Postnl Nv

Good morning, ladies and gentlemen. Welcome to the PostNL Q4 Full Year 2025 Results Call. At this moment, all participants are in a listen-only mode, and after the presentation, there will be an opportunity to ask questions. Now, I would like to hand over the conference call to Miss Inga Laude, Manager, Investor Relations. Please go ahead, Madam.

Thank you, operator, and welcome to you all in today's conference call. We have published our Q4 and full year 25 results and the annual reports earlier this morning. And we'll explain the set of results to you in this analyst call. With me in the room are Pim Berendsen, our CEO, and Linde Janssen, our CFO. After that presentation, Pim and Linde will take your questions. Pim, over to you.

Thank you, Ine, and good morning to you all. I would like to start with a summary of the new strategy that we've presented to you on our Capital Markets Day last September. That's on page five, and at the top, you see our purpose, connected to deliver what drives us all forward. That is what holds everything together. Just below the purpose, you see our strategic intent. We grow our business, create sustainable value, lead through innovation, and make impact that matters. And moving from the cascade one step down again, you see the strategic objectives and ambitions of the three business segments. For e-commerce, it's all about shifting from volume to value through a differentiated approach and smarter network utilization. for platforms capturing international growth with asset-light models and for mail transforming towards a future-proof postal service. We'll make those changes and those ambitions through ten strategic priorities, ranging from compliance and workforce to network efficiency and international growth. And this should all lead to the required outcomes on four goals that we've set, being financial, KPIs, Net Promoter Score, carbon efficiency and employee engagement. And for 2025, we've reached the objectives for all four. Then if you look at the key takeaways for 2025, it's all about progress towards our breakthrough 2028 ambitions that we shared with you in September too. So we're positive to be able to say that our financial and non-financial targets are achieved. We've reset the organizational structure and made changes in the teams. We've now reporting segments aligned with the strategy. Of course, we have secured the refinancing required to bring us to 2028. And we see early telltales that the targeted yield measures are contributing to performance and that momentum will further build into 2026. Furthermore, crucial progress has been made in the political process towards future-proof mail service. Thursday, two weeks ago, in Parliament, the changes are approved to get us to a D plus 2 by mid-2026 and a D plus 3 delivery for universal service by July 2027 at quality levels that we now deem to be feasible. So far, there's no solution for the net cost during the transition period up to the point that we are beyond the D plus three delivery. And that's why we will continue with the legal proceedings on net costs. Targeted yield measures have more than offset the organic cost increases in 2025. And overall, given performance and leverage based on dividend policy, we're able to propose a dividend per share of 4 cents per share and to be proposed to the AGM in April. If we then zoom into the segments and the fourth quarter in particular, we've seen at parcels a very well executed peak period, underpinned by very good NPS scores, both on the consumer and on the sending customer side. revenues up by 3.2% at flat volume development with a positive price mix impact. And we see that the propositions that we're looking for in contract renewals are progressing as we've planned. In other words, differentiating commercial approach is helping us to create a better value over volume, and that's what we obviously seek. We've said that it will take some time to materialize fully, but we're on the trajectory of the path that we sketched for you when we've communicated our Capital Markets Day objectives. If we then look at mail in the Netherlands in the fourth quarter, we've seen some exceptional volume in the last part of the year driven by pension communication as part of the pension transition in the Netherlands and some special safety kit communication from the NCA TV. And that has led to a very robust December performance that altogether with a very successful Christmas card campaign, offset the year-to-date November negative result that at that point was close to 35 million and changed it to a slight positive number of 2 million at the full year 2025. Of course, the underlying trend of volume decline and organic cost increases is continuing. The cost savings, we have achieved what we expected to achieve, of course, due to adjustments in the business model. the business mill is already moved to a within two days delivery window, and that helped us save costs. There are no further options for future cost savings within the current regulatory framework, and that's why it's so important that we're now allowed to go to within two and later on, within three days delivery for the universal service against reasonable quality levels later this year. Then I hand over to Linda for now. I'll be back later. And then Linda takes you through the more detailed financial performance of each segment.