramid attrition Average FTEs and interims, ‘000 Headcount bpost SA/NV per age, 31/12/19 Average 20.0 20.1 9,739 18.8 19.3 9,633 natural attrition Non pay-scale contractuals 6,787 is expected to Allocated Pay-scale contractuals 80-85% range from to mail Civil servants Allocated 1,200 to 1,300 FTEs/year to parcels 15-20% 2016 17 18 19 0-39 40-49 50+

Operational FTE mix evolution1 Average cost per contract type1 Indexed Other 8% 10% 10% 9% 16% Contractual 18% 17% 17% Contractual ~95 Auxiliary 34% postman 39% 42% 47% Auxiliary ~74 postman Civil servant 39% 35% 31% 28% Civil servant 100 1617 18 19 1 bpost SA/NV scope, excluding retail network

21 2Q20 Roadshow presentation Parcels & Logistics Europe and Asia at a glance – PaLo Eurasia at a glance

Sub-segments Revenues 2019 (€m) Key facts & figures

• Last-mile B2C delivery in the Peak days of up to Parcels BeNe 381 Benelux 530k parcels during COVID-19 • Total of ~74m parcels in 2019 lockdown

• Mostly fulfilment & transport Fulfilment footprint activities in Europe spread over 11 E-commerce logistics 133 locations • Activities include Radial EU, Active Ants and DynaFix covers 11 locations across 6 • International mail & parcels countries in Europe • Majority of cross-border volume is Cross-border 300 inbound mail and parcels from 3 main cross-border Europe and Asia activity centers

Total 813

i.e. Brussels brucargo, Heathrow UK and Hong Kong

22 2Q20 Roadshow presentation Key value drivers for Parcels & Logistics Europe & Asia at a glance – PaLo Eurasia

Sub-segments Key value drivers From To

Parcels BeNe Ability to capture profitable growth in a competitive Volume growth rate of 20-30% with Double-digit volume growth rate, environment price/mix effect up to -6% over address price/mix 2016-2018

BeNe-wide offering addressing customer requirements Focus on Belgium (sales force, BeNe-wide approach contracts, DHL partnership)

Optimized last-mile operations based on parcels Parcel hubs where enough density Flexible parcels distribution characteristics and in line with delivery requirements footprint in close collaboration with Mail & Retail

E-commerce Ability to organically capture market growth of ~10% E-commerce logistics in PL, NL & Increase scale & skills by leveraging p.a. (vs. in-sourcing, pan-European players) BE and DynaFix capabilities of Radial US and Active logistics Ants

Cross-border Develop international cross-border parcels, also across Natural business evolution Developing international parcel continents flows driven by growing e-commerce activity Ability to maintain international mail volume

23 2Q20 Roadshow presentation Four strategic initiatives for Parcels BeNe at a glance – PaLo Eurasia

Focus on 4 strategic initiatives

Integrated Differentiate Attract key foreign Convenience BeNe offering pricing policy e-commerce players & Cost leadership • Dedicated, specialized • Strategic pricing initiatives • Partnerships with • Increased convenience sales force e-commerce players through improved receiver journey and additional pick- • • Integrated commercial E2E service offering up drop-off lockers (KPI: Net offers (“gateway to Europe”) Promoter Score) • Partnership with DHL • Flexible distribution footprint Parcels in close collaboration with Mail & Retail • Increase sorting capacity • Fulfilment infrastructure • Transport optimization • Digital excellence

24 2Q20 Roadshow presentation We have an established position in at a glance – PaLo Eurasia the Belgian B2C/C2C parcels market

2019e parcel market1: 100% = € 1.6bn Unique selling proposition Offer best last-mile and broadest delivery options, B2C supported by acquisitions and partnerships: B2B • Home delivery 7/7 & evening delivery, including high-end deliveries (2-man) C2C • ~2,300 pick-up & drop-off points 1 CAGR 2018-20e , % • >250 parcel lockers in Belgium ~12% (2 new parcel lockers every week in 2020) • Click & Collect 0-4% • Non-exclusive partnerships with DPDHL for B2C parcel delivery into Belgium (from Germany/France & Benelux)

B2C / C2X B2B 1 Source: Effigy

25 2Q20 Roadshow presentation Partnership with DHL Parcels NL allows to cover the full at a glance – PaLo Eurasia BeNe region and to capture important cross-border flows

Launched in June 2018 Purchasing behavior • NL is the most important import country to BE (~30% of import flows) • BE consumers mainly buy from NL players such as Bol.com and Coolblue

Large NL-based e-commerce players • Looking for a BeNe wide offering with regards to last-mile • Benchmarking prices on a BeNe level

Competitive offering • Very competitive & dynamic region with many large players such as PostNL, DHL, DPD, FedEx

26 2Q20 Roadshow presentation The parcels operating model at a glance – PaLo Eurasia will be continuously optimized

Optimize distribution cost Evolve towards dedicated Increase sorting capacity using drop density of mail parcel infrastructure to match rounds customer requirements

• Maximize parcels in mail rounds • Nationwide Parcel distribution footprint to • Increase sorting capacity in the existing centers • Cost advantage due to higher drop density accommodate distribution of parcels that are of Brussels, Charleroi & Antwerp to cope with leading to lower unit costs not in mail rounds increasing volume (optimizing sorting footprint • Benefits for customer proximity and special mail & parcels) services e.g. late-in services, “large scale” • Use technology (e.g. address recognition) evening distribution or same day distribution

27 2Q20 Roadshow presentation Supported by acquisitions, bpost Group has initial assets at a glance – PaLo Eurasia along the entire value chain of e-commerce logistics

1 2

Order Fulfilment

• Order management • Order reception in warehouses in the proximity of clients • Payment services, tax services and fraud prevention • Preparation for shipment Realtime technology 4 3 Customer Care Delivery

• Phone, email, social media & • Hybrid transport network for chat support high-end and urgent delivery

• Advanced analytics • Last-mile delivery

28 2Q20 Roadshow presentation E-commerce logistics activities in Europe can be at a glance – PaLo Eurasia developed thanks to an already strong European footprint

11 ~1,500 fulfilment centers / Employees The UK Netherlands facilities Germany Poland Belgium

Italy 6 ~€ 133m Countries 2019 revenue

Cold chain facility Fulfilment sites Personalized logistics

29 2Q20 Roadshow presentation E-commerce logistics in Europe has 2 complementary at a glance – PaLo Eurasia engines of growth i.e. Radial Europe and Active Ants

Type of clients E-tailers & click-and-mortar (omnichannel) Pure e-tailers

Size of clients Medium/large Small/medium

Level of automation Lower, depends on client High (AutoStore + automated packaging)

Level of Customization High, product and price tailored by client Very low

Current locations UK, Germany, Belgium, The Netherlands, Italy and Poland The Netherlands

Leveraging knowledge and Leveraging NL success story experience from Radial US in other European countries

1 Including Landmark Global and Belgium fulfilment

30 2Q20 Roadshow presentation Parcels & Logistics North America at a glance – PaLo N. Am. at a glance

Sub-segments Revenues 2019, €m Objectives US e-commerce logistics Capabilities to support provider fulfilling 72m mid-sized e-tailers to parcels p.a. with proven expand cross-border and • Growth engine for bpost E-commerce logistics1 1,008 client base, IT last-mile distribution in Group, to be a leading infrastructure and Canada and Australia e-commerce logistics capabilities along the E2E value chain player in US • Grow with cross-border International mail commerce International Mail2 89 solutions and catalogue fulfilment through US companies • International mail providers delivering profit through infrastructure Total 1,098 optimization

1 Radial North America, Landmark Global, Apple Express and FDM 2 MSI, Imex, Mail Inc. = The Mail Group

31 2Q20 Roadshow presentation Acquisition of US-based Radial at a glance – PaLo N. Am. on 16 November 2017

Acquisition rationale Key acquisition data Radial Global

Our growth • Enterprise Value: $ 820m • Integrated e-commerce logistics provides access to a larger and more • Sales 2017: $ 1,082m attractive profit pool • EBITDA 2017: $ 57m (5.3% margin) • Radial as growth engine and key profit contributor • 100% acquisition of the shares • Presence in the US and Europe Financed through a € 650m 8-year bond issue carrying a coupon of 1.25% (issued 4 July 2018) • Strengthen US position building on presence with Landmark Global • Scale bpost Group’s e-commerce logistics capabilities in the Benelux and Europe

Strong growth of e-commerce Key indicators for Radial North America • e-commerce is growing rapidly with US being an attractive and advanced space (+15% p.a. growth of online retail over 2004-2022e) • TCV of new business went from $ 217m in 2018 to $ 385m in 2019 and is at $ 224m end-1H20 • Transatlantic e-commerce is growing at >25% p.a. with 20% of European parcels coming from the US • ~7,100 average # of FTEs & interims (2019) • 24 fulfilment centers (mainly US) Knowledge and experience • Knowledge and experience of the e-commerce logistics chain increase exponentially with the acquisition of an experienced player

32 2Q20 Roadshow presentation Radial North America offers multiple services at a glance – PaLo N. Am. across the entire e-commerce logistics value chain

Revenues Radial North share % America assets Description and key strengths

Payment, Tax, Fraud Zero software Processing global payments, • 98.3% approval rate vs. 97.1% industry average maximizing successful authorization • 1.6% manual review rate vs. 25% industry average and Fraud and reconciling tax districts and Prevention global duties 17% Omnichannel 8,700 Stores with fulfilment Optimizing efficiency of order • Ability to handle complex orders management, ship-from-store and •

Technology < 12 weeks to deployment vs. competition 4-6 months Technology 12,500 Dropship suppliers in-store pick-up • Scalability of technology

Warehousing & 24 fulfilment sites Adapting warehouse management • 80%+ orders shipped day 0 and parcels preparation to • ~100% US coverage fulfilment in North America e-commerce with pragmatic automation • Experience of scaling employees / workforce up to ~20k peak capacity 74% Freight 100% Managing a large network of carriers • Rates 5-15% cheaper than in-sourcing for mid-sized players for a seamless customer experience Management Asset light • Clients reached in 2.4 days on average Operations Customer Care9% 3,400+ Having a single view of customer’s • Advanced data analytics history and profile combined with Seats across 4 sites leading self-service tech

33 2Q20 Roadshow presentation Radial North America market dynamics at a glance – PaLo N. Am. and competitive landscape

Addressable e-commerce logistics sector Online revenue e-tailers, US ~$ 680bn total Radial’s target $ 45-57bn $ 680bn1 expected US online retail revenue in 2020 US online Retail audience addressable e-commerce e-commerce e-commerce revenue logistics $ 225-230bn

$ 2,000m • Mid-market segment ($ 20-200m online revenue) Independent e-commerce logistics providers

• Enterprise segment Omnichannel Fulfilment Freight Customer Care ($ 200-600m) & PT&F • Some selected key accounts $ 20m ($ 600m-$ 2bn)

1 Source: Forrester Data, Online Retail Forecast, 2020

34 2Q20 Roadshow presentation Positive commercial development at Radial at a glance – PaLo N. Am. and financial results in line with expectations

Commercially heading in the right direction FY18 & FY19 results impacted, as expected, by:

• We continue to reap benefits from our customer-focused • Churn (mostly in Fulfilment & Transport) and repricing, with approach, strong new signings in 2019, along with continued revenue growth from new and existing customers not fully improvement in NPS. Strong 2019 peak with a double-digit compensating revenue loss from clients terminating with Radial. increase in shipped parcels vs. 2018. • Webstore business phase-out, completed by end FY19

• Starting in 2Q18 and continuing in 2019 and 2020, we are seeing a positive contract renewal cycle for existing clients. FY19 results in line with expectations • New contracts signed had a TCV of $ 385m for FY19, which was • Good end of year 2019 peak management, with productivity gains above target and above the previous 3 years ($ 150m in 2016 and partly offset by higher costs related to maintaining a sufficient 2017, $ 217m in 2018). labor pool within a tight US labor market. • Positive TCV development continued through 1H20 with $ 224m contract value signed. Significant growth at existing clients and 2019 new business in 1H20 (partly COVID-19 driven)

• 1H20 adjusted EBIT above break-even at € 10.1m

35 2Q20 Roadshow presentation 2Q20 Results Net negative COVID-19 impact, mainly in M&R, is compensated by growth in 2Q20 PaLo’s next to targeted cost containment actions and cost phasing towards 2H20

€ million 107.5 5.7

-32.6 -38.8 18.1 -20.7

74.9 8.8 4.7

€ -0.8 excluding 101.8 2Q19 € 19.9m gain on HQ disposal 70.2

Adjusted1

Reported

EBIT Mail & PaLo PaLo Corporate EBIT 2Q19 Retail Eurasia N. America 2Q20

1 Adjusted previously called Normalized, change of terminology “Adjusted” in order to align the label of this APM to the ESMA guidelines, definition and approach remain unchanged. Adjusted excludes items that are non-recurring in nature and significant (> € 20m). All profits or losses on disposal of activities are adjusted whatever the amount they represent, as well as the amortization and impairment on the intangible assets recognized throughout the Purchase Price Allocation (PPA) of the acquisitions. Reversals of provisions whose addition had been excluded from income are also adjusted whatever the amount they represent.

37 2Q20 Roadshow Presentation Key financials 2Q20 2Q20

1 € million Reported Adjusted 1 Amortization of intangibles recognized during PPA is adjusted, leading to 2Q19 2Q20 2Q19 2Q20 % ↑ increase in EBIT (€ +4.7m) and income Total operating income 935.7 1,052.7 935.7 1,052.7 12.5% tax expense (€ +0.3m) Operating expenses 773.9 917.0 773.9 917.0 18.5%

EBITDA 161.7 135.7 161.7 135.7 -16.1% 2 Adjusted FCF excludes the cash Radial Depreciation & Amortization 59.9 65.5 54.2 60.8 12.2% receives on behalf of its customers for performing billing services EBIT 101.81 70.2 107.51 74.9 -30.3% Margin (%) 10.9% 6.7% 11.5% 7.1% Financial result -14.8 -14.0 -14.8 -14.0 Profit before tax 92.7 59.5 98.4 64.2 -34.8% Income tax expense 29.31 15.9 29.81 16.1 Net profit 63.4 43.6 68.6 48.0 -30.0% FCF 4.52 113.2 18.52 44.1 - Net Debt at 30 June 692.5 539.5 692.5 539.5 -22.1% Capex 25.8 24.9 25.8 24.9 -3.5% Average # FTEs and interims 33,819 37,853 33,819 37,853 11.9%

38 2Q20 Roadshow Presentation Results by segment 2Q20 2Q20

€ million M&R PaLo Eurasia PaLo N. Am. Corp Eliminations Group External operating income 407.5 292.1 351.9 1.3 0.0 1,052.7 Intersegment operating income 60.7 2.8 2.0 85.4 -150.9 0.0 Total operating income 468.1 294.9 353.9 86.7 (150.9) 1,052.7 Operating expenses 411.2 257.8 318.2 80.6 -150.9 917.0 EBITDA 56.9 37.1 35.7 6.0 135.7 Depreciation & Amortization 21.5 5.5 21.5 17.0 65.5 Reported EBIT 35.4 31.6 14.2 -11.0 70.2 Margin (%) 7.6% 10.7% 4.0% -12.7% 6.7% Adjusted EBIT 36.0 32.4 17.6 -11.0 74.9 Margin (%) 7.7% 11.0% 5.0% -12.7% 7.1%

39 2Q20 Roadshow Presentation Top-line decrease driven by COVID-19 impacts on mail and 2Q20 – M&R on retail and by deconsolidation of Alvadis

M&R external operating income, € million Domestic Mail Transactional Proximity and convenience Operating income decline at € -40.9m i.e. Overall good resistance of volumes with retail network 2Q19 479.4 € +0.4m working days impact, € -3.7m underlying decline at -16.7% of which: elections 2Q19, € -51.0m volume (-17.7% Decrease mainly driven by: -19.0% QTD May-20: all product underlying volume decline, i.e. -22.3% - the deconsolidation of Alvadis categories negatively impacted by COVID- QTD May-20, -6.6% Jun-20), and (€ -7.8m) as of September 2019 1 Transactional -16.7 19 lockdown. € +13.5m price/mix. - Ubiway retail revenues impacted by -8.9% Jun-20 driven by an overall catch- partial COVID-19 related closure of up in volumes post COVID-19 lockdown, the network and reduced footfall Advertising -22.7 2 particularly visible in smaller administrative - Decline in banking & finance mail volumes and registered letters. revenues from less traffic in post 1 2 3 1 4 offices and less ATM transactions 3 Press -1.5

Proximity and Advertising Press Value added services 4 convenience -27.8 retail network -26.6% underlying volume decline: -8.0% underlying volume decline driven by Mainly lower revenues from phasing out of e-substitution and rationalization. e-ID activities, document management -37.0% QTD May-20 driven by COVID-19 Value added and European license plates. 5 -3.2 lockdown of all non-essential retail until services May 10 included. Gradual recovery in food retail advertising as of second half of April and certain other sectors as of May. 2Q20 407.5 -4.2% Jun-20: strong volume recovery -71.9 in certain sectors due to a catch up. 2 3 5

40 2Q20 Roadshow Presentation M&R EBIT impacted by mail evolution 2Q20 – M&R amplified by COVID-19

€ million Mail & Retail 2Q19 2Q20 % ↑ Key takeaways 2Q20 External operating income 479.4 407.5 -15.0% Transactional 187.4 170.7 -8.9% • Total operating income decline of € -53.2m primarily driven by Advertising 60.2 37.5 -37.7% domestic mail volume decline, Ubiway retail decline and the Press 87.2 85.8 -1.7% deconsolidation of Alvadis. Until end of May, mail volumes were Proximity and convenience retail network 117.5 89.7 -23.7% significantly impacted by COVID-19 with a visible catch-up as of June, Value added services 27.1 23.9 -11.8% partly compensated by higher intersegment operating income related Intersegment operating income 42.0 60.7 44.5% to higher parcels volumes. Total operating income 521.4 468.1 -10.2% • Operating expenses (incl. adjusted D&A) declined by € +14.4m: Operating expenses 426.8 411.2 -3.6% - Higher payroll & interim costs driven by (1) headcount from higher EBITDA 94.6 56.9 -39.8% parcel volumes & absenteeism and (2) price from COVID-19 Depreciation & Amortization 20.9 21.5 2.7% premium & salary indexation; together with specific COVID-19 opex Reported EBIT 73.7 35.4 -51.9% - Fully compensated by lower material costs from Ubiway Retail incl. Margin (%) 14.1% 7.6% Alvadis deconsolidation impact, higher recoverable VAT, cost Adjusted EBIT 74.8 36.0 -51.9% containment actions and cost phasing towards 2H20 (e.g. holidays). Margin (%) 14.4% 7.7% Average # FTEs and interims 22,052 23,004 4.3% • COVID-19 impacted EBIT by an estimated € -37.0m, explained by the top-line development on domestic mail and retail as well as Additional KPIs additional costs like the COVID-19 premium, health & safety Underlying Mail volume decline -9.4% -17.7% measures, increase in absenteeism and additional bad debt risk. Transactional -11.1% -16.7% Advertising -5.6% -26.6% • M&R adjusted EBIT declined by € -38.8m to € 36.0m. Press -6.7% -8.0%

41 2Q20 Roadshow Presentation Favourable COVID-19 revenue development 2Q20 – PaLo Eurasia across the board in PaLo Eurasia

PaLo Eurasia external operating income, € million Parcels BeNe E-commerce logistics Cross-border Parcels BeNe volume growth of Revenue growth mainly driven by Net favourable revenue impact 2Q19 196.5 +78.4%1 driven by thriving online positive COVID-19 impact from COVID-19 (€ +15.4m) driven sales during COVID-19 lockdown (€ +11.3m) at Radial Europe, Active by: (QTD May-20 volumes up +80.6%, Ants & DynaFresh. - a gradual ramp-up in Asian Jun-20 +74.3%). parcel volumes since May, 1 Parcels BeNe 58.4 Further revenue growth driven by COVID-19 revenue impact is the integration of MCS Fulfilment evolving exponentially through estimated at € +44.2m. (part of Active Ants) as from June, resulting from rail solution October 1, 2019, contributing as an alternative to air freight - partly offset by COVID-19 linked E-commerce € 2.9m. 2 17.0 logistics revenues losses on other international parcels volumes and lower in- and outbound mail volumes 3 Cross-border 20.2 Excluding COVID-19, growth in

1 Parcels volume growth is composed of former commercial business with Asia as Domestic Parcels (i.e. pre new segment reporting since main driver. 2019) and Dynalogic volumes. This does not cover the 2Q20 292.1 full scope of Parcels BeNe since not all revenues Unfavourable YoY evolution of included in Parcels BeNe can be expressed in volumes. terminal dues settlements (€ -2.2m). +95.6 1 2 3

42 2Q20 Roadshow Presentation Strong EBIT development from positive COVID-19 2Q20 – PaLo Eurasia volume impacts across all business lines

€ million Parcels & Logistics Europe and Asia 2Q19 2Q20 % ↑ Key takeaways 2Q20 External operating income 196.5 292.1 48.7% Parcels BeNe 91.0 149.4 64.2% • Total operating income € +93.5m (+46.4%) driven by positive E-commerce logistics 29.4 46.3 57.8% development in all revenue lines, especially Parcels BeNe Cross-border 76.1 96.3 26.5% (€ +58.4m, +64.2%). Total positive COVID-19 revenue impact stood Intersegment operating income 4.9 2.8 -42.2% at € +70.9m. Excluding COVID-19 and the unfavourable YoY Total operating income 201.4 294.9 46.4% evolution of terminal dues (€ -2.2m), revenues were up € +24.8m. Operating expenses 173.6 257.8 48.5% • Excluding the unfavourable YoY evolution of terminal dues EBITDA 27.9 37.1 33.2% settlements (€ -2.0m), operating expenses (incl. adjusted D&A) were Depreciation & Amortization 5.5 5.5 -0.2% up € -82.7m (+46.0%), mainly explained by higher volume-linked Reported EBIT 22.3 31.6 41.5% variable costs translating into increased payroll, interim and transport Margin (%) 11.1% 10.7% costs across all business lines. Specific COVID-19 opex also Adjusted EBIT 23.6 32.4 37.2% contributed to the YoY cost increase and includes the premium, Margin (%) 11.7% 11.0% increase in absenteeism, health and safety measures and additional Average # FTEs and interims 3,153 3,845 21.9% bad debt provisions. Additional KPIs • COVID-19 had an estimated EBIT impact of € +13.1m from COVID-19 Parcels volume growth 17.7% 78.4% driven revenue increase in all business lines partly offset by the aforementioned specific COVID-19 additional opex. • Adjusted EBIT increased by € +8.8m (+37.2%) to € 32.4m. Excluding the YoY terminal dues settlements (€ -4.2m), adjusted EBIT was up € +13.0m (+67%) operationally. 43 2Q20 Roadshow Presentation Parcels & Logistics North America driven by significant 2Q20 – PaLo N. Am. growth at existing clients and by 2019 new business

PaLo North America external operating income, € million E-commerce logistics International mail YoY increase of +53.5% (+50.7% at Declining revenues at The Mail 2Q19 238.0 constant exchange rate). Group1 (-6.5%) despite positive FX Revenue increase mainly driven by evolution (-8.5% at constant Radial NA recording significant exchange rate). growth of existing customers Significant drop-off in business mail (+49%), as well as customers segment as a result of COVID-19. E-commerce 1 115.4 launched in 2019 slightly offset by logistics customer churn. Landmark also COVID-19 revenue impact is recorded higher sales from new estimated at € -2.0m with the main and existing customers. negative impact seen in April 2020 and improving month by month COVID-19 related closures of International thereafter. 2 -1.4 customers’ brick and mortar stores mail increased volume through E- commerce logistics. Total revenue impact is estimated at € +92.0m.

2Q20 351.9

1 2 1 Combination IMEX, Mail Inc & MSI +113.9

44 2Q20 Roadshow Presentation Strongly positive EBIT evolution driven by e-commerce 2Q20 – PaLo N. Am. Logistics, especially Radial

€ million Parcels & Logistics North America 2Q19 2Q20 % ↑ Key takeaways 2Q20 External operating income 238.0 351.9 47.9% E-commerce logistics 215.6 331.0 53.5% • Total operating income increase of € +114.8m or +48.0% (+45.3% at International mail 22.3 20.9 -6.5% constant exchange rate) mainly driven by growth at Radial from Intersegment operating income 1.1 2.0 85.4% existing customers and customers launched in 2019. Total net Total operating income 239.0 353.9 48.0% COVID-19 revenue impact for North America is estimated at Operating expenses 226.5 318.2 40.5% € +90.0m EBITDA 12.6 35.7 184.4% • Operating expenses (incl. adjusted D&A) increased by € -96.7m Depreciation & Amortization 16.4 21.5 31.4% (€ -92.3m excl. FX) driven by higher variable costs from volume Reported EBIT -3.8 14.2 growth (primarily at Radial) and bad debt impact, as well as higher Margin (%) -1.6% 4.0% payroll costs, increased D&A related to the 3 new fulfilment centers, Adjusted EBIT -0.5 17.6 and COVID-19 additional expenses. International Mail was impacted Margin (%) -0.2% 5.0% by YoY increase in transport costs. Average # FTEs and interims 6,986 9,399 34.5% • COVID-19 impacted EBIT by an estimated € +16.5m, mainly related Additional KPIs, adjusted to additional e-commerce logistics volumes, partly offset by Radial North America revenue, $m 199.2 317.3 59.3% additional health and safety measures, increased transport costs Radial North America EBITDA, $m 7.3 30.8 relating to International Mail and bad debt. Radial North America EBIT, $m -4.9 13.6 • Adjusted EBIT up € +18.1m to € 17.6m driven by positive operating leverage in E-commerce logistics, in particular at Radial. This was partly offset by continuing margin pressure in International mail.

45 2Q20 Roadshow Presentation Corporate EBIT decline driven by headquarters profit on 2Q20 – Corporate disposal in 2Q19

€ million Corporate 2Q19 2Q20 % ↑ Key takeaways 2Q20 External operating income 21.8 1.3 -94.3% Intersegment operating income 93.0 85.4 -8.2% • External revenues down by € -20.5m driven by lower building Total operating income 114.8 86.7 -24.5% sales (gain on headquarter sale of € 19.9m in 2Q19) and slightly Operating expenses 88.1 80.6 -8.5% lower rental income. EBITDA 26.7 6.0 -77.5% Depreciation & Amortization 17.1 17.0 -0.3% • Operating expenses (incl. D&A) decreased by € +7.6m driven by Reported EBIT 9.6 -11.0 lower demand for services from the operational Business Units Margin (%) 8.4% -12.7% (€ -7.6m intersegment operating income) namely due to lower Adjusted EBIT 9.6 -11.0 demand for IT-related projects. Net of the intersegment operating Margin (%) 8.4% -12.7% income, the opex (incl. D&A) was flat as YoY negative VAT Average # FTEs and interims 1,629 1,605 -1.5% recovery impact (€ -1.7m) and COVID-19 related costs were offset by lower project costs at corporate level, i.e. cost containment.

• COVID-19 impacted EBIT by an estimated € -2.0m, mainly related to additional costs for health and safety measures.

• As a result, adjusted EBIT decreased by € -20.7m YoY.

46 2Q20 Roadshow Presentation Increased FCF1 thanks to payment terms in payables 2Q20 No bpost NV / SA tax prepayment in current quarter compensates LY’s proceeds from HQ building sale

Reported - € million 2Q19 2Q20 Delta + Cash flow from operating activities -27.3 138.3 165.6 + Cash flow from investing activities 31.8 -25.1 -56.9 = Free cash flow 4.5 113.2 108.7 + Financing activities -60.8 -24.4 36.4 = Net cash movement -56.3 88.8 145.1 Capex (25.8) (24.9) 0.9

CF from operating activities CF from investing activities CF from financing activities More cash flows relating to collected proceeds due to Radial’s clients: € +83.1m, high level of Proceeds from buildings sales: € -57.1m Absence of dividend payment in 2Q20 (vs. merchandise sales in COVID-19 period (Sale of HQ building Centre Monnaie in € 50.0m in 2Q19) 2Q19) Absence of tax prepayment in 2Q20 (vs. € 51.0m in 2Q19) Commercial papers issuance: € -12.1m Capex at € 24.9m decreased by € +0.9m Excluding the above, CF from operating activities: € +31.5m, of which: vs 2Q19 and was mainly spent on - € +30.3m improvement in working capital evolution: primarily driven by extended increased capacity (Radial, Parcels B2C and payment terms during COVID-19 period partly offset by higher receivables due to Active Ants mainly) increased sales

1 Free cash flow = cash flow from operating activities + cash flow from investing activities

47 2Q20 Roadshow Presentation Balance Sheet 2Q20

€ million € million Assets Dec 31, 2019 Jun 30, 2020 Equity and Liabilities Dec 31, 2019 Jun 30, 2020 PPE 1,133.6 1,105.1 Total equity 682.6 749.5 Intangible assets 898.3 890.4 Interest-bearing loans & borrowings (incl. bank overdrafts) 1,449.9 1,464.8 Investments in associates and joint ventures 239.5 235.6 Employee benefits 320.6 315.3 Other assets 41.8 39.2 Trade & other payables 1,278.5 1,261.4 Trade & other receivables 759.0 638.6 Provisions 29.8 28.3 Inventories 34.7 36.1 Derivative instruments 1.3 0.4 Cash & cash equivalents 670.2 925.4 Other liabilities 14.3 50.6 Total Assets 3,777.1 3,870.2 Total Equity and Liabilities 3,777.1 3,870.2

Main balance sheet movements PPE decreased due to the depreciation (€ 108.6m) and the transfer to assets held for sale (€ 7.8m), partially offset by capex (€ 31.5m) and right of use assets recognized (€ 54.7m). Trade & other receivables decreased due to the usual settlement of the SGEI receivable during the first quarter of the year. Total equity increased in line with the realized profit (€ 91.5m), partially offset by the fair value adjustment of bpost bank’s bond portfolio (€ 11.9m) and the net impact of the integration of Active Ants International comprising the non-controlling interests and the recognition of the contingent consideration for the purchase of the remaining shares (€ 14.7m). Interest-bearing loans & borrowings recorded an increase mainly linked to the increase of the lease liabilities for IFRS 16. Other liabilities increased due the income tax payable, as no prepayments were done in 2020 yet.

48 2Q20 Roadshow Presentation Financing Structure & Liquidity 2Q20

€ million € million Available Liquidity Dec 31, 2019 Jun 30, 2020 External Funding Dec 31, 2019 Jun 30, 2020 Cash & cash equivalents 670.2 925.4 Long-term Cash in network 163.6 130.9 Long-term bond1 (1.25% - 07/2026) 650.0 650.0 Transit accounts 105.8 90.4 Bank loans 183.2 183.4 Cash payment transactions under execution -26.7 -14.5 Amortizing Loan (€ 100m) - 12/2022 18.2 18.2 Bank current accounts 377.4 658.5 Term Loan ($ 185m) - 07/2023 165.0 165.2 Short-term deposits 50.0 60.0 Undrawn revolving credit facilities 375.0 375.0 Short-term Syndicated facility - 10/2024 300.0 300.0 Bank loans: Amortizing Loan (€ 100m) - 12/2022 9.1 9.1 Bilateral facility - 06/2025 75.0 75.0 Commercial Papers 164.5 168.1 Total Available Liquidity 1,045.2 1,300.4 Total External Funding 1,006.8 1,010.6

Liquidity: Cash & Committed credit lines External Funding & Debt Amortization (excl. IFRS16 lease liabilities) Total available liquidity at June 30, 2020 consisted out of € 925.4m cash & cash equivalents of Out of € 1,010.6m external funding on balance sheet at June 30, 2020: which € 718.5m is readily available on bank current accounts and as short-term deposits. - € 168.1m commercial paper outstanding with maturity ranging between 1 to 6 months. In In addition, bpost Group has 2 undrawn revolving credit facilities for a total amount of July, bpost Group seized the opportunity of favorable market conditions to issue € 100m € 375.0m. of commercial paper with a maturity of 7 months (until Jan-21) and thus secured a major part of the short-term funding until the collection of the SGEI payment in January 2021. - € 9.1m during 4Q20 (i.e. the current portion of the EIB loan).

1 € 650m long-term bond with a carrying amount of € 643.1m, the difference being the re-offer price and issuance fees.

49 2Q20 Roadshow Presentation 1H20 Results 1H20 EBIT impacted by significant COVID-19 related mail volume 1H20 decline, partly compensated by strong PaLo performance

€ million 203.3 11.1

-52.7 -66.2

-12.6 18.4 150.6 9.3 7.7

192.2 € +7.3 excluding 2Q19 € 19.9m gain on HQ disposal 141.3

Adjusted1

Reported

EBIT Mail & PaLo PaLo Corporate EBIT 1H19 Retail Eurasia N. America 1H20

51 2Q20 Roadshow presentation Key financials 1H20 1H20 1H20 COVID-19 impact on Group EBIT estimated at € -26.2m

1 € million Reported Adjusted 1 Amortization of intangibles recognized during PPA is adjusted, leading to 1H19 1H20 1H19 1H20 % ↑ increase in EBIT (€ +9.3m) and income Total operating income 1,842.5 1,987.3 1,842.5 1,987.3 7.9% tax expense (€ +0.5m) Operating expenses 1,529.7 1,714.4 1,529.7 1,714.4 12.1%

EBITDA 312.8 272.9 312.8 272.9 -12.8% 2 Adjusted FCF excludes the cash Radial Depreciation & Amortization 120.6 131.6 109.5 122.3 11.7% receives on behalf of its customers for performing billing services EBIT 192.21 141.3 203.31 150.6 -25.9% Margin (%) 10.4% 7.1% 11.0% 7.6% Financial result -22.3 -18.4 -22.3 -18.4 Profit before tax 174.2 131.0 185.2 140.2 -24.3% Income tax expense 60.61 39.5 61.61 40.0 Net profit 113.5 91.5 123.7 100.3 -18.9% FCF 190.62 307.4 213.92 290.3 35.7% Net Debt at 30 June 692.5 539.5 692.5 539.5 -22.1% Capex 41.5 45.4 41.5 45.4 9.5% Average # FTEs and interims 33,901 36,274 33,901 36,274 7.0%

1 Unaudited figures

52 2Q20 Roadshow presentation Results by segment 1H20 1H20

€ million M&R PaLo Eurasia PaLo N. Am. Corp Eliminations Group External operating income 865.2 502.5 611.8 7.6 0.0 1,987.3 Intersegment operating income 102.9 5.9 3.3 175.9 -287.9 0.0 Total operating income 968.1 508.4 615.2 183.5 (287.9) 1,987.3 Operating expenses 825.1 450.0 569.1 158.2 -287.9 1,714.4 EBITDA 143.0 58.4 46.1 25.3 272.9 Depreciation & Amortization 43.0 10.6 42.7 35.3 131.6 Reported EBIT 100.0 47.8 3.5 -10.0 141.3 Margin (%) 10.3% 9.4% 0.6% -5.4% 7.1% Adjusted EBIT 101.2 49.3 10.1 -10.0 150.6 Margin (%) 10.5% 9.7% 1.6% -5.4% 7.6%

53 2Q20 Roadshow presentation Top-line decrease driven by COVID-19 impacts on Domestic 1H20 – M&R Mail and on retail and by deconsolidation of Alvadis

M&R external operating income, € million Domestic Mail Transactional Proximity and convenience Operating income decline at € -58.5m i.e. -12.8% underlying volume decline of retail network 1H19 965.9 € +1.4m working days impact, € -3.7m which: elections 2Q19, € -80.1m volume (-13.9% Decrease mainly driven by: -16.7% March to May-20: COVID-19 underlying volume decline, with March to - the deconsolidation of Alvadis lockdown negatively impacted all mail May-20 at -20.1% due to COVID-19), and (€ -15.3m) as of September 2019 1 Transactional -18.9 categories, in particular smaller € +24.0m price/mix. administrative mail volume and registered - COVID-19 impact on Ubiway retail letters. revenues from partial closure of the network and reduced footfall Advertising -35.8 2 Excluding COVID-19, underlying mail - Decline in banking & finance volumes are subject to ongoing revenues 1 2 3 e-substitution and digitization. 1 4 3 Press -3.8

Proximity and Advertising Press Value added services 4 convenience -41.0 retail network -22.3% underlying volume decline of -6.6% underlying volume decline driven by Lower revenues from phasing out of e-ID which: e-substitution and rationalization. activities, European license plates and document management partly Value added -36.2% March to May-20 mainly impacted 5 -1.0 compensated by higher revenue from fines services by cancelled campaigns from COVID-19 management. lockdown of all non-essential retail from March 18 through May 10 and ban on 1H20 865.2 promotions through April 3. -100.6 2 3 5

54 2Q20 Roadshow presentation M&R EBIT impacted by COVID-19 mail evolution despite a 1H20 – M&R good recovery in June and lower opex

€ million Mail & Retail 1H19 1H20 % ↑ Key takeaways 1H20 External operating income 965.9 865.2 -10.4% Transactional 382.9 364.0 -4.9% • Total operating income decline of € -80.7m primarily driven by Advertising 121.1 85.3 -29.6% domestic mail volume decline (€ -58.5m), lower Ubiway retail Press 175.7 171.9 -2.2% revenue and the deconsolidation of Alvadis partly compensated by Proximity and convenience retail network 233.8 192.7 -17.6% higher intersegment operating income related to higher parcels Value added services 52.4 51.3 -2.0% volumes. Intersegment operating income 83.0 102.9 23.9% Total operating income 1,048.9 968.1 -7.7% • Operating expenses (incl. adjusted D&A) decreased by € +14.5m. Operating expenses 840.9 825.1 -1.9% Higher payroll & interim costs and specific COVID-19 opex were EBITDA 208.0 143.0 -31.2% more than compensated by lower material costs from Ubiway Retail Depreciation & Amortization 42.3 43.0 1.8% (incl. Alvadis deconsolidation impact), higher recoverable VAT, cost Reported EBIT 165.7 100.0 -39.6% containment actions and cost phasing towards 2H20. Margin (%) 15.8% 10.3% Adjusted EBIT 167.4 101.2 -39.6% • COVID-19 impacted EBIT by an estimated € -51.4m. This is Margin (%) 16.0% 10.5% explained by the top-line development on domestic mail and retail Average # FTEs and interims 21,958 22,590 2.9% as well as additional costs: COVID-19 premium, health & safety, increase in absenteeism, additional bad debt risk. Additional KPIs Underlying Mail volume decline -9.3% -13.9% • M&R adjusted EBIT declined by € -66.2m to € 101.2m. Transactional -10.5% -12.8% Advertising -6.7% -22.3% Press -8.0% -6.6%

55 2Q20 Roadshow presentation PaLo Eurasia significantly positively impacted by COVID-19 1H20 – PaLo Eurasia across the board

PaLo Eurasia external operating income, € million Parcels BeNe E-commerce logistics Cross-border Parcels BeNe volume growth of Revenue growth of € +25.4m Net favourable revenues impact 1H19 388.2 +50.0%1, driven by thriving online mainly driven by positive COVID-19 from COVID-19 (€ +9.7m) driven sales during COVID-19 lockdown impact (€ +11.3m, all in 2Q20) at by: (March to May volumes up by Radial Europe, Active Ants & - a gradual ramp-up in Asian 63.2%). DynaFresh. parcel volumes since May, 1 Parcels BeNe 75.7 COVID-19 revenue is estimated at Further revenue growth driven by evolving exponentially through € +44.7m. the integration of MCS Fulfilment June, resulting from rail solution (part of Active Ants) as from as an alternative to air freight - partly offset by COVID-19 linked E-commerce October 1, 2019, contributing 2 25.4 logistics € +5.2m YTD, and growth at Radial revenues losses on other international parcels volumes (UK Europe from new customers gained in 2019. and Rest of Europe) and lower in- and outbound mail volumes 3 Cross-border 13.2 Excluding COVID-19, growth in

1 Parcels volume growth is composed of former commercial business with Asia as Domestic Parcels (i.e. pre new segment reporting since main driver. 2019) and Dynalogic volumes. This does not cover the 1H20 502.5 full scope of Parcels BeNe since not all revenues Unfavourable YoY evolution of included in Parcels BeNe can be expressed in volumes. terminal dues settlements (€ -3.1m). +114.3 1 2 3

56 2Q20 Roadshow presentation Strong EBIT development from positive COVID-19 1H20 – PaLo Eurasia volume impacts across all business lines

€ million Parcels & Logistics Europe and Asia 1H19 1H20 % ↑ Key takeaways 1H20 External operating income 388.2 502.5 29.4% Parcels BeNe 178.4 254.1 42.4% • Total operating income € +110.2m (+27.7%) driven by positive E-commerce logistics 60.2 85.6 42.3% development in all revenue lines, especially Parcels BeNe Cross-border 149.6 162.8 8.8% (€ +75.7m, +42.4%). Total positive COVID-19 revenue impact stood at Intersegment operating income 10.0 5.9 -41.5% € +65.7m. Excluding COVID-19 and the unfavourable YoY evolution of Total operating income 398.2 508.4 27.7% terminal dues (€ -3.1m), revenues were up € 47.6m. Operating expenses 348.3 450.0 29.2% • Excluding the unfavourable impact of terminal dues settlements EBITDA 49.9 58.4 17.1% (€ -2.5m) and YoY VAT recovery impact (€ -2.5m), the operating Depreciation & Amortization 11.2 10.6 -5.4% expenses (incl. adjusted D&A) increased by € -97.6m (+26.9%), mainly Reported EBIT 38.7 47.8 23.6% from higher payroll, interim and transport costs driven by volume Margin (%) 9.7% 9.4% growth across all business lines and specific COVID-19 opex, being: the Adjusted EBIT 41.6 49.3 18.5% premium, increase in absenteeism, health and safety measures, Margin (%) 10.4% 9.7% additional bad debt provisions, higher use of subcontractors. Average # FTEs and interims 3,141 3,640 15.9% • COVID-19 had an estimated EBIT impact of € +11.3m, from COVID-19 Additional KPIs driven revenue increase in all business lines partly offset by the Parcels volume growth 17.3% 50.0% aforementioned specific COVID-19 additional opex. • Adjusted EBIT increased by € +7.7m to € 49.3m. Excluding YoY additional VAT recovery and terminal dues settlements (together € -8.1m), adjusted EBIT was up € +15.7m (+47%) operationally.

57 2Q20 Roadshow presentation Parcels & Logistics North America driven by significant 1H20 – PaLo N. Am. growth at existing clients and 2019 new business

PaLo North America external operating income, € million E-commerce logistics International mail YoY increase of +35.4% (+32.4% at Declining revenues at The Mail 1H19 465.1 constant exchange rate). Group1 (-4.8%) despite positive FX Revenue increase mainly driven by evolution (-7.2% at constant Radial North America recording exchange rate). significant growth of existing Significant drop-off in business mail customers (+31%) driven by segment as a result of COVID-19. E-commerce 1 148.9 logistics COVID-19 as well as new clients COVID-19 estimated impact on launched in 2019, slightly offset by revenues at € -2.0m with the main client churn. negative impact seen in April 2020 COVID-19 estimated impact on and improving month by month International revenues: € +92.0m thereafter. 2 -2.2 mail

1H20 611.8

1 2 1 Combination IMEX, Mail Inc & MSI +146.7

58 2Q20 Roadshow presentation Strongly positive EBIT evolution of Radial partly offset 1H20 – PaLo N. Am. by continuing margin pressure in International mail

€ million Parcels & Logistics North America 1H19 1H20 % ↑ Key takeaways 1H20 External operating income 465.1 611.8 31.5% E-commerce logistics 420.1 569.0 35.4% • Total operating income increase of € +147.6m or +31.6% (+28.5% at International mail 45.0 42.8 -4.8% constant exchange rate) mainly driven by growth at Radial from Intersegment operating income 2.5 3.3 36.7% existing customers and customers launched in 2019. COVID-19 Total operating income 467.6 615.2 31.6% impact on revenues is estimated at € 90.0m. Operating expenses 449.2 569.1 26.7% EBITDA 18.4 46.1 150.4% • Operating expenses (incl. adjusted D&A) increased by € -129.2m Depreciation & Amortization 33.2 42.7 28.4% (€ -118.1m excl. FX) driven mainly by higher variable costs from Reported EBIT -14.8 3.5 volume growth (primarily at Radial) and bad debt impact, as well as Margin (%) -3.2% 0.6% increased D&A related to the 3 new fulfilment centers and COVID- Adjusted EBIT -8.3 10.1 19 additional expenses. International Mail was impacted by YoY Margin (%) -1.8% 1.6% increase in transport costs. Average # FTEs and interims 7,168 8,422 17.5% • COVID-19 impacted EBIT by an estimated € +16.2m, mainly related Additional KPIs, adjusted to additional e-commerce logistics volumes, partly offset by Radial North America revenue, $m 386.4 532.5 37.8% additional health and safety measures, increased transport costs Radial North America EBITDA, $m 5.4 34.8 relating to International Mail and bad debt. Radial North America EBIT, $m -20.1 0.7 • Adjusted EBIT up € +18.4m driven by positive operating leverage in E-commerce logistics, in particular at Radial. This was partially offset by continuing margin pressure in International mail.

59 2Q20 Roadshow presentation Corporate EBIT decrease mainly driven by 1H20 – Corporate lower building sales

€ million Corporate 1H19 1H20 % ↑ Key takeaways 1H20 External operating income 23.3 7.6 -67.2% Intersegment operating income 177.8 175.9 -1.1% • External revenues are down by € -15.7m driven by lower building Total operating income 201.0 183.5 -8.7% sales: the gain on headquarter sale of € 19.9m in 2Q19 was partly Operating expenses 164.5 158.2 -3.9% offset by higher building sales in 1Q20. EBITDA 36.5 25.3 -30.6% Depreciation & Amortization 33.8 35.3 4.3% • Operating expenses (incl. D&A) decreased by € +4.8m driven by Reported EBIT 2.7 -10.0 lower demand for services from the operational Business Units Margin (%) 1.3% -5.4% (€ -1.9m intersegment operating income), especially due to lower Adjusted EBIT 2.7 -10.0 demand for IT-related projects. Net of the intersegment operating Margin (%) 1.3% -5.4% income, the opex (incl. D&A) was down due to lower project costs Average # FTEs and interims 1,634 1,623 -0.7% at corporate level (cost containment) more than offsetting negative YoY VAT recovery impact (€ -1.7m) and additional COVID-19 related costs.

• COVID-19 impacted EBIT by an estimated € -2.3m, mainly related to additional costs for health and safety measures.

• As a result, adjusted EBIT decreased by € -12.7m.

60 2Q20 Roadshow presentation Positive evolution of FCF1 mainly driven by payment terms 1H20 in payables and lower tax related cash flows

Reported - € million 1H19 1H20 Delta + Cash flow from operating activities 174.9 341.9 167.1 + Cash flow from investing activities 15.7 -34.5 -50.2 = Free cash flow 190.6 307.4 116.8 + Financing activities -104.9 -51.0 53.9 = Net cash movement 85.7 256.4 170.7 Capex (41.5) (45.4) (3.9)

CF from operating activities CF from investing activities CF from financing activities Higher collected proceeds due to Radial’s clients: € +40.5m, high level of merchandise sale in Proceeds from buildings sales: € -46.1m Absence of dividend payment in 1H20: COVID-19 period € +50.0m Capex: € -3.9m (€ 45.4m 2Q20 vs € 41.5m Absence of tax prepayment in 1H20 (vs. € -51.0m in 1H19) LY). Main investments in 1H20 include increased capacity at Radial, Parcels B2C Tax assessments on previous years: € +21.3m YoY variance (€ +7.5m positive settlement in 1Q20 and Active Ants, and ICT projects vs. € -13.8m in 1Q19) Excluding the above, CF from operating activities: € +54.3m, of which: - € +65.4m improvement in working capital evolution: primarily positive impact of extended payment terms in payables, partly offset by negative impact of clients balance evolution - Partly offset by lower operating results 1 Free cash flow = cash flow from operating activities + cash flow from investing activities

61 2Q20 Roadshow presentation Additional info Key financials FY19 FY19

1 € million Reported Adjusted 1 Amortization of intangibles recognized during PPA is adjusted, leading to FY18 FY19 FY18 FY19 % ↑ FY19 IFRS16 increase in EBIT (€ +21.5m) and income Total operating income 3,850.2 3,837.8 3,850.2 3,837.2 -0.3% tax expense (€ +2.4m) Operating expenses 3,279.1 3,300.2 3,279.1 3,300.2 0.6% +107.6

EBITDA 571.1 537.6 571.1 537.0 -6.0% +107.6 2 Adjusted FCF excludes the cash Radial Depreciation & Amortization 177.7 247.7 146.8 226.2 -105.3 receives on behalf of its customers for performing billing services EBIT 393.41 289.9 424.31 310.8 -26.7% +2.3 Margin (%) 10.2% 7.6% 11.0% 8.1% Financial result -23.8 -61.5 -23.8 -61.5 -9.7 3 bpost net profit BGAAP excludes Centre Monnaie’s profit on disposal: Profit before tax 381.0 244.3 411.9 265.2 -35.6% Since the sales price will be reinvested, the profit on disposal and related 1 1 Income tax expense 117.4 89.6 121.4 92.1 taxation will be spread throughout the Net profit 263.6 154.7 290.4 173.1 -40.4% depreciation of these reinvestments This lowers the tax costs on the profit FCF 241.22 302.0 231.52 288.0 24.4% +112.3 on disposal as the statutory tax rate decreased as from 2020 to 25% bpost S.A./N.V. net profit (BGAAP) 262.33 172.6 262.3 172.6 -34.2% Net Debt at 31 December 344.8 779.9 344.8 779.9 +432.3 Capex 114.9 162.3 114.9 162.3 41.2% Average # FTEs and interims 36,109 35,377 36,109 35,377

1 Unaudited figures

63 2Q20 Roadshow presentation Results by segment FY19 FY19

€ million M&R PaLo Eurasia PaLo N. Am. Corp Eliminations Group External operating income 1,897.1 813.2 1,097.5 30.1 0.0 3,837.8 Intersegment operating income 174.7 17.8 6.8 372.0 -571.2 Total operating income 2,071.7 830.9 1,104.2 402.1 (571.2) 3,837.8 Operating expenses 1,734.2 747.7 1,048.7 340.7 -571.2 3,300.2 EBITDA 337.5 83.2 55.5 61.4 537.6 Depreciation & Amortization 83.7 21.7 71.6 70.8 247.7 Reported EBIT 253.8 61.5 -16.1 -9.3 289.9 Margin (%) 12.3% 7.4% -1.5% -2.3% 7.6% Adjusted EBIT 257.4 65.8 -3.0 -9.3 310.8 Margin (%) 12.4% 7.9% -0.3% -2.3% 8.1%

64 2Q20 Roadshow presentation bpost Group’s long-term relationship with Belgian State the Belgian State

State as a long-term bpost Group provides SGEIs1 State as important customer shareholder on behalf of the State • State is a key commercial client to bpost Group • Belgian State has 51% shares 2016-2020 • Several other agreements in place with the State, such as European license plates (won by bpost Group through • bpost Group’s board is composed of • 2 press distribution contracts (newspapers & periodicals) tender) 6 board members (incl. CEO) proposed by the Belgian – prolonged for 2 years until the end of 2022 State and 5 independent directors • Sixth management contract for other SGEIs • Belgian State supports a regular dividend policy • Contractual amounts (excl. inflation2, volume impact & sharing of efficiency gains) of € 261.0m in 2016 (actual amount: € 264.9m), € 260.8m in 2017 (actual amount: € 270.0m), € 257.6m in 2018 (actual amount: € 271.4m), € 252.6m in 2019 (actual amount: € 271.0m) and € 245.6m in 2020

Shareholder # shares

Belgian State 102,075,649 Press Free float 97,925,295 Other SGEIs

1 SGEI stands for Services of General Economic Interest cfr. slide 16 and 66 2 All amounts need to be adjusted for inflation on a cumulated yearly basis

65 2Q20 Roadshow presentation Sixth management contract and press USO & SGEI concessions will be renegotiated before 2022

Scope Universal Service 6th Management Contract Press concessions

Obligation (USO) Services not typically associated with mail operators • Also part of SGEIs (SGEI), e.g., • Newspaper early delivery 6x/week • Collect, sort, transport & distribute letter mail up to • Retail network • Periodical delivery 5x/week 2kg, parcels up to 10kg and parcels up to 20kg (1,300 postal service points of which • Quality control obligation of maximum 7 from other EU member states at least 650 post offices) complaints per 10,000 deliveries • 1 access point per municipality • Cash at Counter • FTEs • Collect and deliver 5x/week • Election mail (distribution) • ~1,700 FTEs for newspaper deliveries which • Full territory of Belgium • Cash payment of pensions at home are dedicated rounds • USO pricing constraints • Delivery of periodicals is integrated in the • Provide adequate information on USO products regular mail rounds and services • Quality control obligation (95% of prior mail/parcels D+1, 97% D+2)

Timing • Complementary management contract granted by • Runs until end of 2020 • Runs until end of 2022 the State • Notified and validated by European Commission • Notified and validated by European Commission • Runs until end of 2023, renewable by consecutive under State Aid rules under State Aid rules terms of 5 years

State compensation € 271m state compensation in 2019 possible in case of USO being financial burden Amount including inflation, volume variance and sharing of efficiency gains

66 2Q20 Roadshow presentation A relatively resilient mail market European mail market vs. other European operators

Addressed mail volume per capita 2019 2008-19 CAGR for addressed mail volumes operator level* as reported by major incumbent European postal operators, percent

1 5 CH 210 -2.2% DE 5 DE 189 -3.5% CH 1 11 AU 175 -3.5% AU 11 10 UK 155 (1) -4.4% BE 9 2 FR 136 -5.0% UK 10 (2) 8 BE 136 -5.4% SW 3 3 SW 133 -5.7% FR 2 EU 132 -6.0% EU 4 NL 102 -8.6% NL 4 7 IT 45 -9.1% IT 7 6 DK 42 -12.9% DK 6

Note: definition of addressed mail may differ by operator Source: Company information; Annual reports; Investor presentations; IPC; Eurostat

1 Includes addressed mail 5 Includes mail communication and dialogue marketing 9 Includes all domestic mail 2 Includes addressed mail 6 Includes addressed mail 10 Includes inland addressed mail 3 7 11 Includes addressed mail Includes addressed mail (publishers services excl.) Includes letter mail and addressed direct mail / media post (1) 2018 data 4 Includes addressed mail 8 Includes addressed mail excluding press * Excludes domestic competitors (2) 2008-18 data

67 2Q20 Roadshow presentation Key contacts

Saskia Dheedene Stéphanie Voisin Head of Investor Relations Manager Investor Relations

Email: [email protected] Email: [email protected] Direct: +32 (0) 2 276 76 43 Direct: +32 (0) 2 276 21 97 Mobile: +32 (0) 477 92 23 43 Mobile: +32 (0) 478 48 58 71 Address: bpost Group, Centre Monnaie, 1000 Brussels, Belgium Address: bpost Group, Centre Monnaie, 1000 Brussels, Belgium

68 2Q20 Roadshow presentation Questions